Capricorn Fund Managers Ltd

LONDON, X0 · CIK 1901361 · 13F filing filed 2026-07-24

Exempt reporting adviser since 2022 · other (specify)

Private funds14 (11 hedge) · $1.6bn gross assets
Websitecapricornfundmanagers.com
Form ADV · 2026-05-19SEC adviser record

Legal entityCAPRICORN FUND MANAGERS LIMITED (GB)

$1.3bn reported value +94.9% vs Q1 2026

167positions

27.4%in top 10

94 new 29 added 25 reduced 41 sold out vs Q1 2026

Options: 10 call positions ($18.1m notional), 1 put positions ($200.5k notional) – listed below, not included above.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	LPL FINL HLDGS INC COM LPLA	LPLA	194,812	$54.9m4.39%	4.39%	New
2	KKR & CO INC COM KKR	KKR	460,100	$42.2m3.38%	3.38%	Added +248.1k	+248,100 117.0%
3	BP PLC SPONSORED ADR BP	BP	984,203	$36.4m2.91%	2.91%	New
4	SHELL PLC SPON ADS SHEL	SHEL	459,200	$35.6m2.85%	2.85%	New
5	APPLOVIN CORP COM CL A APP	APP	61,276	$31.6m2.52%	2.52%	New
6	CARVANA CO CL A CVNA	CVNA	475,000	$31.3m2.50%	2.50%	Unchanged
7	BOOST RUN INC ORD SHS CL A BRUN	BRUN	750,000	$29.1m2.33%	2.33%	New
8	ING GROEP N.V. SPONSORED ADR ING	ING	900,000	$28.2m2.26%	2.26%	New
9	BRITISH AMERN TOB PLC SPONSORED ADR BTI	BTI	435,252	$26.9m2.15%	2.15%	Added +288.3k	+288,252 196.1%
10	BANK AMERICA CORP COM BAC	BAC	457,455	$26.1m2.08%	2.08%	Reduced -79.5k	-79,545 -14.8%
11	BROOKDALE SR LIVING INC COM BKD	BKD	1,570,000	$25.3m2.02%	2.02%	New
12	AFFILIATED MANAGERS GROUP IN COM AMG	AMG	69,045	$23.4m1.87%	1.87%	New
13	GSK PLC SPONSORED ADR GSK	GSK	426,416	$22.4m1.79%	1.79%	New
14	NRG ENERGY INC COM NEW NRG	NRG	151,000	$22.1m1.76%	1.76%	New
15	AXOGEN INC COM AXGN	AXGN	464,863	$21.5m1.72%	1.72%	Reduced -222.7k	-222,737 -32.4%
16	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	44,200	$21.1m1.69%	1.69%	New
17	REDDIT INC CL A RDDT	RDDT	120,000	$20.8m1.67%	1.67%	New
18	BLEND LABS INC CL A BLND	BLND	11,314,649	$19.3m1.55%	1.55%	Added +4.8m	+4,815,142 74.1%
19	TRAVERE THERAPEUTICS INC COM TVTX	TVTX	321,721	$18.3m1.46%	1.46%	New
20	BROADCOM INC COM AVGO	AVGO	47,500	$17.9m1.43%	1.43%	New
21	PRICE T ROWE GROUP INC COM TROW	TROW	155,300	$17.7m1.41%	1.41%	Added +71.8k	+71,825 86.0%
22	FACTSET RESH SYS INC COM FDS	FDS	74,500	$17.1m1.37%	1.37%	New
23	KAROOOOO LTD ORD SHS KARO	KARO	319,346	$15.8m1.26%	1.26%	Added +41.0k	+41,000 14.7%
24	THE BEAUTY HEALTH COMPANY COM CL A COM CL A		22,276,935	$15.4m1.23%	1.23%	Added +2.9m	+2,872,743 14.8%
25	RIO TINTO PLC SPONSORED ADR RIO	RIO	160,275	$15.2m1.22%	1.22%	New
26	KINGSWAY FINL SVCS INC COM NEW KWY	KWY	1,410,526	$14.7m1.18%	1.18%	Reduced -374.4k	-374,367 -21.0%
27	LIQUIDIA CORPORATION COM NEW LQDA	LQDA	182,205	$14.5m1.16%	1.16%	Reduced -65.2k	-65,200 -26.4%
28	SEA LTD SPONSORD ADS SE	SE	150,000	$14.4m1.15%	1.15%	New
