Capricorn Fund Managers Ltd
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 17, 2025), Capricorn Fund Managers Ltd reported 59 stock positions worth $297.8 million. Its top holding was Waystar (WAY) at 6.4% of the portfolio, followed by Tarsus Pharmaceuticals (TARS, 4.8%) and Microsoft (MSFT, 4.8%). Compared with Q2 2025, it opened 24 new positions, sold out of 19, added to 8 and reduced 22. The biggest buy was a new position in Waystar (WAY) and the biggest sale Sharkninja (SN, shares −54%).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001901361
- Portfolio Value
- $297.8M (Q3 2025)
- SEC Filing
- 0001901361-25-000009 ↗ filed Oct 17, 2025
Holdings Value
Holdings 59 stocks · $297.8M
| WAY Waystar Holding Corp. | 6.43% | 505,122 | $19.2M | New |
| TARS Tarsus Pharmaceuticals Inc. | 4.79% | 240,020 | $14.3M | New |
| MSFT Microsoft Corp. | 4.75% | 27,318 | $14.1M | Add +26.4% |
| VERA Vera Therapeutics Inc. | 4.40% | 450,700 | $13.1M | New |
| REAL The Realreal Inc. filed as THE REALREAL INC | 4.25% | 1,189,490 | $12.6M | Reduce -26.0% |
| GOOGL Alphabet Inc. Class A | 3.85% | 47,156 | $11.5M | Reduce -3.9% |
| PHR Phreesia Inc. | 3.83% | 484,500 | $11.4M | New |
| IONS Ionis Pharmaceuticals Inc. | 3.58% | 162,800 | $10.7M | New |
| SMMT Summit Therapeutics Inc. | 3.44% | 496,266 | $10.3M | New |
| PAHC Phibro Animal Health Corp. Class A | 3.44% | 252,928 | $10.2M | New |
| KARO Karooooo Ltd. | 3.27% | 170,756 | $9.8M | Add +10.3% |
| AMZN Amazon.com Inc. | 3.27% | 44,419 | $9.8M | Reduce -2.7% |
| META Meta Platforms Inc. Class A | 3.22% | 13,057 | $9.6M | Add +42.8% |
| AKRO Akero Therapeutics Inc. | 2.38% | 149,200 | $7.1M | New |
| V Visa Inc. Class A | 2.31% | 20,149 | $6.9M | Add +11.5% |
| ABBV Abbvie Inc. | 2.30% | 29,535 | $6.8M | Reduce -5.9% |
| JNJ Johnson & Johnson | 2.29% | 36,760 | $6.8M | New |
| BRK.B Berkshire Hathaway Inc. Class B | 2.18% | 12,940 | $6.5M | Reduce -4.8% |
| SN Sharkninja Inc. | 2.08% | 60,000 | $6.2M | Reduce -53.9% |
| LUXE Luxexperience BV | 1.92% | 672,962 | $5.7M | Add +6.9% |
| DOCS Doximity Inc. Class A | 1.88% | 76,738 | $5.6M | New |
| PEP Pepsico Inc. | 1.73% | 36,678 | $5.2M | Add +80.6% |
| QSR Restaurant Brands Intern | 1.53% | 70,868 | $4.5M | Reduce -5.0% |
| UNP Union Pacific Corp. | 1.44% | 18,179 | $4.3M | Reduce -5.5% |
| LIN Linde PLC | 1.41% | 8,830 | $4.2M | Reduce -5.0% |
| OXY Occidental Petroleum Corp. | 1.34% | 84,553 | $4.0M | Reduce -4.7% |
| BTI British American Tob-SP ADR | 1.16% | 65,000 | $3.5M | Reduce -51.9% |
| NKE Nike Inc. Class B | 1.08% | 45,920 | $3.2M | New |
| SPOT Spotify Technology SA | 1.06% | 4,537 | $3.2M | New |
| RL Ralph Lauren Corp. | 1.05% | 10,000 | $3.1M | Reduce -67.7% |
| AS Amer Sports Inc. | 1.05% | 90,000 | $3.1M | Reduce -33.1% |
| ULTA Ulta Beauty Inc. | 1.01% | 5,500 | $3.0M | New |
| ROIV Roivant Sciences Ltd. | 1.01% | 198,500 | $3.0M | New |
| CVX Chevron Corp. | 0.99% | 18,985 | $2.9M | Reduce -1.0% |
| TPR Tapestry Inc. | 0.99% | 26,000 | $2.9M | Reduce -72.6% |
