# EDGAR Filing Document

**Accession Number:** 0001901361
**File Stem:** 0001901361-26-000001
**Filing Date:** 2026-1
**Character Count:** 12361
**Document Hash:** 2bb018e1bedbb8b13767090218ab5058
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001901361-26-000001.hdr.sgml**: 20260121

**ACCESSION NUMBER**: 0001901361-26-000001

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260121

**DATE AS OF CHANGE**: 20260121

**EFFECTIVENESS DATE**: 20260121

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Capricorn Fund Managers Ltd
- **CENTRAL INDEX KEY:** 0001901361

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** X0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-21977
- **FILM NUMBER:** 26544730

**BUSINESS ADDRESS:**
- **STREET 1:** 2ND FLOOR, MALTA HOUSE
- **STREET 2:** 36-38 PICCADILLY
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** W1J 0DP
- **BUSINESS PHONE:** 00442073174422

**MAIL ADDRESS:**
- **STREET 1:** 2ND FLOOR, MALTA HOUSE
- **STREET 2:** 36-38 PICCADILLY
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** W1J 0DP

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Capricorn Fund Managers Ltd<br>**Address:** 2ND FLOOR MALTA HOUSE<br>36-38 PICCADILLY<br>LONDON, X0 W1J 0DP

**Form 13F File Number:** 028-21977

**CRD Number (if applicable):** 000323709

**SEC File Number (if applicable):** 802-126896

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Parth Karia<br>**Title:** Head of Risk<br>**Phone:** 44 20 39895617

**Signature, Place, and Date of Signing:**

Parth KariaMumbai  India  Mumbai, K7  01-20-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 83

