GUARDCAP ASSET MANAGEMENT Ltd

Guardcap Asset Management's $1.75B Q1 2026 13F is what remains after one of the most aggressive single-quarter de-risking events in the dataset. The manager reduced 25 of 27 positions by 40-50% and liquidated Novo Nordisk entirely, cutting the book from $3.74B to $1.75B. CME fell from $514M to $272M, Booking from $318M to $137M, Yum China from $360M to $192M, Microsoft from $268M to $115M, and Mastercard from $276M to $132M. The additions list is a single new $1.3M RELX position — there are no new conviction bets. The whaleScore of 74.75 reflects the absolute size of the residual book, not active deployment. For readers, the signal is unambiguous: this fund pulled back from the market, not into it.