Capricorn Fund Managers Ltd

In its 13F for Q2 2026 (holdings as of June 30, 2026, filed July 24, 2026), Capricorn Fund Managers Ltd reported 167 stock positions worth $1.3 billion. Its top holding was LPL Financial (LPLA) at 4.4% of the portfolio, followed by KKR (KKR, 3.4%) and BP PLC-Spons ADR (BP, 2.9%). Compared with Q1 2026, it opened 94 new positions, sold out of 41, added to 29 and reduced 25. The biggest buy was a new position in LPL Financial (LPLA) and the biggest sale Zymeworks (ZYME, shares −52%).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0001901361
Portfolio Value
$1.3B (Q2 2026)
SEC Filing
0001901361-26-000014 ↗ filed Jul 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 Q1 2026 Q2 2026: $1.3B $1.3B Q2 2026

Holdings 167 stocks · $1.3B
LPLA LPL Financial Holdings Inc. 4.39% 194,812 $54.9M New
KKR KKR & Co. Inc. 3.38% 460,100 $42.2M Add +117.0%
BP BP PLC-Spons ADR 2.91% 984,203 $36.4M New
SHEL Shell PLC-ADR 2.85% 459,200 $35.6M New
APP AppLovin Corp. Class A 2.52% 61,276 $31.6M New
CVNA Carvana Co. 2.50% 475,000 $31.3M No change
BRUN Boost Run Inc. Class A 2.33% 750,000 $29.1M New
ING ING Groep N.V.-Sponsored ADR 2.26% 900,000 $28.2M New
BTI British American Tob-SP ADR 2.15% 435,252 $26.9M Add +196.1%
BAC Bank of America Corp. 2.08% 457,455 $26.1M Reduce -14.8%
BKD Brookdale Senior Living Inc. 2.02% 1,570,000 $25.3M New
AMG Affiliated Managers Group 1.87% 69,045 $23.4M New
GSK GSK PLC-Spon ADR 1.79% 426,416 $22.4M New
NRG NRG Energy Inc. 1.76% 151,000 $22.1M New
AXGN Axogen Inc. 1.72% 464,863 $21.5M Reduce -32.4%
TSM Taiwan Semiconductor-SP ADR 1.69% 44,200 $21.1M New
RDDT Reddit Inc. Class A 1.67% 120,000 $20.8M New
BLND Blend Labs Inc. Class A 1.55% 11,314,649 $19.3M Add +74.1%
TVTX Travere Therapeutics Inc. 1.46% 321,721 $18.3M New
AVGO Broadcom Inc. 1.44% 47,500 $17.9M New
TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC 1.41% 155,300 $17.7M Add +86.0%
FDS Factset Research Systems Inc. 1.37% 74,500 $17.1M New
KARO Karooooo Ltd. 1.26% 319,346 $15.8M Add +14.7%
SKIN Skinhealth Systems Inc. 1.23% 22,276,935 $15.4M Add +14.8%
RIO Rio Tinto PLC-Spon ADR 1.22% 160,275 $15.2M New
KWY Kingsway Corp. 1.18% 1,410,526 $14.7M Reduce -21.0%
LQDA Liquidia Corp. 1.16% 182,205 $14.5M Reduce -26.4%
SE Sea Ltd.-ADR 1.15% 150,000 $14.4M New
ROP Roper Technologies Inc. 1.14% 42,000 $14.2M New
SN Sharkninja Inc. 1.07% 88,000 $13.4M Add +37.5%
ZYME Zymeworks Inc. 1.02% 486,529 $12.7M Reduce -51.7%
VST Vistra Corp. 1.01% 80,000 $12.7M New
