Capricorn Fund Managers Limited
Capricorn Fund Managers Limited is an exempt reporting adviser based in London, United Kingdom that reports managing 11 hedge funds on Form ADV. Its private funds, of all types, hold $1.6 billion in gross assets. Its disclosed U.S. stock holdings returned an estimated +2.8% 2026 YTD through Jun 30 (S&P 500: +9.5%), based on 13F filings. Over a longer period they returned an estimated +27.6% from Q3 2024 to Q2 2026, compared with +37.2% for the S&P 500, based on 13F filings.
- Regulatory assets under management
- —Form ADV Item 5.F
- Gross assets of private funds
- $1.6 billionAll private fund types, Form ADV
- Hedge funds managed
- 1114 private funds in total
- Employees
- —Form ADV Item 5.A
- Registration
- Exempt reporting adviserCRD 323709
- Latest Form ADV
- 05/19/2026Disciplinary disclosures: none reported
Estimated 13F portfolio performance
Estimated by AltMountain, derived from the firm’s public Form 13F filings. Not reported by the firm and not the return of any fund.
| Quarter | Est. 13F return | S&P 500 |
|---|---|---|
| Q2 2026 | +11.0% | +14.8% |
| Q1 2026 | -7.4% | -4.6% |
| Q4 2025 | +4.5% | +2.4% |
| Q3 2025 | +13.1% | +7.8% |
| Q2 2025 | +4.8% | +10.4% |
| Q1 2025 | -9.2% | -4.5% |
| Q4 2024 | +6.4% | +2.1% |
| Q3 2024 | +3.7% | +5.4% |
Estimate of the firm's disclosed long U.S. stock portfolio from its quarterly 13F filings, holding each quarter-end portfolio to the next quarter-end at prices implied by all 13F filers. It is a price return before dividends and fees, ignores shorts, options, bonds, cash and trading within the quarter, and is not the return of any fund. Disclosures
Manager of this firm? Report your fund’s actual net return, or email hello@altmountain.com to correct or remove this estimate. Removal requests from the firm are honored.
13F holdings as of Sep 30, 2026
The 50 largest of 130 share positions ($1,054,885,051) reported by Capricorn Fund Managers Ltd on Form 13F for the quarter ended Sep 30, 2026, filed Nov 3, 2026. Shown as filed with the SEC. Original filing on SEC.gov ↗ The estimated return above runs through Jun 30, 2026; it is updated when the SEC publishes its complete data for the quarter.
| Stock | Value | % of 13F portfolio | Shares | Shares vs prior quarter |
|---|---|---|---|---|
| Shell PLC | $38,020,000 | 3.60% | 400,000 | -12.89% |
| Microsoft Corp | $33,605,208 | 3.19% | 65,520 | +102.58% |
| Lincoln Natl Corp Ind | $33,013,200 | 3.13% | 820,000 | New |
| Carvana Co | $32,715,925 | 3.10% | 523,120 | +10.13% |
| Bank Of Amer Corp | $27,895,375 | 2.64% | 512,500 | +12.03% |
| LPL Finl Hldgs Inc | $26,773,096 | 2.54% | 87,551 | -55.06% |
| Citigroup Inc | $26,543,400 | 2.52% | 205,000 | New |
| Xenon Pharmaceuticals Inc | $21,153,672 | 2.01% | 568,800 | +2,621.53% |
