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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
-11.25%
1 Year Est. Return
+70.99%
3 Year Est. Return
+176.06%
5 Year Est. Return
+263.89%
10 Year Est. Return
–
AUM
$10.4B
AUM Growth
-$181M
Cap. Flow
+$762M
Cap. Flow %
7.33%
Top 10 Hldgs %
24.19%
Holding
2,175
New
757
Increased
285
Reduced
305
Closed
736

Top Buys

Rank Stock Value
1
MSFT icon
Microsoft
MSFT
+$428M
2
AMZN icon
Amazon
AMZN
+$239M
3
CSCO icon
Cisco
CSCO
+$61.6M
4
DELL icon
Dell
DELL
+$26.4M
5
DIS icon
Walt Disney
DIS
+$23.6M

Top Sells

Rank Stock Value
1
TSLA icon
Tesla
TSLA
+$235M
2
NVDA icon
NVIDIA
NVDA
+$217M
3
C icon
Citigroup
C
+$113M
4
GOOG icon
Alphabet (Google) Class C
GOOG
+$70.5M
5
AAPL icon
Apple
AAPL
+$50.1M

Sector Composition

Rank Sector Weight
1 Technology 8.72%
2 Consumer Discretionary 4.74%
3 Communication Services 2.52%
4 Healthcare 1.51%
5 Financials 0.88%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
DV icon
1651
CALL
DoubleVerify
DV
$1.73B
– –
-50,000
Closed -$961K
DVAX
1652
CALL
DELISTED
Dynavax Technologies
DVAX
– –
-50,000
Closed -$639K
ELAN icon
1653
CALL
Elanco Animal Health
ELAN
$13.2B
– –
-122,500
Closed -$1.48M
ELAN icon
1654
Elanco Animal Health
ELAN
$13.2B
– –
-17,800
Closed -$216K
ELAN icon
1655
PUT
Elanco Animal Health
ELAN
$13.2B
– –
-50,500
Closed -$612K
ELV icon
1656
CALL
Elevance Health
ELV
$81.5B
– –
-10,000
Closed -$3.69M
ELV icon
1657
Elevance Health
ELV
$81.5B
– –
-7,065
Closed -$2.61M
ELV icon
1658
PUT
Elevance Health
ELV
$81.5B
– –
-10,000
Closed -$3.69M
EMBC icon
1659
CALL
Embecta
EMBC
$216M
– –
-28,800
Closed -$595K
EMBC icon
1660
Embecta
EMBC
$216M
– –
-13,600
Closed -$281K
ENOV icon
1661
CALL
Enovis
ENOV
$1.68B
– –
-80,000
Closed -$3.51M
ENVX icon
1662
Enovix
ENVX
$892M
– –
-11,429
Closed -$102K
ENVX icon
1663
PUT
Enovix
ENVX
$892M
– –
-22,857
Closed -$217K
EOG icon
1664
CALL
EOG Resources
EOG
$79.2B
– –
-12,900
Closed -$1.58M
EOSE icon
1665
PUT
Eos Energy Enterprises
EOSE
$1.22B
– –
-2,090,000
Closed -$10.2M
EPD icon
1666
CALL
Enterprise Products Partners
EPD
$82.3B
– –
-412,500
Closed -$12.9M
ESI icon
1667
Element Solutions
ESI
$8.95B
– –
-8,500
Closed -$216K
ESPR
1668
CALL
DELISTED
Esperion Therapeutics
ESPR
– –
-323,800
Closed -$712K
ESTA icon
1669
Establishment Labs
ESTA
$2.72B
– –
-9,491
Closed -$354K
ETSY icon
1670
CALL
Etsy
ETSY
$7.75B
– –
-57,100
Closed -$3.02M
EVH icon
1671
PUT
Evolent Health
EVH
$348M
– –
-153,300
Closed -$1.72M
EW icon
1672
CALL
Edwards Lifesciences
EW
$49.6B
– –
-154,700
Closed -$11.5M
EW icon
1673
PUT
Edwards Lifesciences
EW
$49.6B
– –
-55,000
Closed -$4.07M
EXAS
1674
CALL
DELISTED
Exact Sciences
EXAS
– –
-521,700
Closed -$29.3M
EXAS
1675
DELISTED
Exact Sciences
EXAS
– –
-10,991
Closed -$618K
65 66
67
68 69

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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 Q1 2025 Portfolio in Review

As of Q1 2025, Caption Management held 2,175 positions worth $10.4B, down 1.7% from $10.6B the previous quarter. Its ten largest holdings account for 24% of the portfolio.

Caption Management deployed $762M of net new capital in Q1 2025, opening 757 new positions and adding to 285 existing holdings. Its largest new stake was Microsoft: 1,050,000 shares worth $394M.

By sector, the portfolio is most concentrated in Technology at 8.7% of assets, up from 7.4% a quarter earlier, followed by Consumer Discretionary and Communication Services.

On the sell side, the largest reduction was Tesla, an estimated $235M trimmed.

  • Caption Management's largest Q1 2025 buy was Microsoft: 1,050,000 shares worth $394M.
  • Caption Management added most to Amazon in Q1 2025, an estimated $239M increase.
  • Caption Management's biggest Q1 2025 reduction was Tesla, cutting an estimated $235M.
  • Caption Management fully exited Citigroup in Q1 2025, selling an estimated $113M.
  • Caption Management's ten largest holdings make up 24% of its $10.4B portfolio in Q1 2025.
  • Caption Management opened 757 new positions and closed 736 in Q1 2025.
  • Caption Management's portfolio value fell 1.7% quarter-over-quarter to $10.4B.

Based on Caption Management's 13F filing for Q1 2025, filed 15 May 2025.