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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
+8.37%
1 Year Est. Return
+70.99%
3 Year Est. Return
+176.06%
5 Year Est. Return
+263.89%
10 Year Est. Return
–
AUM
$14.6B
AUM Growth
+$1.76B
Cap. Flow
+$1.61B
Cap. Flow %
11.04%
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 Technology 4.6%
2 Consumer Discretionary 2.55%
3 Healthcare 2.5%
4 Communication Services 1.71%
5 Financials 1.06%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SM icon
2026
PUT
SM Energy
SM
$7.96B
– –
-177,500
Closed -$4.43M
SMMT icon
2027
Summit Therapeutics
SMMT
$10.9B
– –
-28,264
Closed -$532K
SMTC icon
2028
CALL
Semtech
SMTC
$11.7B
– –
-31,500
Closed -$2.25M
SMTC icon
2029
Semtech
SMTC
$11.7B
– –
-7,000
Closed -$500K
SNPS icon
2030
CALL
Synopsys
SNPS
$71.5B
– –
-11,500
Closed -$5.67M
SPHR icon
2031
PUT
Sphere Entertainment
SPHR
$4.88B
– –
-20,800
Closed -$1.29M
SPR
2032
CALL
DELISTED
Spirit AeroSystems
SPR
– –
-162,200
Closed -$6.26M
SPR
2033
PUT
DELISTED
Spirit AeroSystems
SPR
– –
-150,000
Closed -$5.79M
SPRY icon
2034
CALL
ARS Pharmaceuticals
SPRY
$590M
– –
-60,000
Closed -$603K
SPRY icon
2035
ARS Pharmaceuticals
SPRY
$590M
– –
-29,812
Closed -$300K
SRAD icon
2036
Sportradar
SRAD
$4.23B
– –
-53,200
Closed -$1.28M
SRAD icon
2037
PUT
Sportradar
SRAD
$4.23B
– –
-40,000
Closed -$1.08M
SRDX
2038
CALL
DELISTED
Surmodics
SRDX
– –
-80,000
Closed -$2.39M
SRDX
2039
PUT
DELISTED
Surmodics
SRDX
– –
-54,700
Closed -$1.63M
SRE icon
2040
CALL
Sempra
SRE
$60.8B
– –
-25,000
Closed -$2.25M
SRRK icon
2041
Scholar Rock
SRRK
$5.71B
– –
-153,702
Closed -$5.76M
SSTI icon
2042
CALL
SoundThinking
SSTI
$107M
– –
-60,000
Closed -$724K
SSTI icon
2043
SoundThinking
SSTI
$107M
– –
-15,389
Closed -$186K
STOK icon
2044
PUT
Stoke Therapeutics
STOK
$1.82B
– –
-60,000
Closed -$1.41M
STZ icon
2045
Constellation Brands
STZ
$22.2B
– –
-96,600
Closed -$13M
STZ icon
2046
PUT
Constellation Brands
STZ
$22.2B
– –
-244,500
Closed -$32.9M
SUPN icon
2047
Supernus Pharmaceuticals
SUPN
$2.68B
– –
-28,341
Closed -$1.38M
SYRE icon
2048
PUT
Spyre Therapeutics
SYRE
$8.87B
– –
-50,000
Closed -$838K
TAC icon
2049
TransAlta
TAC
$4.34B
– –
-194,172
Closed -$2.65M
TDOC icon
2050
PUT
Teladoc Health
TDOC
$1.58B
– –
-10,000
Closed -$77.3K
80 81
82
83 84

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ASRS
Arizona State Retirement System Phoenix, Arizona $17.1B AUM 30.52% 1-Year Est. Return
PP
Prudential plc London, England, United Kingdom $17.1B AUM 15.7% 1-Year Est. Return
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 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 $1.61B 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 Technology at 4.6% of assets, up from 2.7% a quarter earlier, followed by Consumer Discretionary and Healthcare.

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.