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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
NKTR icon
701
CALL
Nektar Therapeutics
NKTR
$2.41B
$2.85M 0.02%
+50,000
New +$1.65M
DXCM icon
702
DexCom
DXCM
$28.3B
$2.84M 0.02%
42,200
+25,600
+154% +$2.03M
MLTX icon
703
CALL
MoonLake Immunotherapeutics
MLTX
$1.66B
$2.83M 0.02%
395,200
+99,500
+34% +$5.19M
VKTX icon
704
Viking Therapeutics
VKTX
$4.05B
$2.83M 0.02%
+107,800
New +$3.22M
BA icon
705
Boeing
BA
$167B
$2.83M 0.02%
13,100
+10,100
+337% +$2.28M
CORT icon
706
Corcept Therapeutics
CORT
$9.78B
$2.83M 0.02%
+34,000
New +$2.46M
AGI icon
707
Alamos Gold
AGI
$12.5B
$2.82M 0.02%
81,000
-8,591
-10% -$246K
BMRN icon
708
CALL
BioMarin Pharmaceuticals
BMRN
$11.6B
$2.82M 0.02%
52,000
+26,500
+104% +$1.52M
BILI icon
709
CALL
Bilibili
BILI
$7.47B
$2.81M 0.02%
100,000
-25,000
-20% -$599K
DK icon
710
CALL
Delek US
DK
$3.95B
$2.81M 0.02%
87,000
+10,000
+13% +$261K
BIIB icon
711
PUT
Biogen
BIIB
$29.5B
$2.8M 0.02%
+20,000
New +$2.7M
NXT icon
712
PUT
Nextpower Inc
NXT
$15.7B
$2.8M 0.02%
+37,800
New +$2.44M
AA icon
713
PUT
Alcoa
AA
$11.6B
$2.8M 0.02%
85,000
+25,000
+42% +$777K
TGTX icon
714
CALL
TG Therapeutics
TGTX
$8.53B
$2.79M 0.02%
77,100
+45,600
+145% +$1.5M
CFLT
715
DELISTED
Confluent
CFLT
$2.77M 0.02%
140,000
+70,000
+100% +$1.46M
PENN icon
716
CALL
PENN Entertainment
PENN
$2.83B
$2.77M 0.02%
143,900
-361,100
-72% -$6.77M
BTI icon
717
British American Tobacco
BTI
$131B
$2.77M 0.02%
52,204
+10,204
+24% +$554K
KVYO icon
718
PUT
Klaviyo
KVYO
$5.31B
$2.77M 0.02%
100,000
+60,000
+150% +$1.94M
GTLB icon
719
GitLab
GTLB
$5.55B
$2.75M 0.02%
61,000
+52,349
+605% +$2.39M
BTU icon
720
Peabody Energy
BTU
$2.81B
$2.74M 0.02%
+103,500
New +$1.84M
NEM icon
721
PUT
Newmont
NEM
$98.5B
$2.74M 0.02%
+32,500
New +$2.27M
EWZ icon
722
CALL
iShares MSCI Brazil ETF
EWZ
$9.08B
$2.71M 0.02%
87,500
– –
NNAVW
723
DELISTED
NextNav Inc Warrant
NNAVW
$2.71M 0.02%
+500,000
New +$3.22M
LXRX icon
724
CALL
Lexicon Pharmaceuticals
LXRX
$991M
$2.7M 0.02%
+2,000,000
New +$2.27M
FAST icon
725
PUT
Fastenal
FAST
$54.7B
$2.7M 0.02%
+55,000
New +$2.6M
27 28
29
30 31

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PP
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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
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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.