| Taiwan Semiconductor Manufac | $20,163,598 | 1.91% | 44,200 | Unchanged |
| Roivant Sciences LTD | $19,653,047 | 1.86% | 537,409 | +1,240.17% |
| Factset Resh SYS Inc | $19,446,928 | 1.84% | 72,039 | -3.30% |
| Affiliated Managers Group | $19,194,525 | 1.82% | 52,500 | -23.96% |
| Burlington Stores Inc | $17,631,334 | 1.67% | 65,988 | +407.60% |
| Nokia Corp | $17,595,455 | 1.67% | 1,735,252 | +3,015.24% |
| Guardant Health Inc | $17,319,113 | 1.64% | 97,102 | +205.59% |
| Corpay Inc | $17,098,400 | 1.62% | 44,000 | New |
| Brookdale SR Living Inc | $17,003,100 | 1.61% | 1,570,000 | Unchanged |
| West Pharmaceutical Svsc Inc | $16,115,825 | 1.53% | 43,467 | +132.44% |
| Cytokinetics Inc | $15,831,582 | 1.50% | 240,200 | +193.36% |
| British Amern Tob PLC | $15,232,000 | 1.44% | 280,000 | -35.67% |
| Axogen Inc | $14,787,657 | 1.40% | 352,759 | -24.12% |
| Figure Technology Solutio | $14,569,250 | 1.38% | 505,000 | New |
| Beauty Health Company (the) | $14,034,469 | 1.33% | 22,276,935 | New |
| Blend Labs Inc | $13,678,965 | 1.30% | 13,280,549 | +17.37% |
| Copart Inc | $13,640,000 | 1.29% | 500,000 | New |
| Sharkninja Inc | $13,509,000 | 1.28% | 75,000 | -14.77% |
| Karooooo LTD | $13,391,700 | 1.27% | 223,195 | -30.11% |
| Kingsway Corp | $13,200,507 | 1.25% | 1,389,527 | -1.49% |
| Five Below Inc | $13,174,200 | 1.25% | 60,000 | +41.18% |
| Reddit Inc | $12,819,600 | 1.22% | 90,000 | -25.00% |
| Price T Rowe Group Inc | $12,751,328 | 1.21% | 122,550 | -21.09% |
| Amer Sports Inc | $12,553,400 | 1.19% | 460,000 | +53.33% |
| MKS Inc. | $11,941,200 | 1.13% | 45,000 | New |
| On Hldg AG | $11,547,900 | 1.09% | 390,000 | +95.00% |
| Vodafone Group PLC | $11,305,000 | 1.07% | 700,000 | +134.11% |
| Gartner Inc | $11,192,400 | 1.06% | 60,000 | New |
| Kaspi KZ JSC | $11,138,585 | 1.06% | 118,420 | -0.40% |
| Celsius Hldgs Inc | $10,821,492 | 1.03% | 395,667 | +465.24% |
| Amazon Com Inc | $10,746,338 | 1.02% | 43,132 | -3.40% |
| Adaptive Biotechnologies Cor | $10,606,300 | 1.01% | 367,000 | +1,517.24% |
| Biohaven LTD | $10,210,093 | 0.97% | 764,801 | New |
| Meta Platforms Inc | $10,152,520 | 0.96% | 14,000 | +3.70% |
| Nice LTD | $9,968,679 | 0.95% | 89,590 | New |
| MSCI Inc | $9,868,790 | 0.94% | 18,321 | +123.84% |
| Marex Group LTD | $9,849,903 | 0.93% | 141,197 | New |
| Berkshire Hathaway Inc Del | $9,765,795 | 0.93% | 19,612 | -12.71% |
| Nu Hldgs LTD | $9,495,000 | 0.90% | 750,000 | New |
| Legence Corp | $9,394,000 | 0.89% | 175,000 | New |
| Alphabet Inc | $9,326,977 | 0.88% | 27,107 | -12.75% |
| Maxcyte Inc | $9,184,000 | 0.87% | 8,200,000 | Unchanged |
Changes since Jun 30, 2026
Comparing the share counts in the two quarter-end filings: 44 new positions, 81 sold out, 40 increased, 35 reduced and 11 unchanged.
