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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
+35.35%
1 Year Est. Return
+70.99%
3 Year Est. Return
+176.06%
5 Year Est. Return
+263.89%
10 Year Est. Return
–
AUM
$12.8B
AUM Growth
+$3.79B
Cap. Flow
+$2.28B
Cap. Flow %
17.8%
Top 10 Hldgs %
15.6%
Holding
2,120
New
741
Increased
362
Reduced
312
Closed
513

Top Buys

Rank Stock Value
1
AMZN icon
Amazon
AMZN
+$130M
2
NVDA icon
NVIDIA
NVDA
+$87.2M
3
SOC icon
Sable Offshore Corp
SOC
+$34.9M
4
CORZW icon
Core Scientific Inc Tranche 1 Warrants
CORZW
+$23.1M
5
VSAT icon
Viasat
VSAT
+$21.1M

Top Sells

Rank Stock Value
1
INSM icon
Insmed
INSM
+$25.8M
2
SKX
Skechers
SKX
+$20.1M
3
REGN icon
Regeneron Pharmaceuticals
REGN
+$17.6M
4
CDTX
Cidara Therapeutics
CDTX
+$15.2M
5
K
Kellanova
K
+$15M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 3.1%
2 Technology 2.68%
3 Healthcare 2.33%
4 Communication Services 1.06%
5 Financials 0.91%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
EWC icon
26
PUT
iShares MSCI Canada ETF
EWC
$6.04B
$70.8M 0.55%
+1,400,000
New +$67.1M
ARGX icon
27
CALL
argenx
ARGX
$57.4B
$70.3M 0.55%
95,300
-8,300
-8% -$5.47M
SLNO
28
PUT
DELISTED
Soleno Therapeutics
SLNO
$68.7M 0.54%
1,016,100
+450,300
+80% +$33.4M
WULF icon
29
CALL
TeraWulf
WULF
$9.15B
$67.2M 0.52%
5,883,600
+3,220,700
+121% +$24.6M
VRSN icon
30
PUT
VeriSign
VRSN
$25.3B
$66.1M 0.52%
236,400
– –
IREN icon
31
PUT
Iris Energy
IREN
$13.2B
$64.1M 0.5%
1,365,000
+954,300
+232% +$23.2M
NET icon
32
CALL
Cloudflare
NET
$93B
$63.7M 0.5%
297,000
+14,000
+5% +$2.86M
CMA
33
CALL
DELISTED
Comerica
CMA
$62.7M 0.49%
914,900
+769,900
+531% +$51.8M
ECHO
34
PUT
EchoStar
ECHO
$25.5B
$58.9M 0.46%
771,500
+650,000
+535% +$29.4M
IMCR icon
35
PUT
Immunocore
IMCR
$1.78B
$56.4M 0.44%
1,552,500
+865,300
+126% +$29.4M
GOOG icon
36
PUT
Alphabet (Google) Class C
GOOG
$3.9T
$55.7M 0.43%
228,700
– –
SMCI icon
37
CALL
Super Micro Computer
SMCI
$19.5B
$55.4M 0.43%
1,155,000
+155,000
+16% +$7.4M
SOC icon
38
CALL
Sable Offshore Corp
SOC
$903M
$55.3M 0.43%
3,166,300
+2,779,500
+719% +$71.2M
SOC icon
39
PUT
Sable Offshore Corp
SOC
$903M
$54.8M 0.43%
3,137,400
+2,987,400
+1,992% +$76.6M
INSM icon
40
CALL
Insmed
INSM
$23.2B
$54.4M 0.42%
377,500
+43,300
+13% +$5.3M
GOOG icon
41
Alphabet (Google) Class C
GOOG
$3.9T
$53.3M 0.42%
218,797
-7,600
-3% -$1.6M
CZR icon
42
PUT
Caesars Entertainment
CZR
$6.1B
$52M 0.41%
+1,924,600
New +$52.1M
LULU icon
43
PUT
lululemon athletica
LULU
$13B
$51.6M 0.4%
+290,000
New +$58.1M
ARKK icon
44
PUT
ARK Innovation ETF
ARKK
$5.89B
$51.3M 0.4%
595,000
+545,000
+1,090% +$41.7M
ECHO
45
CALL
EchoStar
ECHO
$25.5B
$51.2M 0.4%
670,200
+471,700
+238% +$21.4M
ABBV icon
46
CALL
AbbVie
ABBV
$458B
$48.9M 0.38%
+211,100
New +$43M
W icon
47
CALL
Wayfair
W
$11.1B
$48.2M 0.38%
540,000
– –
GD icon
48
PUT
General Dynamics
GD
$105B
$47.1M 0.37%
138,200
– –
INSM icon
49
PUT
Insmed
INSM
$23.2B
$46.9M 0.37%
326,000
+43,900
+16% +$5.38M
BSX icon
50
PUT
Boston Scientific
BSX
$65.8B
$46.7M 0.36%
478,700
+442,700
+1,230% +$45.8M
1
2
3 4 5

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ASRS
Arizona State Retirement System Phoenix, Arizona $17.1B AUM 30.52% 1-Year Est. Return
PP
Prudential plc London, England, United Kingdom $17.1B AUM 15.7% 1-Year Est. Return
VMPIC
Varma Mutual Pension Insurance Co Helsinki, Finland $17B AUM 24.09% 1-Year Est. Return
BCIM
British Columbia Investment Management Victoria, British Columbia, Canada $17B AUM 31.69% 1-Year Est. Return
BBA
Baker Bros. Advisors New York $17.4B AUM 131.5% 1-Year Est. Return
Macquarie Group
Macquarie Group Sydney, NSW 2000, Australia $16.8B AUM 27.39% 1-Year Est. Return
FCM
Farallon Capital Management San Francisco, California $17.5B AUM 50.95% 1-Year Est. Return
AIMCA
Alberta Investment Management Corp (AIMCo) Edmonton, Alberta, Canada $16.7B AUM 23.27% 1-Year Est. Return

Caption Management's Q3 2025 Portfolio in Review

As of Q3 2025, Caption Management held 2,120 positions worth $12.8B, up 42% from $9.03B the previous quarter. Its ten largest holdings account for 16% of the portfolio.

Caption Management deployed $2.28B of net new capital in Q3 2025, opening 741 new positions and adding to 362 existing holdings. Its largest new stake was Amazon: 575,000 shares worth $126M.

By sector, the portfolio is most concentrated in Consumer Discretionary at 3.1% of assets, up from 2.5% a quarter earlier, followed by Technology and Healthcare.

On the sell side, the largest reduction was Insmed, an estimated $25.8M trimmed.

  • Caption Management's largest Q3 2025 buy was Amazon: 575,000 shares worth $126M.
  • Caption Management added most to Sable Offshore Corp in Q3 2025, an estimated $34.9M increase.
  • Caption Management's biggest Q3 2025 reduction was Insmed, cutting an estimated $25.8M.
  • Caption Management fully exited Skechers in Q3 2025, selling an estimated $20.1M.
  • Caption Management's ten largest holdings make up 16% of its $12.8B portfolio in Q3 2025.
  • Caption Management opened 741 new positions and closed 513 in Q3 2025.
  • Caption Management's portfolio value rose 42% quarter-over-quarter to $12.8B.

Based on Caption Management's 13F filing for Q3 2025, filed 14 Nov 2025.