Cape Ann Asset Management Ltd
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Cape Ann Asset Management Ltd reported 10 stock positions worth $367.6 million. Its top holding was Kinross Gold (KGC) at 27.1% of the portfolio, followed by Ero Copper (ERO, 13.2%) and Banco Macro SA-ADR (BMA, 11.4%). Compared with Q3 2025, it sold out of 1, added to 9 and reduced 1. The biggest buy was Ero Copper (ERO, shares +66%) and the biggest sale an exit from Qfin Holdings Inc.-ADR (QFIN).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001768237
- Portfolio Value
- $367.6M (Q4 2025)
- SEC Filing
- 0000929638-26-000610 ↗ filed Feb 13, 2026
Holdings Value
Holdings 10 stocks · $367.6M
| KGC Kinross Gold Corp. | 27.10% | 3,538,238 | $99.6M | Add +0.9% |
| ERO Ero Copper Corp. | 13.22% | 1,717,643 | $48.6M | Add +65.9% |
| BMA Banco Macro SA-ADR | 11.40% | 465,016 | $41.9M | Add +0.8% |
| TX Ternium SA-Sponsored ADR | 11.10% | 1,068,649 | $40.8M | Add +20.5% |
| VIST Vista Energy Sab DE CV | 9.13% | 689,900 | $33.6M | Add +18.2% |
| BAP Credicorp Ltd. | 8.62% | 110,397 | $31.7M | Add +0.8% |
| CPA Copa Holdings SA Class A | 7.21% | 219,800 | $26.5M | Add +0.8% |
| LAUR Laureate Education Inc. | 6.73% | 734,900 | $24.7M | Reduce -20.1% |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 3.72% | 175,100 | $13.7M | Add +0.8% |
| PBR.A Petroleo Brasil-SP Pref ADR | 1.76% | 574,311 | $6.5M | Add +26.3% |
Portfolio Sells Q3 2025 → Q4 2025
Portfolio Buys Q3 2025 → Q4 2025
| ERO Ero Copper Corp. | Add +65.9% | 13.22% | +6.16 |
| BMA Banco Macro SA-ADR | Add +0.8% | 11.40% | +4.83 |
| VIST Vista Energy Sab DE CV | Add +18.2% | 9.13% | +2.37 |
| TX Ternium SA-Sponsored ADR | Add +20.5% | 11.10% | +0.73 |
| PBR.A Petroleo Brasil-SP Pref ADR | Add +26.3% | 1.76% | −0.05 |
| KSPI JSC Kaspi.kz ADR | Add +0.8% | 3.72% | −1.06 |
| BAP Credicorp Ltd. | Add +0.8% | 8.62% | −1.21 |
| CPA Copa Holdings SA Class A | Add +0.8% | 7.21% | −1.52 |
| KGC Kinross Gold Corp. | Add +0.9% | 27.10% | −2.27 |
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 |