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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
DK icon
1676
CALL
Delek US
DK
$3.87B
– –
-87,000
Closed -$2.81M
DK icon
1677
PUT
Delek US
DK
$3.87B
– –
-22,500
Closed -$726K
DKNG icon
1678
DraftKings
DKNG
$11.4B
– –
-41,500
Closed -$1.36M
DKS icon
1679
CALL
Dick's Sporting Goods
DKS
$18.4B
– –
-25,700
Closed -$5.71M
DNA icon
1680
CALL
Ginkgo Bioworks
DNA
$481M
– –
-60,000
Closed -$875K
DNA icon
1681
Ginkgo Bioworks
DNA
$481M
– –
-15,000
Closed -$219K
DNLI icon
1682
CALL
Denali Therapeutics
DNLI
$3.67B
– –
-91,200
Closed -$1.32M
DNLI icon
1683
Denali Therapeutics
DNLI
$3.67B
– –
-7,366
Closed -$107K
DNLI icon
1684
PUT
Denali Therapeutics
DNLI
$3.67B
– –
-30,000
Closed -$436K
DNTH icon
1685
CALL
Dianthus Therapeutics
DNTH
$5.68B
– –
-37,500
Closed -$1.48M
DNTH icon
1686
Dianthus Therapeutics
DNTH
$5.68B
– –
-138,561
Closed -$5.45M
DNTH icon
1687
PUT
Dianthus Therapeutics
DNTH
$5.68B
– –
-92,500
Closed -$3.64M
DOLE icon
1688
Dole
DOLE
$1.35B
– –
-30,000
Closed -$403K
DOMO icon
1689
CALL
Domo
DOMO
$166M
– –
-21,800
Closed -$345K
DOV icon
1690
CALL
Dover
DOV
$27.2B
– –
-20,000
Closed -$3.34M
DRS icon
1691
Leonardo DRS
DRS
$12.8B
– –
-20,000
Closed -$908K
DSP icon
1692
CALL
Viant Technology
DSP
$214M
– –
-100,000
Closed -$863K
DT icon
1693
CALL
Dynatrace
DT
$12.1B
– –
-98,000
Closed -$4.75M
DUK icon
1694
CALL
Duke Energy
DUK
$102B
– –
-88,400
Closed -$10.9M
DVN icon
1695
CALL
Devon Energy
DVN
$51.9B
– –
-55,600
Closed -$1.95M
DYN icon
1696
CALL
Dyne Therapeutics
DYN
$4.04B
– –
-100,000
Closed -$1.26M
EA icon
1697
CALL
Electronic Arts
EA
$52.4B
– –
-20,000
Closed -$4.03M
EA icon
1698
PUT
Electronic Arts
EA
$52.4B
– –
-15,000
Closed -$3.03M
EAT icon
1699
Brinker International
EAT
$8.02B
– –
-6,000
Closed -$760K
EGY icon
1700
Vaalco Energy
EGY
$594M
– –
-87,751
Closed -$325K
66 67
68
69 70

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Arizona State Retirement System Phoenix, Arizona $17.1B AUM 30.52% 1-Year Est. Return
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
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.