New positions
| Stock | Value | Shares |
|---|---|---|
| Lincoln Natl Corp Ind | $33,013,200 | 820,000 |
| Citigroup Inc | $26,543,400 | 205,000 |
| Corpay Inc | $17,098,400 | 44,000 |
| Figure Technology Solutio | $14,569,250 | 505,000 |
| Beauty Health Company (the) | $14,034,469 | 22,276,935 |
| Copart Inc | $13,640,000 | 500,000 |
| MKS Inc. | $11,941,200 | 45,000 |
| Gartner Inc | $11,192,400 | 60,000 |
| Biohaven LTD | $10,210,093 | 764,801 |
| Nice LTD | $9,968,679 | 89,590 |
| Marex Group LTD | $9,849,903 | 141,197 |
| Nu Hldgs LTD | $9,495,000 | 750,000 |
| Legence Corp | $9,394,000 | 175,000 |
| Dollar Gen Corp | $7,354,170 | 61,500 |
| Waters Corp | $7,293,435 | 16,599 |
| SPDR Gold TR | $6,893,204 | 18,100 |
| Rhythm Pharmaceuticals Inc | $4,776,556 | 50,166 |
| Ermenegildo Zegna N V | $4,750,000 | 380,000 |
| Pacific Biosciences Calif In | $4,580,317 | 1,932,623 |
| Barclays PLC | $4,021,563 | 165,701 |
Sold out
| Stock | Value at Jun 30, 2026 | Shares held then |
|---|---|---|
| Applovin Corp | $31,571,233 | 61,276 |
| Ing Groep N.V. | $28,242,000 | 900,000 |
| GSK PLC | $22,352,727 | 426,416 |
| NRG Energy Inc | $22,055,060 | 151,000 |
| Travere Therapeutics Inc | $18,276,970 | 321,721 |
| Broadcom Inc | $17,943,125 | 47,500 |
| Skinhealth Systems Inc | $15,426,777 | 22,276,935 |
| Rio Tinto PLC | $15,214,906 | 160,275 |
| Liquidia Corporation | $14,527,205 | 182,205 |
| Roper Technologies Inc | $14,217,000 | 42,000 |
| Zymeworks Inc | $12,717,868 | 486,529 |
| Vistra Corp | $12,690,400 | 80,000 |
| Liftoff Mobile Inc | $12,215,395 | 508,551 |
| Mirum Pharmaceuticals Inc | $11,852,167 | 101,240 |
| WPP PLC New | $10,471,240 | 676,000 |
| Sysco Corp | $10,029,600 | 120,000 |
| Envista Holdings Corporation | $8,406,388 | 319,028 |
| Moonlake Immunotherapeutics | $7,294,892 | 374,866 |
| Applied Aerospace & Defense | $7,061,800 | 310,000 |
| Schrodinger Inc | $7,057,716 | 434,321 |
Largest increases
| Stock | Change in shares | Change | Value now | Shares now |
|---|---|---|---|---|
| Xenon Pharmaceuticals Inc | +547,900 | +2,621.53% | $21,153,672 | 568,800 |
| Roivant Sciences LTD | +497,309 | +1,240.17% | $19,653,047 | 537,409 |
| Nokia Corp | +1,679,550 | +3,015.24% | $17,595,455 | 1,735,252 |
| Microsoft Corp | +33,177 | +102.58% | $33,605,208 | 65,520 |
| Burlington Stores Inc | +52,988 | +407.60% | $17,631,334 | 65,988 |
| Guardant Health Inc | +65,327 | +205.59% | $17,319,113 | 97,102 |
| Cytokinetics Inc | +158,321 | +193.36% | $15,831,582 | 240,200 |
| Adaptive Biotechnologies Cor | +344,307 | +1,517.24% | $10,606,300 | 367,000 |
| West Pharmaceutical Svsc Inc | +24,767 | +132.44% | $16,115,825 | 43,467 |
| Celsius Hldgs Inc | +325,667 | +465.24% | $10,821,492 | 395,667 |
| Vita Coco Co Inc | +131,000 | +873.33% | $8,359,230 | 146,000 |
| Vodafone Group PLC | +401,000 | +134.11% | $11,305,000 | 700,000 |
| On Hldg AG | +190,000 | +95.00% | $11,547,900 | 390,000 |
| MSCI Inc | +10,136 | +123.84% | $9,868,790 | 18,321 |
| Amer Sports Inc | +160,000 | +53.33% | $12,553,400 | 460,000 |
| Five Below Inc | +17,500 | +41.18% | $13,174,200 | 60,000 |