| COCO The Vita Coco Co. Inc. | 0.93% | 65,515 | $2.8M | Reduce -53.2% |
| RBLX Roblox Corp. Class A | 0.91% | 19,605 | $2.7M | New |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.87% | 18,000 | $2.6M | Reduce -56.6% |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | 0.85% | 31,328 | $2.5M | New |
| DECK Deckers Outdoor Corp. | 0.85% | 25,000 | $2.5M | Reduce -62.1% |
| FIVE Five Below | 0.83% | 16,000 | $2.5M | New |
| PYPL PayPal Holdings Inc. | 0.81% | 36,067 | $2.4M | Reduce -35.0% |
| GH Guardant Health Inc. | 0.76% | 36,200 | $2.3M | New |
| ONON On Holding AG Class A filed as ON HLDG AG | 0.71% | 50,000 | $2.1M | Reduce -7.4% |
| IBIT iShares Bitcoin Trust ETF | 0.60% | 27,490 | $1.8M | No change |
| APO Apollo Global Management Inc. | 0.60% | 13,307 | $1.8M | New |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 0.47% | 17,000 | $1.4M | No change |
| UBER Uber Technologies Inc. | 0.44% | 13,521 | $1.3M | Reduce -10.0% |
| SCHW Schwab (charles) Corp. | 0.44% | 13,617 | $1.3M | Add +7.2% |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 0.43% | 11,402 | $1.3M | New |
| BUR Burford Capital Ltd. | 0.40% | 100,000 | $1.2M | No change |
| LEVI Levi Strauss & Co. Class A | 0.39% | 50,000 | $1.2M | New |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.38% | 21,920 | $1.1M | New |
| WH Wyndham Hotels & Resorts Inc. | 0.37% | 13,920 | $1.1M | No change |
| BN Brookfield Corp. | 0.37% | 16,000 | $1.1M | Add +4.3% |
| ADT Adt Inc. | 0.37% | 125,000 | $1.1M | New |
| CPRI Capri Holdings Ltd. | 0.33% | 50,000 | $996K | Reduce -80.8% |
| RNAM Avidity Biosciences Inc. | 0.16% | 10,800 | $471K | New |
| HEPS D-Market Electronic Serv-ADR | 0.03% | 29,185 | $79K | No change |
Portfolio Sells Q2 2025 → Q3 2025
| SN Sharkninja Inc. | Reduce -53.9% | 2.08% | −4.00 |
| DKS Dick's Sporting Goods Inc. | Sold out | 0.00% | −3.27 |
| RL Ralph Lauren Corp. | Reduce -67.7% | 1.05% | −2.97 |
| TPR Tapestry Inc. | Reduce -72.6% | 0.99% | −2.95 |
| DECK Deckers Outdoor Corp. | Reduce -62.1% | 0.85% | −2.36 |
| PFE Pfizer Inc. | Sold out | 0.00% | −2.16 |
| BTI British American Tob-SP ADR | Reduce -51.9% | 1.16% | −1.86 |
| CPRI Capri Holdings Ltd. | Reduce -80.8% | 0.33% | −1.84 |
| WWW Wolverine World Wide Inc. | Sold out | 0.00% | −1.71 |
| PVH PVH Corp. | Sold out | 0.00% | −1.62 |
| TJX TJX Companies Inc. | Reduce -56.6% | 0.87% | −1.55 |
| LULU Lululemon Athletica Inc. | Sold out | 0.00% | −1.52 |
| AMZN Amazon.com Inc. | Reduce -2.7% | 3.27% | −1.46 |
| COCO The Vita Coco Co. Inc. | Reduce -53.2% | 0.93% | −1.45 |
| AS Amer Sports Inc. | Reduce -33.1% | 1.05% | −1.42 |
| URBN Urban Outfitters Inc. | Sold out | 0.00% | −1.37 |
| PYPL PayPal Holdings Inc. | Reduce -35.0% | 0.81% | −1.14 |
| CCEP Coca-Cola Europacific Partne | Sold out | 0.00% | −1.10 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -4.8% | 2.18% | −0.94 |
| QSR Restaurant Brands Intern | Reduce -5.0% | 1.53% | −0.81 |
| CONTEXTLOGIC INC - A | Sold out | 0.00% | −0.80 |
