Capricorn Fund Managers Ltd

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed April 24, 2026), Capricorn Fund Managers Ltd reported 114 stock positions worth $641.4 million. Its top holding was Carvana (CVNA) at 4.7% of the portfolio, followed by Bank of America (BAC, 4.1%) and Zymeworks (ZYME, 3.9%). Compared with Q4 2025, it opened 70 new positions, sold out of 38, added to 25 and reduced 15. The biggest buy was a new position in Carvana (CVNA) and the biggest sale Waystar (WAY, shares −94%).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0001901361
Portfolio Value
$641.4M (Q1 2026)
SEC Filing
0001901361-26-000010 ↗ filed Apr 24, 2026

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $166.1M Q1 2024 Q2 2024: $141.8M Q2 2024 Q3 2024: $146.9M Q3 2024 Q4 2024: $224.7M Q4 2024 Q1 2025: $187.1M Q1 2025 Q2 2025: $211.6M Q2 2025 Q3 2025: $297.8M Q3 2025 Q4 2025: $414.9M Q4 2025 Q1 2026: $641.4M $641.4M Q1 2026 Q2 2026: $1.3B Q2 2026

Holdings 114 stocks · $641.4M
CVNA Carvana Co. 4.66% 95,000 $29.9M New
BAC Bank of America Corp. filed as BANK AMERICA CORP 4.08% 537,000 $26.2M Add +2008.8%
ZYME Zymeworks Inc. 3.93% 1,007,210 $25.2M Reduce -1.5%
AXGN Axogen Inc. 3.55% 687,600 $22.8M New
KKR KKR & Co. Inc. 3.06% 212,000 $19.6M New
NVST Envista Holdings Corp. 2.95% 746,200 $18.9M New
KWY Kingsway Corp. 2.90% 1,784,893 $18.6M New
ADPT Adaptive Biotechnologies 2.80% 1,291,773 $17.9M New
NSC Norfolk Southern Corp. 2.73% 61,117 $17.5M Add +144.5%
SKIN Skinhealth Systems Inc. filed as THE BEAUTY HEALTH COMPANY 2.69% 19,404,192 $17.3M New
PRI Primerica Inc. 2.66% 68,041 $17.0M New
EA Electronic Arts Inc. 2.41% 75,898 $15.5M Add +96.9%
PAHC Phibro Animal Health Corp. Class A 2.30% 267,045 $14.8M Add +45.0%
ELVN Enliven Therapeutics Inc. 2.26% 369,400 $14.5M New
KARO Karooooo Ltd. 2.16% 278,346 $13.9M Add +16.9%
MSFT Microsoft Corp. 1.87% 32,343 $12.0M Add +12.6%
GTLS Chart Industries Inc. 1.84% 56,989 $11.8M Add +70.7%
BLND Blend Labs Inc. Class A 1.72% 6,499,507 $11.0M New
BRK.B Berkshire Hathaway Inc. Class B 1.68% 22,468 $10.8M Add +89.5%
LQDA Liquidia Corp. 1.46% 247,405 $9.3M New
AMZN Amazon.com Inc. 1.45% 44,648 $9.3M Reduce -6.3%
GOOGL Alphabet Inc. Class A 1.39% 31,067 $8.9M Add +0.0%
TXNM TXNM Energy Inc. 1.38% 151,009 $8.8M Add +70.6%
KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 1.37% 118,900 $8.8M Add +599.4%
BTI British American Tob-SP ADR 1.34% 147,000 $8.6M New
HOOD Robinhood Markets Inc. Class A 1.33% 123,500 $8.6M New
PEP Pepsico Inc. 1.30% 53,530 $8.3M Add +104.6%
A Agilent Technologies Inc. 1.27% 71,600 $8.2M New
LUXE Luxexperience BV 1.27% 1,023,172 $8.2M Add +35.5%
ALGN Align Technology Inc. 1.27% 47,400 $8.1M New
META Meta Platforms Inc. Class A 1.20% 13,500 $7.7M Add +49.7%
FOLD Amicus Therapeutics Inc. 1.20% 534,079 $7.7M Add +153.5%
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC 1.17% 83,475 $7.5M New
SN Sharkninja Inc. 1.06% 64,000 $6.8M New
AS Amer Sports Inc. 0.95% 185,000 $6.1M Add +711.4%
ABBV Abbvie Inc. 0.93% 27,397 $6.0M New
V Visa Inc. Class A 0.92% 19,555 $5.9M Reduce -13.6%
MXCT Maxcyte Inc. 0.90% 8,200,000 $5.8M New
APO Apollo Global Management Inc. 0.89% 51,000 $5.7M Add +71.8%
ROST Ross Stores Inc. 0.78% 23,000 $5.0M New