LFTO Liftoff Mobile Inc. 0.98% 508,551 $12.2M New
MSFT Microsoft Corp. 0.96% 32,343 $12.1M No change
MIRM Mirum Pharmaceuticals Inc. 0.95% 101,240 $11.9M New
BRK.B Berkshire Hathaway Inc. Class B 0.90% 22,468 $11.2M No change
GOOGL Alphabet Inc. Class A 0.89% 31,067 $11.1M No change
AMZN Amazon.com Inc. 0.85% 44,648 $10.6M No change
WPP WPP PLC-Sponsored ADR 0.84% 676,000 $10.5M New
NWG Natwest Group PLC -Spon ADR 0.83% 587,290 $10.4M New
KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 0.82% 118,900 $10.3M No change
AS Amer Sports Inc. 0.81% 300,000 $10.2M Add +62.2%
COF Capital One Financial Corp. 0.81% 50,586 $10.1M New
MXCT Maxcyte Inc. 0.81% 8,200,000 $10.1M No change
SYY Sysco Corp. 0.80% 120,000 $10.0M New
NVST Envista Holdings Corp. 0.67% 319,028 $8.4M Reduce -57.3%
FRMI Fermi Inc. 0.64% 875,000 $8.0M New
FIVE Five Below 0.61% 42,500 $7.6M Add +240.0%
META Meta Platforms Inc. Class A 0.61% 13,500 $7.6M No change
MLTX Moonlake Immunotherapeutics 0.58% 374,866 $7.3M New
MTD Mettler-Toledo International 0.58% 5,710 $7.3M New
FLUT Flutter Entertainment PLC-Di 0.57% 70,000 $7.2M Add +94.4%
CRL Charles River Laboratories 0.57% 31,274 $7.1M New
ONON On Holding AG Class A filed as ON HLDG AG 0.57% 200,000 $7.1M Add +43.3%
AADX Applied Aerospace & Defense 0.56% 310,000 $7.1M New
SDGR Schrodinger Inc. 0.56% 434,321 $7.1M New
V Visa Inc. Class A 0.56% 20,555 $7.1M Add +5.1%
CYTK Cytokinetics Inc. 0.56% 81,879 $7.0M New
ABBV Abbvie Inc. 0.55% 27,397 $6.9M No change
SARO Standardaero Inc. 0.55% 230,491 $6.9M Add +76.3%
REAL The Realreal Inc. filed as THE REALREAL INC 0.55% 581,571 $6.9M Add +6.0%
SCHW Schwab (charles) Corp. 0.54% 73,700 $6.8M New
LUXE Luxexperience BV 0.54% 910,372 $6.8M Reduce -11.0%
EAT Brinker International Inc. 0.54% 40,000 $6.7M Add +17.6%
WST West Pharmaceutical Services 0.54% 18,700 $6.7M New
BOOT Boot Barn Holdings Inc. 0.53% 40,500 $6.7M New
TPR Tapestry Inc. 0.49% 42,000 $6.1M Add +75.0%
FLG Flagstar Bank NA 0.48% 398,200 $5.9M New
LOAR Loar Holdings Inc. 0.46% 71,999 $5.8M Add +58.8%
BTSG Brightspring Health Services 0.44% 78,718 $5.5M Reduce -25.9%
DECK Deckers Outdoor Corp. 0.43% 54,000 $5.4M Add +35.0%
PTCT PTC Therapeutics Inc. 0.42% 63,900 $5.2M New
PNFP Pinnacle Financial Partners 0.41% 51,179 $5.2M New
BRKR Bruker Corp. 0.41% 85,100 $5.1M New
LAZ Lazard Inc. 0.41% 121,900 $5.1M New
DOC Healthpeak Properties Inc. 0.39% 228,200 $4.9M New
GH Guardant Health Inc. 0.38% 31,775 $4.8M New
KGS Kodiak Gas Services Inc. 0.37% 61,365 $4.6M Add +53.3%
