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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
WMB icon
1951
PUT
Williams Companies
WMB
$87.2B
– –
-100,000
Closed -$5.98M
WMT icon
1952
Walmart Inc
WMT
$884B
– –
-52,000
Closed -$4.57M
WMT icon
1953
PUT
Walmart Inc
WMT
$884B
– –
-160,000
Closed -$14M
WNS
1954
CALL
DELISTED
WNS Holdings
WNS
– –
-45,000
Closed -$2.77M
WNS
1955
PUT
DELISTED
WNS Holdings
WNS
– –
-45,000
Closed -$2.77M
WOLF icon
1956
Wolfspeed
WOLF
$1.24B
– –
-102,569
Closed -$234K
WOR icon
1957
CALL
Worthington Enterprises
WOR
$2.76B
– –
-10,000
Closed -$501K
WSC icon
1958
CALL
WillScot Mobile Mini Holdings
WSC
$4.38B
– –
-340,000
Closed -$9.45M
WST icon
1959
CALL
West Pharmaceutical
WST
$23.6B
– –
-34,800
Closed -$7.79M
WVE icon
1960
Wave Life Sciences
WVE
$1.09B
– –
-43,501
Closed -$287K
WVE icon
1961
PUT
Wave Life Sciences
WVE
$1.09B
– –
-25,000
Closed -$202K
WWD icon
1962
Woodward
WWD
$21.3B
– –
-3,100
Closed -$566K
WWW icon
1963
CALL
Wolverine World Wide
WWW
$1.63B
– –
-25,000
Closed -$348K
X
1964
CALL
DELISTED
US Steel
X
– –
-2,366,300
Closed -$100M
X
1965
PUT
DELISTED
US Steel
X
– –
-1,469,600
Closed -$62.1M
XBI icon
1966
CALL
State Street SPDR S&P Biotech ETF
XBI
$10.1B
– –
-125,000
Closed -$10.1M
XBI icon
1967
State Street SPDR S&P Biotech ETF
XBI
$10.1B
– –
-97,473
Closed -$7.78M
XHB icon
1968
CALL
State Street SPDR S&P Homebuilders ETF
XHB
$1.61B
– –
-200,000
Closed -$19.4M
XLB icon
1969
CALL
State Street Materials Select Sector SPDR ETF
XLB
$8.52B
– –
-620,000
Closed -$26.7M
XLB icon
1970
PUT
State Street Materials Select Sector SPDR ETF
XLB
$8.52B
– –
-250,000
Closed -$10.7M
XLE icon
1971
State Street Energy Select Sector SPDR ETF
XLE
$39.2B
– –
-55,852
Closed -$2.33M
XLC icon
1972
CALL
State Street Communication Services Select Sector SPDR ETF
XLC
$22B
– –
-62,000
Closed -$5.98M
XLV icon
1973
PUT
State Street Health Care Select Sector SPDR ETF
XLV
$41.8B
– –
-40,000
Closed -$5.84M
XMTR icon
1974
PUT
Xometry
XMTR
$4.74B
– –
-42,000
Closed -$1.05M
XPEV icon
1975
CALL
XPeng
XPEV
$12.3B
– –
-200,000
Closed -$4.14M
77 78
79
80 81

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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 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.