REAL The Realreal Inc. filed as THE REALREAL INC 0.78% 548,730 $5.0M Add +39.7%
HOLX Hologic Inc. 0.76% 64,869 $4.9M New
EAT Brinker International Inc. 0.76% 34,000 $4.9M New
QSR Restaurant Brands Intern 0.75% 65,089 $4.8M No change
ONON On Holding AG Class A filed as ON HLDG AG 0.74% 139,571 $4.7M New
PFE Pfizer Inc. 0.73% 165,730 $4.7M Add +0.1%
RL Ralph Lauren Corp. 0.71% 13,280 $4.6M New
COCO The Vita Coco Co. Inc. 0.71% 95,000 $4.6M New
BTSG Brightspring Health Services 0.71% 106,196 $4.5M Add +6.2%
MASI Masimo Corp. 0.63% 22,811 $4.1M New
DECK Deckers Outdoor Corp. 0.62% 40,000 $4.0M New
FLUT Flutter Entertainment PLC-Di 0.57% 36,000 $3.7M New
TPR Tapestry Inc. 0.53% 24,000 $3.4M New
SARO Standardaero Inc. 0.53% 130,705 $3.4M New
BURL Burlington Stores Inc. 0.51% 10,000 $3.3M New
LEVI Levi Strauss & Co. Class A 0.48% 165,000 $3.1M New
WBD Warner Bros Discovery Inc. 0.46% 107,939 $3.0M Reduce -34.0%
LIN Linde PLC 0.46% 5,968 $3.0M Reduce -26.4%
RNR Renaissancere Holdings Ltd. 0.45% 9,774 $2.9M New
FIVE Five Below 0.45% 12,500 $2.9M New
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 0.44% 35,518 $2.8M Add +13.4%
AVR Anteris Technologies Global 0.43% 500,525 $2.8M New
BN Brookfield Corp. 0.43% 67,500 $2.7M Add +140.1%
VERA Vera Therapeutics Inc. 0.41% 64,604 $2.6M New
LOAR Loar Holdings Inc. 0.40% 45,327 $2.6M Reduce -35.3%
TEX Terex Corp. 0.40% 43,910 $2.6M Reduce -66.2%
VIRT Virtu Financial Inc. Class A 0.37% 54,668 $2.4M New
KGS Kodiak Gas Services Inc. 0.36% 40,029 $2.3M Reduce -60.0%
STZ Constellation Brands Inc. Class A 0.36% 15,500 $2.3M New
KO The Coca-Cola Co. 0.36% 30,000 $2.3M New
TXG 10X Genomics Inc. Class A 0.34% 101,800 $2.2M New
NFLX Netflix Inc. 0.33% 22,260 $2.1M New
ECL Ecolab Inc. 0.30% 7,278 $1.9M New
BCRX Biocryst Pharmaceuticals Inc. 0.30% 202,900 $1.9M New
PEN Penumbra Inc. 0.30% 5,879 $1.9M New
MDLN Medline Inc. Class A 0.29% 42,455 $1.9M New
TARS Tarsus Pharmaceuticals Inc. 0.28% 26,000 $1.8M Add +18.3%
BSX Boston Scientific Corp. 0.27% 28,100 $1.8M New
TGT Target Corp. 0.27% 14,376 $1.7M New
BUD Anheuser-Busch Inbev-SPN ADR 0.25% 23,000 $1.6M New
PATH Uipath Inc. Class A 0.23% 131,000 $1.5M New
LQD Ishr Ibx Usd Invgd CB ETF-Ui 0.22% 12,959 $1.4M Add +13.3%
ACI Albertsons Cos Inc. Class A 0.21% 80,000 $1.4M New
AXTA Axalta Coating Systems Ltd. 0.20% 45,516 $1.3M Reduce -43.1%
BETA Beta Technologies Inc. Class A 0.19% 83,696 $1.2M Add +318.5%
CAG Conagra Brands Inc. 0.19% 76,628 $1.2M New
IBIT iShares Bitcoin Trust ETF 0.18% 30,000 $1.2M Reduce -13.3%
DEO Diageo PLC-Sponsored ADR 0.17% 15,000 $1.1M New
WAY Waystar Holding Corp. 0.17% 45,709 $1.1M Reduce -93.8%
SFD Smithfield Foods Inc. 0.16% 36,390 $1.0M New
MRVI Maravai Lifesciences Hldgs-A 0.15% 339,727 $961K New
MCO Moody's Corp. 0.14% 2,111 $921K New
VEEV Veeva Systems Inc. Class A 0.14% 5,000 $878K New
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC 0.14% 12,130 $871K New
LOW Lowe's Cos Inc. 0.13% 3,500 $827K New
ALAB Astera Labs Inc. 0.10% 5,689 $624K Reduce -88.6%
BUR Burford Capital Ltd. 0.10% 135,000 $610K No change
CAH Cardinal Health Inc. 0.09% 2,813 $594K New
ROIV Roivant Sciences Ltd. 0.09% 20,000 $554K Reduce -95.5%
BORR Borr Drilling Ltd. 0.08% 90,000 $519K Reduce -18.2%

