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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
FRSH icon
1751
Freshworks
FRSH
$2.84B
– –
-2,113
Closed -$24.9K
FSLR icon
1752
First Solar
FSLR
$21.8B
– –
-4,900
Closed -$1.24M
FSLY icon
1753
Fastly Inc
FSLY
$3.17B
– –
-406,551
Closed -$4.01M
GCMGW
1754
DELISTED
GCM Grosvenor Inc Warrant
GCMGW
– –
-425,000
Closed -$226K
GDS icon
1755
CALL
GDS Holdings
GDS
$6.34B
– –
-59,700
Closed -$2.31M
GEHC icon
1756
GE HealthCare
GEHC
$27.6B
– –
-18,200
Closed -$1.42M
GEL icon
1757
CALL
Genesis Energy
GEL
$1.84B
– –
-197,500
Closed -$3.3M
GEN icon
1758
CALL
Gen Digital
GEN
$15.6B
– –
-25,000
Closed -$710K
GH icon
1759
PUT
Guardant Health
GH
$19.5B
– –
-282,500
Closed -$17.7M
GIII icon
1760
G-III Apparel Group
GIII
$1.47B
– –
-25,000
Closed -$714K
GILD icon
1761
Gilead Sciences
GILD
$161B
– –
-49,900
Closed -$6.06M
GILD icon
1762
PUT
Gilead Sciences
GILD
$161B
– –
-65,000
Closed -$7.21M
GKOS icon
1763
CALL
Glaukos
GKOS
$9.02B
– –
-19,300
Closed -$1.57M
GLDD
1764
DELISTED
Great Lakes Dredge & Dock
GLDD
– –
-8,931
Closed -$110K
LKFT
1765
CALL
Lakefront Biotherapeutics American Depositary Shares
LKFT
$1.82B
– –
-19,900
Closed -$689K
GNRC icon
1766
CALL
Generac Holdings
GNRC
$11.9B
– –
-32,200
Closed -$5.39M
GOOS
1767
CALL
Canada Goose Holdings
GOOS
$868M
– –
-230,000
Closed -$3.17M
GPCR icon
1768
CALL
Structure Therapeutics
GPCR
$3.49B
– –
-185,200
Closed -$5.19M
GPCR icon
1769
Structure Therapeutics
GPCR
$3.49B
– –
-56,682
Closed -$1.59M
GPCR icon
1770
PUT
Structure Therapeutics
GPCR
$3.49B
– –
-159,400
Closed -$4.46M
GPN icon
1771
CALL
Global Payments
GPN
$22.1B
– –
-24,000
Closed -$1.99M
GPN icon
1772
Global Payments
GPN
$22.1B
– –
-5,000
Closed -$415K
GRPN icon
1773
Groupon
GRPN
$980M
– –
-112,575
Closed -$2.12M
GRPN icon
1774
PUT
Groupon
GRPN
$980M
– –
-203,800
Closed -$4.76M
GT icon
1775
PUT
Goodyear
GT
$2.07B
– –
-300,000
Closed -$2.24M
69 70
71
72 73

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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.