What happened
Capricorn Fund Managers Ltd disclosed a new stake in Phreesia (PHR 0.04%), purchasing 484,500 shares valued at $11.4 million as of September 30, 2025. The transaction, detailed in a Securities and Exchange Commission (SEC) filing dated October 17, 2025, marks the fund’s initial reportable ownership of Phreesia during the third quarter reporting period.
What else to know
This new position represents 3.8% of Capricorn Fund Managers Ltd's 13F reportable assets under management as of September 30, 2025.
Top holdings after the filing:
NASDAQ: WAY: $19.15 million (6.4% of AUM as of September 30, 2025)
NASDAQ: TARS: $14.26 million (4.8% of AUM as of September 30, 2025)
NASDAQ: MSFT: $14.15 million (4.8% of AUM as of September 30, 2025)
NASDAQ: VERA: $13.10 million (4.4% of AUM as of September 30, 2025)
NASDAQ: REAL: $12.64 million (4.2% of AUM as of September 30, 2025)
As of October 16, 2025, shares of Phreesia were priced at $22.75, up 9.1% over the past year but underperforming the S&P 500 by 5.8 percentage points.
Company overview
| Metric | Value |
|---|---|
| Price (as of market close October 16, 2025) | $22.75 |
| Market capitalization | $1.34 billion |
| Revenue (TTM) | $449.67 million |
| Net income (TTM) | ($24.05 million) |
Company snapshot
Phreesia delivers a SaaS-based platform for healthcare providers, offering patient intake management, integrated payments, scheduling, and clinical support modules.
Serves single- and multi-specialty practices, health systems, and pharmaceutical, medical device, and biotechnology companies across the United States and Canada.
Headquartered in Raleigh, North Carolina, and operates within the healthcare information services sector.
Phreesia operates at scale within the healthcare information services sector, providing digital solutions that streamline patient intake and payment processes. Its integrated platform and focus on automation position it as a key enabler of operational efficiency for healthcare providers.
Foolish take
Phreesia wasn't the only big new addition that Capricorn Fund Managers made to its portfolio in the third quarter. It acquired even larger stakes in Waystar Holding, Tarsus Pharmaceuticals, and Vera Therapeutics. At the end of September, Waystar, Tarsus, and Vera were its first, second, and fourth largest positions, respectively.
Phreesia didn't make it into Capricorn's top five holdings, but it's close. With a value of $11.4 million at the end of September, it was the portfolio's seventh-largest holding.
Phreesia was founded about 20 years ago, and it recently passed an important milestone. Its fiscal second quarter that ended on July 31, 2025, was the first quarter the company recorded net income on a GAAP basis. Net income that came in at $0.7 million was a huge improvement over the $18 million loss that the company reported in the previous year period.
The road ahead of Phreesia looks like it's heading up and to the right. In addition to turning the corner on profitability, it's about to expand its suite of payment solutions with the pending acquisition of AccessOne Parent Holdings.
Glossary
13F reportable AUM: The portion of a fund's assets under management that must be disclosed in quarterly Securities and Exchange Commission (SEC) filings.
New position: An investment in a security that a fund or investor did not previously hold in their portfolio.
Stake: The total amount of ownership or shares held by an investor or fund in a company.
SaaS: Software as a Service; cloud-based software accessed online, typically via subscription, rather than installed locally.
Patient intake management: Digital tools that streamline the collection of patient information before medical appointments.
Integrated payments: Payment processing systems built directly into a software platform for seamless financial transactions.
Clinical support modules: Software features that assist healthcare providers with patient care tasks and workflow management.
Health systems: Organizations that own or manage multiple healthcare facilities, such as hospitals and clinics.
TTM: The 12-month period ending with the most recent quarterly report.
