CIK: 0001901361
Total reported value
$641.4M
Reporting period: 2026-03-31 · Number of holdings: 114
Capricorn Fund Managers Ltd disclosed 114 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $641.4M and a quarterly turnover rate of 130.5%.
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Capricorn Fund Managers Ltd's disclosed holdings carry a Herfindahl concentration index of 0.020 — mathematically equivalent to about 51 equally-sized positions, well below its 114 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 1.12), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 29% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Trim WAY
-93.8% -$23.1M
Add BAC
+2008.8% $24.8M
Trim ROIV
-95.5% -$9.1M
Trim ALAB
-88.6% -$7.7M
Trim GKOS
-95.3% -$6.5M
Add KSPI
+599.4% $7.5M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | CVNA | Carvana Co | Stock-Consumer Disc | 4.66% | +4.66% | NEW | |
| 2 | BAC | Bank Of America CORP | Stock-Financials | 4.08% | +3.74% | +2008.78% | |
| 3 | ZYME | Zymeworks INC | Stock-Other | 3.93% | — | -1.53% | |
| 4 | AXGN | Axogen INC | Stock-Other | 3.55% | +3.55% | NEW | |
| 5 | KKR | Kkr & Co INC | Stock-Financials | 3.06% | +3.06% | NEW | |
| 6 | NVST | Envista Holdings CORP | Stock-Healthcare | 2.95% | +2.95% | NEW | |
| 7 | KWY | Kingsway CORP | Stock-Other | 2.90% | +2.90% | NEW | |
| 8 | ADPT | Adaptive Biotechnologies | Stock-Other | 2.80% | +2.80% | NEW | |
| 9 | NSC | Norfolk Southern CORP | Stock-Industrials | 2.73% | +0.99% | +144.47% | |
| 10 | SKIN | Skinhealth Systems INC | Stock-Other | 2.69% | +2.69% | NEW | |
| 11 | PRI | Primerica INC | Stock-Financials | 2.66% | +2.66% | NEW | |
| 12 | EA | Electronic Arts INC | Stock-Comm Services | 2.41% | +0.51% | +96.89% | |
| 13 | PAHC | Phibro Animal Health Corp-a | Stock-Other | 2.30% | +0.64% | +45.05% | |
| 14 | ELVN | Enliven Therapeutics INC | Stock-Other | 2.26% | +2.26% | NEW | |
| 15 | ✓ | Karooooo LTD | Stock-Other | 2.16% | — | +16.91% | |
| 16 | MSFT | Microsoft CORP | Stock-Tech | 1.87% | — | +12.56% | |
| 17 | GTLS | Chart Industries INC | Stock-Industrials | 1.84% | +0.18% | +70.71% | |
| 18 | BLND | Blend Labs Inc-a | Stock-Other | 1.72% | +1.72% | NEW | |
| 19 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 1.68% | +0.24% | +89.54% | |
| 20 | LQDA | Liquidia CORP | Stock-Other | 1.46% | +1.46% | NEW | |
| 21 | AMZN | Amazon.com INC | Stock-Consumer Disc | 1.45% | — | -6.30% | |
| 22 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 1.39% | — | +0.00% | |
| 23 | TXNM | Txnm Energy INC | Stock-Utilities | 1.38% | — | +70.58% | |
| 24 | KSPI | Jsc Kaspi.kz Adr | Stock-Other | 1.37% | +1.05% | +599.41% | |
| 25 | BTI | British American Tob-sp Adr | Stock-Consumer Staples | 1.34% | +1.34% | NEW | |
| 26 | HOOD | Robinhood Markets INC - A | Stock-Financials | 1.33% | +1.33% | NEW | |
| 27 | PEP | Pepsico INC | Stock-Consumer Staples | 1.30% | — | +104.58% | |
| 28 | A | Agilent Technologies INC | Stock-Healthcare | 1.27% | +1.27% | NEW | |
| 29 | LUXE | Luxexperience BV | Stock-Other | 1.27% | — | +35.54% | |
| 30 | ALGN | Align Technology INC | Stock-Healthcare | 1.27% | +1.27% | NEW | |
| 31 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.20% | — | +49.68% | |
