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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
+35.35%
1 Year Est. Return
+70.99%
3 Year Est. Return
+176.06%
5 Year Est. Return
+263.89%
10 Year Est. Return
–
AUM
$12.8B
AUM Growth
+$3.79B
Cap. Flow
+$2.28B
Cap. Flow %
17.8%
Top 10 Hldgs %
15.6%
Holding
2,120
New
741
Increased
362
Reduced
312
Closed
513

Top Buys

Rank Stock Value
1
AMZN icon
Amazon
AMZN
+$130M
2
NVDA icon
NVIDIA
NVDA
+$87.2M
3
SOC icon
Sable Offshore Corp
SOC
+$34.9M
4
CORZW icon
Core Scientific Inc Tranche 1 Warrants
CORZW
+$23.1M
5
VSAT icon
Viasat
VSAT
+$21.1M

Top Sells

Rank Stock Value
1
INSM icon
Insmed
INSM
+$25.8M
2
SKX
Skechers
SKX
+$20.1M
3
REGN icon
Regeneron Pharmaceuticals
REGN
+$17.6M
4
CDTX
Cidara Therapeutics
CDTX
+$15.2M
5
K
Kellanova
K
+$15M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 3.1%
2 Technology 2.68%
3 Healthcare 2.33%
4 Communication Services 1.06%
5 Financials 0.91%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
HOOD icon
1826
CALL
Robinhood
HOOD
$85.9B
– –
-150,900
Closed -$14.1M
HOOD icon
1827
PUT
Robinhood
HOOD
$85.9B
– –
-115,000
Closed -$10.8M
HPP
1828
CALL
Hudson Pacific Properties
HPP
$794M
– –
-16,429
Closed -$315K
HRTX icon
1829
CALL
Heron Therapeutics
HRTX
$86.9M
– –
-1,505,900
Closed -$3.12M
HSIC icon
1830
CALL
Henry Schein
HSIC
$9.64B
– –
-150,000
Closed -$11M
HSIC icon
1831
Henry Schein
HSIC
$9.64B
– –
-118,000
Closed -$8.62M
HSIC icon
1832
PUT
Henry Schein
HSIC
$9.64B
– –
-150,000
Closed -$11M
HSY icon
1833
CALL
Hershey
HSY
$36.6B
– –
-17,100
Closed -$2.84M
BRSL
1834
CALL
Brightstar Lottery PLC
BRSL
$1.93B
– –
-425,000
Closed -$6.72M
BRSL
1835
PUT
Brightstar Lottery PLC
BRSL
$1.93B
– –
-30,000
Closed -$474K
IIPR icon
1836
Innovative Industrial Properties
IIPR
$1.78B
– –
-13,235
Closed -$731K
IIPR icon
1837
PUT
Innovative Industrial Properties
IIPR
$1.78B
– –
-15,600
Closed -$861K
INMB icon
1838
CALL
INmune Bio
INMB
$46M
– –
-100,000
Closed -$231K
INMB icon
1839
PUT
INmune Bio
INMB
$46M
– –
-634,400
Closed -$1.47M
INSG icon
1840
CALL
Inseego
INSG
$114M
– –
-80,000
Closed -$659K
IOT icon
1841
PUT
Samsara
IOT
$20.6B
– –
-25,000
Closed -$995K
IQ icon
1842
iQIYI
IQ
$1.19B
– –
-580,000
Closed -$1.28M
IQV icon
1843
IQVIA
IQV
$35.6B
– –
-6,500
Closed -$1.02M
IQV icon
1844
PUT
IQVIA
IQV
$35.6B
– –
-47,500
Closed -$7.49M
IRDM icon
1845
CALL
Iridium Communications
IRDM
$4.87B
– –
-3,600
Closed -$109K
IRDM icon
1846
Iridium Communications
IRDM
$4.87B
– –
-40,000
Closed -$1.21M
IRDM icon
1847
PUT
Iridium Communications
IRDM
$4.87B
– –
-40,000
Closed -$1.21M
ITOS
1848
DELISTED
iTeos Therapeutics
ITOS
– –
-22,157
Closed -$221K
IVZ icon
1849
Invesco
IVZ
$13.3B
– –
-1,929
Closed -$40K
JANX icon
1850
PUT
Janux Therapeutics
JANX
$950M
– –
-500,700
Closed -$11.6M
72 73
74
75 76

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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 Q3 2025 Portfolio in Review

As of Q3 2025, Caption Management held 2,120 positions worth $12.8B, up 42% from $9.03B the previous quarter. Its ten largest holdings account for 16% of the portfolio.

Caption Management deployed $2.28B of net new capital in Q3 2025, opening 741 new positions and adding to 362 existing holdings. Its largest new stake was Amazon: 575,000 shares worth $126M.

By sector, the portfolio is most concentrated in Consumer Discretionary at 3.1% of assets, up from 2.5% a quarter earlier, followed by Technology and Healthcare.

On the sell side, the largest reduction was Insmed, an estimated $25.8M trimmed.

  • Caption Management's largest Q3 2025 buy was Amazon: 575,000 shares worth $126M.
  • Caption Management added most to Sable Offshore Corp in Q3 2025, an estimated $34.9M increase.
  • Caption Management's biggest Q3 2025 reduction was Insmed, cutting an estimated $25.8M.
  • Caption Management fully exited Skechers in Q3 2025, selling an estimated $20.1M.
  • Caption Management's ten largest holdings make up 16% of its $12.8B portfolio in Q3 2025.
  • Caption Management opened 741 new positions and closed 513 in Q3 2025.
  • Caption Management's portfolio value rose 42% quarter-over-quarter to $12.8B.

Based on Caption Management's 13F filing for Q3 2025, filed 14 Nov 2025.