Capricorn Fund Managers Ltd
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 17, 2025), Capricorn Fund Managers Ltd reported 65 stock positions worth $224.7 million. Its top holding was JSC Kaspi.kz ADR (KSPI) at 5.5% of the portfolio, followed by Alphabet Class A (GOOGL, 4.5%) and Johnson & Johnson (JNJ, 4.4%). Compared with Q3 2024, it opened 25 new positions, sold out of 13, added to 9 and reduced 12. The biggest buy was a new position in Deckers Outdoor (DECK) and the biggest sale an exit from Berkshire Hathaway Class A (BRK.A).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001901361
- Portfolio Value
- $224.7M (Q4 2024)
- SEC Filing
- 0001901361-25-000001 ↗ filed Jan 17, 2025
Holdings Value
Holdings 65 stocks · $224.7M
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 5.45% | 127,630 | $12.3M | No change |
| GOOGL Alphabet Inc. Class A | 4.49% | 52,709 | $10.1M | Reduce -5.2% |
| JNJ Johnson & Johnson | 4.37% | 68,550 | $9.8M | Add +0.4% |
| REAL The Realreal Inc. filed as THE REALREAL INC | 3.98% | 800,000 | $8.9M | Reduce -43.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 3.87% | 19,210 | $8.7M | Add +3.8% |
| DECK Deckers Outdoor Corp. | 3.66% | 40,000 | $8.2M | New |
| META Meta Platforms Inc. Class A | 3.42% | 13,003 | $7.7M | Reduce -5.8% |
| ELF Elf Beauty Inc. | 3.17% | 56,000 | $7.1M | New |
| KARO Karooooo Ltd. | 2.74% | 132,884 | $6.1M | New |
| V Visa Inc. Class A | 2.73% | 19,437 | $6.1M | Reduce -0.6% |
| SKX Skechers USA Inc. Class A | 2.71% | 90,000 | $6.1M | New |
| ABBV Abbvie Inc. | 2.67% | 34,010 | $6.0M | Reduce -0.6% |
| CVX Chevron Corp. | 2.58% | 40,516 | $5.8M | Reduce -0.2% |
| PFE Pfizer Inc. | 2.43% | 206,604 | $5.5M | Reduce -0.1% |
| NKE Nike Inc. Class B | 2.40% | 72,119 | $5.4M | New |
| MCD McDonald's Corp. | 2.24% | 17,369 | $5.0M | Add +11.0% |
| CHWY Chewy Inc. Class A | 2.12% | 139,500 | $4.8M | Add +1.1% |
| UNP Union Pacific Corp. | 2.12% | 20,879 | $4.8M | Reduce -0.5% |
| MSFT Microsoft Corp. | 2.10% | 11,080 | $4.7M | Add +20.9% |
| OXY Occidental Petroleum Corp. | 2.09% | 96,807 | $4.7M | New |
| PYPL PayPal Holdings Inc. | 1.95% | 51,210 | $4.4M | Add +0.0% |
| PVH PVH Corp. | 1.88% | 40,010 | $4.2M | New |
| LIN Linde PLC | 1.88% | 10,121 | $4.2M | No change |
| LUXE Luxexperience BV filed as MYT NETHERLANDS PARENT B V | 1.88% | 601,008 | $4.2M | New |
| LULU Lululemon Athletica Inc. | 1.88% | 11,000 | $4.2M | New |
| DKS Dick's Sporting Goods Inc. | 1.75% | 17,011 | $3.9M | New |
| TPR Tapestry Inc. | 1.74% | 59,323 | $3.9M | New |
| AS Amer Sports Inc. | 1.71% | 135,000 | $3.8M | New |
| SN Sharkninja Inc. | 1.70% | 40,000 | $3.8M | New |
| TGT Target Corp. | 1.68% | 27,894 | $3.8M | New |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 1.58% | 29,287 | $3.5M | New |
| ONON On Holding AG Class A filed as ON HLDG AG | 1.57% | 64,067 | $3.5M | New |
| FIVE Five Below | 1.52% | 32,758 | $3.4M | New |
| SLYV SS SPDR S&P 600 SC Val ETF | 1.44% | 37,272 | $3.2M | No change |
