13F HOLDINGS REPORT
Capricorn Fund Managers Ltd
Quarter ended Q4 2025 · Filed January 21, 2026 · Accession 0001901361-26-000001
Total Value
$414.9M
Positions
83
Other Managers
0
Confidential Omitted
No
Holdings (83)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | Zymeworks | ZYME | 1,022,840 | $26.9M | 6.49% |
| 2 | WAYSTAR HOLDING ORD | WAY | 638,263 | $20.9M | 5.04% |
| 3 | STRUCTURE THERAPEUTICS INC | GPCR | 252,600 | $17.6M | 4.23% |
| 4 | Nuvation Bio | NUVB | 1,588,854 | $14.2M | 3.43% |
| 5 | Microsoft Corp | MSFT | 28,733 | $13.9M | 3.35% |
| 6 | Guardant Health | GH | 107,787 | $11.0M | 2.65% |
| 7 | Amazon.com | AMZN | 47,650 | $11.0M | 2.65% |
| 8 | Karooooo Ltd | KARO | 238,078 | $10.8M | 2.61% |
| 9 | Exact Sciences Corp | 30063P105 | 96,685 | $9.8M | 2.37% |
| 10 | Alphabet Inc - Class A | GOOG | 31,066 | $9.7M | 2.34% |
| 11 | Roivant Sciences Ltd | ROIV | 445,500 | $9.7M | 2.33% |
| 12 | BioLife Solutions | BLFS | 378,550 | $9.2M | 2.21% |
| 13 | ASTERA LABS ORD | ALAB | 50,000 | $8.3M | 2.00% |
| 14 | VISA | V | 22,644 | $7.9M | 1.91% |
| 15 | Sotera Health Company | SHC | 449,900 | $7.9M | 1.91% |
| 16 | Electronic Arts | EA | 38,549 | $7.9M | 1.90% |
| 17 | Norfolk Southern Corp | 655844108 | 25,000 | $7.2M | 1.74% |
| 18 | ONESTREAM INC | OS | 380,000 | $7.0M | 1.68% |
| 19 | Terex Corp | TEX | 130,000 | $6.9M | 1.67% |
| 20 | HealthEquity | HQY | 75,602 | $6.9M | 1.67% |
| 21 | Chart Industries | 16115Q308 | 33,383 | $6.9M | 1.66% |
| 22 | Phibro Animal Health Corp | PAHC | 184,101 | $6.9M | 1.66% |
| 23 | Glaukos Corp | GKOS | 60,000 | $6.8M | 1.63% |
| 24 | CyberArk Software Ltd | M2682V108 | 14,841 | $6.6M | 1.60% |
| 25 | LUXEXPERIENCE ADS REP ORD | 55406W103 | 754,909 | $6.3M | 1.52% |
| 26 | RealReal (The) | 88339P101 | 392,897 | $6.2M | 1.49% |
| 27 | Terns Pharmaceuticals | TERN | 151,436 | $6.1M | 1.47% |
| 28 | Berkshire Hathaway | BRK-A | 11,854 | $6.0M | 1.44% |
| 29 | Meta Platforms | META | 9,019 | $6.0M | 1.43% |
| 30 | DAYFORCE ORD | 15677J108 | 85,033 | $5.9M | 1.42% |
| 31 | TXNM ENERGY ORD | TXNM | 88,529 | $5.2M | 1.26% |
| 32 | Avidity Biosciences | 05370A108 | 68,463 | $4.9M | 1.19% |
| 33 | KENVUE ORD | KVUE | 282,485 | $4.9M | 1.17% |
| 34 | LOAR HOLDINGS ORD | LOAR | 70,000 | $4.8M | 1.15% |
| 35 | Warner Bros Discovery | WBD | 163,668 | $4.7M | 1.14% |
| 36 | Restaurant Brands International | 76131D103 | 65,089 | $4.4M | 1.07% |
| 37 | Apollo Global Management | 03769M106 | 29,693 | $4.3M | 1.04% |
| 38 | Pfizer | PFE | 165,569 | $4.1M | 0.99% |
| 39 | Applovin Corp | APP | 6,000 | $4.0M | 0.97% |
| 40 | Confluent | 20717M103 | 130,391 | $3.9M | 0.95% |
| 41 | Union Pacific Corp | UNP | 16,890 | $3.9M | 0.94% |