Show all 114 holdings

Portfolio Sells Q4 2025 → Q1 2026
WAY Waystar Holding Corp. Reduce -93.8% 0.17% −5.66
GPCR Structure Therapeutics Inc. Sold out 0.00% −4.23
NUVB Nuvation Bio Inc. Sold out 0.00% −3.43
GH Guardant Health Inc. Sold out 0.00% −2.65
ZYME Zymeworks Inc. Reduce -1.5% 3.93% −2.56
EXAS Exact Sciences Corp. Sold out 0.00% −2.37
ROIV Roivant Sciences Ltd. Reduce -95.5% 0.09% −2.24
BLFS Biolife Solutions Inc. Sold out 0.00% −2.21
SHC Sotera Health Co. Sold out 0.00% −1.91
ALAB Astera Labs Inc. Reduce -88.6% 0.10% −1.91
OS Onestream Inc. Sold out 0.00% −1.68
HQY Healthequity Inc. Sold out 0.00% −1.67
CYBR Cyberark Software Ltd./Israel Sold out 0.00% −1.60
GKOS Glaukos Corp. Reduce -95.3% 0.05% −1.59
TERN Terns Pharmaceuticals Inc. Sold out 0.00% −1.47
DAY Dayforce Inc. Sold out 0.00% −1.42
TEX Terex Corp. Reduce -66.2% 0.40% −1.27
AMZN Amazon.com Inc. Reduce -6.3% 1.45% −1.20
RNAM Avidity Biosciences Inc. Sold out 0.00% −1.19
KVUE Kenvue Inc. Sold out 0.00% −1.17
V Visa Inc. Class A Reduce -13.6% 0.92% −0.99
APP AppLovin Corp. Class A Sold out 0.00% −0.97
CFLT Confluent Inc. Class A Sold out 0.00% −0.95
UNP Union Pacific Corp. Sold out 0.00% −0.94
HI Hillenbrand Inc. Sold out 0.00% −0.94
MDGL Madrigal Pharmaceuticals Inc. Sold out 0.00% −0.93
OXY Occidental Petroleum Corp. Sold out 0.00% −0.76
LOAR Loar Holdings Inc. Reduce -35.3% 0.40% −0.74
CWAN Clearwater Analytics HDS-A Sold out 0.00% −0.72
WBD Warner Bros Discovery Inc. Reduce -34.0% 0.46% −0.67
TDG Transdigm Group Inc. Sold out 0.00% −0.64
CVX Chevron Corp. Sold out 0.00% −0.60
KGS Kodiak Gas Services Inc. Reduce -60.0% 0.36% −0.54
CHWY Chewy Inc. Class A Sold out 0.00% −0.53
FYBR Frontier Communications Pare Sold out 0.00% −0.48
CONTEXTLOGIC INC - A Sold out 0.00% −0.46
AXTA Axalta Coating Systems Ltd. Reduce -43.1% 0.20% −0.43
JAZZ Jazz Pharmaceuticals PLC Sold out 0.00% −0.41
TSHA Taysha Gene Therapies Inc. Sold out 0.00% −0.40
SCHW Schwab (charles) Corp. Sold out 0.00% −0.37
LIN Linde PLC Reduce -26.4% 0.46% −0.37
UBER Uber Technologies Inc. Sold out 0.00% −0.33
PYPL PayPal Holdings Inc. Sold out 0.00% −0.28
DIS The Walt Disney Co. Sold out 0.00% −0.28
CCEP Coca-Cola Europacific Partne Sold out 0.00% −0.28
WH Wyndham Hotels & Resorts Inc. Sold out 0.00% −0.25
EVMN Evommune Inc. Sold out 0.00% −0.25
DNLI Denali Therapeutics Inc. Sold out 0.00% −0.25
IBIT iShares Bitcoin Trust ETF Reduce -13.3% 0.18% −0.23
KVYO Klaviyo Inc. Class A Sold out 0.00% −0.16

