Data as of Q4 2025 (Dec 31, 2025)

Cape Ann Asset Management Ltd

•CIK: 1768237•Filing: Q4 2025

**Cape Ann Asset Management Ltd** manages $368M across a focused portfolio of 10 positions. The fund exhibits significant concentration, with its largest holding in KGC at $99.6M, representing over 27% of reported assets. Other substantial allocations include ERO ($48.6M) and BMA ($41.9M). This structure suggests a concentrated, conviction-driven approach across its core investments.

Total AUM
$367.6M
QoQ Performance
+23.9%
Positions
10
Top 10 Concentration
100.0%
Latest Filing
Q4 2025

Top Holdings Allocation

KGC
ERO
BMA
TX
VIST
BAP
CPRT
LAUR
KGC27.1%
ERO13.2%
BMA11.4%
TX11.1%
VIST9.1%
BAP8.6%
CPRT7.2%
LAUR6.7%

📈 Biggest Buys

ERO
ERO COPPER CORP
+65.9%
13.2% of portfolio
TX
TERNIUM SA
+20.5%
11.1% of portfolio
VIST
VISTA ENERGY S.A.B. DE C.V.
+18.2%
9.1% of portfolio
PJX
PETROLEO BRASILEIRO SA PETRO
+26.3%
1.8% of portfolio
KGC
KINROSS GOLD CORP
+0.9%
27.1% of portfolio

📉 Biggest Sells

LAUR
LAUREATE EDUCATION INC
-20.1%
6.7% of portfolio

Sector Breakdown

Other100.0%

🚪 Exited Positionssold since Q3 2025

QFIN
QFIN HOLDINGS INC
SOLD
$14.7M

Changes from Q3 2025

↑9 increased
↓1 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023

📌 Top Holdings

KGC27.1%
KINROSS GOLD CORP
$99.6M
ERO13.2%
ERO COPPER CORP
$48.6M
BMA11.4%
BANCO MACRO SA
$41.9M
TX11.1%
TERNIUM SA
$40.8M
VIST9.1%
VISTA ENERGY S.A.B. DE C.V.
$33.6M

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