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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
+17.45%
1 Year Est. Return
+70.99%
3 Year Est. Return
+176.06%
5 Year Est. Return
+263.89%
10 Year Est. Return
–
AUM
$9.03B
AUM Growth
-$1.37B
Cap. Flow
-$2.48B
Cap. Flow %
-27.43%
Top 10 Hldgs %
18.31%
Holding
2,015
New
576
Increased
314
Reduced
307
Closed
636

Top Buys

Rank Stock Value
1
SKX
Skechers
SKX
+$18.3M
2
REGN icon
Regeneron Pharmaceuticals
REGN
+$17.4M
3
INSM icon
Insmed
INSM
+$16.1M
4
GILD icon
Gilead Sciences
GILD
+$15.8M
5
K
Kellanova
K
+$15.3M

Top Sells

Rank Stock Value
1
MSFT icon
Microsoft
MSFT
+$394M
2
AMZN icon
Amazon
AMZN
+$314M
3
NVDA icon
NVIDIA
NVDA
+$255M
4
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$121M
5
AMD icon
Advanced Micro Devices
AMD
+$61.6M

Sector Composition

Rank Sector Weight
1 Healthcare 3.09%
2 Consumer Discretionary 2.5%
3 Technology 1.62%
4 Financials 1.05%
5 Communication Services 0.76%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TPIC
1901
DELISTED
TPI Composites
TPIC
– –
-270,113
Closed -$218K
TPR icon
1902
Tapestry
TPR
$30.9B
– –
-2,748
Closed -$208K
TPR icon
1903
PUT
Tapestry
TPR
$30.9B
– –
-325,000
Closed -$22.9M
TRIP icon
1904
PUT
TripAdvisor
TRIP
$1.67B
– –
-174,900
Closed -$2.48M
TRML
1905
CALL
DELISTED
Tourmaline Bio
TRML
– –
-45,000
Closed -$684K
TRML
1906
DELISTED
Tourmaline Bio
TRML
– –
-14,312
Closed -$218K
TROW icon
1907
CALL
T. Rowe Price
TROW
$24.1B
– –
-15,400
Closed -$1.41M
TROW icon
1908
T. Rowe Price
TROW
$24.1B
– –
-65,036
Closed -$5.97M
TROW icon
1909
PUT
T. Rowe Price
TROW
$24.1B
– –
-400,000
Closed -$36.7M
TRU icon
1910
CALL
TransUnion
TRU
$15.3B
– –
-100,000
Closed -$8.3M
TRU icon
1911
TransUnion
TRU
$15.3B
– –
-37,000
Closed -$3.07M
TRUP icon
1912
CALL
Trupanion
TRUP
$1.06B
– –
-133,800
Closed -$4.99M
TTEC icon
1913
TTEC Holdings
TTEC
$126M
– –
-7,091
Closed -$23.3K
TTWO icon
1914
Take-Two Interactive
TTWO
$45.9B
– –
-22,600
Closed -$4.68M
TTWO icon
1915
PUT
Take-Two Interactive
TTWO
$45.9B
– –
-126,000
Closed -$26.1M
UA icon
1916
Under Armour Class C
UA
$2.84B
– –
-15,000
Closed -$89.3K
UBER icon
1917
PUT
Uber
UBER
$143B
– –
-233,000
Closed -$17M
UEC icon
1918
PUT
Uranium Energy
UEC
$4.78B
– –
-45,000
Closed -$215K
UNF icon
1919
CALL
Unifirst Corp
UNF
$5.28B
– –
-1,000
Closed -$174K
UNH icon
1920
CALL
UnitedHealth
UNH
$382B
– –
-91,000
Closed -$47.7M
UPS icon
1921
CALL
United Parcel Service
UPS
$88.9B
– –
-95,000
Closed -$10.4M
URA icon
1922
CALL
Global X Uranium ETF
URA
$5.48B
– –
-125,000
Closed -$2.87M
URNJ icon
1923
Sprott Junior Uranium Miners ETF
URNJ
$315M
– –
-18,000
Closed -$258K
URNM icon
1924
CALL
Sprott Uranium Miners ETF
URNM
$1.78B
– –
-200,000
Closed -$6.49M
AD
1925
CALL
Array Digital Infrastructure
AD
$3B
– –
-100,000
Closed -$6.92M
75 76
77
78 79

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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 Q2 2025 Portfolio in Review

As of Q2 2025, Caption Management held 2,015 positions worth $9.03B, down 13% from $10.4B the previous quarter. Its ten largest holdings account for 18% of the portfolio.

Caption Management withdrew a net $2.48B in Q2 2025, closing 636 positions and reducing 307 holdings. Its most notable exit was Microsoft, an estimated $394M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 3.1% of assets, up from 1.5% a quarter earlier, followed by Consumer Discretionary and Technology.

Against the trend, Caption Management opened a new position in Skechers worth $20.1M.

  • Caption Management's largest Q2 2025 buy was Skechers: 317,932 shares worth $20.1M.
  • Caption Management added most to Kellanova in Q2 2025, an estimated $15.3M increase.
  • Caption Management's biggest Q2 2025 reduction was Alphabet (Google) Class A, cutting an estimated $121M.
  • Caption Management fully exited Microsoft in Q2 2025, selling an estimated $394M.
  • Caption Management's ten largest holdings make up 18% of its $9.03B portfolio in Q2 2025.
  • Caption Management opened 576 new positions and closed 636 in Q2 2025.
  • Caption Management's portfolio value fell 13% quarter-over-quarter to $9.03B.

Based on Caption Management's 13F filing for Q2 2025, filed 14 Aug 2025.