Zeff Capital, a London-based investment firm, has sold $238,624 (£184,600) worth of shares in Butler National Corporation (ticker: BUKS), according to a filing with the US Securities and Exchange Commission on 14 July 2026. The transaction reduces Zeff's holding in the Kansas-headquartered aerospace and defence services company.
Butler National provides engineering, manufacturing and technical support to the US Department of Defence and commercial aerospace clients. The stock, listed on the OTC Markets, has seen modest trading volumes in recent weeks, with the share price hovering around $1.20 before the sale was disclosed.
The disposal comes ahead of Butler National's fiscal first-quarter results, expected in early August. Analysts at Shore Capital noted that small-cap defence contractors face margin pressure from rising raw material costs, though demand from the Pentagon remains robust. 'Zeff's move may reflect portfolio rebalancing rather than a bearish call on the sector,' said a note from the brokerage.
For UK investors with exposure to US small-cap defence names through funds or direct holdings, the sale highlights the volatility inherent in this segment. The FTSE 100 edged up 0.3% on Wednesday to 8,245, while the FTSE 250 added 0.2% to 20,612, as markets digested mixed inflation data.
The transaction is unlikely to have a material impact on Butler National's share price given the relatively small size relative to the company's market capitalisation of approximately $95m. However, it underscores the active portfolio management by UK-based funds in the US small-cap space.