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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
+8.37%
1 Year Est. Return
+81.81%
3 Year Est. Return
+226.72%
5 Year Est. Return
+294.21%
10 Year Est. Return
–
AUM
$14.6B
AUM Growth
+$1.76B
Cap. Flow
+$535M
Cap. Flow %
3.67%
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 Miscellaneous 85.37%
2 Technology 4.6%
3 Consumer Discretionary 2.55%
4 Healthcare 2.5%
5 Communication Services 1.71%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IR icon
1826
PUT
Ingersoll Rand
IR
$28.5B
– –
-40,000
Closed -$3.3M
IRM icon
1827
Iron Mountain
IRM
$34.3B
– –
-6,400
Closed -$652K
IRM icon
1828
PUT
Iron Mountain
IRM
$34.3B
– –
-50,000
Closed -$5.1M
IRON icon
1829
CALL
Disc Medicine
IRON
$2.94B
– –
-7,600
Closed -$502K
ITW icon
1830
CALL
Illinois Tool Works
ITW
$75.2B
– –
-50,000
Closed -$13M
IVZ icon
1831
PUT
Invesco
IVZ
$14.2B
– –
-10,000
Closed -$229K
J icon
1832
Jacobs Solutions
J
$16.6B
– –
-2,600
Closed -$390K
JAZZ icon
1833
CALL
Jazz Pharmaceuticals
JAZZ
$15.7B
– –
-256,200
Closed -$33.8M
JCI icon
1834
CALL
Johnson Controls International
JCI
$87.8B
– –
-4,100
Closed -$451K
JCI icon
1835
Johnson Controls International
JCI
$87.8B
– –
-1,000
Closed -$110K
JD icon
1836
PUT
JD.com
JD
$36.5B
– –
-82,500
Closed -$2.89M
JELD icon
1837
JELD-WEN Holding
JELD
$182M
– –
-58,164
Closed -$191K
JOBY icon
1838
CALL
Joby Aviation
JOBY
$6.35B
– –
-25,000
Closed -$404K
JPM icon
1839
CALL
JPMorgan Chase
JPM
$943B
– –
-36,000
Closed -$11.4M
JPM icon
1840
PUT
JPMorgan Chase
JPM
$943B
– –
-46,000
Closed -$14.5M
K
1841
CALL
DELISTED
Kellanova
K
– –
-100
Closed -$8.2K
K
1842
PUT
DELISTED
Kellanova
K
– –
-1,176,300
Closed -$96.5M
KALV
1843
CALL
DELISTED
KalVista Pharmaceuticals
KALV
– –
-581,600
Closed -$7.08M
KALV
1844
PUT
DELISTED
KalVista Pharmaceuticals
KALV
– –
-864,600
Closed -$10.5M
KDP icon
1845
PUT
Keurig Dr Pepper
KDP
$43.7B
– –
-90,000
Closed -$2.3M
KGC icon
1846
Kinross Gold
KGC
$35.9B
– –
-100,000
Closed -$2.6M
KIDS icon
1847
OrthoPediatrics
KIDS
$566M
– –
-2,892
Closed -$53.6K
KLAC icon
1848
PUT
KLA
KLAC
$239B
– –
-140,000
Closed -$15.1M
KNSA icon
1849
PUT
Kiniksa Pharmaceuticals
KNSA
$6.13B
– –
-90,000
Closed -$3.49M
KNX icon
1850
Knight Transportation
KNX
$11.2B
– –
-5,000
Closed -$234K
72 73
74
75 76

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BPA
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SA
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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 $535M 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 Miscellaneous at 85% of assets, down from 88% a quarter earlier, followed by Technology and Consumer Discretionary.

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.