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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
TXRH icon
2076
Texas Roadhouse
TXRH
$11.8B
– –
-7,162
Closed -$1.19M
TXRH icon
2077
PUT
Texas Roadhouse
TXRH
$11.8B
– –
-127,300
Closed -$21.2M
U icon
2078
Unity
U
$18.7B
– –
-36,959
Closed -$1.51M
UHS icon
2079
CALL
Universal Health Services
UHS
$10.4B
– –
-20,900
Closed -$4.27M
UNH icon
2080
CALL
UnitedHealth
UNH
$353B
– –
-50,000
Closed -$17.3M
URGN icon
2081
PUT
UroGen Pharma
URGN
$2.2B
– –
-70,000
Closed -$1.4M
UTI icon
2082
CALL
Universal Technical Institute
UTI
$1.17B
– –
-111,700
Closed -$3.64M
VAL icon
2083
Valaris
VAL
$5.9B
– –
-8,300
Closed -$405K
VAL icon
2084
PUT
Valaris
VAL
$5.9B
– –
-132,000
Closed -$6.44M
VEL icon
2085
CALL
Velocity Financial
VEL
$715M
– –
-250,000
Closed -$4.54M
VEL icon
2086
PUT
Velocity Financial
VEL
$715M
– –
-248,100
Closed -$4.5M
VIR icon
2087
CALL
Vir Biotechnology
VIR
$1.83B
– –
-40,000
Closed -$228K
VITL icon
2088
Vital Farms
VITL
$425M
– –
-42,000
Closed -$1.73M
VKTX icon
2089
PUT
Viking Therapeutics
VKTX
$3.81B
– –
-76,900
Closed -$2.02M
VLO icon
2090
PUT
Valero Energy
VLO
$112B
– –
-25,000
Closed -$4.26M
VNDA icon
2091
Vanda Pharmaceuticals
VNDA
$317M
– –
-22,067
Closed -$121K
VNET
2092
CALL
VNET Group
VNET
$1.86B
– –
-46,000
Closed -$475K
VNET
2093
VNET Group
VNET
$1.86B
– –
-4,000
Closed -$41.3K
VRDN icon
2094
Viridian Therapeutics
VRDN
$2.58B
– –
-8,956
Closed -$193K
VRDN icon
2095
PUT
Viridian Therapeutics
VRDN
$2.58B
– –
-46,500
Closed -$1M
VRNS icon
2096
Varonis Systems
VRNS
$5.29B
– –
-5,750
Closed -$330K
VRNT
2097
DELISTED
Verint Systems
VRNT
– –
-34,118
Closed -$691K
VRRM icon
2098
Verra Mobility
VRRM
$567M
– –
-33,082
Closed -$817K
VRSN icon
2099
VeriSign
VRSN
$25.9B
– –
-6,017
Closed -$1.68M
VRSN icon
2100
PUT
VeriSign
VRSN
$25.9B
– –
-236,400
Closed -$66.1M
82 83
84
85 86

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LCIP
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BPA
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SA
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AA
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RAM
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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.