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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
SM icon
2026
PUT
SM Energy
SM
$9.03B
– –
-177,500
Closed -$4.43M
SMMT icon
2027
Summit Therapeutics
SMMT
$14B
– –
-28,264
Closed -$532K
SMTC icon
2028
CALL
Semtech
SMTC
$15.3B
– –
-31,500
Closed -$2.25M
SMTC icon
2029
Semtech
SMTC
$15.3B
– –
-7,000
Closed -$500K
SNPS icon
2030
CALL
Synopsys
SNPS
$75.4B
– –
-11,500
Closed -$5.67M
SPHR icon
2031
PUT
Sphere Entertainment
SPHR
$5.06B
– –
-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
$520M
– –
-60,000
Closed -$603K
SPRY icon
2035
ARS Pharmaceuticals
SPRY
$520M
– –
-29,812
Closed -$300K
SRAD icon
2036
Sportradar
SRAD
$3.8B
– –
-53,200
Closed -$1.28M
SRAD icon
2037
PUT
Sportradar
SRAD
$3.8B
– –
-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
$55.6B
– –
-25,000
Closed -$2.25M
SRRK icon
2041
Scholar Rock
SRRK
$6.65B
– –
-153,702
Closed -$5.76M
SSTI icon
2042
CALL
SoundThinking
SSTI
$76.2M
– –
-60,000
Closed -$724K
SSTI icon
2043
SoundThinking
SSTI
$76.2M
– –
-15,389
Closed -$186K
STOK icon
2044
PUT
Stoke Therapeutics
STOK
$1.93B
– –
-60,000
Closed -$1.41M
STZ icon
2045
Constellation Brands
STZ
$20.8B
– –
-96,600
Closed -$13M
STZ icon
2046
PUT
Constellation Brands
STZ
$20.8B
– –
-244,500
Closed -$32.9M
SUPN icon
2047
Supernus Pharmaceuticals
SUPN
$2.45B
– –
-28,341
Closed -$1.38M
SYRE icon
2048
PUT
Spyre Therapeutics
SYRE
$7.66B
– –
-50,000
Closed -$838K
TAC icon
2049
TransAlta
TAC
$3.91B
– –
-194,172
Closed -$2.65M
TDOC icon
2050
PUT
Teladoc Health
TDOC
$1.11B
– –
-10,000
Closed -$77.3K
80 81
82
83 84

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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.