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Livermore
Livermore
ZHEN

Cape Ann Asset Management Ltd

SEC CIK
0001768237
Latest filing
Aug 11, 2026

The latest 13F from Cape Ann Asset Management Ltd covers Q2 2026 (filed Aug 11, 2026): 12 long positions worth $434.4M. The top 10 holdings make up 98.1% of the portfolio, and the largest is Kinross Gold Corp (KGC) at 19.1%. Livermore has 23 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
1
Est. +$37.0M
Added
3
Est. +$11.3M
Reduced
8
Est. −$37.4M
Sold out
0

Top 5 holdings

Share of this quarter's portfolio value

  1. KGCKinross Gold Corp
    19.1%$82.9MHistory
  2. VISTVista Energy, S.A.B. de C.V.
    14.4%$62.5MHistory
  3. EROEro Copper Corp.
    12.6%$54.9MHistory
  4. TXTernium S.A.
    9.8%$42.5MHistory
  5. BMAMacro Bank Inc.
    9.4%$40.7MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. TMETencent Music Entertainment Group
    +$37.0MNewHistory
  2. EGOEldorado Gold Corp
    +$5.42MAddedHistory
  3. VISTVista Energy, S.A.B. de C.V.
    +$3.05MAddedHistory
  4. EROEro Copper Corp.
    +$2.80MAddedHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. TMETencent Music Entertainment Group
    +8.51 pp0.0% → 8.5%History
  2. EROEro Copper Corp.
    +0.84 pp11.8% → 12.6%History
  3. EGOEldorado Gold Corp
    +0.76 pp5.9% → 6.7%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. LAURLaureate Education, Inc.
    −$19.1MReducedHistory
  2. KGCKinross Gold Corp
    −$6.16MReducedHistory
  3. TXTernium S.A.
    −$3.05MReducedHistory
  4. BMAMacro Bank Inc.
    −$2.87MReducedHistory
  5. BAPCredicorp Ltd
    −$2.82MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. KGCKinross Gold Corp
    −7.05 pp26.1% → 19.1%History
  2. LAURLaureate Education, Inc.
    −4.16 pp4.2% → 0.1%History
  3. PBR.APetrobras - Petroleo Brasileiro SA
    −0.71 pp2.5% → 1.8%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$434.4M
−$5.90M (−1.3%) vs. prior quarter
Positions
12
+1 vs. prior quarter
Top 10 concentration
98.1%
Top 10 as share of value
Turnover
8.5%
Q2 2026, one quarter
Average holding period
10.9 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $440.3M (Q1 2026)

Q1 2021: $219.7MQ2 2021: $215.6MQ3 2021: $199.2MQ4 2021: $177.1MQ1 2022: $171.1MQ2 2022: $173.6MQ3 2022: $83.4MQ4 2022: $90.6MQ1 2023: $107.1MQ2 2023: $111.5MQ3 2023: $104.9MQ4 2023: $111.0MQ1 2024: $112.3MQ2 2024: $116.5MQ3 2024: $146.1MQ4 2024: $158.7MQ1 2025: $162.8MQ2 2025: $233.5MQ3 2025: $296.8MQ4 2025: $367.6MQ1 2026: $440.3MQ2 2026: $434.4M
Q1 2021Q2 2026
13F filings of Cape Ann Asset Management Ltd by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 11, 202612$434.4MKGCVISTEROvs. Q1 2026SEC
Q1 2026May 14, 202611$440.3MKGCVISTEROvs. Q4 2025SEC
Q4 2025Feb 13, 202610$367.6MKGCEROBMAvs. Q3 2025SEC
Q3 2025Nov 10, 202511$296.8MKGCTXBAPvs. Q2 2025SEC
Q2 2025Aug 11, 20259$233.5MKGCBAPVISTvs. Q1 2025SEC
Q1 2025May 8, 2025Amended7$162.8MKGCBAPTXvs. Q4 2024SEC
Q4 2024Feb 6, 20258$158.7MKGCBAPTXvs. Q3 2024SEC
Q3 2024Nov 12, 20246$146.1MBAPKGCTXvs. Q2 2024SEC
Q2 2024Aug 14, 20246$116.5MBAPTXKGCvs. Q1 2024SEC
Q1 2024May 14, 20245$112.3MBAPTXKGCvs. Q4 2023SEC
Q4 2023Feb 13, 20246$111.0MTXBAPKGCvs. Q3 2023SEC
Q3 2023Nov 13, 20236$104.9MTXBAPKGCvs. Q2 2023SEC
Q2 2023Aug 9, 20236$111.5MTXBAPKGCvs. Q1 2023SEC
Q1 2023May 10, 20236$107.1MTXBAPKGCvs. Q4 2022SEC
Q4 2022Feb 9, 20236$90.6MTXBAPKGCvs. Q3 2022SEC
Q3 2022Nov 9, 20228$83.4MTXBAPKGCvs. Q2 2022SEC
Q2 2022Aug 9, 20229$173.6MBIDUTXBAPvs. Q1 2022SEC
Q1 2022Apr 29, 20227$171.1MBIDUTXBAPvs. Q4 2021SEC
Q4 2021Feb 9, 20227$177.1MBIDUIBNTXvs. Q3 2021SEC
Q3 2021Nov 15, 20219$199.2MBIDUIBNTXvs. Q2 2021SEC
Q2 2021Aug 11, 20219$215.6MBIDUTXIBNvs. Q1 2021SEC
Q1 2021May 17, 202110$219.7MTXBIDUIBN–SEC