MSCI MSCI Inc. 0.37% 8,185 $4.6M New
PEP Pepsico Inc. 0.36% 33,496 $4.5M Reduce -37.4%
DEO Diageo PLC-Sponsored ADR 0.35% 54,000 $4.3M Add +260.0%
LEVI Levi Strauss & Co. Class A 0.34% 168,700 $4.2M Add +2.2%
BURL Burlington Stores Inc. 0.33% 13,000 $4.1M Add +30.0%
A Agilent Technologies Inc. 0.33% 30,717 $4.1M Reduce -57.1%
KO The Coca-Cola Co. 0.33% 50,000 $4.1M Add +66.7%
WFC Wells Fargo & Co. 0.32% 48,900 $4.0M New
RL Ralph Lauren Corp. 0.32% 9,882 $4.0M Reduce -25.6%
VOD Vodafone Group PLC-SP ADR 0.32% 299,000 $4.0M New
GILD Gilead Sciences Inc. 0.32% 31,200 $3.9M New
ROST Ross Stores Inc. 0.31% 18,500 $3.9M Reduce -19.6%
ECL Ecolab Inc. 0.30% 13,488 $3.8M Add +85.3%
BAM Brookfield Asset Mgmt-A 0.30% 82,400 $3.7M New
APO Apollo Global Management Inc. 0.29% 30,751 $3.6M Reduce -39.7%
CBRS Cerebras Systems Inc. Class A 0.28% 15,682 $3.5M New
TGT Target Corp. 0.27% 26,000 $3.4M Add +80.9%
HOOD Robinhood Markets Inc. Class A 0.27% 33,700 $3.4M Reduce -72.7%
ETN Eaton Corp. PLC 0.27% 7,926 $3.4M New
LIN Linde PLC 0.26% 6,338 $3.3M Add +6.2%
CRH CRH PLC 0.26% 30,000 $3.2M New
OLLI Ollie's Bargain Outlet Holdi 0.25% 40,000 $3.1M New
AVTR Avantor Inc. 0.24% 300,700 $3.0M New
TEX Terex Corp. 0.24% 40,684 $2.9M Reduce -7.3%
BN Brookfield Corp. 0.23% 67,500 $2.9M No change
FPS Forgent Power Solutions Class A 0.22% 49,657 $2.8M New
LYG Lloyds Banking Group PLC-ADR 0.21% 450,000 $2.6M New
BFH Bread Financial Holdings Inc. 0.21% 24,130 $2.6M New
TT Trane Technologies PLC 0.20% 5,000 $2.5M New
MSM MSC Industrial Direct Co. Class A 0.19% 20,000 $2.4M New
PVLA Palvella Therapeutics Inc. 0.17% 14,088 $2.2M New
URBN Urban Outfitters Inc. 0.17% 30,000 $2.1M New
ILMN Illumina Inc. 0.17% 12,000 $2.1M New
CELH Celsius Holdings Inc. 0.16% 70,000 $2.0M New
EROC Erock Inc. Class A 0.16% 140,000 $2.0M New
B Barrick Mining Corp. 0.16% 55,000 $2.0M New
XRAY Dentsply Sirona Inc. 0.16% 184,700 $2.0M New
KR Kroger Co. 0.16% 35,000 $1.9M New
TOST Toast Inc. Class A 0.15% 66,800 $1.9M New
EHC Encompass Health Corp. 0.15% 18,344 $1.9M New
SHC Sotera Health Co. 0.15% 103,830 $1.8M New
INIO Innio NV 0.14% 45,600 $1.8M New
ALAB Astera Labs Inc. 0.13% 3,359 $1.6M Reduce -41.0%
EVR Evercore Inc. Class A 0.13% 4,700 $1.6M New
COGT Cogent Biosciences Inc. 0.13% 41,300 $1.6M New
JAZZ Jazz Pharmaceuticals PLC 0.12% 6,100 $1.5M New
PATH Uipath Inc. Class A 0.11% 131,000 $1.4M No change
ROIV Roivant Sciences Ltd. 0.11% 40,100 $1.4M Add +100.5%
VEEV Veeva Systems Inc. Class A 0.11% 7,750 $1.4M Add +55.0%