**Form 13F Information Table Value Total:** $414889258

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

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|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| Madrigal Pharmaceuticals | COM | 558868105 |  | 3843444 | 6600 | SH |  | SOLE | NONE | 6600 | 0 | 0 |
| Linde plc | SHS | G54950103 |  | 3459728 | 8114 | SH |  | SOLE | NONE | 8114 | 0 | 0 |
| Meta Platforms | CL A | 30303M102 |  | 5953352 | 9019 | SH |  | SOLE | NONE | 9019 | 0 | 0 |
| Jazz Pharmaceuticals plc | SHS USD | G50871105 |  | 1700000 | 10000 | SH |  | SOLE | NONE | 10000 | 0 | 0 |
| Walt Disney Company (The) | COM | 254687106 |  | 1175472 | 10332 | SH |  | SOLE | NONE | 10332 | 0 | 0 |
| iShares iBoxx $ Investment Grade | IBOXX INV CP ETF | 464287242 |  | 1260794 | 11442 | SH |  | SOLE | NONE | 11442 | 0 | 0 |
| Berkshire Hathaway | CL B NEW | 084670702 |  | 5958413 | 11854 | SH |  | SOLE | NONE | 11854 | 0 | 0 |
| Talos Energy | COM | 87484T108 |  | 137750 | 12500 | SH |  | SOLE | NONE | 12500 | 0 | 0 |
| Coca-Cola Europacific Partners | SHS | G25839104 |  | 1142820 | 12600 | SH |  | SOLE | NONE | 12600 | 0 | 0 |
| Wyndham Hotels  Resorts | COM | 98311A105 |  | 1051795 | 13920 | SH |  | SOLE | NONE | 13920 | 0 | 0 |
| ARDMORE SHIPPING Corp | COM | Y0207T100 |  | 148260 | 14000 | SH |  | SOLE | NONE | 14000 | 0 | 0 |
| Charles Schwab Corp (The) | COM | 808513105 |  | 1549204 | 15506 | SH |  | SOLE | NONE | 15506 | 0 | 0 |
| Chevron Corp | COM | 166764100 |  | 2493885 | 16363 | SH |  | SOLE | NONE | 16363 | 0 | 0 |
| Uber Technologies | COM | 90353T100 |  | 1376242 | 16843 | SH |  | SOLE | NONE | 16843 | 0 | 0 |
| Union Pacific Corp | COM | 907818108 |  | 3906995 | 16890 | SH |  | SOLE | NONE | 16890 | 0 | 0 |
| JSC KASPI GLOBAL SPON ADS REP ORD | SPONSORED ADS | 48581R205 |  | 1328210 | 17000 | SH |  | SOLE | NONE | 17000 | 0 | 0 |
| PayPal Holdings | COM | 70450Y103 |  | 1177058 | 20162 | SH |  | SOLE | NONE | 20162 | 0 | 0 |
| Tarsus Pharmaceuticals | COM | 87650L103 |  | 1799886 | 21982 | SH |  | SOLE | NONE | 21982 | 0 | 0 |
| VISA | COM CL A | 92826C839 |  | 7941477 | 22644 | SH |  | SOLE | NONE | 22644 | 0 | 0 |
| AMER SPORTS ORD | COM SHS | G0260P102 |  | 851580 | 22800 | SH |  | SOLE | NONE | 22800 | 0 | 0 |
| Bank of America Corp | COM | 060505104 |  | 1400575 | 25465 | SH |  | SOLE | NONE | 25465 | 0 | 0 |
| PepsiCo | COM | 713448108 |  | 3755344 | 26166 | SH |  | SOLE | NONE | 26166 | 0 | 0 |
| Brookfield Corp | CL A LTD VT SH | 11271J107 |  | 1290060 | 28112 | SH |  | SOLE | NONE | 28112 | 0 | 0 |
| Microsoft Corp | COM | 594918104 |  | 13895853 | 28733 | SH |  | SOLE | NONE | 28733 | 0 | 0 |
| D MARKET ELECTRONIC SERVICES TRA ADR | SPONSORED ADS | 23292B104 |  | 72379 | 29185 | SH |  | SOLE | NONE | 29185 | 0 | 0 |
| Apollo Global Management | COM | 03769M106 |  | 4298359 | 29693 | SH |  | SOLE | NONE | 29693 | 0 | 0 |
| Alphabet Inc - Class A | CAP STK CL A | 02079K305 |  | 9723658 | 31066 | SH |  | SOLE | NONE | 31066 | 0 | 0 |
| iShares iBoxx $ High Yield | IBOXX HI YD ETF | 464288513 |  | 2524364 | 31308 | SH |  | SOLE | NONE | 31308 | 0 | 0 |
| ISHARES BITCOIN ETF | SHS BEN INT | 46438F101 |  | 1717940 | 34601 | SH |  | SOLE | NONE | 34601 | 0 | 0 |
| Amazon.com | COM | 023135106 |  | 10998573 | 47650 | SH |  | SOLE | NONE | 47650 | 0 | 0 |
| Glaukos Corp | COM | 377322102 |  | 6774600 | 60000 | SH |  | SOLE | NONE | 60000 | 0 | 0 |
| EVOMMUNE ORD | COM SHS | 30054Y107 |  | 1027200 | 60000 | SH |  | SOLE | NONE | 60000 | 0 | 0 |
| Denali Therapeutics | COM | 24823R105 |  | 1026872 | 62197 | SH |  | SOLE | NONE | 62197 | 0 | 0 |
| Restaurant Brands International | COM | 76131D103 |  | 4441022 | 65089 | SH |  | SOLE | NONE | 65089 | 0 | 0 |
| Chewy | CL A | 16679L109 |  | 2179581 | 65948 | SH |  | SOLE | NONE | 65948 | 0 | 0 |
| HealthEquity | COM | 42226A107 |  | 6925899 | 75602 | SH |  | SOLE | NONE | 75602 | 0 | 0 |
| Occidental Petroleum Corp | COM | 674599105 |  | 3161182 | 76877 | SH |  | SOLE | NONE | 76877 | 0 | 0 |
| Guardant Health | COM | 40131M109 |  | 11009364 | 107787 | SH |  | SOLE | NONE | 107787 | 0 | 0 |
| Borr Drilling Limited | SHS | G1466R173 |  | 443300 | 110000 | SH |  | SOLE | NONE | 110000 | 0 | 0 |
| Burford Capital Limited | ORD SHS | G17977110 |  | 1204200 | 135000 | SH |  | SOLE | NONE | 135000 | 0 | 0 |
| Terns Pharmaceuticals | COM | 880881107 |  | 6118014 | 151436 | SH |  | SOLE | NONE | 151436 | 0 | 0 |
