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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
-11.25%
1 Year Est. Return
+70.99%
3 Year Est. Return
+176.06%
5 Year Est. Return
+263.89%
10 Year Est. Return
–
AUM
$10.4B
AUM Growth
-$181M
Cap. Flow
+$762M
Cap. Flow %
7.33%
Top 10 Hldgs %
24.19%
Holding
2,175
New
757
Increased
285
Reduced
305
Closed
736

Top Buys

Rank Stock Value
1
MSFT icon
Microsoft
MSFT
+$428M
2
AMZN icon
Amazon
AMZN
+$239M
3
CSCO icon
Cisco
CSCO
+$61.6M
4
DELL icon
Dell
DELL
+$26.4M
5
DIS icon
Walt Disney
DIS
+$23.6M

Top Sells

Rank Stock Value
1
TSLA icon
Tesla
TSLA
+$235M
2
NVDA icon
NVIDIA
NVDA
+$217M
3
C icon
Citigroup
C
+$113M
4
GOOG icon
Alphabet (Google) Class C
GOOG
+$70.5M
5
AAPL icon
Apple
AAPL
+$50.1M

Sector Composition

Rank Sector Weight
1 Technology 8.72%
2 Consumer Discretionary 4.74%
3 Communication Services 2.52%
4 Healthcare 1.51%
5 Financials 0.88%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SOFI icon
2001
PUT
SoFi Technologies
SOFI
$21B
– –
-60,000
Closed -$924K
SOXX icon
2002
iShares Semiconductor ETF
SOXX
$41.7B
– –
-3,000
Closed -$646K
SPCE icon
2003
PUT
Virgin Galactic
SPCE
$328M
– –
-100,800
Closed -$593K
SPT icon
2004
CALL
Sprout Social
SPT
$516M
– –
-40,000
Closed -$1.23M
SPT icon
2005
PUT
Sprout Social
SPT
$516M
– –
-40,000
Closed -$1.23M
SRG
2006
CALL
Seritage Growth Properties
SRG
$136M
– –
-100,000
Closed -$412K
SRPT icon
2007
PUT
Sarepta Therapeutics
SRPT
$1.57B
– –
-85,000
Closed -$10.3M
SRRK icon
2008
PUT
Scholar Rock
SRRK
$5.67B
– –
-250,600
Closed -$10.8M
SSNC icon
2009
CALL
SS&C Technologies
SSNC
$18.1B
– –
-49,500
Closed -$3.75M
STKL
2010
CALL
DELISTED
SunOpta
STKL
– –
-139,700
Closed -$1.08M
STLA icon
2011
PUT
Stellantis
STLA
$21.7B
– –
-102,500
Closed -$1.34M
STT icon
2012
PUT
State Street
STT
$50.6B
– –
-32,000
Closed -$3.14M
STWD icon
2013
CALL
Starwood Property Trust
STWD
$5.92B
– –
-209,700
Closed -$3.97M
SUI icon
2014
Sun Communities
SUI
$15.2B
– –
-67,688
Closed -$8.65M
SUI icon
2015
PUT
Sun Communities
SUI
$15.2B
– –
-191,700
Closed -$23.6M
SWBI icon
2016
Smith & Wesson
SWBI
$651M
– –
-5,000
Closed -$50.5K
SXC icon
2017
SunCoke Energy
SXC
$720M
– –
-18,500
Closed -$198K
SYF icon
2018
Synchrony
SYF
$24.7B
– –
-1,300
Closed -$84.5K
TAL icon
2019
CALL
TAL Education Group
TAL
$6.93B
– –
-1,500,000
Closed -$15M
TAL icon
2020
PUT
TAL Education Group
TAL
$6.93B
– –
-1,500,000
Closed -$15M
TCOM icon
2021
Trip.com Group
TCOM
$29.6B
– –
-2,700
Closed -$185K
TCOM icon
2022
PUT
Trip.com Group
TCOM
$29.6B
– –
-60,000
Closed -$4.12M
TDG icon
2023
CALL
TransDigm Group
TDG
$70.2B
– –
-25,000
Closed -$31.7M
TDG icon
2024
TransDigm Group
TDG
$70.2B
– –
-2,800
Closed -$3.55M
TDOC icon
2025
CALL
Teladoc Health
TDOC
$1.22B
– –
-83,200
Closed -$756K
79 80
81
82 83

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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
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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 Q1 2025 Portfolio in Review

As of Q1 2025, Caption Management held 2,175 positions worth $10.4B, down 1.7% from $10.6B the previous quarter. Its ten largest holdings account for 24% of the portfolio.

Caption Management deployed $762M of net new capital in Q1 2025, opening 757 new positions and adding to 285 existing holdings. Its largest new stake was Microsoft: 1,050,000 shares worth $394M.

By sector, the portfolio is most concentrated in Technology at 8.7% of assets, up from 7.4% a quarter earlier, followed by Consumer Discretionary and Communication Services.

On the sell side, the largest reduction was Tesla, an estimated $235M trimmed.

  • Caption Management's largest Q1 2025 buy was Microsoft: 1,050,000 shares worth $394M.
  • Caption Management added most to Amazon in Q1 2025, an estimated $239M increase.
  • Caption Management's biggest Q1 2025 reduction was Tesla, cutting an estimated $235M.
  • Caption Management fully exited Citigroup in Q1 2025, selling an estimated $113M.
  • Caption Management's ten largest holdings make up 24% of its $10.4B portfolio in Q1 2025.
  • Caption Management opened 757 new positions and closed 736 in Q1 2025.
  • Caption Management's portfolio value fell 1.7% quarter-over-quarter to $10.4B.

Based on Caption Management's 13F filing for Q1 2025, filed 15 May 2025.