29	ROPER TECHNOLOGIES INC COM ROP	ROP	42,000	$14.2m1.14%	1.14%	New
30	SHARKNINJA INC COM SHS SN	SN	88,000	$13.4m1.07%	1.07%	Added +24.0k	+24,000 37.5%
31	ZYMEWORKS INC COM ZYME	ZYME	486,529	$12.7m1.02%	1.02%	Reduced -520.7k	-520,681 -51.7%
32	VISTRA CORP COM VST	VST	80,000	$12.7m1.01%	1.01%	New
33	LIFTOFF MOBILE INC COM LFTO	LFTO	508,551	$12.2m0.98%	0.98%	New
34	MICROSOFT CORP COM MSFT	MSFT	32,343	$12.1m0.96%	0.96%	Unchanged
35	MIRUM PHARMACEUTICALS INC COM MIRM	MIRM	101,240	$11.9m0.95%	0.95%	New
36	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	22,468	$11.2m0.90%	0.90%	Unchanged
37	ALPHABET INC CAP STK CL A GOOGL	GOOGL	31,067	$11.1m0.89%	0.89%	Unchanged
38	AMAZON COM INC COM AMZN	AMZN	44,648	$10.6m0.85%	0.85%	Unchanged
39	WPP PLC NEW ADR WPP	WPP	676,000	$10.5m0.84%	0.84%	New
40	NATWEST GROUP PLC SPONS ADR NWG	NWG	587,290	$10.4m0.83%	0.83%	New
41	KASPI KZ JSC SPONSORED ADS KSPI	KSPI	118,900	$10.3m0.82%	0.82%	Unchanged
42	AMER SPORTS INC COM SHS AS	AS	300,000	$10.2m0.81%	0.81%	Added +115.0k	+115,000 62.2%
43	CAPITAL ONE FINL CORP COM COF	COF	50,586	$10.1m0.81%	0.81%	New
44	MAXCYTE INC COM MXCT	MXCT	8,200,000	$10.1m0.81%	0.81%	Unchanged
45	SYSCO CORP COM SYY	SYY	120,000	$10.0m0.80%	0.80%	New
46	ENVISTA HOLDINGS CORPORATION COM NVST	NVST	319,028	$8.4m0.67%	0.67%	Reduced -427.2k	-427,172 -57.2%
47	FERMI INC COM FRMI	FRMI	875,000	$8.0m0.64%	0.64%	New
48	FIVE BELOW INC COM FIVE	FIVE	42,500	$7.6m0.61%	0.61%	Added +30.0k	+30,000 240.0%
49	META PLATFORMS INC CL A META	META	13,500	$7.6m0.61%	0.61%	Unchanged
50	MOONLAKE IMMUNOTHERAPEUTICS CLASS A ORD MLTX	MLTX	374,866	$7.3m0.58%	0.58%	New
51	METTLER TOLEDO INTERNATIONAL COM MTD	MTD	5,710	$7.3m0.58%	0.58%	New
52	FLUTTER ENTMT PLC SHS FLUT	FLUT	70,000	$7.2m0.57%	0.57%	Added +34.0k	+34,000 94.4%
53	CHARLES RIV LABS INTL INC COM CRL	CRL	31,274	$7.1m0.57%	0.57%	New
54	ON HLDG AG NAMEN AKT A ONON	ONON	200,000	$7.1m0.57%	0.57%	Added +60.4k	+60,429 43.3%
55	APPLIED AEROSPACE & DEFENSE COMMON STOCK AADX	AADX	310,000	$7.1m0.56%	0.56%	New
56	SCHRODINGER INC COM SDGR	SDGR	434,321	$7.1m0.56%	0.56%	New
57	VISA INC COM CL A V	V	20,555	$7.1m0.56%	0.56%	Added +1.0k	+1,000 5.1%
58	CYTOKINETICS INC COM NEW CYTK	CYTK	81,879	$7.0m0.56%	0.56%	New
59	ABBVIE INC COM ABBV	ABBV	27,397	$6.9m0.55%	0.55%	Unchanged
60	STANDARDAERO INC COM SARO	SARO	230,491	$6.9m0.55%	0.55%	Added +99.8k	+99,786 76.3%
61	THE REALREAL INC COM REAL	REAL	581,571	$6.9m0.55%	0.55%	Added +32.8k	+32,841 6.0%
62	SCHWAB CHARLES CORP COM SCHW	SCHW	73,700	$6.8m0.54%	0.54%	New
63	LUXEXPERIENCE BV ADS LUXE	LUXE	910,372	$6.8m0.54%	0.54%	Reduced -112.8k	-112,800 -11.0%
64	BRINKER INTL INC COM EAT	EAT	40,000	$6.7m0.54%	0.54%	Added +6.0k	+6,000 17.6%