| Pfizer | COM | 717081103 |  | 4122668 | 165569 | SH |  | SOLE | NONE | 165569 | 0 | 0 |
| Phibro Animal Health Corp | CL A COM | 71742Q106 |  | 6878013 | 184101 | SH |  | SOLE | NONE | 184101 | 0 | 0 |
| Karooooo Ltd | ORD SHS | Y4600W108 |  | 10832549 | 238078 | SH |  | SOLE | NONE | 238078 | 0 | 0 |
| CONTEXTLOGIC HOLDINGS ORD | CL A NEW | 21077C305 |  | 1895000 | 250000 | SH |  | SOLE | NONE | 250000 | 0 | 0 |
| STRUCTURE THERAPEUTICS INC | SPONSORED ADS | 86366E106 |  | 17568330 | 252600 | SH |  | SOLE | NONE | 252600 | 0 | 0 |
| Taysha Gene Therapies | COM SHS | 877619106 |  | 1650000 | 300000 | SH |  | SOLE | NONE | 300000 | 0 | 0 |
| BioLife Solutions | COM NEW | 09062W204 |  | 9153339 | 378550 | SH |  | SOLE | NONE | 378550 | 0 | 0 |
| RealReal (The) | COM | 88339P101 |  | 6199915 | 392897 | SH |  | SOLE | NONE | 392897 | 0 | 0 |
| Roivant Sciences Ltd | SHS | G76279101 |  | 9667350 | 445500 | SH |  | SOLE | NONE | 445500 | 0 | 0 |
| Sotera Health Company | COM | 83601L102 |  | 7936236 | 449900 | SH |  | SOLE | NONE | 449900 | 0 | 0 |
| WAYSTAR HOLDING ORD | COM | 946784105 |  | 20903113 | 638263 | SH |  | SOLE | NONE | 638263 | 0 | 0 |
| LUXEXPERIENCE ADS REP ORD | ADS | 55406W103 |  | 6303490 | 754909 | SH |  | SOLE | NONE | 754909 | 0 | 0 |
| Zymeworks | COM | 98985Y108 |  | 26931377 | 1022840 | SH |  | SOLE | NONE | 1022840 | 0 | 0 |
| Nuvation Bio | COM CL A | 67080N101 |  | 14236132 | 1588854 | SH |  | SOLE | NONE | 1588854 | 0 | 0 |
| Electronic Arts | COM | 285512109 |  | 7876717 | 38549 | SH |  | SOLE | NONE | 38549 | 0 | 0 |
| Exact Sciences Corp | COM | 30063P105 |  | 9819329 | 96685 | SH |  | SOLE | NONE | 96685 | 0 | 0 |
| Avidity Biosciences | COM | 05370A108 |  | 4938236 | 68463 | SH |  | SOLE | NONE | 68463 | 0 | 0 |
| DAYFORCE ORD | COM | 15677J108 |  | 5880882 | 85033 | SH |  | SOLE | NONE | 85033 | 0 | 0 |
| Norfolk Southern Corp | COM | 655844108 |  | 7218000 | 25000 | SH |  | SOLE | NONE | 25000 | 0 | 0 |
| KENVUE ORD | COM | 49177J102 |  | 4872866 | 282485 | SH |  | SOLE | NONE | 282485 | 0 | 0 |
| CyberArk Software Ltd | SHS | M2682V108 |  | 6619976 | 14841 | SH |  | SOLE | NONE | 14841 | 0 | 0 |
| Chart Industries | COM | 16115Q308 |  | 6884576 | 33383 | SH |  | SOLE | NONE | 33383 | 0 | 0 |
| Warner Bros Discovery | COM SER A | 934423104 |  | 4716912 | 163668 | SH |  | SOLE | NONE | 163668 | 0 | 0 |
| Confluent | CLASS A COM | 20717M103 |  | 3943024 | 130391 | SH |  | SOLE | NONE | 130391 | 0 | 0 |
| TXNM ENERGY ORD | COM | 69349H107 |  | 5212588 | 88529 | SH |  | SOLE | NONE | 88529 | 0 | 0 |
| TEGNA | COM | 87901J105 |  | 241363 | 12435 | SH |  | SOLE | NONE | 12435 | 0 | 0 |
| Hillenbrand | COM | 431571108 |  | 3900323 | 122961 | SH |  | SOLE | NONE | 122961 | 0 | 0 |
| Frontier Communications Parent | COM | 35909D109 |  | 1973815 | 51847 | SH |  | SOLE | NONE | 51847 | 0 | 0 |
| Amicus Therapeutics | COM | 03152W109 |  | 2999998 | 210674 | SH |  | SOLE | NONE | 210674 | 0 | 0 |
| Clearwater Analytics Holdings | CL A | 185123106 |  | 3005617 | 124611 | SH |  | SOLE | NONE | 124611 | 0 | 0 |
| ASTERA LABS ORD | COM | 04626A103 |  | 8318000 | 50000 | SH |  | SOLE | NONE | 50000 | 0 | 0 |
| KLAVIYO INC | COM SER A | 49845K101 |  | 649400 | 20000 | SH |  | SOLE | NONE | 20000 | 0 | 0 |
| Terex Corp | COM | 880779103 |  | 6939400 | 130000 | SH |  | SOLE | NONE | 130000 | 0 | 0 |
| ONESTREAM INC | CL A | 68278B107 |  | 6984400 | 380000 | SH |  | SOLE | NONE | 380000 | 0 | 0 |
| WAYSTAR HOLDING ORD | COM | 946784105 |  | 3275000 | 100000 | SH |  | SOLE | NONE | 100000 | 0 | 0 |
| KODIAK GAS SVCS INC | COM | 50012A108 |  | 3740000 | 100000 | SH |  | SOLE | NONE | 100000 | 0 | 0 |
| BRIGHTSPRING HEALTH SVCS INC | COM | 10950A106 |  | 3745000 | 100000 | SH |  | SOLE | NONE | 100000 | 0 | 0 |
| LOAR HOLDINGS ORD | COM SHS | 53947R105 |  | 4760000 | 70000 | SH |  | SOLE | NONE | 70000 | 0 | 0 |
| Axalta Coating Systems Ltd | COM | G0750C108 |  | 2584800 | 80000 | SH |  | SOLE | NONE | 80000 | 0 | 0 |
| Applovin Corp | COM CL A | 03831W108 |  | 4042920 | 6000 | SH |  | SOLE | NONE | 6000 | 0 | 0 |
| TransDigm Group | COM | 893641100 |  | 2659700 | 2000 | SH |  | SOLE | NONE | 2000 | 0 | 0 |
| BETA TECHNOLOGIES CL A ORD | COM SHS CL A | 086921103 |  | 564200 | 20000 | SH |  | SOLE | NONE | 20000 | 0 | 0 |

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