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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
VTRS icon
2101
CALL
Viatris
VTRS
$19B
– –
-150,000
Closed -$1.49M
VZ icon
2102
Verizon
VZ
$207B
– –
-59,450
Closed -$2.61M
W icon
2103
PUT
Wayfair
W
$13.7B
– –
-100,000
Closed -$8.93M
WAL icon
2104
CALL
Western Alliance Bancorporation
WAL
$8.69B
– –
-150,000
Closed -$13M
WAT icon
2105
CALL
Waters Corp
WAT
$39.8B
– –
-9,600
Closed -$2.88M
WAT icon
2106
Waters Corp
WAT
$39.8B
– –
-3,500
Closed -$1.05M
WAT icon
2107
PUT
Waters Corp
WAT
$39.8B
– –
-39,600
Closed -$11.9M
WBD icon
2108
Warner Bros
WBD
$70B
– –
-311,193
Closed -$7.27M
WBS
2109
CALL
DELISTED
Webster Financial
WBS
– –
-33,800
Closed -$2.01M
WBS
2110
DELISTED
Webster Financial
WBS
– –
-34,371
Closed -$2.04M
WBS
2111
PUT
DELISTED
Webster Financial
WBS
– –
-67,500
Closed -$4.01M
WEC icon
2112
CALL
WEC Energy
WEC
$34.6B
– –
-25,700
Closed -$2.94M
WEC icon
2113
WEC Energy
WEC
$34.6B
– –
-41,003
Closed -$4.7M
WEC icon
2114
PUT
WEC Energy
WEC
$34.6B
– –
-140,000
Closed -$16M
WELL icon
2115
CALL
Welltower
WELL
$170B
– –
-40,700
Closed -$7.25M
WELL icon
2116
PUT
Welltower
WELL
$170B
– –
-40,700
Closed -$7.25M
WEN icon
2117
Wendy's
WEN
$1.44B
– –
-22,988
Closed -$211K
WEN icon
2118
PUT
Wendy's
WEN
$1.44B
– –
-100,000
Closed -$916K
WIX icon
2119
CALL
WIX.com
WIX
$3.11B
– –
-141,000
Closed -$25M
WIX icon
2120
PUT
WIX.com
WIX
$3.11B
– –
-16,100
Closed -$2.86M
WMS icon
2121
Advanced Drainage Systems
WMS
$9.94B
– –
-8,590
Closed -$1.19M
WSC icon
2122
CALL
WillScot Mobile Mini Holdings
WSC
$3.51B
– –
-38,800
Closed -$819K
WSC icon
2123
WillScot Mobile Mini Holdings
WSC
$3.51B
– –
-76,300
Closed -$1.61M
WSC icon
2124
PUT
WillScot Mobile Mini Holdings
WSC
$3.51B
– –
-167,500
Closed -$3.54M
WTI icon
2125
CALL
W&T Offshore
WTI
$613M
– –
-100,000
Closed -$182K
83 84
85
86 87

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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.