| 32 | AM6 | Amicus Therapeutics INC | Stock-Other | 1.20% | +0.48% | +153.51% | |
| 33 | TROW | T Rowe Price Group INC | Stock-Financials | 1.17% | +1.17% | NEW | |
| 34 | SN | SharkNinja, Inc. | Stock-Consumer Disc | 1.06% | +1.06% | NEW | |
| 35 | AS | Amer Sports, Inc. | Stock-Consumer Disc | 0.95% | +0.74% | +711.40% | |
| 36 | ABBV | Abbvie INC | Stock-Healthcare | 0.93% | +0.93% | NEW | |
| 37 | V | Visa Inc-class A Shares | Stock-Financials | 0.92% | — | -13.64% | |
| 38 | MXCT | Maxcyte INC | Stock-Other | 0.90% | +0.90% | NEW | |
| 39 | APO | Apollo Global Management INC | Stock-Financials | 0.89% | — | +71.76% | |
| 40 | ROST | Ross Stores INC | Stock-Consumer Disc | 0.78% | +0.78% | NEW | |
| 41 | REAL | Realreal Inc/the | Stock-Other | 0.78% | — | +39.66% | |
| 42 | HO1 | Hologic INC | Stock-Other | 0.76% | +0.76% | NEW | |
| 43 | EAT | Brinker International INC | Stock-Consumer Disc | 0.76% | +0.76% | NEW | |
| 44 | QSR | Restaurant Brands Intern | Stock-Consumer Disc | 0.75% | — | — | |
| 45 | ✓ | On Hldg AG | Stock-Other | 0.74% | +0.74% | NEW | |
| 46 | PFE | Pfizer INC | Stock-Healthcare | 0.73% | — | +0.10% | |
| 47 | RL | Ralph Lauren CORP | Stock-Consumer Disc | 0.71% | +0.71% | NEW | |
| 48 | COCO | Vita Coco Co Inc/the | Stock-Other | 0.71% | — | — | |
| 49 | BTSG | Brightspring Health Services | Stock-Other | 0.71% | — | +6.20% | |
| 50 | MASI* | Masimo CORP | Stock-Other | 0.63% | — | — |
Performance for Q3 2026
+11.1%
Performance Last 4 Quarters
+29.9%
Based on 70% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 114 | $641.4M | 100 | |
| 2025-12-31 | 83 | $414.9M | 100 | |
| 2025-09-30 | 59 | $297.8M | 100 | |
| 2025-06-30 | 55 | $211.6M | 0 | |
| 2025-03-31 | 49 | $187.1M | 0 | |
| 2024-12-31 | 65 | $224.7M | 0 | |
| 2024-09-30 | 53 | $148.5M | 0 | |
| 2024-06-30 | 55 | $141.8M | 0 | |
| 2024-03-31 | 56 | $166.1M | 0 | |
| 2023-12-31 | 55 | $181.8M | 0 | |
| 2023-09-30 | 82 | $288.2M | 0 | |
| 2023-06-30 | 63 | $278.5M | 0 | |
| 2023-03-31 | 104 | $327.3M | 0 | |
| 2022-12-31 | 83 | $390.7M | 0 | |
| 2022-09-30 | 85 | $318.5M | 0 | |
| 2022-06-30 | 102 | $550.9M | 0 | |
| 2022-03-31 | 90 | $409.9M | 0 | |
| 2021-12-31 | 74 | $355.5M | 0 |
Capricorn Fund Managers Ltd's most significant position changes for 2026-03-31: New buy: Carvana Co (CVNA); New buy: Axogen INC (AXGN); New buy: Kkr & Co INC (KKR); New buy: Envista Holdings CORP (NVST); New buy: Kingsway CORP (KWY).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | BAC | Bank Of America CORP | +3.7% | +2008.78% | Add |
| 2 | KSPI | Jsc Kaspi.kz Adr | +1.1% | +599.41% | Add |
| 3 | NSC | Norfolk Southern CORP | +1% | +144.47% | Add |
| 4 | AS | Amer Sports, Inc. | +0.7% | +711.40% | Add |
| 5 | PAHC | Phibro Animal Health Corp-a | +0.6% | +45.05% | Add |
| 6 | EA | Electronic Arts INC | +0.5% | +96.89% | Add |
| 7 | AM6 | Amicus Therapeutics INC | +0.5% | +153.51% | Add |
| 8 | BRK-B | Berkshire Hathaway Inc-cl B | +0.2% | +89.54% | Add |
| 9 | GTLS | Chart Industries INC | +0.2% | +70.71% | Add |
| 10 | GKOS | Glaukos CORP | -1.6% | -95.33% | Trim |
| 11 | ALAB | Astera Labs INC | -1.9% | -88.62% | Trim |
| 12 | ROIV | Roivant Sciences Ltd. | -2.2% | -95.51% | Trim |
