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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
LUMN icon
1826
CALL
Lumen
LUMN
$6.57B
– –
-315,600
Closed -$1.68M
LUMN icon
1827
PUT
Lumen
LUMN
$6.57B
– –
-125,000
Closed -$664K
LW icon
1828
PUT
Lamb Weston
LW
$7.22B
– –
-54,700
Closed -$3.66M
LYB icon
1829
CALL
LyondellBasell Industries
LYB
$20B
– –
-62,500
Closed -$4.64M
M icon
1830
CALL
Macy's
M
$6.53B
– –
-300,000
Closed -$5.08M
M icon
1831
Macy's
M
$6.53B
– –
-3,400
Closed -$57.6K
MARA icon
1832
CALL
Marathon Digital Holdings
MARA
$4.32B
– –
-10,000
Closed -$168K
MARA icon
1833
PUT
Marathon Digital Holdings
MARA
$4.32B
– –
-125,000
Closed -$2.1M
MBI icon
1834
PUT
MBIA
MBI
$261M
– –
-67,500
Closed -$436K
MDGL icon
1835
CALL
Madrigal Pharmaceuticals
MDGL
$10.8B
– –
-30,000
Closed -$9.26M
MDGL icon
1836
PUT
Madrigal Pharmaceuticals
MDGL
$10.8B
– –
-81,100
Closed -$25M
MDY icon
1837
CALL
State Street SPDR S&P MIDCAP 400 ETF Trust
MDY
$26.6B
– –
-30,000
Closed -$17.1M
METC icon
1838
PUT
Ramaco Resources Class A
METC
$599M
– –
-51,168
Closed -$513K
MGA icon
1839
Magna International
MGA
$18.7B
– –
-20,000
Closed -$836K
MLCO icon
1840
CALL
Melco Resorts & Entertainment
MLCO
$2.22B
– –
-25,000
Closed -$145K
MLTX icon
1841
MoonLake Immunotherapeutics
MLTX
$1.57B
– –
-12,371
Closed -$533K
MMSI icon
1842
Merit Medical Systems
MMSI
$5.08B
– –
-5,000
Closed -$484K
MNKD icon
1843
CALL
MannKind Corp
MNKD
$1.21B
– –
-425,000
Closed -$2.73M
MNSO icon
1844
MINISO
MNSO
$3.88B
– –
-21,585
Closed -$516K
MOV icon
1845
CALL
Movado Group
MOV
$849M
– –
-13,100
Closed -$258K
MPC icon
1846
CALL
Marathon Petroleum
MPC
$92.4B
– –
-24,900
Closed -$3.47M
MPWR icon
1847
PUT
Monolithic Power Systems
MPWR
$70.1B
– –
-12,000
Closed -$7.1M
MQ icon
1848
Marqeta
MQ
$1.83B
– –
-17,375
Closed -$263K
MQ icon
1849
PUT
Marqeta
MQ
$1.83B
– –
-41,075
Closed -$623K
MRNA icon
1850
PUT
Moderna
MRNA
$21.8B
– –
-9,000
Closed -$374K
72 73
74
75 76

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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.