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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
CRON
1001
Cronos Group
CRON
$1.06B
$1.2M 0.01%
454,661
-339,907
-43% -$879K
KRE icon
1002
State Street SPDR S&P Regional Banking ETF
KRE
$4.48B
$1.19M 0.01%
18,372
-95,128
-84% -$5.98M
USAR
1003
PUT
USA Rare Earth Inc
USAR
$3.6B
$1.19M 0.01%
100,000
+10,000
+11% +$190K
OPENL
1004
Opendoor Technologies Inc Series A Warrants
OPENL
$5.92M
$1.18M 0.01%
+2,261,981
New +$1.93M
GPRE icon
1005
CALL
Green Plains
GPRE
$1.16B
$1.17M 0.01%
+119,000
New +$1.2M
IE icon
1006
CALL
Ivanhoe Electric
IE
$1.43B
$1.16M 0.01%
+72,900
New +$1.04M
ARLP icon
1007
CALL
Alliance Resource Partners
ARLP
$3.3B
$1.16M 0.01%
+50,000
New +$1.21M
BMRN icon
1008
BioMarin Pharmaceuticals
BMRN
$11.8B
$1.16M 0.01%
+19,500
New +$1.06M
GIII icon
1009
PUT
G-III Apparel Group
GIII
$1.51B
$1.16M 0.01%
+40,000
New +$1.14M
BWIN
1010
CALL
Baldwin Insurance Group
BWIN
$2.63B
$1.16M 0.01%
48,100
-36,100
-43% -$919K
BURL icon
1011
Burlington
BURL
$22.5B
$1.16M 0.01%
4,000
-1,356
-25% -$368K
GVA icon
1012
CALL
Granite Construction
GVA
$5.4B
$1.15M 0.01%
10,000
-7,000
-41% -$752K
GVA icon
1013
PUT
Granite Construction
GVA
$5.4B
$1.15M 0.01%
10,000
-7,000
-41% -$752K
FIP icon
1014
CALL
FTAI Infrastructure
FIP
$487M
$1.15M 0.01%
250,000
-39,600
-14% -$195K
KOPN icon
1015
CALL
Kopin
KOPN
$667M
$1.15M 0.01%
491,700
+210,800
+75% +$609K
NIOBW
1016
NioCorp Developments Ltd Warrant
NIOBW
$54.3M
$1.15M 0.01%
617,756
+481,660
+354% +$1.2M
BKR icon
1017
CALL
Baker Hughes
BKR
$59.9B
$1.15M 0.01%
+25,200
New +$1.19M
PR
1018
Permian Resources
PR
$17.1B
$1.14M 0.01%
81,200
– –
FISV
1019
Fiserv Inc
FISV
$28B
$1.14M 0.01%
16,900
-6,300
-27% -$527K
LYV icon
1020
Live Nation Entertainment
LYV
$41.6B
$1.13M 0.01%
7,959
-45,041
-85% -$6.47M
OPEN icon
1021
PUT
Opendoor
OPEN
$3.68B
$1.13M 0.01%
193,300
-6,443
-3% -$46.2K
BULLW
1022
Webull Corp Warrants
BULLW
$91.2M
$1.12M 0.01%
392,212
+388,189
+9,649% +$1.53M
MCRB icon
1023
CALL
Seres Therapeutics
MCRB
$47.8M
$1.12M 0.01%
75,000
– –
TLN
1024
Talen Energy Corp
TLN
$16.4B
$1.12M 0.01%
+2,977
New +$1.16M
TMCWW
1025
TMC The Metals Company Warrants
TMCWW
$735K
$1.11M 0.01%
860,671
+769,410
+843% +$1.15M
39 40
41
42 43

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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
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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.