| 13 | WAY | Waystar Holding CORP | -5.7% | -93.81% | Trim |
| 14 | CVNA | Carvana Co | — | NEW | New buy |
| 15 | AXGN | Axogen INC | — | NEW | New buy |
| 16 | KKR | Kkr & Co INC | — | NEW | New buy |
| 17 | NVST | Envista Holdings CORP | — | NEW | New buy |
| 18 | KWY | Kingsway CORP | — | NEW | New buy |
| 19 | ADPT | Adaptive Biotechnologies | — | NEW | New buy |
| 20 | GPCR | Structure Therapeutics INC | — | EXIT | Sold out |
| 21 | SKIN | Skinhealth Systems INC | — | NEW | New buy |
| 22 | PRI | Primerica INC | — | NEW | New buy |
| 23 | ELVN | Enliven Therapeutics INC | — | NEW | New buy |
| 24 | NUVB | Nuvation Bio INC | — | EXIT | Sold out |
| 25 | BLND | Blend Labs Inc-a | — | NEW | New buy |
| 26 | GH | Guardant Health INC | — | EXIT | Sold out |
| 27 | EXK | Exact Sciences CORP | — | EXIT | Sold out |
| 28 | LQDA | Liquidia CORP | — | NEW | New buy |
| 29 | BLFS | Biolife Solutions INC | — | EXIT | Sold out |
| 30 | BTI | British American Tob-sp Adr | — | NEW | New buy |
| 31 | HOOD | Robinhood Markets INC - A | — | NEW | New buy |
| 32 | A | Agilent Technologies INC | — | NEW | New buy |
| 33 | ALGN | Align Technology INC | — | NEW | New buy |
| 34 | SHC | Sotera Health Co | — | EXIT | Sold out |
| 35 | TROW | T Rowe Price Group INC | — | NEW | New buy |
| 36 | K4F | Onestream INC | — | EXIT | Sold out |
| 37 | HQY | Healthequity INC | — | EXIT | Sold out |
| 38 | SN | SharkNinja, Inc. | — | NEW | New buy |
| 39 | ✓ | Cyberark Software LTD | — | EXIT | Sold out |
| 40 | 430 | Terns Pharmaceuticals INC | — | EXIT | Sold out |
| 41 | ABBV | Abbvie INC | — | NEW | New buy |
| 42 | DAY | Dayforce INC | — | EXIT | Sold out |
| 43 | MXCT | Maxcyte INC | — | NEW | New buy |
| 44 | ROST | Ross Stores INC | — | NEW | New buy |
| 45 | RNAGBP | Avidity Biosciences INC | — | EXIT | Sold out |
| 46 | HO1 | Hologic INC | — | NEW | New buy |
| 47 | KVUE | Kenvue INC | — | EXIT | Sold out |
| 48 | EAT | Brinker International INC | — | NEW | New buy |
| 49 | ✓ | On Hldg AG | — | NEW | New buy |
| 50 | RL | Ralph Lauren CORP | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-04-24 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-01-21 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-10-17 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-07-22 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-08 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-01-17 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-10-11 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-07-12 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-04-12 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-01-10 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-10-11 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-07-12 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-04-18 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-01-17 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-09 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-10 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-10 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-14 | 13F-HR | View on EDGAR |
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