BETA Beta Technologies Inc. Class A 0.10% 77,550 $1.3M Reduce -7.3%
XENE Xenon Pharmaceuticals Inc. 0.10% 20,900 $1.3M New
SFD Smithfield Foods Inc. 0.10% 50,577 $1.2M Add +39.0%
QNT Quantinuum Inc. Class A 0.10% 15,000 $1.2M New
INGM Ingram Micro Holding Corp. 0.09% 43,235 $1.2M New
ARES Ares Management Corp. Class A 0.08% 9,300 $1.0M New
WLTH Wealthfront Corp. 0.08% 112,800 $1.0M New
IBIT iShares Bitcoin Trust ETF 0.08% 30,000 $999K No change
COCO The Vita Coco Co. Inc. 0.08% 15,000 $992K Reduce -84.2%
BLTE Belite Bio Inc. - ADR 0.08% 6,400 $986K New
SPGI S&P Global Inc. 0.07% 2,000 $815K New
CIGI Colliers Intl GR-Subord Vot 0.06% 8,000 $750K New
NOK Nokia Corp.-Spon ADR 0.06% 55,702 $740K New
WAY Waystar Holding Corp. 0.06% 33,718 $692K Reduce -26.2%
AXTA Axalta Coating Systems Ltd. 0.05% 16,869 $577K Reduce -62.9%
BUR Burford Capital Ltd. 0.04% 135,000 $554K No change
PFE Pfizer Inc. 0.04% 22,130 $533K Reduce -86.7%
LCLN Lincoln International Inc. 0.04% 22,139 $528K New
SHW The Sherwin-Williams Co. 0.04% 1,528 $526K New
MRK Merck & Co. Inc. 0.04% 4,000 $514K New
ADPT Adaptive Biotechnologies 0.04% 22,693 $487K Reduce -98.2%
ANGX Angel Studios Inc. 0.04% 130,806 $480K New
CRDO Credo Technology Group Holdi 0.04% 1,686 $459K New
JNJ Johnson & Johnson 0.03% 1,700 $432K New
TLX Telix Pharmaceuticals Ltd. 0.03% 36,100 $416K New
HMH HMH Holding Inc. Class-A filed as HMH HLDG INC 0.03% 21,000 $394K New
BORR Borr Drilling Ltd. 0.03% 90,000 $372K No change
QSR Restaurant Brands Intern 0.03% 5,089 $369K Reduce -92.2%
LIFE Ethos Technologies Inc. Class-A 0.03% 20,234 $367K Reduce -14.6%
TDW Tidewater Inc. 0.03% 5,500 $366K No change
MTZ Mastec Inc. 0.03% 880 $366K New
EQT Eqt Corp. 0.03% 6,500 $346K New
EGY Vaalco Energy Inc. 0.02% 60,000 $305K No change
RKT Rocket Cos Inc. Class A 0.02% 18,594 $293K Reduce -7.3%
OVV Ovintiv Inc. 0.02% 5,400 $284K New
UROY Uranium Royalty Corp. 0.02% 100,000 $278K New
NXT Nextpower Inc. 0.02% 2,250 $268K New
NE Noble Corp. PLC 0.02% 6,900 $257K No change
HEPS D-Market Electronic Serv-ADR 0.01% 29,185 $85K No change
WTI W&T Offshore Inc. 0.00% 10,000 $32K No change

Options reported separately and not counted above: NU HLDGS LTD calls ($4.4M), APPLOVIN CORP calls ($3.6M), FERMI INC calls ($3.5M), NRG ENERGY INC calls ($2.1M), AMAZON COM INC calls ($1.6M), SEA LTD calls ($938K), MICROSOFT CORP calls ($891K), DICKS SPORTING GOODS INC calls ($685K), SELECT SECTOR SPDR TR calls ($325K), STATE STR SPDR S&P 500 ETF T puts ($201K), SHELL PLC calls ($31K).

