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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
KO icon
1851
PUT
Coca-Cola
KO
$354B
– –
-82,500
Closed -$5.47M
KOS icon
1852
Kosmos Energy
KOS
$1.56B
– –
-661,628
Closed -$1.1M
KOS icon
1853
PUT
Kosmos Energy
KOS
$1.56B
– –
-1,232,100
Closed -$2.05M
KR icon
1854
PUT
Kroger
KR
$34.8B
– –
-85,000
Closed -$5.73M
KRE icon
1855
CALL
State Street SPDR S&P Regional Banking ETF
KRE
$4.48B
– –
-350,000
Closed -$22.2M
KRC icon
1856
PUT
Kilroy Realty
KRC
$4.58B
– –
-46,000
Closed -$1.94M
KSS icon
1857
CALL
Kohl's
KSS
$2.03B
– –
-30,000
Closed -$461K
KSS icon
1858
Kohl's
KSS
$2.03B
– –
-89,168
Closed -$1.37M
KVYO icon
1859
CALL
Klaviyo
KVYO
$4.91B
– –
-240,000
Closed -$6.65M
KVYO icon
1860
Klaviyo
KVYO
$4.91B
– –
-46,338
Closed -$1.28M
KVYO icon
1861
PUT
Klaviyo
KVYO
$4.91B
– –
-100,000
Closed -$2.77M
KYMR icon
1862
CALL
Kymera Therapeutics
KYMR
$9.1B
– –
-18,600
Closed -$1.05M
LAC
1863
PUT
Lithium Americas
LAC
$986M
– –
-200,000
Closed -$1.14M
LAZR
1864
CALL
DELISTED
Luminar Technologies
LAZR
– –
-55,000
Closed -$105K
HAPN
1865
CALL
Happen Inc
HAPN
$2.08B
– –
-50,000
Closed -$760K
LDOS icon
1866
CALL
Leidos
LDOS
$14.1B
– –
-50,000
Closed -$9.45M
LDOS icon
1867
PUT
Leidos
LDOS
$14.1B
– –
-180,400
Closed -$34.1M
LEGN icon
1868
Legend Biotech
LEGN
$4.3B
– –
-5,000
Closed -$143K
LEN icon
1869
CALL
Lennar Class A
LEN
$20.4B
– –
-20,000
Closed -$2.52M
LFST icon
1870
CALL
Lifestance Health
LFST
$4.16B
– –
-72,500
Closed -$399K
LITE icon
1871
PUT
Lumentum
LITE
$59.4B
– –
-22,500
Closed -$3.66M
LNG icon
1872
CALL
Cheniere Energy
LNG
$56.5B
– –
-109,300
Closed -$25.7M
LOW icon
1873
PUT
Lowe's Companies
LOW
$116B
– –
-200
Closed -$50.3K
LRCX icon
1874
Lam Research
LRCX
$382B
– –
-16,000
Closed -$2.49M
LRMR icon
1875
CALL
Larimar Therapeutics
LRMR
$416M
– –
-1,539,700
Closed -$4.97M
73 74
75
76 77

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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
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 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.