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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
NKE icon
1926
PUT
Nike
NKE
$61.9B
– –
-150,300
Closed -$10.5M
NKTX icon
1927
CALL
Nkarta
NKTX
$162M
– –
-2,000,000
Closed -$4.14M
NTGR icon
1928
CALL
NETGEAR
NTGR
$669M
– –
-537,600
Closed -$17.4M
NTR icon
1929
CALL
Nutrien
NTR
$32.7B
– –
-24,000
Closed -$1.41M
NTRS icon
1930
CALL
Northern Trust
NTRS
$22.2B
– –
-17,500
Closed -$2.36M
NTRS icon
1931
Northern Trust
NTRS
$22.2B
– –
-13,023
Closed -$1.75M
NVT icon
1932
CALL
nVent Electric
NVT
$24.5B
– –
-100,000
Closed -$9.86M
NXE icon
1933
NexGen Energy
NXE
$6.05B
– –
-27,256
Closed -$241K
NYT icon
1934
PUT
New York Times
NYT
$11.6B
– –
-328,800
Closed -$18.9M
OBDC icon
1935
PUT
Blue Owl Capital
OBDC
$5.35B
– –
-50,000
Closed -$639K
ODP
1936
CALL
DELISTED
ODP
ODP
– –
-25,900
Closed -$721K
ODP
1937
DELISTED
ODP
ODP
– –
-26,938
Closed -$750K
OFIX icon
1938
Orthofix Medical
OFIX
$455M
– –
-7,778
Closed -$114K
OFIX icon
1939
PUT
Orthofix Medical
OFIX
$455M
– –
-89,900
Closed -$1.32M
OLN icon
1940
Olin
OLN
$2.64B
– –
-49,549
Closed -$1.24M
OMER icon
1941
PUT
Omeros
OMER
$709M
– –
-325,000
Closed -$1.33M
ON icon
1942
PUT
ON Semiconductor
ON
$33.8B
– –
-85,000
Closed -$4.19M
ONDS icon
1943
Ondas Inc
ONDS
$4.44B
– –
-520,000
Closed -$4.18M
ONON icon
1944
PUT
On Holding
ONON
$11.9B
– –
-150,000
Closed -$6.35M
OPEN icon
1945
Opendoor
OPEN
$3.69B
– –
-252,650
Closed -$1.81M
ORIC icon
1946
Oric Pharmaceuticals
ORIC
$1.25B
– –
-49,389
Closed -$593K
ORIC icon
1947
PUT
Oric Pharmaceuticals
ORIC
$1.25B
– –
-60,000
Closed -$720K
OTIS icon
1948
CALL
Otis Worldwide
OTIS
$27.4B
– –
-40,000
Closed -$3.66M
OTIS icon
1949
PUT
Otis Worldwide
OTIS
$27.4B
– –
-37,500
Closed -$3.43M
OTLY
1950
PUT
Oatly Group
OTLY
$417M
– –
-181,500
Closed -$2.94M
76 77
78
79 80

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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
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Macquarie Group
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FCM
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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.