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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
MRUS
1901
CALL
DELISTED
Merus
MRUS
– –
-115,500
Closed -$10.9M
MRUS
1902
PUT
DELISTED
Merus
MRUS
– –
-105,000
Closed -$9.89M
MRVL icon
1903
Marvell Technology
MRVL
$174B
– –
-15,800
Closed -$1.38M
MSGS icon
1904
Madison Square Garden
MSGS
$9.54B
– –
-8,400
Closed -$1.91M
MSOS icon
1905
AdvisorShares Pure US Cannabis ETF
MSOS
$864M
– –
-391,918
Closed -$1.75M
MT icon
1906
ArcelorMittal
MT
$50.4B
– –
-29,700
Closed -$1.07M
MTDR icon
1907
Matador Resources
MTDR
$6.31B
– –
-31,250
Closed -$1.4M
MTDR icon
1908
PUT
Matador Resources
MTDR
$6.31B
– –
-125,000
Closed -$5.62M
MTSI icon
1909
MACOM Technology Solutions
MTSI
$20.4B
– –
-18,129
Closed -$2.26M
MTX icon
1910
CALL
Minerals Technologies
MTX
$2.31B
– –
-10,000
Closed -$621K
MTX icon
1911
PUT
Minerals Technologies
MTX
$2.31B
– –
-210,000
Closed -$13M
MTZ icon
1912
MasTec
MTZ
$26.7B
– –
-7,300
Closed -$1.55M
MUX icon
1913
McEwen Inc
MUX
$1.03B
– –
-29,114
Closed -$542K
MUX icon
1914
PUT
McEwen Inc
MUX
$1.03B
– –
-200,000
Closed -$3.42M
NAMS icon
1915
CALL
NewAmsterdam Pharma
NAMS
$3.47B
– –
-11,100
Closed -$316K
NAT icon
1916
CALL
Nordic American Tanker
NAT
$1.37B
– –
-25,000
Closed -$78.5K
NBIX icon
1917
PUT
Neurocrine Biosciences
NBIX
$17.7B
– –
-53,000
Closed -$7.44M
NEE icon
1918
PUT
NextEra Energy
NEE
$187B
– –
-45,000
Closed -$3.4M
NEM icon
1919
CALL
Newmont
NEM
$98.2B
– –
-35,000
Closed -$2.95M
NEM icon
1920
PUT
Newmont
NEM
$98.2B
– –
-32,500
Closed -$2.74M
NGD
1921
CALL
DELISTED
New Gold Inc
NGD
– –
-100,000
Closed -$718K
NICE icon
1922
CALL
Nice
NICE
$5.29B
– –
-119,200
Closed -$17.3M
NICE icon
1923
Nice
NICE
$5.29B
– –
-75,492
Closed -$10.9M
NICE icon
1924
PUT
Nice
NICE
$5.29B
– –
-189,200
Closed -$27.4M
NKE icon
1925
Nike
NKE
$61.9B
– –
-77,276
Closed -$5.04M
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
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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.