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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
VFC icon
2076
VF Corp
VFC
$5.63B
– –
-140,702
Closed -$3.02M
VFC icon
2077
PUT
VF Corp
VFC
$5.63B
– –
-1,071,000
Closed -$23M
VITL icon
2078
CALL
Vital Farms
VITL
$545M
– –
-121,000
Closed -$4.56M
VITL icon
2079
Vital Farms
VITL
$545M
– –
-6,000
Closed -$216K
VLO icon
2080
Valero Energy
VLO
$90.1B
– –
-7,800
Closed -$956K
VLY icon
2081
CALL
Valley National Bancorp
VLY
$7.9B
– –
-187,500
Closed -$1.7M
VLY icon
2082
Valley National Bancorp
VLY
$7.9B
– –
-2,453
Closed -$22.2K
VOD icon
2083
CALL
Vodafone
VOD
$36.3B
– –
-45,000
Closed -$382K
VRDN icon
2084
Viridian Therapeutics
VRDN
$2.09B
– –
-56,760
Closed -$967K
VRDN icon
2085
PUT
Viridian Therapeutics
VRDN
$2.09B
– –
-516,800
Closed -$9.91M
VSTS icon
2086
Vestis
VSTS
$1.91B
– –
-23,800
Closed -$363K
VTGN icon
2087
VistaGen Therapeutics
VTGN
$9.89M
– –
-4,460
Closed -$13.2K
VTGN icon
2088
PUT
VistaGen Therapeutics
VTGN
$9.89M
– –
-50,000
Closed -$148K
VZ icon
2089
Verizon
VZ
$195B
– –
-51,200
Closed -$2.13M
VZ icon
2090
PUT
Verizon
VZ
$195B
– –
-1,446,600
Closed -$57.8M
WBD icon
2091
PUT
Warner Bros
WBD
$65.9B
– –
-300,000
Closed -$3.17M
WCC
2092
WESCO International
WCC
$16.7B
– –
-4,900
Closed -$887K
WES icon
2093
Western Midstream Partners
WES
$19.2B
– –
-62,830
Closed -$2.41M
WGS icon
2094
CALL
GeneDx Holdings
WGS
$1.93B
– –
-12,500
Closed -$961K
WLDN icon
2095
CALL
Willdan Group
WLDN
$1.04B
– –
-12,500
Closed -$476K
WLY icon
2096
CALL
John Wiley & Sons Class A
WLY
$2.65B
– –
-135,000
Closed -$5.9M
WLY icon
2097
PUT
John Wiley & Sons Class A
WLY
$2.65B
– –
-135,000
Closed -$5.9M
WMB icon
2098
CALL
Williams Companies
WMB
$87.5B
– –
-77,700
Closed -$4.21M
WM icon
2099
CALL
Waste Management
WM
$90.6B
– –
-12,500
Closed -$2.52M
WOLF icon
2100
CALL
Wolfspeed
WOLF
$1.23B
– –
-20,000
Closed -$133K
82 83
84
85 86

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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 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.