| Pfizer Inc | +122,438 | +553.27% | $4,123,079 | 144,568 |
| Boot Barn Hldgs Inc | +25,500 | +62.96% | $7,951,020 | 66,000 |
| Carvana Co | +48,120 | +10.13% | $32,715,925 | 523,120 |
| Bank Of Amer Corp | +55,045 | +12.03% | $27,895,375 | 512,500 |
Largest reductions
| Stock | Change in shares | Change | Value now | Shares now |
|---|---|---|---|---|
| KKR & Co Inc | -438,800 | -95.37% | $1,944,690 | 21,300 |
| BP PLC | -834,203 | -84.76% | $6,598,500 | 150,000 |
| LPL Finl Hldgs Inc | -107,261 | -55.06% | $26,773,096 | 87,551 |
| Sea LTD | -112,983 | -75.32% | $3,603,975 | 37,017 |
| British Amern Tob PLC | -155,252 | -35.67% | $15,232,000 | 280,000 |
| Mettler Toledo International | -4,580 | -80.21% | $1,707,374 | 1,130 |
| Affiliated Managers Group | -16,545 | -23.96% | $19,194,525 | 52,500 |
| Karooooo LTD | -96,151 | -30.11% | $13,391,700 | 223,195 |
| Shell PLC | -59,200 | -12.89% | $38,020,000 | 400,000 |
| Axogen Inc | -112,104 | -24.12% | $14,787,657 | 352,759 |
| Reddit Inc | -30,000 | -25.00% | $12,819,600 | 90,000 |
| Natwest Group PLC | -231,090 | -39.35% | $6,465,030 | 356,200 |
| Boost Run Inc | -250,000 | -33.33% | $8,250,000 | 500,000 |
| Capital One Finl Corp | -20,136 | -39.81% | $5,878,982 | 30,450 |
| Pinnacle Finl Partners Inc | -39,698 | -77.57% | $1,074,736 | 11,481 |
| Price T Rowe Group Inc | -32,750 | -21.09% | $12,751,328 | 122,550 |
| Luxexperience BV | -342,048 | -37.57% | $5,637,774 | 568,324 |
| Charles Riv Labs Intl Inc | -10,277 | -32.86% | $6,194,325 | 20,997 |
| Apollo Global Mgmt Inc | -20,751 | -67.48% | $1,160,600 | 10,000 |
| Sharkninja Inc | -13,000 | -14.77% | $13,509,000 | 75,000 |
Each list shows up to 20 positions, largest first by dollar amount. Changes compare two quarter-end snapshots, with the earlier share count adjusted for stock splits AltMountain detected. They do not show when, or at what price, anything was bought or sold.
From public Form 13F filings, not verified. Form 13F is filed up to 45 days after the quarter ends, so positions may have changed. It lists only certain long positions in U.S.-listed stocks and exchange-traded funds; options are not shown here, and short positions, most bonds, cash, non-U.S. securities and private investments are not reported at all, so a holding may be one side of a hedge. A filing covers the manager as a whole, not any single fund, and filings contain errors. This is not investment advice or a recommendation to buy or sell any security. Disclosures
Hedge funds filing Form D (2)
Matched to this firm by the fund names and related persons in each Form D. The list may be incomplete.
Private investment funds filing Form D (1)
Matched to this firm by the fund names and related persons in each Form D. The list may be incomplete.
Private funds reported on Form ADV (11)
As reported in the adviser's Form ADV filed Mar 28, 2024. Funds also listed from Form D are shown above.
From SEC filings. Firm data comes from the SEC's Form ADV data as of Oct 2, 2026; performance estimates come from Form 13F. AltMountain has not verified this information, and it is not an offer, solicitation or recommendation. Full disclosures