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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
ALLT icon
1076
Allot
ALLT
$373M
$938K 0.01%
95,394
+6,931
+8% +$66.5K
PYPL icon
1077
PayPal
PYPL
$49.5B
$937K 0.01%
16,049
-13,551
-46% -$880K
DOW icon
1078
PUT
Dow Inc
DOW
$20.8B
$935K 0.01%
+40,000
New +$920K
RKLB icon
1079
Rocket Lab Corp
RKLB
$41.8B
$935K 0.01%
+13,398
New +$768K
NVAX icon
1080
Novavax
NVAX
$1.23B
$934K 0.01%
+139,050
New +$1.05M
GSM icon
1081
FerroAtlántica
GSM
$617M
$933K 0.01%
+201,150
New +$929K
WU icon
1082
PUT
Western Union
WU
$2.55B
$931K 0.01%
100,000
+5,000
+5% +$44.2K
DUK icon
1083
Duke Energy
DUK
$100B
$926K 0.01%
+7,900
New +$965K
NEXT icon
1084
CALL
NextDecade
NEXT
$1.7B
$922K 0.01%
+175,000
New +$1.04M
TJX icon
1085
TJX Companies
TJX
$173B
$922K 0.01%
6,000
– –
ASTL icon
1086
CALL
Algoma Steel
ASTL
$463M
$920K 0.01%
224,500
– –
AAL icon
1087
American Airlines Group
AAL
$9.9B
$920K 0.01%
+60,000
New +$809K
TFX icon
1088
Teleflex
TFX
$5.8B
$915K 0.01%
+7,500
New +$909K
TIPT icon
1089
PUT
Tiptree Inc
TIPT
$678M
$914K 0.01%
50,000
– –
FND icon
1090
Floor & Decor
FND
$5.99B
$913K 0.01%
+15,000
New +$972K
ADMA icon
1091
PUT
ADMA Biologics
ADMA
$1.97B
$912K 0.01%
50,000
-282,500
-85% -$4.76M
TLPH icon
1092
CALL
Talphera
TLPH
$65.4M
$912K 0.01%
799,600
+549,600
+220% +$663K
AEO icon
1093
American Eagle Outfitters
AEO
$2.98B
$910K 0.01%
34,500
– –
PTLO icon
1094
PUT
Portillo's
PTLO
$338M
$908K 0.01%
200,000
– –
WMB icon
1095
Williams Companies
WMB
$86.6B
$908K 0.01%
+15,100
New +$913K
DAL icon
1096
PUT
Delta Air Lines
DAL
$57B
$902K 0.01%
+13,000
New +$812K
PCT icon
1097
PureCycle Technologies
PCT
$1.2B
$902K 0.01%
+105,000
New +$1.11M
DAR icon
1098
Darling Ingredients
DAR
$9.62B
$900K 0.01%
+25,000
New +$846K
METC icon
1099
CALL
Ramaco Resources Class A
METC
$664M
$900K 0.01%
50,000
– –
USAR
1100
CALL
USA Rare Earth Inc
USAR
$3.65B
$893K 0.01%
75,000
+65,000
+650% +$1.24M
42 43
44
45 46

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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
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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 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.