Capricorn Fund Managers Ltd
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 21, 2026), Capricorn Fund Managers Ltd reported 82 stock positions worth $414.9 million. Its top holding was Zymeworks (ZYME) at 6.5% of the portfolio, followed by Waystar (WAY, 5.8%) and Structure Therapeutics (GPCR, 4.2%). Compared with Q3 2025, it opened 47 new positions, sold out of 24, added to 17 and reduced 15. The biggest buy was a new position in Zymeworks (ZYME) and the biggest sale an exit from Vera Therapeutics (VERA).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001901361
- Portfolio Value
- $414.9M (Q4 2025)
- SEC Filing
- 0001901361-26-000001 ↗ filed Jan 21, 2026
Holdings Value
Holdings 82 stocks · $414.9M
| ZYME Zymeworks Inc. | 6.49% | 1,022,840 | $26.9M | New |
| WAY Waystar Holding Corp. | 5.83% | 738,263 | $24.2M | Add +46.2% |
| GPCR Structure Therapeutics Inc. | 4.23% | 252,600 | $17.6M | New |
| NUVB Nuvation Bio Inc. | 3.43% | 1,588,854 | $14.2M | New |
| MSFT Microsoft Corp. | 3.35% | 28,733 | $13.9M | Add +5.2% |
| GH Guardant Health Inc. | 2.65% | 107,787 | $11.0M | Add +197.8% |
| AMZN Amazon.com Inc. | 2.65% | 47,650 | $11.0M | Add +7.3% |
| KARO Karooooo Ltd. | 2.61% | 238,078 | $10.8M | Add +39.4% |
| EXAS Exact Sciences Corp. | 2.37% | 96,685 | $9.8M | New |
| GOOGL Alphabet Inc. Class A | 2.34% | 31,066 | $9.7M | Reduce -34.1% |
| ROIV Roivant Sciences Ltd. | 2.33% | 445,500 | $9.7M | Add +124.4% |
| BLFS Biolife Solutions Inc. | 2.21% | 378,550 | $9.2M | New |
| ALAB Astera Labs Inc. | 2.00% | 50,000 | $8.3M | New |
| V Visa Inc. Class A | 1.91% | 22,644 | $7.9M | Add +12.4% |
| SHC Sotera Health Co. | 1.91% | 449,900 | $7.9M | New |
| EA Electronic Arts Inc. | 1.90% | 38,549 | $7.9M | New |
| NSC Norfolk Southern Corp. | 1.74% | 25,000 | $7.2M | New |
| OS Onestream Inc. | 1.68% | 380,000 | $7.0M | New |
| TEX Terex Corp. | 1.67% | 130,000 | $6.9M | New |
| HQY Healthequity Inc. | 1.67% | 75,602 | $6.9M | New |
| GTLS Chart Industries Inc. | 1.66% | 33,383 | $6.9M | New |
| PAHC Phibro Animal Health Corp. Class A | 1.66% | 184,101 | $6.9M | Reduce -27.2% |
| GKOS Glaukos Corp. | 1.63% | 60,000 | $6.8M | New |
| CYBR Cyberark Software Ltd./Israel | 1.60% | 14,841 | $6.6M | New |
| LUXE Luxexperience BV | 1.52% | 754,909 | $6.3M | Add +12.2% |
| REAL The Realreal Inc. filed as THE REALREAL INC | 1.49% | 392,897 | $6.2M | Reduce -67.0% |
| TERN Terns Pharmaceuticals Inc. | 1.47% | 151,436 | $6.1M | New |
| BRK.B Berkshire Hathaway Inc. Class B | 1.44% | 11,854 | $6.0M | Reduce -8.4% |
| META Meta Platforms Inc. Class A | 1.43% | 9,019 | $6.0M | Reduce -30.9% |
| DAY Dayforce Inc. | 1.42% | 85,033 | $5.9M | New |
| TXNM TXNM Energy Inc. | 1.26% | 88,529 | $5.2M | New |
| RNAM Avidity Biosciences Inc. | 1.19% | 68,463 | $4.9M | Add +533.9% |
