Cape Ann Asset Management Ltd

Portfolio Overview

Cape Ann Asset Management Ltd disclosed 12 positions worth $434.4M in its Form 13F-HR for Q2 2026, led by $KGC (KINROSS GOLD CORP) at 19.1% of the equity portfolio, followed by $VIST and $ERO. During the quarter the fund opened 1 new position and exited 0 — including a new stake in $TME. The portfolio is most concentrated in Materials (48.2% of disclosed assets). All figures are sourced directly from Cape Ann Asset Management Ltd’s Form 13F-HR filing with the SEC under CIK 1768237.

• 

  KINROSS GOLD CORP

  $KGC

  —

  Quality

  $82.9M3,510,314 sh
• 

  Vista Energy, S.A.B. de C.V.

  $VIST

  —

  Quality

  $62.5M979,693 sh
• 

  Ero Copper Corp.

  $ERO

  —

  Quality

  $54.9M2,053,705 sh
• 

  Ternium S.A.

  $TX

  —

  Quality

  $42.5M996,424 sh
• 

  Macro Bank Inc.

  $BMA

  —

  Quality

  $40.7M439,918 sh
• 

  CREDICORP LTD

  $BAP

  —

  Quality

  $40.2M103,105 sh
• 

  Tencent Music Entertainment Group

  $TME

  —

  Quality

  $37.0M4,426,136 sh
• 

  ELDORADO GOLD CORP /FI

  $EGO

  —

  Quality

  $29.0M933,066 sh
• 

  Copa Holdings, S.A.

  $CPA

  —

  Quality

  $22.3M143,256 sh
• 

  Joint Stock Co Kaspi.kz

  $KSPI

  —

  Quality

  $14.2M163,880 sh

Company	Quality	Value	Shares
KINROSS GOLD CORP$KGC	—	$82.9M	3,510,314
Vista Energy, S.A.B. de C.V.$VIST	—	$62.5M	979,693
Ero Copper Corp.$ERO	—	$54.9M	2,053,705
Ternium S.A.$TX	—	$42.5M	996,424
Macro Bank Inc.$BMA	—	$40.7M	439,918
CREDICORP LTD$BAP	—	$40.2M	103,105
Tencent Music Entertainment Group$TME	—	$37.0M	4,426,136
ELDORADO GOLD CORP /FI$EGO	—	$29.0M	933,066
Copa Holdings, S.A.$CPA	—	$22.3M	143,256
Joint Stock Co Kaspi.kz$KSPI	—	$14.2M	163,880

Showing top 10 of 12 holdings.

Full Holdings — Cape Ann Asset Management Ltd (Q2 2026)

All 12 disclosed positions from the latest Form 13F-HR, with quarter-over-quarter share changes and 13F Pro quality scores. Sourced from SEC EDGAR.

#	Ticker	Company	Value	Weight	QoQ	Quality
1	$KGC	KINROSS GOLD CORP	$82.9M	19.1%	-7%	—
2	$VIST	Vista Energy, S.A.B. de C.V.	$62.5M	14.4%	+5%	—
3	$ERO	Ero Copper Corp.	$54.9M	12.7%	+5%	—
4	$TX	Ternium S.A.	$42.5M	9.8%	-7%	—
5	$BMA	Macro Bank Inc.	$40.7M	9.4%	-7%	—
6	$BAP	CREDICORP LTD	$40.2M	9.3%	-7%	—
7	$TME	Tencent Music Entertainment Group	$37.0M	8.5%	NEW	—
8	$EGO	ELDORADO GOLD CORP /FI	$29.0M	6.7%	+23%	—
9	$CPA	Copa Holdings, S.A.	$22.3M	5.1%	-7%	—
10	$KSPI	Joint Stock Co Kaspi.kz	$14.2M	3.3%	-7%	—
11	—	PETROLEO BRASILEIRO SA PETRO - SP ADR NON VTG	$7.9M	1.8%	-9%	—
12	$LAUR	LAUREATE EDUCATION, INC.	$241,056	0.1%	-99%	61.7