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Caption Management Portfolio holdings

AUM $21.5B
1-Year Est. Return 81.81%
This Fund
S&P 500
This Quarter Est. Return
+17.45%
1 Year Est. Return
+81.81%
3 Year Est. Return
+226.72%
5 Year Est. Return
+294.21%
10 Year Est. Return
–
AUM
$9.03B
AUM Growth
-$1.37B
Cap. Flow
-$1.22B
Cap. Flow %
-13.56%
Top 10 Hldgs %
18.31%
Holding
2,015
New
576
Increased
314
Reduced
307
Closed
636

Top Buys

Rank Stock Value
1
SKX
Skechers
SKX
+$18.3M
2
REGN icon
Regeneron Pharmaceuticals
REGN
+$17.4M
3
INSM icon
Insmed
INSM
+$16.1M
4
GILD icon
Gilead Sciences
GILD
+$15.8M
5
K
Kellanova
K
+$15.3M

Top Sells

Rank Stock Value
1
MSFT icon
Microsoft
MSFT
+$394M
2
AMZN icon
Amazon
AMZN
+$314M
3
NVDA icon
NVIDIA
NVDA
+$255M
4
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$121M
5
AMD icon
Advanced Micro Devices
AMD
+$61.6M

Sector Composition

Rank Sector Weight
1 Miscellaneous 88.58%
2 Healthcare 3.09%
3 Consumer Discretionary 2.5%
4 Technology 1.62%
5 Financials 1.05%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MS icon
1726
Morgan Stanley
MS
$324B
– –
-10,200
Closed -$1.19M
MS icon
1727
PUT
Morgan Stanley
MS
$324B
– –
-61,900
Closed -$7.22M
MSFT icon
1728
Microsoft
MSFT
$3.69T
– –
-1,050,000
Closed -$394M
MSFT icon
1729
PUT
Microsoft
MSFT
$3.69T
– –
-1,050,000
Closed -$394M
MSM icon
1730
PUT
MSC Industrial Direct
MSM
$6.69B
– –
-125,000
Closed -$9.71M
MTCH icon
1731
Match Group
MTCH
$10.2B
– –
-90,000
Closed -$2.69M
MTCH icon
1732
PUT
Match Group
MTCH
$10.2B
– –
-377,800
Closed -$11.8M
MTZ icon
1733
PUT
MasTec
MTZ
$17.9B
– –
-10,000
Closed -$1.17M
MURA
1734
CALL
DELISTED
Mural Oncology
MURA
– –
-100,000
Closed -$126K
MURA
1735
DELISTED
Mural Oncology
MURA
– –
-73,065
Closed -$92.1K
MVIS icon
1736
Microvision
MVIS
$46.8M
– –
-3,231
Closed -$56K
MXL icon
1737
CALL
MaxLinear
MXL
$6.09B
– –
-20,000
Closed -$217K
MXL icon
1738
MaxLinear
MXL
$6.09B
– –
-862
Closed -$9.36K
NAT icon
1739
CALL
Nordic American Tanker
NAT
$1.66B
– –
-50,000
Closed -$123K
NBIX icon
1740
Neurocrine Biosciences
NBIX
$15.2B
– –
-130,800
Closed -$15M
NEE icon
1741
NextEra Energy
NEE
$169B
– –
-111,824
Closed -$7.77M
NEM icon
1742
Newmont
NEM
$131B
– –
-21,500
Closed -$1.15M
NEM icon
1743
PUT
Newmont
NEM
$131B
– –
-189,000
Closed -$9.12M
NET icon
1744
Cloudflare
NET
$117B
– –
-6,300
Closed -$915K
NKTR icon
1745
CALL
Nektar Therapeutics
NKTR
$2.28B
– –
-7,840
Closed -$80K
NNDM
1746
PUT
Nano Dimension
NNDM
$323M
– –
-425,000
Closed -$676K
NOG icon
1747
Northern Oil and Gas
NOG
$2.89B
– –
-10,500
Closed -$317K
NRDS icon
1748
CALL
NerdWallet
NRDS
$609M
– –
-150,000
Closed -$1.36M
NRDS icon
1749
PUT
NerdWallet
NRDS
$609M
– –
-150,000
Closed -$1.36M
NRG icon
1750
NRG Energy
NRG
$22.3B
– –
-1,000
Closed -$95.5K
68 69
70
71 72

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LCIP
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BPA
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SA
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AA
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RAM
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FCM
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BG
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Caption Management's Q2 2025 Portfolio in Review

As of Q2 2025, Caption Management held 2,015 positions worth $9.03B, down 13% from $10.4B the previous quarter. Its ten largest holdings account for 18% of the portfolio.

Caption Management withdrew a net $1.22B in Q2 2025, closing 636 positions and reducing 307 holdings. Its most notable exit was Microsoft, an estimated $394M position sold in full.

By sector, the portfolio is most concentrated in Miscellaneous at 89% of assets, up from 79% a quarter earlier, followed by Healthcare and Consumer Discretionary.

Against the trend, Caption Management opened a new position in Skechers worth $20.1M.

  • Caption Management's largest Q2 2025 buy was Skechers: 317,932 shares worth $20.1M.
  • Caption Management added most to Kellanova in Q2 2025, an estimated $15.3M increase.
  • Caption Management's biggest Q2 2025 reduction was Alphabet (Google) Class A, cutting an estimated $121M.
  • Caption Management fully exited Microsoft in Q2 2025, selling an estimated $394M.
  • Caption Management's ten largest holdings make up 18% of its $9.03B portfolio in Q2 2025.
  • Caption Management opened 576 new positions and closed 636 in Q2 2025.
  • Caption Management's portfolio value fell 13% quarter-over-quarter to $9.03B.

Based on Caption Management's 13F filing for Q2 2025, filed 14 Aug 2025.