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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
PRIM icon
1976
CALL
Primoris Services
PRIM
$3.98B
– –
-8,900
Closed -$1.22M
PRME icon
1977
CALL
Prime Medicine
PRME
$629M
– –
-150,000
Closed -$831K
PRO
1978
CALL
DELISTED
PROS Holdings
PRO
– –
-201,000
Closed -$4.6M
PRO
1979
DELISTED
PROS Holdings
PRO
– –
-24,574
Closed -$563K
PTCT icon
1980
PUT
PTC Therapeutics
PTCT
$5.64B
– –
-60,000
Closed -$3.68M
PTON icon
1981
CALL
Peloton Interactive
PTON
$2.22B
– –
-700,000
Closed -$6.3M
PTON icon
1982
PUT
Peloton Interactive
PTON
$2.22B
– –
-200,000
Closed -$1.8M
QBTS.WS
1983
DELISTED
D-Wave Quantum Inc Warrants
QBTS.WS
– –
-374,558
Closed -$9.14M
QGEN icon
1984
Qiagen
QGEN
$8.78B
– –
-48,000
Closed -$2.14M
QS icon
1985
CALL
QuantumScape Corp
QS
$3.21B
– –
-28,400
Closed -$350K
RC
1986
Ready Capital
RC
$279M
– –
-35,000
Closed -$135K
REGN icon
1987
CALL
Regeneron Pharmaceuticals
REGN
$83.2B
– –
-10,000
Closed -$5.62M
REGN icon
1988
PUT
Regeneron Pharmaceuticals
REGN
$83.2B
– –
-30,000
Closed -$16.9M
REKR icon
1989
CALL
Rekor Systems
REKR
$67.5M
– –
-3,600
Closed -$5.65K
RGEN icon
1990
Repligen
RGEN
$9.31B
– –
-28,894
Closed -$3.86M
RGEN icon
1991
PUT
Repligen
RGEN
$9.31B
– –
-50,000
Closed -$6.68M
RGNX icon
1992
Regenxbio
RGNX
$576M
– –
-4,123
Closed -$51.4K
RICK icon
1993
RCI Hospitality Holdings
RICK
$218M
– –
-5,118
Closed -$156K
RICK icon
1994
PUT
RCI Hospitality Holdings
RICK
$218M
– –
-34,500
Closed -$1.05M
RIO icon
1995
Rio Tinto
RIO
$169B
– –
-37,229
Closed -$2.68M
RITM icon
1996
Rithm Capital
RITM
$5.51B
– –
-125,282
Closed -$1.38M
RITM icon
1997
PUT
Rithm Capital
RITM
$5.51B
– –
-199,900
Closed -$2.28M
RNAM
1998
DELISTED
Avidity Biosciences
RNAM
– –
-12,138
Closed -$784K
RRC icon
1999
CALL
Range Resources
RRC
$9.75B
– –
-80,000
Closed -$3.01M
RRC icon
2000
Range Resources
RRC
$9.75B
– –
-60,000
Closed -$2.26M
78 79
80
81 82

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LCIP
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BPA
Beacon Pointe Advisors Newport Beach, California $21.5B AUM 23.65% 1-Year Est. Return
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 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.