Portfolio Buys Q4 2025 → Q1 2026
CVNA Carvana Co. New 4.66% +4.66
BAC Bank of America Corp. Add +2008.8% 4.08% +3.74
AXGN Axogen Inc. New 3.55% +3.55
KKR KKR & Co. Inc. New 3.06% +3.06
NVST Envista Holdings Corp. New 2.95% +2.95
KWY Kingsway Corp. New 2.90% +2.90
ADPT Adaptive Biotechnologies New 2.80% +2.80
SKIN Skinhealth Systems Inc. New 2.69% +2.69
PRI Primerica Inc. New 2.66% +2.66
ELVN Enliven Therapeutics Inc. New 2.26% +2.26
BLND Blend Labs Inc. Class A New 1.72% +1.72
LQDA Liquidia Corp. New 1.46% +1.46
BTI British American Tob-SP ADR New 1.34% +1.34
HOOD Robinhood Markets Inc. Class A New 1.33% +1.33
A Agilent Technologies Inc. New 1.27% +1.27
ALGN Align Technology Inc. New 1.27% +1.27
TROW T Rowe Price Group Inc. New 1.17% +1.17
SN Sharkninja Inc. New 1.06% +1.06
KSPI JSC Kaspi.kz ADR Add +599.4% 1.37% +1.05
NSC Norfolk Southern Corp. Add +144.5% 2.73% +0.99
ABBV Abbvie Inc. New 0.93% +0.93
MXCT Maxcyte Inc. New 0.90% +0.90
ROST Ross Stores Inc. New 0.78% +0.78
HOLX Hologic Inc. New 0.76% +0.76
EAT Brinker International Inc. New 0.76% +0.76
AS Amer Sports Inc. Add +711.4% 0.95% +0.74
ONON On Holding AG Class A New 0.74% +0.74
RL Ralph Lauren Corp. New 0.71% +0.71
COCO The Vita Coco Co. Inc. New 0.71% +0.71
PAHC Phibro Animal Health Corp. Class A Add +45.0% 2.30% +0.64
MASI Masimo Corp. New 0.63% +0.63
DECK Deckers Outdoor Corp. New 0.62% +0.62
FLUT Flutter Entertainment PLC-Di New 0.57% +0.57
TPR Tapestry Inc. New 0.53% +0.53
SARO Standardaero Inc. New 0.53% +0.53
EA Electronic Arts Inc. Add +96.9% 2.41% +0.51
BURL Burlington Stores Inc. New 0.51% +0.51
FOLD Amicus Therapeutics Inc. Add +153.5% 1.20% +0.48
LEVI Levi Strauss & Co. Class A New 0.48% +0.48
RNR Renaissancere Holdings Ltd. New 0.45% +0.45
FIVE Five Below New 0.45% +0.45
AVR Anteris Technologies Global New 0.43% +0.43
VERA Vera Therapeutics Inc. New 0.41% +0.41
PEP Pepsico Inc. Add +104.6% 1.30% +0.39
VIRT Virtu Financial Inc. Class A New 0.37% +0.37
STZ Constellation Brands Inc. Class A New 0.36% +0.36
KO The Coca-Cola Co. New 0.36% +0.36
TXG 10X Genomics Inc. Class A New 0.34% +0.34
NFLX Netflix Inc. New 0.33% +0.33
ECL Ecolab Inc. New 0.30% +0.30

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 167$1.3BLPLA, KKR, BP, SHEL, APP
Q1 2026 114$641.4MCVNA, BAC, ZYME, AXGN, KKR
Q4 2025 82$414.9MZYME, WAY, GPCR, NUVB, MSFT
Q3 2025 59$297.8MWAY, TARS, MSFT, VERA, REAL
Q2 2025 54$211.6MSN, MSFT, AMZN, GOOGL, RL
Q1 2025 49$187.1MJNJ, GOOGL, SN, SKX, MSFT
Q4 2024 65$224.7MKSPI, GOOGL, JNJ, REAL, BRK.B
Q3 2024 53$146.9MKSPI, JNJ, GOOGL, BRK.B, META
Q2 2024 55$141.8MKSPI, META, JNJ, BRK.B, PFE
Q1 2024 56$166.1MKSPI, VTV, NEE, BRK.B, GOOGL