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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
CRBP icon
1651
PUT
Corbus Pharmaceuticals
CRBP
$174M
– –
-80,000
Closed -$1.01M
CRH icon
1652
CALL
CRH
CRH
$67.9B
– –
-43,800
Closed -$5.25M
CSCO icon
1653
CALL
Cisco
CSCO
$447B
– –
-165,000
Closed -$11.3M
CSCO icon
1654
Cisco
CSCO
$447B
– –
-5,300
Closed -$363K
CSCO icon
1655
PUT
Cisco
CSCO
$447B
– –
-250,000
Closed -$17.1M
CSGP icon
1656
CoStar Group
CSGP
$11.7B
– –
-38,290
Closed -$2.71M
CSX icon
1657
PUT
CSX Corp
CSX
$96.9B
– –
-120,800
Closed -$4.29M
CTMX icon
1658
CALL
CytomX Therapeutics
CTMX
$740M
– –
-249,900
Closed -$797K
CVE icon
1659
CALL
Cenovus Energy
CVE
$52.6B
– –
-750,000
Closed -$12.7M
CVE icon
1660
PUT
Cenovus Energy
CVE
$52.6B
– –
-345,000
Closed -$5.86M
CVGW
1661
DELISTED
Calavo Growers
CVGW
– –
-14,488
Closed -$373K
CVS icon
1662
CVS Health
CVS
$135B
– –
-47,000
Closed -$3.71M
CVX icon
1663
CALL
Chevron
CVX
$381B
– –
-631,000
Closed -$98M
CVX icon
1664
Chevron
CVX
$381B
– –
-4,300
Closed -$668K
CVX icon
1665
PUT
Chevron
CVX
$381B
– –
-240,000
Closed -$37.3M
CXW icon
1666
CALL
CoreCivic
CXW
$3.09B
– –
-75,000
Closed -$1.53M
DAKT icon
1667
Daktronics
DAKT
$954M
– –
-13,500
Closed -$282K
DAN icon
1668
Dana Inc
DAN
$2.89B
– –
-20,784
Closed -$417K
DAR icon
1669
CALL
Darling Ingredients
DAR
$9.58B
– –
-150,400
Closed -$4.64M
DASH icon
1670
CALL
DoorDash
DASH
$79.5B
– –
-400,000
Closed -$109M
DASH icon
1671
DoorDash
DASH
$79.5B
– –
-35,400
Closed -$9.63M
DAVE icon
1672
CALL
Dave Inc
DAVE
$5.17B
– –
-120,400
Closed -$24M
DELL icon
1673
Dell
DELL
$274B
– –
-26,100
Closed -$3.68M
DHR icon
1674
CALL
Danaher
DHR
$135B
– –
-25,000
Closed -$4.96M
DHR icon
1675
PUT
Danaher
DHR
$135B
– –
-25,000
Closed -$4.96M
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 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.