Cape Ann Asset Management Ltd Concentrated Active

CIK: 0001768237 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 13, 2026

Total Value ($000): $367,628 (100.0% shares, 0.0% debt)

Holdings (10)

Increased Positions (4)

ERO ERO COPPER CORP 13.2%

Value ($000) $48,592 (+132.0%) Shares 1,717,643 (+65.9%) Est. Cost $17.40 Unrealized +33.9%

VIST VISTA ENERGY S.A.B. DE C.V. 9.1%

Value ($000) $33,571 (+67.2%) Shares 689,900 (+18.2%) Est. Cost $47.94 Unrealized —

TX TERNIUM SA 11.1%

Value ($000) $40,812 (+32.5%) Shares 1,068,649 (+20.5%) Est. Cost $27.82 Unrealized —

PBR/A PETROLEO BRASILEIRO SA PETRO 1.8%

Value ($000) $6,472 (+20.5%) Shares 574,311 (+26.3%) Est. Cost $10.13 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ERO	ERO COPPER CORP	1,717,643 (+65.9%)	$48,592 (+132.0%)	13.2%	$17.40	+33.9%	COM	296006109
VIST	VISTA ENERGY S.A.B. DE C.V.	689,900 (+18.2%)	$33,571 (+67.2%)	9.1%	$47.94	—	SPONSORED ADS	92837L109
TX	TERNIUM SA	1,068,649 (+20.5%)	$40,812 (+32.5%)	11.1%	$27.82	—	SPONSORED ADS	880890108
PBR/A	PETROLEO BRASILEIRO SA PETRO	574,311 (+26.3%)	$6,472 (+20.5%)	1.8%	$10.13	—	SP ADR NON VTG	71654V101

Exited Positions (1)

QFIN QFIN HOLDINGS INC 4.0%

Value ($000) $14,698 Shares 510,700 Est. Cost $28.78 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
QFIN	QFIN HOLDINGS INC	510,700	$14,698	4.0%	$28.78	—	—	88557W101

Decreased Positions (1)

LAUR LAUREATE EDUCATION INC 6.7%

Value ($000) $24,744 (-14.7%) Shares 734,900 (-20.1%) Est. Cost $15.28 Unrealized +102.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LAUR	LAUREATE EDUCATION INC	734,900 (-20.1%)	$24,744 (-14.7%)	6.7%	$15.28	+102.0%	COMMON STOCK	518613203

Unchanged Positions (5)

BMA BANCO MACRO SA 11.4%

Value ($000) $41,926 Shares 465,016 Est. Cost $70.66 Unrealized —

KGC KINROSS GOLD CORP 27.1%

Value ($000) $99,637 Shares 3,538,238 Est. Cost $5.34 Unrealized +386.9%

BAP CREDICORP LTD 8.6%

Value ($000) $31,684 Shares 110,397 Est. Cost $128.38 Unrealized +106.2%

CPA COPA HOLDINGS SA 7.2%

Value ($000) $26,510 Shares 219,800 Est. Cost $88.34 Unrealized +37.3%

KSPI KASPI KZ JSC 3.7%

Value ($000) $13,681 Shares 175,100 Est. Cost $81.68 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BMA	BANCO MACRO SA	465,016	$41,926	11.4%	$70.66	—	SPON ADR B	05961W105
KGC	KINROSS GOLD CORP	3,538,238	$99,637	27.1%	$5.34	+386.9%	COM	496902404
BAP	CREDICORP LTD	110,397	$31,684	8.6%	$128.38	+106.2%	COM	G2519Y108
CPA	COPA HOLDINGS SA	219,800	$26,510	7.2%	$88.34	+37.3%	CL A	P31076105
KSPI	KASPI KZ JSC	175,100	$13,681	3.7%	$81.68	—	SPONSORED ADS	48581R205