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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
+17.45%
1 Year Est. Return
+81.81%
3 Year Est. Return
+226.72%
5 Year Est. Return
+294.21%
10 Year Est. Return
–
AUM
$9.03B
AUM Growth
-$1.37B
Cap. Flow
-$1.22B
Cap. Flow %
-13.56%
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 Miscellaneous 88.58%
2 Healthcare 3.09%
3 Consumer Discretionary 2.5%
4 Technology 1.62%
5 Financials 1.05%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
XRAY icon
1976
CALL
Dentsply Sirona
XRAY
$1.96B
– –
-157,500
Closed -$2.35M
XRX icon
1977
CALL
Xerox
XRX
$454M
– –
-120,000
Closed -$580K
XRX icon
1978
Xerox
XRX
$454M
– –
-1,082
Closed -$5.23K
XRX icon
1979
PUT
Xerox
XRX
$454M
– –
-160,000
Closed -$773K
XRT icon
1980
PUT
State Street SPDR S&P Retail ETF
XRT
$395M
– –
-45,900
Closed -$3.17M
YEXT icon
1981
PUT
Yext
YEXT
$632M
– –
-100,000
Closed -$616K
GTM
1982
ZoomInfo Technologies
GTM
$1.22B
– –
-51,348
Closed -$513K
GTM
1983
PUT
ZoomInfo Technologies
GTM
$1.22B
– –
-100,000
Closed -$1M
ZS icon
1984
CALL
Zscaler
ZS
$31.6B
– –
-50,000
Closed -$9.92M
ZS icon
1985
Zscaler
ZS
$31.6B
– –
-36,400
Closed -$9.07M
ZVRA icon
1986
Zevra Therapeutics
ZVRA
$692M
– –
-16,997
Closed -$138K
FLUT icon
1987
PUT
Flutter Entertainment
FLUT
$17.3B
– –
-26,500
Closed -$5.87M
GEV icon
1988
CALL
GE Vernova
GEV
$235B
– –
-93,000
Closed -$28.4M
SKYE icon
1989
CALL
Skye Bioscience
SKYE
$9.34M
– –
-1,488
Closed -$18.9K
SKYE icon
1990
Skye Bioscience
SKYE
$9.34M
– –
-438
Closed -$5.57K
OKLO
1991
PUT
Oklo
OKLO
$6.69B
– –
-20,000
Closed -$433K
LOGC
1992
CALL
DELISTED
ContextLogic
LOGC
– –
-45,000
Closed -$314K
LOGC
1993
DELISTED
ContextLogic
LOGC
– –
-60,256
Closed -$421K
CNR
1994
Core Natural Resources Inc
CNR
$4.69B
– –
-24,761
Closed -$1.91M
VG
1995
CALL
Venture Global Inc
VG
$38.2B
– –
-186,400
Closed -$1.92M
VG
1996
PUT
Venture Global Inc
VG
$38.2B
– –
-75,000
Closed -$773K
TEM
1997
Tempus AI
TEM
$12.5B
– –
-4,000
Closed -$229K
GAP
1998
The Gap Inc
GAP
$7.18B
– –
-80,000
Closed -$1.79M
AMTM
1999
Amentum Holdings
AMTM
$4.92B
– –
-68,400
Closed -$1.43M
AMTM
2000
PUT
Amentum Holdings
AMTM
$4.92B
– –
-57,000
Closed -$1.04M
77 78 79
80
81

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LCIP
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BPA
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SA
Sanctuary Advisors Indianapolis, Indiana $21.6B AUM 28.31% 1-Year Est. Return
AA
ALPS Advisors Denver, Colorado $21.3B AUM 23.41% 1-Year Est. Return
RAM
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FCM
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BG
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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 $1.22B 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 Miscellaneous at 89% of assets, up from 79% a quarter earlier, followed by Healthcare and Consumer Discretionary.

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.