Cape Ann Asset Management Ltd — 13F Holdings & Portfolio
CIK 1768237 · latest 13F-HR filed 2026-08-11
Cape Ann Asset Management Ltd manages $434.4M in 13F-reported U.S. long-equity assets across 12 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are KGC (19.09%), VIST (14.39%), ERO (12.65%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 1 new position and exited 0; 6 existing positions rose in reported value and 4 fell.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
Long-equity book
Distinct positions
Filed 2026-08-11
vs 2026-03-31
Portfolio charts
Latest quarter's book, what changed, and how the portfolio has evolved across filings.
Portfolio map
Q2 26Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.
Sector mix
% of 13F valueSectors from each company's SIC code; funds and ETFs grouped separately.
Biggest buys and sells
Q1 26 → Q2 26Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.
13F assets and positions
4 quartersTotal reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.
Top positions over time
reported valueThe eight largest current positions, valued at each quarter end.
Concentration
top 10 = 98.1%Cumulative share of the portfolio held in the largest N positions.
As of the firm’s regulatory filing dated Jun 17, 2026.
LONDON W1U 3ET
United Kingdom
| Name | Title / Status | Ownership | Type |
|---|---|---|---|
| BELL, JONATHAN Control | CHAIRMAN, DIRECTOR AND SHAREHOLDER since Dec 2015 | 50–75% | Individual |
| LYNCH, JOHN, FRANCIS Control | DIRECTOR AND SHAREHOLDER since Jun 2016 | 10–25% | Individual |
| SUMMERS, GEOFFREY, PETER Control | CHIEF OPERATING OFFICER, DIRECTOR, SHAREHOLDER AND CHIEF COMPLIANCE OFFICER since Feb 2022 | Less than 5% | Individual |
| VILICNIK, IVANA Control | DIRECTOR AND SHAREHOLDER since Jun 2016 | 5–10% | Individual |
| LINEHAN, TIMOTHY, JOHN | DIRECTOR (NON-EXECUTIVE) since Sep 2015 | Less than 5% | Individual |
| MANTLE, JACQUELINE | SHAREHOLDER since Feb 2016 | 5–10% | Individual |
| SILCHESTER PARTNERS LIMITED | SHAREHOLDER since Sep 2015 | 75% or more | Foreign Entity |
| TILK, RAINER | SHAREHOLDER since Feb 2016 | 5–10% | Individual |
| BUTT, STEPHEN, CHARLES Control Indirect owner via SILCHESTER PARTNERS LIMITED | CHAIRMAN since Apr 1995 | 50–75% | Individual |
Ownership & leadership changes · 6 filings with changes since Jun 13, 2016
From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.
- ChangedSUMMERS, GEOFFREY, PETER · title CHIEF COMPLIANCE OFFICER → CHIEF OPERATING OFFICER, DIRECTOR, SHAREHOLDER AND CHIEF COMPLIANCE OFFICER
- No longer listedLOCKEY, PETER, REEVE · MANAGING DIRECTOR, CHIEF OPERATING OFFICER, DIRECTOR, SHAREHOLDER AND COVERED OFFICER · 5–10% · control person · listed since Sep 2015
- AddedSUMMERS, GEOFFREY, PETER · CHIEF COMPLIANCE OFFICER · Less than 5% · control person
- ChangedLINEHAN, TIMOTHY, JOHN · title DIRECTOR → DIRECTOR (NON-EXECUTIVE); no longer a control person
