Cape Ann Asset Management
LONDON, X0files as Cape Ann Asset Management Ltd
$434m in 12 US stocks at the end of 30 June 2026. The top 10 are 98.1% of the money. It changed about 13.5% of the portfolio this quarter.
Value
$434m
Stocks
12
Top 10 share
98.1%
Turnover
13.5%
What changed this quarter
New
Bought for the first time this quarter.
- Tencent Music Entmt GroupTME8.5% of the fund
Added
Bought more of a stock they already held.
- Vista Energy S.A.B. de C.V.VIST14.4% of the fund+5%
- Ero CopperERO12.6% of the fund+5%
- Eldorado GoldEGO6.7% of the fund+23%
Cut
Sold some of their stake.
- Kinross GoldKGC19.1% of the fund-7%
- Ternium SATX9.8% of the fund-7%
- Macro BankBMA9.4% of the fund-7%
- CredicorpBAP9.2% of the fund-7%
- Copa HoldingsCPA5.1% of the fund-7%
- Joint Stock Co Kaspi.kzKSPI3.3% of the fund-7%
- Petroleo Brasileiro S APBR-A1.8% of the fund-9%
- Laureate EducationLAUR<0.1% of the fund-99%
Sold out
Sold their entire stake.
None this quarter.
Holdings
- Kinross GoldKGC
- Share
- 19.1%
- Value
- $83m
- Shares
- 3,510,314
-7%
- Vista Energy S.A.B. de C.V.VIST
- Share
- 14.4%
- Value
- $63m
- Shares
- 979,693
+5%
- Ero CopperERO
- Share
- 12.6%
- Value
- $55m
- Shares
- 2,053,705
+5%
- Ternium SATX
- Share
- 9.8%
- Value
- $43m
- Shares
- 996,424
-7%
- Tencent Music Entmt GroupTME
- Share
- 8.5%
- Value
- $37m
- Shares
- 4,426,136
New
- Eldorado GoldEGO
- Share
- 6.7%
- Value
- $29m
- Shares
- 933,066
+23%
- Petroleo Brasileiro S APBR-A
- Share
- 1.8%
- Value
- $8m
- Shares
- 540,913
-9%
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Kinross GoldKGC | 19.1% | $83m | 3,510,314 | -7% |
| Vista Energy S.A.B. de C.V.VIST | 14.4% | $63m | 979,693 | +5% |
| Ero CopperERO | 12.6% | $55m | 2,053,705 | +5% |
| Ternium SATX | 9.8% | $43m | 996,424 | -7% |
| Macro BankBMA | 9.4% | $41m | 439,918 | -7% |
| CredicorpBAP | 9.2% | $40m | 103,105 | -7% |
| Tencent Music Entmt GroupTME | 8.5% | $37m | 4,426,136 | New |
| Eldorado GoldEGO | 6.7% | $29m | 933,066 | +23% |
| Copa HoldingsCPA | 5.1% | $22m | 143,256 | -7% |
| Joint Stock Co Kaspi.kzKSPI | 3.3% | $14m | 163,880 | -7% |
| Petroleo Brasileiro S APBR-A | 1.8% | $8m | 540,913 | -9% |
| Laureate EducationLAUR | <0.1% | $241,056 | 6,637 | -99% |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 86.1% since 30 June 2025.
Where the money is
Materials38.4%
Financial services18.6%
Industrials5.1%
Technology3.3%
Retail & consumer0.1%
Other34.5%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.