Cape Ann Asset Management Ltd
Long book
$440.3M
Q1 2026
Positions
11
Top-10 weight
97%
concentration
Last quarter
-2.4%
SPY +14.8%
Turnover
9%
of book per quarter
Strategy in plain words
auto-generated from filingsCape Ann Asset Management Ltd is a concentrated fundamental stock-picker, running a $440.3M US long book across 11 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: KINROSS GOLD CORP, VISTA ENERGY SAB DE CV, ERO COPPER CORP, TERNIUM SA-SPONSORED ADR, CREDICORP LTD.
Over the last 9 quarters its long book ran on average 4.6pp per quarter ahead of the S&P 500, beating the index in 7 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+8.6%
Q2 2024
+9.2%
Q3 2024
-1.0%
Q4 2024
+8.7%
Q1 2025
+15.4%
Q2 2025
+17.8%
Q3 2025
+17.7%
Q4 2025
+8.1%
Q1 2026
-2.4%
Sector allocation
Materials 72%
Financials 14%
Services media 7%
Industrials 7%
Long book by quarter
What does Cape Ann own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| KGC KINROSS GOLD CORP | Materials | 3.8M | $115.1M | 26.1% | +6.6% |
| ERO ERO COPPER CORP | Materials | 1.9M | $52.0M | 11.8% | +13.5% |
| BAP CREDICORP LTD | Financials | 110.4K | $37.4M | 8.5% | 0.0% |
| EGO ELDORADO GOLD CORP | Materials | 758.7K | $26.0M | 5.9% | New |
| LAUR LAUREATE EDUCATION INC | Services media | 533.0K | $18.6M | 4.2% | -27.5% |
| CPA COPA HOLDINGS SA-CLASS A | Industrials | 153.2K | $17.4M | 4.0% | -30.3% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 14, 2026 | 11 | $440.3M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 10 | $367.6M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 10, 2025 | 11 | $296.8M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 11, 2025 | 9 | $233.5M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR/ARESTATEMENT | May 8, 2025 | 7 | $162.8M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 7, 2025 | 5 | $112.3M | SEC ↗ | |
| Q4 2024 | 13F-HR | Feb 6, 2025 | 8 | $158.7M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 12, 2024 | 6 | $146.1M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 6 | $116.5M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 14, 2024 | 5 | $112.3M | canonical | SEC ↗ |
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