- ChangedLOCKEY, PETER, REEVE · title CHIEF OPERATING OFFICER, DIRECTOR, SHAREHOLDER AND COVERED OFFICER → MANAGING DIRECTOR, CHIEF OPERATING OFFICER, DIRECTOR, SHAREHOLDER AND COVERED OFFICER
- ChangedVILICNIK, IVANA · title SHAREHOLDER → DIRECTOR AND SHAREHOLDER; now a control person
- ChangedLOCKEY, PETER, REEVE · title CHIEF COMPLIANCE OFFICER, DIRECTOR, SHAREHOLDER AND COVERED OFFICER → CHIEF OPERATING OFFICER, DIRECTOR, SHAREHOLDER AND COVERED OFFICER
- ChangedLYNCH, JOHN, FRANCIS · ownership 5–10% → 10–25%
- ChangedLOCKEY, PETER, REEVE · title DIRECTOR AND SHAREHOLDER → CHIEF COMPLIANCE OFFICER, DIRECTOR, SHAREHOLDER AND COVERED OFFICER
- ListedBELL, JONATHAN · CHAIRMAN, DIRECTOR AND SHAREHOLDER · 50–75% · control person
- ListedBUTT, STEPHEN, CHARLES · CHAIRMAN · 50–75% · indirect via SILCHESTER PARTNERS LIMITED · control person
- ListedLINEHAN, TIMOTHY, JOHN · DIRECTOR · Less than 5% · control person
- ListedLOCKEY, PETER, REEVE · DIRECTOR AND SHAREHOLDER · 5–10% · control person
- ListedLYNCH, JOHN, FRANCIS · DIRECTOR AND SHAREHOLDER · 5–10% · control person
- ListedMANTLE, JACQUELINE · SHAREHOLDER · 5–10%
- ListedSILCHESTER PARTNERS LIMITED · SHAREHOLDER · 75% or more
- ListedTILK, RAINER · SHAREHOLDER · 5–10%
- ListedVILICNIK, IVANA · SHAREHOLDER · 5–10%
Quarter-over-quarter changes
Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.
Top Adds (vs prior quarter)
- COPA HOLDINGS SA$4.9M +28.0%
- BANCO MACRO SA$4.3M +11.8%
- ELDORADO GOLD CORP$3.0M +11.4%
- ERO COPPER CORP$3.0M +5.7%
- CREDICORP LTD$2.7M +7.3%
Top Trims
- KINROSS GOLD CORP-$32.2M -28.0%
- LAUREATE EDUCATION INC-$18.3M -98.7%
- VISTA ENERGY S.A.B. DE C.V.-$7.8M -11.1%
- PETROLEO BRASILEIRO SA PETRO-$3.2M -29.0%
Cape Ann Asset Management Ltd Holdings (2026-06-30)
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | KINROSS GOLD CORP | KGC | 496902404 | $82.9M | 19.09% | 3,510,314 | SH |
| 2 | VISTA ENERGY S.A.B. DE C.V. | VIST | 92837L109 | $62.5M | 14.39% | 979,693 | SH |
| 3 | ERO COPPER CORP | ERO | 296006109 | $54.9M | 12.65% | 2,053,705 | SH |
| 4 | TERNIUM SA | TX | 880890108 | $42.5M | 9.79% | 996,424 | SH |
| 5 | BANCO MACRO SA | BMA | 05961W105 | $40.7M | 9.38% | 439,918 | SH |
| 6 | CREDICORP LTD | BAP | G2519Y108 | $40.2M | 9.25% | 103,105 | SH |
| 7 | TENCENT MUSIC ENTMT GROUP | TME | 88034P109 | $37.0M | 8.51% | 4,426,136 | SH |
| 8 | ELDORADO GOLD CORP | EGO | 284902509 | $29.0M | 6.68% | 933,066 | SH |
| 9 | COPA HOLDINGS SA | CPA | P31076105 | $22.3M | 5.13% | 143,256 | SH |
| 10 | KASPI KZ JSC | KSPI | 48581R205 | $14.2M | 3.27% | 163,880 | SH |
| 11 | PETROLEO BRASILEIRO SA PETRO | PBR.A | 71654V101 | $7.9M | 1.82% | 540,913 | SH |
| 12 | LAUREATE EDUCATION INC | LAUR | 518613203 | $241.1K | 0.06% | 6,637 | SH |
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-06-30 | 2026-08-11 | $434.4M | 12 | 0000929638-26-002977 |
| 2026-03-31 | 2026-05-14 | $440.3M | 11 | 0000929638-26-001859 |
| 2025-12-31 | 2026-02-13 | $367.6M | 10 | 0000929638-26-000610 |
| 2025-09-30 | 2025-11-10 | $296.8M | 11 | 0000929638-25-004194 |
LONDON W1U 3ET