| VRSN Verisign Inc. | 1.37% | 14,973 | $3.1M | Add +0.1% |
| IRS Irsa -SP ADR filed as IRSA INVERSIONES Y REP S A | 1.34% | 199,241 | $3.0M | No change |
| GAP The Gap Inc. | 1.26% | 120,000 | $2.8M | New |
| ANF Abercrombie & Fitch Co. Class A | 1.03% | 15,000 | $2.3M | New |
| MO Altria Group Inc. | 0.93% | 40,000 | $2.1M | New |
| AMZN Amazon.com Inc. | 0.81% | 8,261 | $1.8M | Reduce -62.0% |
| CONTEXTLOGIC INC - A | 0.69% | 220,000 | $1.6M | No change |
| BTU Peabody Energy Corp. | 0.56% | 61,000 | $1.3M | No change |
| CRH CRH PLC-Sponsored ADR | 0.56% | 13,527 | $1.3M | New |
| BLK BlackRock Inc. | 0.48% | 1,040 | $1.1M | Add +14.4% |
| CNK Cinemark Holdings Inc. | 0.47% | 34,000 | $1.1M | New |
| PUMP Propetro Holding Corp. | 0.46% | 112,897 | $1.0M | No change |
| AXP American Express Co. | 0.46% | 3,441 | $1.0M | Reduce -27.3% |
| NDAQ Nasdaq Inc. | 0.44% | 12,641 | $978K | New |
| NE Noble Corp. PLC | 0.42% | 30,900 | $939K | No change |
| APO Apollo Global Management Inc. | 0.38% | 5,106 | $850K | Reduce -43.9% |
| SCHW Schwab (charles) Corp. | 0.35% | 10,665 | $788K | New |
| UBER Uber Technologies Inc. | 0.34% | 12,460 | $757K | Reduce -33.0% |
| CP Canadian Pacific Kansas City | 0.32% | 9,850 | $709K | No change |
| URI United Rentals Inc. | 0.27% | 872 | $616K | New |
| TECK Teck Resources Ltd.-CLS B | 0.27% | 15,000 | $605K | No change |
| KOS Kosmos Energy Ltd. | 0.23% | 157,000 | $528K | No change |
| TDW Tidewater Inc. | 0.21% | 9,000 | $479K | No change |
| METC Ramaco Resources Inc. Class A | 0.20% | 45,095 | $458K | No change |
| ASC Ardmore Shipping Corp. | 0.16% | 30,000 | $360K | No change |
| METCB Ramaco Resources Inc. Class B | 0.14% | 32,438 | $322K | Add +4.4% |
| STNG Scorpio Tankers Inc. | 0.11% | 5,000 | $244K | No change |
| TALO Talos Energy Inc. | 0.09% | 20,000 | $193K | No change |
| SMHI Seacor Marine Holdings Inc. | 0.07% | 26,235 | $167K | No change |
| XPRO Expro Group Holdings NV | 0.05% | 10,000 | $121K | No change |
| HEPS D-Market Electronic Serv-ADR | 0.04% | 29,185 | $92K | No change |
Portfolio Sells Q3 2024 → Q4 2024
| BRK.A Berkshire Hathaway Inc. Class A | Sold out | 0.00% | −2.35 |
| META Meta Platforms Inc. Class A | Reduce -5.8% | 3.42% | −1.96 |
| AMZN Amazon.com Inc. | Reduce -62.0% | 0.81% | −1.94 |
| ABBV Abbvie Inc. | Reduce -0.6% | 2.67% | −1.93 |
| GOOGL Alphabet Inc. Class A | Reduce -5.2% | 4.49% | −1.79 |
| PFE Pfizer Inc. | Reduce -0.1% | 2.43% | −1.65 |
| CVX Chevron Corp. | Reduce -0.2% | 2.58% | −1.49 |
| UNP Union Pacific Corp. | Reduce -0.5% | 2.12% | −1.41 |
| HLT Hilton Worldwide Holdings Inc. | Sold out | 0.00% | −0.97 |
| GE General Electric | Sold out | 0.00% | −0.95 |
| V Visa Inc. Class A | Reduce -0.6% | 2.73% | −0.93 |
| BKNG Booking Holdings Inc. | Sold out | 0.00% | −0.83 |
| NFLX Netflix Inc. | Sold out | 0.00% | −0.80 |
| GDX Vaneck Gold Miners ETF | Sold out | 0.00% | −0.79 |
| NEM Newmont Corp. | Sold out | 0.00% | −0.67 |
