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Caption Management Portfolio holdings

AUM $21.5B
1-Year Est. Return 81.81%
This Fund
S&P 500
This Quarter Est. Return
+8.37%
1 Year Est. Return
+81.81%
3 Year Est. Return
+226.72%
5 Year Est. Return
+294.21%
10 Year Est. Return
–
AUM
$14.6B
AUM Growth
+$1.76B
Cap. Flow
+$535M
Cap. Flow %
3.67%
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 Miscellaneous 85.37%
2 Technology 4.6%
3 Consumer Discretionary 2.55%
4 Healthcare 2.5%
5 Communication Services 1.71%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
USB icon
501
CALL
US Bancorp
USB
$96.8B
$5.34M 0.04%
+100,000
New +$4.92M
VST icon
502
Vistra
VST
$50.7B
$5.32M 0.04%
33,000
+17,200
+109% +$3.13M
TEVA icon
503
CALL
Teva Pharmaceuticals
TEVA
$42.9B
$5.29M 0.04%
169,500
+89,500
+112% +$2.2M
RH icon
504
CALL
RH
RH
$2.64B
$5.28M 0.04%
+29,500
New +$5.04M
FDX icon
505
FedEx
FDX
$73.2B
$5.24M 0.04%
18,150
+7,000
+63% +$1.84M
FOA icon
506
CALL
Finance of America Companies
FOA
$147M
$5.24M 0.04%
216,300
– –
KRC icon
507
CALL
Kilroy Realty
KRC
$4.1B
$5.23M 0.04%
140,000
– –
THC icon
508
Tenet Healthcare
THC
$21.7B
$5.21M 0.04%
26,231
-1,595
-6% -$322K
MRK icon
509
CALL
Merck
MRK
$364B
$5.21M 0.04%
49,500
-197,500
-80% -$18.5M
DAL icon
510
CALL
Delta Air Lines
DAL
$51.8B
$5.21M 0.04%
+75,000
New +$4.69M
QURE icon
511
PUT
uniQure
QURE
$3.19B
$5.2M 0.04%
217,400
-300,500
-58% -$11.6M
USO icon
512
United States Oil Fund
USO
$1.7B
$5.2M 0.04%
+75,200
New +$5.3M
INCY icon
513
PUT
Incyte
INCY
$25.5B
$5.19M 0.04%
52,500
-32,100
-38% -$3.11M
MSOS icon
514
CALL
AdvisorShares Pure US Cannabis ETF
MSOS
$995M
$5.08M 0.03%
1,076,600
-687,400
-39% -$3.06M
RARE icon
515
Ultragenyx Pharmaceutical
RARE
$1.41B
$5.05M 0.03%
219,500
+54,999
+33% +$1.81M
AMGN icon
516
PUT
Amgen
AMGN
$212B
$5.04M 0.03%
+15,400
New +$4.89M
PVH icon
517
PUT
PVH
PVH
$3.16B
$5.03M 0.03%
75,000
– –
OBDC icon
518
CALL
Blue Owl Capital
OBDC
$5.49B
$5.02M 0.03%
+404,000
New +$5.14M
WW
519
CALL
WW International
WW
$149M
$4.98M 0.03%
170,300
+160,300
+1,603% +$4.48M
NBIX icon
520
CALL
Neurocrine Biosciences
NBIX
$15.8B
$4.96M 0.03%
35,000
+5,000
+17% +$724K
CPNG icon
521
CALL
Coupang
CPNG
$26.5B
$4.95M 0.03%
210,000
+60,000
+40% +$1.71M
STWD icon
522
PUT
Starwood Property Trust
STWD
$5.87B
$4.95M 0.03%
275,000
– –
BEAM icon
523
Beam Therapeutics
BEAM
$2.6B
$4.94M 0.03%
+178,352
New +$4.55M
KRYS icon
524
PUT
Krystal Biotech
KRYS
$10.3B
$4.93M 0.03%
20,000
+15,000
+300% +$3.16M
TFC icon
525
PUT
Truist Financial
TFC
$61.3B
$4.92M 0.03%
+100,000
New +$4.61M
19 20
21
22 23

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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 $535M 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 Miscellaneous at 85% of assets, down from 88% a quarter earlier, followed by Technology and Consumer Discretionary.

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.