| KVUE Kenvue Inc. | 1.17% | 282,485 | $4.9M | New |
| LOAR Loar Holdings Inc. | 1.15% | 70,000 | $4.8M | New |
| WBD Warner Bros Discovery Inc. | 1.14% | 163,668 | $4.7M | New |
| QSR Restaurant Brands Intern | 1.07% | 65,089 | $4.4M | Reduce -8.2% |
| APO Apollo Global Management Inc. | 1.04% | 29,693 | $4.3M | Add +123.1% |
| PFE Pfizer Inc. | 0.99% | 165,569 | $4.1M | New |
| APP AppLovin Corp. Class A | 0.97% | 6,000 | $4.0M | New |
| CFLT Confluent Inc. Class A | 0.95% | 130,391 | $3.9M | New |
| UNP Union Pacific Corp. | 0.94% | 16,890 | $3.9M | Reduce -7.1% |
| HI Hillenbrand Inc. | 0.94% | 122,961 | $3.9M | New |
| MDGL Madrigal Pharmaceuticals Inc. | 0.93% | 6,600 | $3.8M | New |
| PEP Pepsico Inc. | 0.91% | 26,166 | $3.8M | Reduce -28.7% |
| BTSG Brightspring Health Services | 0.90% | 100,000 | $3.7M | New |
| KGS Kodiak Gas Services Inc. | 0.90% | 100,000 | $3.7M | New |
| LIN Linde PLC | 0.83% | 8,114 | $3.5M | Reduce -8.1% |
| OXY Occidental Petroleum Corp. | 0.76% | 76,877 | $3.2M | Reduce -9.1% |
| CWAN Clearwater Analytics HDS-A | 0.72% | 124,611 | $3.0M | New |
| FOLD Amicus Therapeutics Inc. | 0.72% | 210,674 | $3.0M | New |
| TDG Transdigm Group Inc. | 0.64% | 2,000 | $2.7M | New |
| AXTA Axalta Coating Systems Ltd. | 0.62% | 80,000 | $2.6M | New |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | 0.61% | 31,308 | $2.5M | Reduce -0.1% |
| CVX Chevron Corp. | 0.60% | 16,363 | $2.5M | Reduce -13.8% |
| CHWY Chewy Inc. Class A | 0.53% | 65,948 | $2.2M | New |
| FYBR Frontier Communications Pare | 0.48% | 51,847 | $2.0M | New |
| CONTEXTLOGIC INC - A | 0.46% | 250,000 | $1.9M | New |
| TARS Tarsus Pharmaceuticals Inc. | 0.43% | 21,982 | $1.8M | Reduce -90.8% |
| IBIT iShares Bitcoin Trust ETF | 0.41% | 34,601 | $1.7M | Add +25.9% |
| JAZZ Jazz Pharmaceuticals PLC | 0.41% | 10,000 | $1.7M | New |
| TSHA Taysha Gene Therapies Inc. | 0.40% | 300,000 | $1.6M | New |
| SCHW Schwab (charles) Corp. | 0.37% | 15,506 | $1.5M | Add +13.9% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.34% | 25,465 | $1.4M | Add +16.2% |
| UBER Uber Technologies Inc. | 0.33% | 16,843 | $1.4M | Add +24.6% |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 0.32% | 17,000 | $1.3M | No change |
| BN Brookfield Corp. | 0.31% | 28,112 | $1.3M | Add +17.1% |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 0.30% | 11,442 | $1.3M | Add +0.3% |
| BUR Burford Capital Ltd. | 0.29% | 135,000 | $1.2M | Add +35.0% |
| PYPL PayPal Holdings Inc. | 0.28% | 20,162 | $1.2M | Reduce -44.1% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.28% | 10,332 | $1.2M | New |
| CCEP Coca-Cola Europacific Partne | 0.28% | 12,600 | $1.1M | New |
| WH Wyndham Hotels & Resorts Inc. | 0.25% | 13,920 | $1.1M | No change |
| EVMN Evommune Inc. | 0.25% | 60,000 | $1.0M | New |