| MDLZ Mondelez International Inc. Class A | Sold out | 0.00% | −0.80 |
| LIN Linde PLC | Reduce -5.0% | 1.41% | −0.65 |
| UNP Union Pacific Corp. | Reduce -5.5% | 1.44% | −0.65 |
| ONON On Holding AG Class A | Reduce -7.4% | 0.71% | −0.62 |
| CRH CRH PLC-Sponsored ADR | Sold out | 0.00% | −0.46 |
| ABBV Abbvie Inc. | Reduce -5.9% | 2.30% | −0.46 |
| OXY Occidental Petroleum Corp. | Reduce -4.7% | 1.34% | −0.42 |
| CVX Chevron Corp. | Reduce -1.0% | 0.99% | −0.31 |
| BTU Peabody Energy Corp. | Sold out | 0.00% | −0.29 |
| NE Noble Corp. PLC | Sold out | 0.00% | −0.26 |
| GOOGL Alphabet Inc. Class A | Reduce -3.9% | 3.85% | −0.24 |
| UBER Uber Technologies Inc. | Reduce -10.0% | 0.44% | −0.22 |
| TECK Teck Resources Ltd.-CLS B | Sold out | 0.00% | −0.19 |
| METC Ramaco Resources Inc. Class A | Sold out | 0.00% | −0.19 |
| ASC Ardmore Shipping Corp. | Sold out | 0.00% | −0.14 |
| METCB Ramaco Resources Inc. Class B | Sold out | 0.00% | −0.11 |
| BORR Borr Drilling Ltd. | Sold out | 0.00% | −0.10 |
| KOS Kosmos Energy Ltd. | Sold out | 0.00% | −0.09 |
| TALO Talos Energy Inc. | Sold out | 0.00% | −0.05 |
| REAL The Realreal Inc. | Reduce -26.0% | 4.25% | +0.61 |
Portfolio Buys Q2 2025 → Q3 2025
| WAY Waystar Holding Corp. | New | 6.43% | +6.43 |
| TARS Tarsus Pharmaceuticals Inc. | New | 4.79% | +4.79 |
| VERA Vera Therapeutics Inc. | New | 4.40% | +4.40 |
| PHR Phreesia Inc. | New | 3.83% | +3.83 |
| IONS Ionis Pharmaceuticals Inc. | New | 3.58% | +3.58 |
| SMMT Summit Therapeutics Inc. | New | 3.44% | +3.44 |
| PAHC Phibro Animal Health Corp. Class A | New | 3.44% | +3.44 |
| AKRO Akero Therapeutics Inc. | New | 2.38% | +2.38 |
| JNJ Johnson & Johnson | New | 2.29% | +2.29 |
| DOCS Doximity Inc. Class A | New | 1.88% | +1.88 |
| NKE Nike Inc. Class B | New | 1.08% | +1.08 |
| SPOT Spotify Technology SA | New | 1.06% | +1.06 |
| ULTA Ulta Beauty Inc. | New | 1.01% | +1.01 |
| ROIV Roivant Sciences Ltd. | New | 1.01% | +1.01 |
| RBLX Roblox Corp. Class A | New | 0.91% | +0.91 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | New | 0.85% | +0.85 |
| FIVE Five Below | New | 0.83% | +0.83 |
| GH Guardant Health Inc. | New | 0.76% | +0.76 |
| APO Apollo Global Management Inc. | New | 0.60% | +0.60 |
| PEP Pepsico Inc. | Add +80.6% | 1.73% | +0.46 |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | New | 0.43% | +0.43 |
| LEVI Levi Strauss & Co. Class A | New | 0.39% | +0.39 |
| BAC Bank of America Corp. | New | 0.38% | +0.38 |
| ADT Adt Inc. | New | 0.37% | +0.37 |
| RNAM Avidity Biosciences Inc. | New | 0.16% | +0.16 |
| META Meta Platforms Inc. Class A | Add +42.8% | 3.22% | +0.03 |
| BN Brookfield Corp. | Add +4.3% | 0.37% | −0.08 |
| SCHW Schwab (charles) Corp. | Add +7.2% | 0.44% | −0.11 |
| KARO Karooooo Ltd. | Add +10.3% | 3.27% | −0.31 |
| MSFT Microsoft Corp. | Add +26.4% | 4.75% | −0.33 |
| LUXE Luxexperience BV | Add +6.9% | 1.92% | −0.44 |
| V Visa Inc. Class A | Add +11.5% | 2.31% | −0.72 |
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 |