This Fund Dumped $19.6 Million in Abercrombie & Fitch Stock Even as Sales Hit a Record $1.3 Billion

In a filing made on November 14, New York City-based RPD Fund Management disclosed a sale of 237,000 Abercrombie & Fitch Co. shares during the quarter ended September 30, 2025, reducing its position by approximately $19.6 million versus last quarter.

What Happened

According to a Securities and Exchange Commission (SEC) filing dated November 14, RPD Fund Management reduced its stake in Abercrombie & Fitch Co. (NYSE:ANF) by 237,000 shares. The position now stands at just 8,800 shares with a quarter-end market value of $752,840, down steeply from the prior quarter.

What Else to Know

Top holdings after the filing:

• NASDAQ:GTM: $163.2 million (97.9% of AUM)
• NYSE:HOUS: $2.3 million (1.4% of AUM)
• NYSE:ANF: $752,840 (0.5% of AUM)
• NASDAQ:DOMO: $503,712 (0.3% of AUM)

As of Friday, ANF shares were priced at $94.87, down 37% over the past year and significantly underperforming the S&P 500, which is up 13% in the same period.

Company Overview

Company Snapshot

• Abercrombie & Fitch offers apparel, personal care products, and accessories under brands including Hollister, Abercrombie & Fitch, abercrombie kids, Moose, Seagull, Gilly Hicks, and Social Tourist.
• The company generates revenue through a mix of company-operated retail stores, e-commerce platforms, and third-party wholesale, franchise, and licensing arrangements.
• It targets men, women, and children in North America and international markets, serving both direct consumers and select wholesale partners.

Abercrombie & Fitch Co. is a global specialty retailer with a diversified brand portfolio and a presence across multiple continents. The company leverages a multi-channel distribution strategy, combining physical retail, digital commerce, and strategic partnerships to drive sales and brand relevance.

Foolish Take

Abercrombie has delivered record revenue and strong cash generation this year, yet RPD’s steep reduction suggests a shifting focus and concentration rather than a view on fundamentals. That disconnect is worth watching as valuation expectations reset across specialty retail.

According to the filing, RPD trimmed its Abercrombie & Fitch stake by 237,000 shares during the third quarter, leaving just 8,800 shares worth $752,840 at quarter-end. The cut coincides with a sharp repositioning of the portfolio, where ZoomInfo now represents the vast majority of the book. Meanwhile, Abercrombie’s latest earnings showed record third-quarter net sales of $1.3 billion, up 7%, with EPS of $2.36 — down year over year but ahead of internal expectations despite tariff pressures. The company also repurchased $100 million of stock and reaffirmed guidance for record full-year sales.

For investors, the divergence between operational strength and institutional selling highlights a classic long-term question: is this simply de-risking, or an early read on changing sentiment toward mid-market apparel as macro conditions evolve?

Glossary

13F reportable assets under management (AUM): The value of securities a fund must disclose quarterly to the SEC on Form 13F.
Quarter-end: The final day of a fiscal quarter, often used as a reference point for financial reporting.
Position: The amount of a particular security or asset held by an investor or fund.
Stake: The ownership interest or shareholding a fund or investor has in a company.
Holding: A specific security or asset owned by an investor or fund.
Multi-channel distribution strategy: Selling products through multiple methods, such as physical stores, online platforms, and third-party partners.
Franchise: A business arrangement where a company allows others to operate using its brand and business model.
Licensing arrangements: Agreements allowing another party to use a company's brand, technology, or products for a fee.
TTM: The 12-month period ending with the most recent quarterly report.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool recommends Abercrombie & Fitch. The Motley Fool has a disclosure policy.