Capricorn Fund Managers Ltd
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 8, 2025), Capricorn Fund Managers Ltd reported 49 stock positions worth $187.1 million. Its top holding was Johnson & Johnson (JNJ) at 6.0% of the portfolio, followed by Alphabet Class A (GOOGL, 5.5%) and Sharkninja (SN, 5.5%). Compared with Q4 2024, it opened 7 new positions, sold out of 23, added to 15 and reduced 18. The biggest buy was Sharkninja (SN, shares +180%) and the biggest sale JSC Kaspi.kz ADR (KSPI, shares −87%).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001901361
- Portfolio Value
- $187.1M (Q1 2025)
- SEC Filing
- 0001901361-25-000005 ↗ filed May 8, 2025
Holdings Value
Holdings 49 stocks · $187.1M
| JNJ Johnson & Johnson | 6.02% | 67,948 | $11.3M | Reduce -0.9% |
| GOOGL Alphabet Inc. Class A | 5.53% | 66,965 | $10.4M | Add +27.1% |
| SN Sharkninja Inc. | 5.52% | 112,000 | $10.3M | Add +180.0% |
| SKX Skechers USA Inc. Class A | 4.99% | 182,000 | $9.3M | Add +102.2% |
| MSFT Microsoft Corp. | 4.93% | 24,563 | $9.2M | Add +121.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 4.60% | 16,173 | $8.6M | Reduce -15.8% |
| DECK Deckers Outdoor Corp. | 4.60% | 77,000 | $8.6M | Add +92.5% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 4.33% | 27,500 | $8.1M | Reduce -6.1% |
| ABBV Abbvie Inc. | 3.83% | 34,218 | $7.2M | Add +0.6% |
| V Visa Inc. Class A | 3.60% | 19,226 | $6.7M | Reduce -1.1% |
| KARO Karooooo Ltd. | 3.26% | 143,470 | $6.1M | Add +8.0% |
| BTI British American Tob-SP ADR | 3.21% | 145,000 | $6.0M | New |
| QSR Restaurant Brands Intern | 2.89% | 81,219 | $5.4M | New |
| MCD McDonald's Corp. | 2.86% | 17,155 | $5.4M | Reduce -1.2% |
| PFE Pfizer Inc. | 2.79% | 206,212 | $5.2M | Reduce -0.2% |
| UNP Union Pacific Corp. | 2.69% | 21,281 | $5.0M | Add +1.9% |
| META Meta Platforms Inc. Class A | 2.64% | 8,572 | $4.9M | Reduce -34.1% |
| REAL The Realreal Inc. filed as THE REALREAL INC | 2.60% | 901,114 | $4.9M | Add +12.6% |
| OXY Occidental Petroleum Corp. | 2.55% | 96,791 | $4.8M | Reduce -0.0% |
| LIN Linde PLC | 2.52% | 10,121 | $4.7M | No change |
| LUXE Luxexperience BV filed as MYT NETHERLANDS PARENT B V | 2.43% | 602,000 | $4.6M | Add +0.2% |
| PYPL PayPal Holdings Inc. | 2.34% | 67,225 | $4.4M | Add +31.3% |
| VRSN Verisign Inc. | 2.03% | 14,963 | $3.8M | Reduce -0.1% |
| CVX Chevron Corp. | 1.80% | 20,108 | $3.4M | Reduce -50.4% |
| TPR Tapestry Inc. | 1.79% | 115,000 | $3.3M | Add +93.8% |
| CPRI Capri Holdings Ltd. | 1.74% | 160,000 | $3.3M | New |
| CCEP Coca-Cola Europacific Partne | 1.69% | 37,448 | $3.2M | New |