Portfolio Sells Q1 2026 → Q2 2026
ZYME Zymeworks Inc. Reduce -51.7% 1.02% −2.91
ADPT Adaptive Biotechnologies Reduce -98.2% 0.04% −2.76
NSC Norfolk Southern Corp. Sold out 0.00% −2.73
PRI Primerica Inc. Sold out 0.00% −2.66
EA Electronic Arts Inc. Sold out 0.00% −2.41
PAHC Phibro Animal Health Corp. Class A Sold out 0.00% −2.30
NVST Envista Holdings Corp. Reduce -57.3% 0.67% −2.28
ELVN Enliven Therapeutics Inc. Sold out 0.00% −2.26
BAC Bank of America Corp. Reduce -14.8% 2.08% −2.00
GTLS Chart Industries Inc. Sold out 0.00% −1.84
AXGN Axogen Inc. Reduce -32.4% 1.72% −1.83
KWY Kingsway Corp. Reduce -21.0% 1.18% −1.73
TXNM TXNM Energy Inc. Sold out 0.00% −1.38
ALGN Align Technology Inc. Sold out 0.00% −1.27
FOLD Amicus Therapeutics Inc. Sold out 0.00% −1.20
HOOD Robinhood Markets Inc. Class A Reduce -72.7% 0.27% −1.06
A Agilent Technologies Inc. Reduce -57.1% 0.33% −0.95
PEP Pepsico Inc. Reduce -37.4% 0.36% −0.93
HOLX Hologic Inc. Sold out 0.00% −0.76
LUXE Luxexperience BV Reduce -11.0% 0.54% −0.73
QSR Restaurant Brands Intern Reduce -92.2% 0.03% −0.72
PFE Pfizer Inc. Reduce -86.7% 0.04% −0.68
MASI Masimo Corp. Sold out 0.00% −0.63
COCO The Vita Coco Co. Inc. Reduce -84.2% 0.08% −0.63
APO Apollo Global Management Inc. Reduce -39.7% 0.29% −0.59
WBD Warner Bros Discovery Inc. Sold out 0.00% −0.46
ROST Ross Stores Inc. Reduce -19.6% 0.31% −0.46
RNR Renaissancere Holdings Ltd. Sold out 0.00% −0.45
HYG Ishr Ibx Usd Hiyld CB ETF-Ui Sold out 0.00% −0.44
AVR Anteris Technologies Global Sold out 0.00% −0.43
VERA Vera Therapeutics Inc. Sold out 0.00% −0.41
RL Ralph Lauren Corp. Reduce -25.6% 0.32% −0.40
VIRT Virtu Financial Inc. Class A Sold out 0.00% −0.37
STZ Constellation Brands Inc. Class A Sold out 0.00% −0.36
TXG 10X Genomics Inc. Class A Sold out 0.00% −0.34
NFLX Netflix Inc. Sold out 0.00% −0.33
BCRX Biocryst Pharmaceuticals Inc. Sold out 0.00% −0.30
PEN Penumbra Inc. Sold out 0.00% −0.30
MDLN Medline Inc. Class A Sold out 0.00% −0.29
LQDA Liquidia Corp. Reduce -26.4% 1.16% −0.29
TARS Tarsus Pharmaceuticals Inc. Sold out 0.00% −0.28
BSX Boston Scientific Corp. Sold out 0.00% −0.27
BTSG Brightspring Health Services Reduce -25.9% 0.44% −0.27
BUD Anheuser-Busch Inbev-SPN ADR Sold out 0.00% −0.25
LQD Ishr Ibx Usd Invgd CB ETF-Ui Sold out 0.00% −0.22
ACI Albertsons Cos Inc. Class A Sold out 0.00% −0.21
CAG Conagra Brands Inc. Sold out 0.00% −0.19
TEX Terex Corp. Reduce -7.3% 0.24% −0.17
AXTA Axalta Coating Systems Ltd. Reduce -62.9% 0.05% −0.15
MRVI Maravai Lifesciences Hldgs-A Sold out 0.00% −0.15

Portfolio Buys Q1 2026 → Q2 2026
LPLA LPL Financial Holdings Inc. New 4.39% +4.39
