1y return+43.4%S&P 500 +20.9%
3y return+115.5%S&P 500 +68.5%
5y return+96.6%S&P 500 +74.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since December 31, 2019: $211 against $232 in the S&P 500.2
Cape Ann Asset Management LtdS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| KGCKinross Gold Corp | $82.9M | 19.1% | −6.9% |
| VISTVista Energy S.a.b. De C.v. | $62.5M | 14.4% | +5.1% |
| EROEro Copper Corp | $54.9M | 12.6% | +5.4% |
| TXTernium Sa | $42.5M | 9.8% | −6.7% |
| BMABanco Macro Sa | $40.7M | 9.4% | −6.6% |
| Credicorp LtdCUSIP G2519Y108 | $40.2M | 9.2% | −6.6% |
| TMETencent Music Entmt Group | $37.0M | 8.5% | New |
| EGOEldorado Gold Corp | $29.0M | 6.7% | +23.0% |
| Copa Holdings SaCUSIP P31076105 | $22.3M | 5.1% | −6.5% |
| KSPIKaspi Kz Jsc | $14.2M | 3.3% | −6.6% |
| PBR/APetroleo Brasileiro Sa Petro | $7.9M | 1.8% | −9.1% |
| LAURLaureate Education Inc | $241K | 0.1% | −98.8% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| KGCKinross Gold Corp | December 31, 2021 | +306.7% | $82.9M |
| TXTernium Sa | June 30, 2020 | +181.5% | $42.5M |
| Credicorp LtdCUSIP G2519Y108 | December 31, 2020 | +137.5% | $40.2M |
| LAURLaureate Education Inc | September 30, 2024 | +118.7% | $241K |
| PBR/APetroleo Brasileiro Sa Petro | June 30, 2020 | +83.7% | $7.9M |
| Copa Holdings SaCUSIP P31076105 | December 31, 2024 | +77.0% | $22.3M |
| EROEro Copper Corp | June 30, 2025 | +58.8% | $54.9M |
| VISTVista Energy S.a.b. De C.v. | June 30, 2025 | +33.4% | $62.5M |
| KSPIKaspi Kz Jsc | September 30, 2025 | +6.1% | $14.2M |
| BMABanco Macro Sa | December 31, 2024 | −4.3% | $40.7M |
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | −3.8% | +14.8% |
| March 31, 2026 | +7.9% | −4.6% |
| December 31, 2025 | +17.6% | +2.4% |
| September 30, 2025 | +17.5% | +7.8% |
| June 30, 2025 | +12.6% | +10.5% |
| March 31, 2025 | +8.4% | −4.6% |
| December 31, 2024 | −1.8% | +2.1% |
| September 30, 2024 | +9.2% | +5.4% |
| June 30, 2024 | +2.6% | +4.0% |
| March 31, 2024 | +3.9% | +10.0% |
| December 31, 2023 | +14.2% | +11.2% |
| September 30, 2023 | −5.8% | −3.6% |
| June 30, 2023 | +0.8% | +8.3% |
| March 31, 2023 | +14.1% | +7.0% |
| December 31, 2022 | +6.6% | +7.1% |
| September 30, 2022 | −17.9% | −5.3% |
| June 30, 2022 | −11.8% | −16.5% |
| March 31, 2022 | +4.6% | −4.9% |
| December 31, 2021 | −0.7% | +10.7% |
| September 30, 2021 | −1.0% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Cape Ann Asset Management Ltd Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1768237&type=13F-HR&dateb=&owner=include&count=40CIK 1768237
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1768237/000092963826002977/Filed August 11, 2026 · accession 0000929638-26-002977