| UBER Uber Technologies Inc. | Reduce -33.0% | 0.34% | −0.61 |
| DIS The Walt Disney Co. | Sold out | 0.00% | −0.61 |
| TLN Talen Energy Corp. | Sold out | 0.00% | −0.61 |
| NVO Novo-Nordisk A/S-Spons ADR | Sold out | 0.00% | −0.55 |
| AXP American Express Co. | Reduce -27.3% | 0.46% | −0.42 |
| APO Apollo Global Management Inc. | Reduce -43.9% | 0.38% | −0.40 |
| GEV GE Vernova Inc. | Sold out | 0.00% | −0.32 |
| INSW International Seaways Inc. | Sold out | 0.00% | −0.18 |
| PAGAYA TECHNOLOGIES LTD | Sold out | 0.00% | −0.00 |
| REAL The Realreal Inc. | Reduce -43.1% | 3.98% | +0.97 |
Portfolio Buys Q3 2024 → Q4 2024
| DECK Deckers Outdoor Corp. | New | 3.66% | +3.66 |
| ELF Elf Beauty Inc. | New | 3.17% | +3.17 |
| KARO Karooooo Ltd. | New | 2.74% | +2.74 |
| SKX Skechers USA Inc. Class A | New | 2.71% | +2.71 |
| NKE Nike Inc. Class B | New | 2.40% | +2.40 |
| OXY Occidental Petroleum Corp. | New | 2.09% | +2.09 |
| PVH PVH Corp. | New | 1.88% | +1.88 |
| LUXE Luxexperience BV | New | 1.88% | +1.88 |
| LULU Lululemon Athletica Inc. | New | 1.88% | +1.88 |
| DKS Dick's Sporting Goods Inc. | New | 1.75% | +1.75 |
| TPR Tapestry Inc. | New | 1.74% | +1.74 |
| AS Amer Sports Inc. | New | 1.71% | +1.71 |
| SN Sharkninja Inc. | New | 1.70% | +1.70 |
| TGT Target Corp. | New | 1.68% | +1.68 |
| TJX TJX Companies Inc. | New | 1.58% | +1.58 |
| ONON On Holding AG Class A | New | 1.57% | +1.57 |
| FIVE Five Below | New | 1.52% | +1.52 |
| GAP The Gap Inc. | New | 1.26% | +1.26 |
| ANF Abercrombie & Fitch Co. Class A | New | 1.03% | +1.03 |
| MO Altria Group Inc. | New | 0.93% | +0.93 |
| CRH CRH PLC-Sponsored ADR | New | 0.56% | +0.56 |
| CNK Cinemark Holdings Inc. | New | 0.47% | +0.47 |
| NDAQ Nasdaq Inc. | New | 0.44% | +0.44 |
| SCHW Schwab (charles) Corp. | New | 0.35% | +0.35 |
| URI United Rentals Inc. | New | 0.27% | +0.27 |
| METCB Ramaco Resources Inc. Class B | Add +4.4% | 0.14% | −0.08 |
| BLK BlackRock Inc. | Add +14.4% | 0.48% | −0.11 |
| VRSN Verisign Inc. | Add +0.1% | 1.37% | −0.57 |
| MSFT Microsoft Corp. | Add +20.9% | 2.10% | −0.59 |
| CHWY Chewy Inc. Class A | Add +1.1% | 2.12% | −0.63 |
| PYPL PayPal Holdings Inc. | Add +0.0% | 1.95% | −0.77 |
| MCD McDonald's Corp. | Add +11.0% | 2.24% | −1.01 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +3.8% | 3.87% | −1.94 |
| JNJ Johnson & Johnson | Add +0.4% | 4.37% | −3.16 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 167 | $1.3B | LPLA, KKR, BP, SHEL, APP |
| Q1 2026 | 114 | $641.4M | CVNA, BAC, ZYME, AXGN, KKR |
| Q4 2025 | 82 | $414.9M | ZYME, WAY, GPCR, NUVB, MSFT |
| Q3 2025 | 59 | $297.8M | WAY, TARS, MSFT, VERA, REAL |
| Q2 2025 | 54 | $211.6M | SN, MSFT, AMZN, GOOGL, RL |
| Q1 2025 | 49 | $187.1M | JNJ, GOOGL, SN, SKX, MSFT |
| Q4 2024 | 65 | $224.7M | KSPI, GOOGL, JNJ, REAL, BRK.B |
| Q3 2024 | 53 | $146.9M | KSPI, JNJ, GOOGL, BRK.B, META |
| Q2 2024 | 55 | $141.8M | KSPI, META, JNJ, BRK.B, PFE |
| Q1 2024 | 56 | $166.1M | KSPI, VTV, NEE, BRK.B, GOOGL |