65	WEST PHARMACEUTICAL SVSC INC COM WST	WST	18,700	$6.7m0.54%	0.54%	New
66	BOOT BARN HLDGS INC COM BOOT	BOOT	40,500	$6.7m0.53%	0.53%	New
67	TAPESTRY INC COM TPR	TPR	42,000	$6.1m0.49%	0.49%	Added +18.0k	+18,000 75.0%
68	FLAGSTAR FINANCIAL INC COM NEW FLG	FLG	398,200	$5.9m0.48%	0.48%	New
69	LOAR HOLDINGS INC COM SHS LOAR	LOAR	71,999	$5.8m0.46%	0.46%	Added +26.7k	+26,672 58.8%
70	BRIGHTSPRING HEALTH SVCS INC COM BTSG	BTSG	78,718	$5.5m0.44%	0.44%	Reduced -27.5k	-27,478 -25.9%
71	DECKERS OUTDOOR CORP COM DECK	DECK	54,000	$5.4m0.43%	0.43%	Added +14.0k	+14,000 35.0%
72	PTC THERAPEUTICS INC COM PTCT	PTCT	63,900	$5.2m0.42%	0.42%	New
73	PINNACLE FINL PARTNERS INC COM PNFP	PNFP	51,179	$5.2m0.41%	0.41%	New
74	BRUKER CORP COM BRKR	BRKR	85,100	$5.1m0.41%	0.41%	New
75	LAZARD INC COM LAZ	LAZ	121,900	$5.1m0.41%	0.41%	New
76	HEALTHPEAK PROPERTIES INC COM DOC	DOC	228,200	$4.9m0.39%	0.39%	New
77	GUARDANT HEALTH INC COM GH	GH	31,775	$4.8m0.38%	0.38%	New
78	KODIAK GAS SVCS INC COM KGS	KGS	61,365	$4.6m0.37%	0.37%	Added +21.3k	+21,336 53.3%
79	MSCI INC COM MSCI	MSCI	8,185	$4.6m0.37%	0.37%	New
80	PEPSICO INC COM PEP	PEP	33,496	$4.5m0.36%	0.36%	Reduced -20.0k	-20,034 -37.4%
81	DIAGEO PLC SPON ADR NEW DEO	DEO	54,000	$4.3m0.35%	0.35%	Added +39.0k	+39,000 260.0%
82	LEVI STRAUSS & CO NEW CL A COM STK LEVI	LEVI	168,700	$4.2m0.33%	0.33%	Added +3.7k	+3,700 2.2%
83	BURLINGTON STORES INC COM BURL	BURL	13,000	$4.1m0.33%	0.33%	Added +3.0k	+3,000 30.0%
84	AGILENT TECHNOLOGIES INC COM A	A	30,717	$4.1m0.33%	0.33%	Reduced -40.9k	-40,883 -57.1%
85	COCA COLA CO COM KO	KO	50,000	$4.1m0.32%	0.32%	Added +20.0k	+20,000 66.7%
86	WELLS FARGO CO NEW COM WFC	WFC	48,900	$4.0m0.32%	0.32%	New
87	RALPH LAUREN CORP CL A RL	RL	9,882	$4.0m0.32%	0.32%	Reduced -3.4k	-3,398 -25.6%
88	VODAFONE GROUP PLC NEW SPONSORED ADR VOD	VOD	299,000	$4.0m0.32%	0.32%	New
89	GILEAD SCIENCES INC COM GILD	GILD	31,200	$3.9m0.32%	0.32%	New
90	ROSS STORES INC COM ROST	ROST	18,500	$3.9m0.31%	0.31%	Reduced -4.5k	-4,500 -19.6%
91	ECOLAB INC COM ECL	ECL	13,488	$3.8m0.30%	0.30%	Added +6.2k	+6,210 85.3%
92	BROOKFIELD ASSET MANAGMT LTD CL A LMT VTG SHS BAM	BAM	82,400	$3.7m0.30%	0.30%	New
93	APOLLO GLOBAL MGMT INC COM APO	APO	30,751	$3.6m0.29%	0.29%	Reduced -20.2k	-20,249 -39.7%
94	CEREBRAS SYSTEMS INC COM CL A CBRS	CBRS	15,682	$3.5m0.28%	0.28%	New
95	TARGET CORP COM TGT	TGT	26,000	$3.4m0.27%	0.27%	Added +11.6k	+11,624 80.9%
96	ROBINHOOD MKTS INC COM CL A HOOD	HOOD	33,700	$3.4m0.27%	0.27%	Reduced -89.8k	-89,800 -72.7%
97	EATON CORP PLC SHS ETN	ETN	7,926	$3.4m0.27%	0.27%	New
98	LINDE PLC SHS LIN	LIN	6,338	$3.3m0.26%	0.26%	Added +370	+370 6.2%
99	CRH PLC ORD CRH	CRH	30,000	$3.2m0.26%	0.26%	New
100	OLLIES BARGAIN OUTLET HLDGS COM OLLI	OLLI	40,000	$3.1m0.25%	0.25%	New