| 42 | Hillenbrand | 431571108 | 122,961 | $3.9M | 0.94% |
| 43 | Madrigal Pharmaceuticals | MDGL | 6,600 | $3.8M | 0.93% |
| 44 | PepsiCo | PEP | 26,166 | $3.8M | 0.91% |
| 45 | BRIGHTSPRING HEALTH SVCS INC | 10950A106 | 100,000 | $3.7M | 0.90% |
| 46 | KODIAK GAS SVCS INC | 50012A108 | 100,000 | $3.7M | 0.90% |
| 47 | Linde plc | LIN | 8,114 | $3.5M | 0.83% |
| 48 | WAYSTAR HOLDING ORD | WAY | 100,000 | $3.3M | 0.79% |
| 49 | Occidental Petroleum Corp | 674599105 | 76,877 | $3.2M | 0.76% |
| 50 | Clearwater Analytics Holdings | CWAN | 124,611 | $3.0M | 0.72% |
| 51 | Amicus Therapeutics | FOLD | 210,674 | $3.0M | 0.72% |
| 52 | TransDigm Group | TDG | 2,000 | $2.7M | 0.64% |
| 53 | Axalta Coating Systems Ltd | AXTA | 80,000 | $2.6M | 0.62% |
| 54 | iShares iBoxx $ High Yield | 464288513 | 31,308 | $2.5M | 0.61% |
| 55 | Chevron Corp | CVX | 16,363 | $2.5M | 0.60% |
| 56 | Chewy | CHWY | 65,948 | $2.2M | 0.53% |
| 57 | Frontier Communications Parent | 35909D109 | 51,847 | $2.0M | 0.48% |
| 58 | CONTEXTLOGIC HOLDINGS ORD | LOGC | 250,000 | $1.9M | 0.46% |
| 59 | Tarsus Pharmaceuticals | TARS | 21,982 | $1.8M | 0.43% |
| 60 | ISHARES BITCOIN ETF | IBIT | 34,601 | $1.7M | 0.41% |
| 61 | Jazz Pharmaceuticals plc | JAZZ | 10,000 | $1.7M | 0.41% |
| 62 | Taysha Gene Therapies | TSHA | 300,000 | $1.6M | 0.40% |
| 63 | Charles Schwab Corp (The) | SCHW-PJ | 15,506 | $1.5M | 0.37% |
| 64 | Bank of America Corp | 060505104 | 25,465 | $1.4M | 0.34% |
| 65 | Uber Technologies | UBER | 16,843 | $1.4M | 0.33% |
| 66 | JSC KASPI GLOBAL SPON ADS REP ORD | 48581R205 | 17,000 | $1.3M | 0.32% |
| 67 | Brookfield Corp | 11271J107 | 28,112 | $1.3M | 0.31% |
| 68 | iShares iBoxx $ Investment Grade | 464287242 | 11,442 | $1.3M | 0.30% |
| 69 | Burford Capital Limited | BUR | 135,000 | $1.2M | 0.29% |
| 70 | PayPal Holdings | PYPL | 20,162 | $1.2M | 0.28% |
| 71 | Walt Disney Company (The) | 254687106 | 10,332 | $1.2M | 0.28% |
| 72 | Coca-Cola Europacific Partners | CCEP | 12,600 | $1.1M | 0.28% |
| 73 | Wyndham Hotels & Resorts | WH | 13,920 | $1.1M | 0.25% |
| 74 | EVOMMUNE ORD | EVMN | 60,000 | $1.0M | 0.25% |
| 75 | Denali Therapeutics | DNLI | 62,197 | $1.0M | 0.25% |
| 76 | AMER SPORTS ORD | AS | 22,800 | $851,580 | 0.21% |
| 77 | KLAVIYO INC | KVYO | 20,000 | $649,400 | 0.16% |
| 78 | BETA TECHNOLOGIES CL A ORD | BETA | 20,000 | $564,200 | 0.14% |
| 79 | Borr Drilling Limited | BORR | 110,000 | $443,300 | 0.11% |
| 80 | TEGNA | 87901J105 | 12,435 | $241,363 | 0.06% |
| 81 | ARDMORE SHIPPING Corp | ASC | 14,000 | $148,260 | 0.04% |
| 82 | Talos Energy | TALO | 12,500 | $137,750 | 0.03% |
| 83 | D MARKET ELECTRONIC SERVICES TRA ADR | 23292B104 | 29,185 | $72,379 | 0.02% |