| AS Amer Sports Inc. | 1.57% | 110,000 | $2.9M | Reduce -18.5% |
| LULU Lululemon Athletica Inc. | 1.51% | 10,000 | $2.8M | Reduce -9.1% |
| DKS Dick's Sporting Goods Inc. | 1.08% | 10,000 | $2.0M | Reduce -41.2% |
| CONTEXTLOGIC INC - A | 0.93% | 250,000 | $1.7M | Add +13.6% |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 0.84% | 17,000 | $1.6M | Reduce -86.7% |
| CRH CRH PLC-Sponsored ADR | 0.54% | 11,554 | $1.0M | Reduce -14.6% |
| SCHW Schwab (charles) Corp. | 0.54% | 12,925 | $1.0M | Add +21.2% |
| BTU Peabody Energy Corp. | 0.44% | 61,000 | $827K | No change |
| UBER Uber Technologies Inc. | 0.44% | 11,213 | $817K | Reduce -10.0% |
| NE Noble Corp. PLC | 0.39% | 30,900 | $732K | No change |
| IBIT iShares Bitcoin Trust ETF | 0.35% | 14,000 | $655K | New |
| CHWY Chewy Inc. Class A | 0.20% | 11,747 | $382K | Reduce -91.6% |
| METC Ramaco Resources Inc. Class A | 0.20% | 45,095 | $371K | No change |
| TECK Teck Resources Ltd.-CLS B | 0.19% | 10,000 | $364K | Reduce -33.3% |
| KOS Kosmos Energy Ltd. | 0.19% | 157,000 | $358K | No change |
| ASC Ardmore Shipping Corp. | 0.16% | 30,000 | $294K | No change |
| BUR Burford Capital Ltd. | 0.14% | 20,000 | $264K | New |
| BORR Borr Drilling Ltd. | 0.13% | 110,000 | $241K | New |
| METCB Ramaco Resources Inc. Class B | 0.13% | 33,138 | $236K | Add +2.2% |
| TALO Talos Energy Inc. | 0.10% | 20,000 | $194K | No change |
| SMHI Seacor Marine Holdings Inc. | 0.07% | 26,235 | $133K | No change |
| HEPS D-Market Electronic Serv-ADR | 0.04% | 29,185 | $83K | No change |
Portfolio Sells Q4 2024 → Q1 2025
| KSPI JSC Kaspi.kz ADR | Reduce -86.7% | 0.84% | −4.61 |
| ELF Elf Beauty Inc. | Sold out | 0.00% | −3.17 |
| NKE Nike Inc. Class B | Sold out | 0.00% | −2.40 |
| CHWY Chewy Inc. Class A | Reduce -91.6% | 0.20% | −1.92 |
| PVH PVH Corp. | Sold out | 0.00% | −1.88 |
| TGT Target Corp. | Sold out | 0.00% | −1.68 |
| ONON On Holding AG Class A | Sold out | 0.00% | −1.57 |
| FIVE Five Below | Sold out | 0.00% | −1.52 |
| SLYV SS SPDR S&P 600 SC Val ETF | Sold out | 0.00% | −1.44 |
| IRS Irsa -SP ADR | Sold out | 0.00% | −1.34 |
| GAP The Gap Inc. | Sold out | 0.00% | −1.26 |
| ANF Abercrombie & Fitch Co. Class A | Sold out | 0.00% | −1.03 |
| MO Altria Group Inc. | Sold out | 0.00% | −0.93 |
| AMZN Amazon.com Inc. | Sold out | 0.00% | −0.81 |
| CVX Chevron Corp. | Reduce -50.4% | 1.80% | −0.78 |
| META Meta Platforms Inc. Class A | Reduce -34.1% | 2.64% | −0.78 |
| DKS Dick's Sporting Goods Inc. | Reduce -41.2% | 1.08% | −0.68 |
| BLK BlackRock Inc. | Sold out | 0.00% | −0.48 |
| CNK Cinemark Holdings Inc. | Sold out | 0.00% | −0.47 |