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
NORFOLK SOUTHN CORP NSC	NSC	61,117	$17.5m61.1k shares
PRIMERICA INC PRI	PRI	68,041	$17.0m68.0k shares
ELECTRONIC ARTS INC EA	EA	75,898	$15.5m75.9k shares
PHIBRO ANIMAL HEALTH CORP PAHC	PAHC	267,045	$14.8m267.0k shares
ENLIVEN THERAPEUTICS INC ELVN	ELVN	369,400	$14.5m369.4k shares
CHART INDS INC GTLS	GTLS	56,989	$11.8m57.0k shares
TXNM ENERGY INC TXNM	TXNM	151,009	$8.8m151.0k shares
ALIGN TECHNOLOGY INC ALGN	ALGN	47,400	$8.1m47.4k shares
AMICUS THERAPEUTICS INC FOLD	FOLD	534,079	$7.7m534.1k shares
HOLOGIC INC HOLX	HOLX	64,869	$4.9m64.9k shares
MASIMO CORP MASI	MASI	22,811	$4.1m22.8k shares
WARNER BROS DISCOVERY INC WBD	WBD	107,939	$3.0m107.9k shares
RENAISSANCERE HLDGS LTD RNR	RNR	9,774	$2.9m9.8k shares
ISHARES TR HYG	HYG	35,518	$2.8m35.5k shares
ANTERIS TECHNOLOGIES GLOBAL AVR	AVR	500,525	$2.8m500.5k shares
VERA THERAPEUTICS INC VERA	VERA	64,604	$2.6m64.6k shares
VIRTU FINL INC VIRT	VIRT	54,668	$2.4m54.7k shares
CONSTELLATION BRANDS INC STZ	STZ	15,500	$2.3m15.5k shares
10X GENOMICS INC TXG	TXG	101,800	$2.2m101.8k shares
NETFLIX INC NFLX	NFLX	22,260	$2.1m22.3k shares
BIOCRYST PHARMACEUTICALS INC BCRX	BCRX	202,900	$1.9m202.9k shares
PENUMBRA INC PEN	PEN	5,879	$1.9m5.9k shares
MEDLINE INC MDLN	MDLN	42,455	$1.9m42.5k shares
TARSUS PHARMACEUTICALS INC TARS	TARS	26,000	$1.8m26.0k shares
BOSTON SCIENTIFIC CORP BSX	BSX	28,100	$1.8m28.1k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
NU HLDGS LTD NU · Call	NU	Call	30,000	$4.4m30.0k shares	New
APPLOVIN CORP APP · Call	APP	Call	500	$3.6m500 shares	New
FERMI INC FRMI · Call	FRMI	Call	10,000	$3.5m10.0k shares	New
NRG ENERGY INC NRG · Call	NRG	Call	1,500	$2.1m1.5k shares	New
AMAZON COM INC AMZN · Call	AMZN	Call	2,000	$1.6m2.0k shares	New
SEA LTD SE · Call	SE	Call	1,500	$937.5k1.5k shares	New
MICROSOFT CORP MSFT · Call	MSFT	Call	1,000	$891.4k1.0k shares	New
DICKS SPORTING GOODS INC DKS · Call	DKS	Call	1,000	$685.0k1.0k shares	New
SELECT SECTOR SPDR TR XLE · Call	XLE	Call	80,000	$324.8k80.0k shares	New
SPDR S&P 500 ETF TR SPY · Put	SPY	Put	1,000	$200.5k1.0k shares	New
SHELL PLC SHEL · Call	SHEL	Call	5,000	$30.9k5.0k shares	New

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
THE BEAUTY HEALTH COMPANY 13G · filed 2026-07-13		17.2%≈ $15.4m	+2.0 pts	13G	2026-07-13
MAXCYTE INC MXCT · 13G · filed 2026-02-05	MXCT	7.7%≈ $10.1m	new	13G	2026-02-05
BLEND LABS INC BLND · 13G · filed 2026-10-16	BLND	5.6%≈ $22.7m	new	13G	2026-10-16