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Caption Management Portfolio holdings

AUM $17.1B
1-Year Est. Return 70.99%
This Fund
S&P 500
This Quarter Est. Return
+8.37%
1 Year Est. Return
+70.99%
3 Year Est. Return
+176.06%
5 Year Est. Return
+263.89%
10 Year Est. Return
–
AUM
$14.6B
AUM Growth
+$1.76B
Cap. Flow
+$1.61B
Cap. Flow %
11.04%
Top 10 Hldgs %
12.14%
Holding
2,182
New
575
Increased
392
Reduced
342
Closed
670

Top Buys

Rank Stock Value
1
AAPL icon
Apple
AAPL
+$126M
2
NVDA icon
NVIDIA
NVDA
+$123M
3
NFLX icon
Netflix
NFLX
+$81.9M
4
MSFT icon
Microsoft
MSFT
+$52.2M
5
GOOG icon
Alphabet (Google) Class C
GOOG
+$51M

Top Sells

Rank Stock Value
1
ECHO
EchoStar
ECHO
+$34.1M
2
XLB icon
State Street Materials Select Sector SPDR ETF
XLB
+$24M
3
HPE icon
Hewlett Packard
HPE
+$22.9M
4
TSLA icon
Tesla
TSLA
+$22.2M
5
RVMD icon
Revolution Medicines
RVMD
+$20.6M

Sector Composition

Rank Sector Weight
1 Technology 4.6%
2 Consumer Discretionary 2.55%
3 Healthcare 2.5%
4 Communication Services 1.71%
5 Financials 1.06%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
GFI icon
326
CALL
Gold Fields
GFI
$29.2B
$10.4M 0.07%
238,000
+20,000
+9% +$836K
MKSI icon
327
CALL
MKS Inc
MKSI
$22.2B
$10.4M 0.07%
65,000
– –
VZLA
328
CALL
Vizsla Silver
VZLA
$1.16B
$10.3M 0.07%
+1,889,400
New +$8.87M
TRTX
329
CALL
TPG RE Finance Trust
TRTX
$666M
$10.3M 0.07%
1,200,000
-1,090,000
-48% -$9.67M
XHB icon
330
PUT
State Street SPDR S&P Homebuilders ETF
XHB
$1.74B
$10.3M 0.07%
100,000
– –
HUM icon
331
CALL
Humana
HUM
$46.7B
$10.2M 0.07%
40,000
-30,500
-43% -$8M
PZZA icon
332
CALL
Papa John's
PZZA
$999M
$10.2M 0.07%
266,000
+216,000
+432% +$9.54M
SRRK icon
333
PUT
Scholar Rock
SRRK
$5.71B
$10.1M 0.07%
230,000
-198,200
-46% -$7.43M
CORZ icon
334
PUT
Core Scientific
CORZ
$7.23B
$10M 0.07%
690,200
-1,554,400
-69% -$27.1M
PVLA
335
CALL
Palvella Therapeutics
PVLA
$1.98B
$10M 0.07%
+96,000
New +$8.19M
VALE icon
336
Vale
VALE
$62.9B
$10M 0.07%
+770,000
New +$9.35M
PVLA
337
PUT
Palvella Therapeutics
PVLA
$1.98B
$9.98M 0.07%
+95,300
New +$8.13M
COHR icon
338
CALL
Coherent
COHR
$55.2B
$9.97M 0.07%
54,000
-28,800
-35% -$4.31M
ZVRA icon
339
PUT
Zevra Therapeutics
ZVRA
$563M
$9.87M 0.07%
1,101,200
+101,100
+10% +$956K
PRAX icon
340
Praxis Precision Medicines
PRAX
$9.07B
$9.81M 0.07%
33,300
+26,943
+424% +$5.02M
CDTX
341
PUT
DELISTED
Cidara Therapeutics
CDTX
$9.74M 0.07%
44,100
+100
+0.2% +$16.2K
ANAB icon
342
CALL
AnaptysBio
ANAB
$1.6B
$9.7M 0.07%
+200,000
New +$7.8M
KMI icon
343
CALL
Kinder Morgan
KMI
$73.1B
$9.65M 0.07%
351,000
+236,300
+206% +$6.38M
COMP icon
344
Compass
COMP
$8.27B
$9.62M 0.07%
909,670
+779,670
+600% +$7.11M
PCG icon
345
CALL
PG&E
PCG
$47.8B
$9.45M 0.06%
588,000
-1,843,000
-76% -$29.4M
BMY icon
346
CALL
Bristol-Myers Squibb
BMY
$127B
$9.44M 0.06%
175,000
+50,000
+40% +$2.41M
MCHP icon
347
PUT
Microchip Technology
MCHP
$42.8B
$9.43M 0.06%
+148,000
New +$9.13M
FCX icon
348
PUT
Freeport-McMoran
FCX
$90B
$9.4M 0.06%
185,000
+36,700
+25% +$1.59M
BIIB icon
349
Biogen
BIIB
$29.9B
$9.33M 0.06%
53,000
+48,000
+960% +$7.84M
RARE icon
350
PUT
Ultragenyx Pharmaceutical
RARE
$2.65B
$9.31M 0.06%
404,700
+254,900
+170% +$8.38M
12 13
14
15 16

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VMPIC
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BCIM
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BBA
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Caption Management's Q4 2025 Portfolio in Review

As of Q4 2025, Caption Management held 2,182 positions worth $14.6B, up 14% from $12.8B the previous quarter. Its ten largest holdings account for 12% of the portfolio.

Caption Management deployed $1.61B of net new capital in Q4 2025, opening 575 new positions and adding to 392 existing holdings. Its largest new stake was Apple: 470,000 shares worth $128M.

By sector, the portfolio is most concentrated in Technology at 4.6% of assets, up from 2.7% a quarter earlier, followed by Consumer Discretionary and Healthcare.

On the sell side, the largest reduction was Tesla, an estimated $22.2M trimmed.

  • Caption Management's largest Q4 2025 buy was Apple: 470,000 shares worth $128M.
  • Caption Management added most to NVIDIA in Q4 2025, an estimated $123M increase.
  • Caption Management's biggest Q4 2025 reduction was Tesla, cutting an estimated $22.2M.
  • Caption Management fully exited EchoStar in Q4 2025, selling an estimated $34.1M.
  • Caption Management's ten largest holdings make up 12% of its $14.6B portfolio in Q4 2025.
  • Caption Management opened 575 new positions and closed 670 in Q4 2025.
  • Caption Management's portfolio value rose 14% quarter-over-quarter to $14.6B.

Based on Caption Management's 13F filing for Q4 2025, filed 17 Feb 2026.