Cape Ann Asset Management Ltd
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 10, 2025), Cape Ann Asset Management Ltd reported 11 stock positions worth $296.8 million. Its top holding was Kinross Gold (KGC) at 29.4% of the portfolio, followed by Ternium SA-Sponsored ADR (TX, 10.4%) and Credicorp (BAP, 9.8%). Compared with Q2 2025, it opened 2 new positions, added to 1 and reduced 7. The biggest buy was a new position in Qfin Holdings Inc.-ADR (QFIN) and the biggest sale Vista Energy Sab DE CV (VIST, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001768237
- Portfolio Value
- $296.8M (Q3 2025)
- SEC Filing
- 0000929638-25-004194 ↗ filed Nov 10, 2025
Holdings Value
Holdings 11 stocks · $296.8M
| KGC Kinross Gold Corp. | 29.37% | 3,507,938 | $87.2M | Reduce -1.2% |
| TX Ternium SA-Sponsored ADR | 10.37% | 886,649 | $30.8M | Reduce -1.2% |
| BAP Credicorp Ltd. | 9.82% | 109,497 | $29.2M | Reduce -29.4% |
| LAUR Laureate Education Inc. | 9.77% | 919,500 | $29.0M | Reduce -0.5% |
| CPA Copa Holdings SA Class A | 8.73% | 218,000 | $25.9M | Reduce -1.1% |
| ERO Ero Copper Corp. | 7.06% | 1,035,143 | $20.9M | Reduce -0.1% |
| VIST Vista Energy Sab DE CV | 6.76% | 583,600 | $20.1M | Reduce -1.3% |
| BMA Banco Macro SA-ADR | 6.57% | 461,216 | $19.5M | Add +66.2% |
| QFIN Qfin Holdings Inc.-ADR | 4.95% | 510,700 | $14.7M | New |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 4.78% | 173,700 | $14.2M | New |
| PBR.A Petroleo Brasil-SP Pref ADR | 1.81% | 454,611 | $5.4M | No change |
Portfolio Sells Q2 2025 → Q3 2025
| VIST Vista Energy Sab DE CV | Reduce -1.3% | 6.76% | −5.34 |
| BAP Credicorp Ltd. | Reduce -29.4% | 9.82% | −5.03 |
| CPA Copa Holdings SA Class A | Reduce -1.1% | 8.73% | −1.66 |
| TX Ternium SA-Sponsored ADR | Reduce -1.2% | 10.37% | −1.19 |
| ERO Ero Copper Corp. | Reduce -0.1% | 7.06% | −0.42 |
| LAUR Laureate Education Inc. | Reduce -0.5% | 9.77% | +0.51 |
| KGC Kinross Gold Corp. | Reduce -1.2% | 29.37% | +5.61 |
Portfolio Buys Q2 2025 → Q3 2025
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 12 | $434.4M | KGC, VIST, ERO, TX, BMA |
| Q1 2026 | 11 | $440.3M | KGC, VIST, ERO, TX, BAP |
| Q4 2025 | 10 | $367.6M | KGC, ERO, BMA, TX, VIST |
| Q3 2025 | 11 | $296.8M | KGC, TX, BAP, LAUR, CPA |
| Q2 2025 | 9 | $233.5M | KGC, BAP, VIST, TX, CPA |
| Q1 2025Amended | 7 | $162.8M | KGC, BAP, TX, CPA, LAUR |
| Q4 2024 | 8 | $158.7M | KGC, BAP, TX, BMA, CPA |
| Q3 2024 | 6 | $146.1M | BAP, KGC, TX, LAUR, JOYY |
| Q2 2024 | 6 | $116.5M | BAP, TX, KGC, JOYY, PBR.A |
| Q1 2024 | 5 | $112.3M | BAP, TX, KGC, PBR.A, LU |