| DNLI Denali Therapeutics Inc. | 0.25% | 62,197 | $1.0M | New |
| AS Amer Sports Inc. | 0.21% | 22,800 | $852K | Reduce -74.7% |
| KVYO Klaviyo Inc. Class A | 0.16% | 20,000 | $649K | New |
| BETA Beta Technologies Inc. Class A | 0.14% | 20,000 | $564K | New |
| BORR Borr Drilling Ltd. | 0.11% | 110,000 | $443K | New |
| TGNA Tegna Inc. | 0.06% | 12,435 | $241K | New |
| ASC Ardmore Shipping Corp. | 0.04% | 14,000 | $148K | New |
| TALO Talos Energy Inc. | 0.03% | 12,500 | $138K | New |
| HEPS D-Market Electronic Serv-ADR | 0.02% | 29,185 | $72K | No change |
Portfolio Sells Q3 2025 → Q4 2025
| VERA Vera Therapeutics Inc. | Sold out | 0.00% | −4.40 |
| TARS Tarsus Pharmaceuticals Inc. | Reduce -90.8% | 0.43% | −4.36 |
| PHR Phreesia Inc. | Sold out | 0.00% | −3.83 |
| IONS Ionis Pharmaceuticals Inc. | Sold out | 0.00% | −3.58 |
| SMMT Summit Therapeutics Inc. | Sold out | 0.00% | −3.44 |
| REAL The Realreal Inc. | Reduce -67.0% | 1.49% | −2.75 |
| AKRO Akero Therapeutics Inc. | Sold out | 0.00% | −2.38 |
| ABBV Abbvie Inc. | Sold out | 0.00% | −2.30 |
| JNJ Johnson & Johnson | Sold out | 0.00% | −2.29 |
| SN Sharkninja Inc. | Sold out | 0.00% | −2.08 |
| DOCS Doximity Inc. Class A | Sold out | 0.00% | −1.88 |
| META Meta Platforms Inc. Class A | Reduce -30.9% | 1.43% | −1.78 |
| PAHC Phibro Animal Health Corp. Class A | Reduce -27.2% | 1.66% | −1.78 |
| GOOGL Alphabet Inc. Class A | Reduce -34.1% | 2.34% | −1.51 |
| BTI British American Tob-SP ADR | Sold out | 0.00% | −1.16 |
| NKE Nike Inc. Class B | Sold out | 0.00% | −1.08 |
| SPOT Spotify Technology SA | Sold out | 0.00% | −1.06 |
| RL Ralph Lauren Corp. | Sold out | 0.00% | −1.05 |
| ULTA Ulta Beauty Inc. | Sold out | 0.00% | −1.01 |
| TPR Tapestry Inc. | Sold out | 0.00% | −0.99 |
| COCO The Vita Coco Co. Inc. | Sold out | 0.00% | −0.93 |
| RBLX Roblox Corp. Class A | Sold out | 0.00% | −0.91 |
| TJX TJX Companies Inc. | Sold out | 0.00% | −0.87 |
| DECK Deckers Outdoor Corp. | Sold out | 0.00% | −0.85 |
| AS Amer Sports Inc. | Reduce -74.7% | 0.21% | −0.84 |
| FIVE Five Below | Sold out | 0.00% | −0.83 |
| PEP Pepsico Inc. | Reduce -28.7% | 0.91% | −0.82 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -8.4% | 1.44% | −0.75 |
| ONON On Holding AG Class A | Sold out | 0.00% | −0.71 |
| OXY Occidental Petroleum Corp. | Reduce -9.1% | 0.76% | −0.58 |
| LIN Linde PLC | Reduce -8.1% | 0.83% | −0.57 |
| PYPL PayPal Holdings Inc. | Reduce -44.1% | 0.28% | −0.53 |
| UNP Union Pacific Corp. | Reduce -7.1% | 0.94% | −0.50 |
| QSR Restaurant Brands Intern | Reduce -8.2% | 1.07% | −0.46 |
| LEVI Levi Strauss & Co. Class A | Sold out | 0.00% | −0.39 |
| CVX Chevron Corp. | Reduce -13.8% | 0.60% | −0.39 |
| ADT Adt Inc. | Sold out | 0.00% | −0.37 |
