Managers / Q1 2026
Cape Ann Asset Management Ltd
CIK 0001768237 · 1 DUKE'S MEWS, LONDON, W1U 3ET · 44 203 443 8480
Summary
Cape Ann Asset Management Ltd reported $440M in U.S.-listed holdings across 11 positions for Q1 2026.
The portfolio is heavily concentrated: KGC alone accounts for 26.1% of reported value.
Compared with Q4 2025, the fund opened 1 new position and exited 0.
Portfolio Metrics
Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.
Reported Value by Quarter
Portfolio Composition
- Common Stock · 48.1% · $212M
- ADR · 39.5% · $174M
- Other · 12.5% · $55M
Quarter-over-Quarter Changes full breakdown →
vs Q4 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| ELDELDORADO GOLD CORP | NEW | +758.7K | 758.7K | +$26M | $26M |
| VISTA ENERGY S.A.B. DE C.V. | ADDED | +241.9K | 931.8K | +$37M | $70M |
| COPA HOLDINGS SA | TRIMMED | −66.6K | 153.2K | −$9M | $17M |
| LAURLAUREATE EDUCATION INC | TRIMMED | −201.9K | 533.0K | −$6M | $19M |
| EROERO COPPER CORP | ADDED | +231.5K | 1.95M | +$3M | $52M |
| KGCKINROSS GOLD CORP | ADDED | +232.8K | 3.77M | +$15M | $115M |
| PETROLEO BRASILEIRO SA PETRO | HELD | +20.5K | 594.8K | +$5M | $11M |
| BMABANCO MACRO SA | HELD | +5.9K | 470.9K | −$5M | $36M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q1 2026
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | KGCKINROSS GOLD CORPhistory → | COM | 26.14% | $115M | 3.77M |
| 2 | VISTA ENERGY S.A.B. DE C.V. | SPONSORED ADS | 15.97% | $70M | 931.8K |
| 3 | EROERO COPPER CORPhistory → | COM | 11.81% | $52M | 1.95M |
| 4 | TXTERNIUM SAhistory → | SPONSORED ADS | 9.74% | $43M | 1.07M |
| 5 | CREDICORP LTD | COM | 8.50% | $37M | 110.4K |
| 6 | BMABANCO MACRO SAhistory → | SPON ADR B | 8.27% | $36M | 470.9K |
| 7 | ELDELDORADO GOLD CORPhistory → | COM | 5.91% | $26M | 758.7K |
| 8 | LAURLAUREATE EDUCATION INChistory → | COMMON STOCK | 4.22% | $19M | 533.0K |
| 9 | COPA HOLDINGS SA | CL A | 3.95% | $17M | 153.2K |
| 10 | KSPIKASPI KZ JSChistory → | SPONSORED ADS | 2.95% | $13M | 175.5K |
| 11 | PETROLEO BRASILEIRO SA PETRO | SP ADR NON VTG | 2.53% | $11M | 594.8K |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q1 2026 | $440M | 11 | May 14, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q4 2025 | $368M | 10 | Feb 13, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q3 2025 | $297M | 11 | Nov 10, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q2 2025 | $233M | 9 | Aug 11, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q1 2025 | $163M | 7 | May 8, 2025 | RESTATEMENT | changes · EDGAR ↗ |
| Q4 2024 | $159M | 8 | Feb 6, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q3 2024 | $146M | 6 | Nov 12, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q2 2024 | $117M | 6 | Aug 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q1 2024 | $112M | 5 | May 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q4 2023 | $111M | 6 | Feb 13, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q3 2023 | $105M | 6 | Nov 13, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q2 2023 | $112M | 6 | Aug 9, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q1 2023 | $107M | 6 | May 10, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q4 2022 | $91M | 6 | Feb 9, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q3 2022 | $83M | 8 | Nov 9, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q2 2022 | $174M | 9 | Aug 9, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q1 2022 | $171M | 7 | Apr 29, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q4 2021 | $177M | 7 | Feb 9, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q3 2021 | $199M | 9 | Nov 15, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q2 2021 | $216M | 9 | Aug 11, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q1 2021 | $220M | 10 | May 17, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q4 2020 | $260M | 10 | Feb 10, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q3 2020 | $248M | 11 | Nov 13, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q2 2020 | $244M | 11 | Aug 14, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q1 2020 | $151M | 8 | May 14, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q4 2019 | $163M | 8 | Feb 11, 2020 | 13F-HR | changes · EDGAR ↗ |
13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.