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Caption Management Portfolio holdings

AUM $21.5B
1-Year Est. Return 81.81%
This Fund
S&P 500
This Quarter Est. Return
+8.37%
1 Year Est. Return
+81.81%
3 Year Est. Return
+226.72%
5 Year Est. Return
+294.21%
10 Year Est. Return
–
AUM
$14.6B
AUM Growth
+$1.76B
Cap. Flow
+$535M
Cap. Flow %
3.67%
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 Miscellaneous 85.37%
2 Technology 4.6%
3 Consumer Discretionary 2.55%
4 Healthcare 2.5%
5 Communication Services 1.71%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VSAT icon
176
PUT
Viasat
VSAT
$9.97B
$19.5M 0.13%
567,200
-680,700
-55% -$24M
IAG icon
177
CALL
IAMGOLD
IAG
$11.7B
$19.4M 0.13%
1,175,500
+310,500
+36% +$4.37M
PZZA icon
178
PUT
Papa John's
PZZA
$712M
$19.2M 0.13%
+500,000
New +$22.1M
MGNI icon
179
CALL
Magnite
MGNI
$3.38B
$19.2M 0.13%
1,182,000
-487,700
-29% -$8.09M
B
180
CALL
Barrick Mining
B
$73.4B
$19.2M 0.13%
440,000
+400,000
+1,000% +$15M
WULF icon
181
TeraWulf
WULF
$8.55B
$19.1M 0.13%
+1,664,636
New +$22.3M
NBIS
182
CALL
Nebius Group N.V.
NBIS
$65.3B
$19.1M 0.13%
227,800
– –
GDX icon
183
PUT
VanEck Gold Miners ETF
GDX
$30.2B
$19.1M 0.13%
222,200
+142,200
+178% +$11.2M
MRNA icon
184
PUT
Moderna
MRNA
$54.1B
$19M 0.13%
644,300
+477,300
+286% +$13M
RNAM
185
CALL
DELISTED
Avidity Biosciences
RNAM
$18.8M 0.13%
260,800
-5,500
-2% -$355K
ISRG icon
186
PUT
Intuitive Surgical
ISRG
$125B
$18.8M 0.13%
+33,200
New +$17.7M
GOOGL icon
187
Alphabet (Google) Class A
GOOGL
$4.04T
$18.8M 0.13%
+60,000
New +$17.1M
GEHC icon
188
CALL
GE HealthCare
GEHC
$29.4B
$18.7M 0.13%
+227,600
New +$17.7M
EPD icon
189
CALL
Enterprise Products Partners
EPD
$84.9B
$18.5M 0.13%
577,400
+550,000
+2,007% +$17.4M
ARGX icon
190
CALL
argenx
ARGX
$62.7B
$18.5M 0.13%
22,000
-73,300
-77% -$62.7M
CFLT
191
PUT
DELISTED
Confluent
CFLT
$18.4M 0.13%
607,300
+78,000
+15% +$1.91M
ISRG icon
192
CALL
Intuitive Surgical
ISRG
$125B
$18.4M 0.13%
+32,400
New +$17.2M
SEZL
193
PUT
Sezzle
SEZL
$3.94B
$18.3M 0.13%
+289,000
New +$19.7M
RCUS icon
194
Arcus Biosciences
RCUS
$3.63B
$18.3M 0.13%
+767,698
New +$15.7M
VRT icon
195
CALL
Vertiv
VRT
$101B
$18.2M 0.12%
112,100
-126,800
-53% -$22M
TSLA icon
196
CALL
Tesla
TSLA
$1.45T
$18M 0.12%
+40,000
New +$17.7M
CAPR icon
197
CALL
Capricor Therapeutics
CAPR
$502M
$18M 0.12%
623,000
+164,400
+36% +$2.15M
FSLR icon
198
CALL
First Solar
FSLR
$21.8B
$17.9M 0.12%
68,500
-1,500
-2% -$378K
GH icon
199
CALL
Guardant Health
GH
$21.8B
$17.9M 0.12%
175,000
-82,500
-32% -$7.38M
ECHO
200
PUT
EchoStar
ECHO
$26.5B
$17.8M 0.12%
163,900
-607,600
-79% -$49.5M
6 7
8
9 10

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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 $535M 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 Miscellaneous at 85% of assets, down from 88% a quarter earlier, followed by Technology and Consumer Discretionary.

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.