| PUMP Propetro Holding Corp. | Sold out | 0.00% | −0.46 |
| AXP American Express Co. | Sold out | 0.00% | −0.46 |
| NDAQ Nasdaq Inc. | Sold out | 0.00% | −0.44 |
| APO Apollo Global Management Inc. | Sold out | 0.00% | −0.38 |
| LULU Lululemon Athletica Inc. | Reduce -9.1% | 1.51% | −0.37 |
| CP Canadian Pacific Kansas City | Sold out | 0.00% | −0.32 |
| URI United Rentals Inc. | Sold out | 0.00% | −0.27 |
| TDW Tidewater Inc. | Sold out | 0.00% | −0.21 |
| AS Amer Sports Inc. | Reduce -18.5% | 1.57% | −0.14 |
| STNG Scorpio Tankers Inc. | Sold out | 0.00% | −0.11 |
| TECK Teck Resources Ltd.-CLS B | Reduce -33.3% | 0.19% | −0.07 |
| XPRO Expro Group Holdings NV | Sold out | 0.00% | −0.05 |
| CRH CRH PLC-Sponsored ADR | Reduce -14.6% | 0.54% | −0.01 |
| UBER Uber Technologies Inc. | Reduce -10.0% | 0.44% | +0.10 |
| PFE Pfizer Inc. | Reduce -0.2% | 2.79% | +0.36 |
| OXY Occidental Petroleum Corp. | Reduce -0.0% | 2.55% | +0.47 |
| MCD McDonald's Corp. | Reduce -1.2% | 2.86% | +0.63 |
| VRSN Verisign Inc. | Reduce -0.1% | 2.03% | +0.66 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -15.8% | 4.60% | +0.74 |
| V Visa Inc. Class A | Reduce -1.1% | 3.60% | +0.87 |
| JNJ Johnson & Johnson | Reduce -0.9% | 6.02% | +1.65 |
| TJX TJX Companies Inc. | Reduce -6.1% | 4.33% | +2.75 |
Portfolio Buys Q4 2024 → Q1 2025
| SN Sharkninja Inc. | Add +180.0% | 5.52% | +3.82 |
| BTI British American Tob-SP ADR | New | 3.21% | +3.21 |
| QSR Restaurant Brands Intern | New | 2.89% | +2.89 |
| MSFT Microsoft Corp. | Add +121.7% | 4.93% | +2.83 |
| SKX Skechers USA Inc. Class A | Add +102.2% | 4.99% | +2.28 |
| CPRI Capri Holdings Ltd. | New | 1.74% | +1.74 |
| CCEP Coca-Cola Europacific Partne | New | 1.69% | +1.69 |
| ABBV Abbvie Inc. | Add +0.6% | 3.83% | +1.16 |
| GOOGL Alphabet Inc. Class A | Add +27.1% | 5.53% | +1.05 |
| DECK Deckers Outdoor Corp. | Add +92.5% | 4.60% | +0.94 |
| UNP Union Pacific Corp. | Add +1.9% | 2.69% | +0.57 |
| LUXE Luxexperience BV | Add +0.2% | 2.43% | +0.55 |
| KARO Karooooo Ltd. | Add +8.0% | 3.26% | +0.53 |
| PYPL PayPal Holdings Inc. | Add +31.3% | 2.34% | +0.40 |
| IBIT iShares Bitcoin Trust ETF | New | 0.35% | +0.35 |
| CONTEXTLOGIC INC - A | Add +13.6% | 0.93% | +0.24 |
| SCHW Schwab (charles) Corp. | Add +21.2% | 0.54% | +0.19 |
| BUR Burford Capital Ltd. | New | 0.14% | +0.14 |
| BORR Borr Drilling Ltd. | New | 0.13% | +0.13 |
| TPR Tapestry Inc. | Add +93.8% | 1.79% | +0.05 |
| METCB Ramaco Resources Inc. Class B | Add +2.2% | 0.13% | −0.02 |
| REAL The Realreal Inc. | Add +12.6% | 2.60% | −1.39 |
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 |