# Cape Ann Asset Management Ltd

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1768237. Source: https://holderbook.com/funds/1768237-cape-ann-asset-management-ltd/

- Reported value: $434.4M
- Positions: 12
- Weight of the ten largest: 98.1%
- Filed: 2026-08-11

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| KINROSS GOLD CORP | [KGC](https://holderbook.com/stocks/KGC/) | $82.9M | 3,510,314 | 19.1% | 19 |
| VISTA ENERGY S.A.B. DE C.V. | [VIST](https://holderbook.com/stocks/VIST/) | $62.5M | 979,693 | 14.4% | 5 |
| ERO COPPER CORP | [ERO](https://holderbook.com/stocks/ERO/) | $54.9M | 2,053,705 | 12.6% | 5 |
| TERNIUM SA | [TX](https://holderbook.com/stocks/TX/) | $42.5M | 996,424 | 9.8% | 27 |
| BANCO MACRO SA | [BMA](https://holderbook.com/stocks/BMA/) | $40.7M | 439,918 | 9.4% | 7 |
| CREDICORP LTD | [BAP](https://holderbook.com/stocks/BAP/) | $40.2M | 103,105 | 9.2% | 23 |
| TENCENT MUSIC ENTMT GROUP | [TME](https://holderbook.com/stocks/TME/) | $37.0M | 4,426,136 | 8.5% | 1 |
| ELDORADO GOLD CORP NEW | [EGO](https://holderbook.com/stocks/EGO/) | $29.0M | 933,066 | 6.7% | 2 |
| COPA HOLDINGS SA | [CPA](https://holderbook.com/stocks/CPA/) | $22.3M | 143,256 | 5.1% | 7 |
| KASPI KZ JSC | [KSPI](https://holderbook.com/stocks/KSPI/) | $14.2M | 163,880 | 3.3% | 4 |
| PETROLEO BRASILEIRO S A | [PBRA](https://holderbook.com/stocks/PBRA/) | $7.9M | 540,913 | 1.8% | 25 |
| LAUREATE ED INC | [LAUR](https://holderbook.com/stocks/LAUR/) | $241.1K | 6,637 | 0.1% | 8 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | -3.8% | +14.8% | -18.6% | 100% |
| Q1 2026 | +7.9% | -4.6% | +12.5% | 100% |
| Q4 2025 | +17.6% | +2.4% | +15.3% | 100% |
| Q3 2025 | +17.5% | +7.8% | +9.7% | 100% |
| Q2 2025 | +12.6% | +10.5% | +2.1% | 100% |
| Q1 2025 | +8.4% | -4.6% | +12.9% | 100% |
| Q4 2024 | -1.8% | +2.1% | -4.0% | 100% |
| Q3 2024 | +8.4% | +5.4% | +2.9% | 98% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $434.4M | 12 |
| Q1 2026 | $440.3M | 11 |
| Q4 2025 | $367.6M | 10 |
| Q3 2025 | $296.8M | 11 |
| Q2 2025 | $233.5M | 9 |
| Q1 2025 | $162.8M | 7 |
| Q4 2024 | $158.7M | 8 |
| Q3 2024 | $146.1M | 6 |
| Q2 2024 | $116.5M | 6 |
| Q1 2024 | $112.3M | 5 |
| Q4 2023 | $111.0M | 6 |
| Q3 2023 | $104.9M | 6 |