BP BP PLC-Spons ADR New 2.91% +2.91
SHEL Shell PLC-ADR New 2.85% +2.85
APP AppLovin Corp. Class A New 2.52% +2.52
BRUN Boost Run Inc. Class A New 2.33% +2.33
ING ING Groep N.V.-Sponsored ADR New 2.26% +2.26
BKD Brookdale Senior Living Inc. New 2.02% +2.02
AMG Affiliated Managers Group New 1.87% +1.87
GSK GSK PLC-Spon ADR New 1.79% +1.79
NRG NRG Energy Inc. New 1.76% +1.76
TSM Taiwan Semiconductor-SP ADR New 1.69% +1.69
RDDT Reddit Inc. Class A New 1.67% +1.67
TVTX Travere Therapeutics Inc. New 1.46% +1.46
AVGO Broadcom Inc. New 1.44% +1.44
FDS Factset Research Systems Inc. New 1.37% +1.37
RIO Rio Tinto PLC-Spon ADR New 1.22% +1.22
SE Sea Ltd.-ADR New 1.15% +1.15
ROP Roper Technologies Inc. New 1.14% +1.14
VST Vistra Corp. New 1.01% +1.01
LFTO Liftoff Mobile Inc. New 0.98% +0.98
MIRM Mirum Pharmaceuticals Inc. New 0.95% +0.95
WPP WPP PLC-Sponsored ADR New 0.84% +0.84
NWG Natwest Group PLC -Spon ADR New 0.83% +0.83
COF Capital One Financial Corp. New 0.81% +0.81
BTI British American Tob-SP ADR Add +196.1% 2.15% +0.81
SYY Sysco Corp. New 0.80% +0.80
FRMI Fermi Inc. New 0.64% +0.64
MTD Mettler-Toledo International New 0.58% +0.58
MLTX Moonlake Immunotherapeutics New 0.58% +0.58
CRL Charles River Laboratories New 0.57% +0.57
AADX Applied Aerospace & Defense New 0.56% +0.56
SDGR Schrodinger Inc. New 0.56% +0.56
CYTK Cytokinetics Inc. New 0.56% +0.56
SCHW Schwab (charles) Corp. New 0.54% +0.54
WST West Pharmaceutical Services New 0.54% +0.54
BOOT Boot Barn Holdings Inc. New 0.53% +0.53
FLG Flagstar Bank NA New 0.48% +0.48
PTCT PTC Therapeutics Inc. New 0.42% +0.42
PNFP Pinnacle Financial Partners New 0.41% +0.41
BRKR Bruker Corp. New 0.41% +0.41
LAZ Lazard Inc. New 0.41% +0.41
DOC Healthpeak Properties Inc. New 0.39% +0.39
GH Guardant Health Inc. New 0.38% +0.38
MSCI MSCI Inc. New 0.37% +0.37
WFC Wells Fargo & Co. New 0.32% +0.32
KKR KKR & Co. Inc. Add +117.0% 3.38% +0.32
VOD Vodafone Group PLC-SP ADR New 0.32% +0.32
GILD Gilead Sciences Inc. New 0.32% +0.32
BAM Brookfield Asset Mgmt-A New 0.30% +0.30
CBRS Cerebras Systems Inc. Class A New 0.28% +0.28

Options Activity Q1 2026 → Q2 2026
NU HLDGS LTD call New 30,000 $4.4M
APPLOVIN CORP call New 500 $3.6M
FERMI INC call New 10,000 $3.5M
NRG ENERGY INC call New 1,500 $2.1M
AMAZON COM INC call New 2,000 $1.6M
SEA LTD call New 1,500 $938K
MICROSOFT CORP call New 1,000 $891K
DICKS SPORTING GOODS INC call New 1,000 $685K
SELECT SECTOR SPDR TR call New 80,000 $325K
STATE STR SPDR S&P 500 ETF T put New 1,000 $201K
SHELL PLC call New 5,000 $31K

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

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