| CPRI Capri Holdings Ltd. | Sold out | 0.00% | −0.33 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Reduce -0.1% | 0.61% | −0.25 |
Portfolio Buys Q3 2025 → Q4 2025
| ZYME Zymeworks Inc. | New | 6.49% | +6.49 |
| GPCR Structure Therapeutics Inc. | New | 4.23% | +4.23 |
| NUVB Nuvation Bio Inc. | New | 3.43% | +3.43 |
| EXAS Exact Sciences Corp. | New | 2.37% | +2.37 |
| BLFS Biolife Solutions Inc. | New | 2.21% | +2.21 |
| ALAB Astera Labs Inc. | New | 2.00% | +2.00 |
| SHC Sotera Health Co. | New | 1.91% | +1.91 |
| EA Electronic Arts Inc. | New | 1.90% | +1.90 |
| GH Guardant Health Inc. | Add +197.8% | 2.65% | +1.89 |
| NSC Norfolk Southern Corp. | New | 1.74% | +1.74 |
| OS Onestream Inc. | New | 1.68% | +1.68 |
| TEX Terex Corp. | New | 1.67% | +1.67 |
| HQY Healthequity Inc. | New | 1.67% | +1.67 |
| GTLS Chart Industries Inc. | New | 1.66% | +1.66 |
| GKOS Glaukos Corp. | New | 1.63% | +1.63 |
| CYBR Cyberark Software Ltd./Israel | New | 1.60% | +1.60 |
| TERN Terns Pharmaceuticals Inc. | New | 1.47% | +1.47 |
| DAY Dayforce Inc. | New | 1.42% | +1.42 |
| ROIV Roivant Sciences Ltd. | Add +124.4% | 2.33% | +1.32 |
| TXNM TXNM Energy Inc. | New | 1.26% | +1.26 |
| KVUE Kenvue Inc. | New | 1.17% | +1.17 |
| LOAR Loar Holdings Inc. | New | 1.15% | +1.15 |
| WBD Warner Bros Discovery Inc. | New | 1.14% | +1.14 |
| RNAM Avidity Biosciences Inc. | Add +533.9% | 1.19% | +1.03 |
| PFE Pfizer Inc. | New | 0.99% | +0.99 |
| APP AppLovin Corp. Class A | New | 0.97% | +0.97 |
| CFLT Confluent Inc. Class A | New | 0.95% | +0.95 |
| HI Hillenbrand Inc. | New | 0.94% | +0.94 |
| MDGL Madrigal Pharmaceuticals Inc. | New | 0.93% | +0.93 |
| BTSG Brightspring Health Services | New | 0.90% | +0.90 |
| KGS Kodiak Gas Services Inc. | New | 0.90% | +0.90 |
| CWAN Clearwater Analytics HDS-A | New | 0.72% | +0.72 |
| FOLD Amicus Therapeutics Inc. | New | 0.72% | +0.72 |
| TDG Transdigm Group Inc. | New | 0.64% | +0.64 |
| AXTA Axalta Coating Systems Ltd. | New | 0.62% | +0.62 |
| CHWY Chewy Inc. Class A | New | 0.53% | +0.53 |
| FYBR Frontier Communications Pare | New | 0.48% | +0.48 |
| CONTEXTLOGIC INC - A | New | 0.46% | +0.46 |
| APO Apollo Global Management Inc. | Add +123.1% | 1.04% | +0.44 |
| JAZZ Jazz Pharmaceuticals PLC | New | 0.41% | +0.41 |
| TSHA Taysha Gene Therapies Inc. | New | 0.40% | +0.40 |
| DIS The Walt Disney Co. | New | 0.28% | +0.28 |
| CCEP Coca-Cola Europacific Partne | New | 0.28% | +0.28 |
| EVMN Evommune Inc. | New | 0.25% | +0.25 |
| DNLI Denali Therapeutics Inc. | New | 0.25% | +0.25 |
| KVYO Klaviyo Inc. Class A | New | 0.16% | +0.16 |
| BETA Beta Technologies Inc. Class A | New | 0.14% | +0.14 |
| BORR Borr Drilling Ltd. | New | 0.11% | +0.11 |
| TGNA Tegna Inc. | New | 0.06% | +0.06 |
| ASC Ardmore Shipping Corp. | New | 0.04% | +0.04 |
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 |