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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
WVE icon
2126
Wave Life Sciences
WVE
$1.12B
– –
-12,000
Closed -$122K
WYNN icon
2127
Wynn Resorts
WYNN
$10.1B
– –
-44,250
Closed -$5.47M
WY icon
2128
Weyerhaeuser
WY
$17.3B
– –
-20,100
Closed -$498K
XLB icon
2129
CALL
State Street Materials Select Sector SPDR ETF
XLB
$8.51B
– –
-384,000
Closed -$17.2M
XLB icon
2130
State Street Materials Select Sector SPDR ETF
XLB
$8.51B
– –
-535,504
Closed -$24M
XLE icon
2131
CALL
State Street Energy Select Sector SPDR ETF
XLE
$39.5B
– –
-160,000
Closed -$7.15M
XLE icon
2132
PUT
State Street Energy Select Sector SPDR ETF
XLE
$39.5B
– –
-499,200
Closed -$22.3M
XLP icon
2133
State Street Consumer Staples Select Sector SPDR ETF
XLP
$14.2B
– –
-25,000
Closed -$1.96M
XLP icon
2134
PUT
State Street Consumer Staples Select Sector SPDR ETF
XLP
$14.2B
– –
-130,000
Closed -$10.2M
XOP icon
2135
State Street SPDR S&P Oil & Gas Exploration & Production ETF
XOP
$3.42B
– –
-13,050
Closed -$1.73M
XPEV icon
2136
XPeng
XPEV
$11.8B
– –
-18,000
Closed -$422K
YPF icon
2137
YPF
YPF
$20.2B
– –
-80,250
Closed -$2.66M
ZD icon
2138
Ziff Davis
ZD
$1.9B
– –
-9,900
Closed -$377K
ZD icon
2139
PUT
Ziff Davis
ZD
$1.9B
– –
-33,000
Closed -$1.26M
ZETA icon
2140
CALL
Zeta Global
ZETA
$4.77B
– –
-583,600
Closed -$11.6M
ZETA icon
2141
Zeta Global
ZETA
$4.77B
– –
-66,668
Closed -$1.32M
ZETA icon
2142
PUT
Zeta Global
ZETA
$4.77B
– –
-317,800
Closed -$6.31M
ZTO icon
2143
ZTO Express
ZTO
$18.2B
– –
-48,851
Closed -$938K
ZTS icon
2144
PUT
Zoetis
ZTS
$31.6B
– –
-32,500
Closed -$4.76M
AVBP icon
2145
CALL
ArriVent BioPharma
AVBP
$1.48B
– –
-23,000
Closed -$424K
AVBP icon
2146
ArriVent BioPharma
AVBP
$1.48B
– –
-7,000
Closed -$129K
AVBP icon
2147
PUT
ArriVent BioPharma
AVBP
$1.48B
– –
-40,800
Closed -$753K
BTSG icon
2148
BrightSpring Health Services
BTSG
$14.3B
– –
-49,800
Closed -$1.67M
BTSG icon
2149
PUT
BrightSpring Health Services
BTSG
$14.3B
– –
-76,000
Closed -$2.25M
PRKS icon
2150
United Parks & Resorts
PRKS
$2.11B
– –
-6,000
Closed -$310K
84 85
86
87 88

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VMPIC
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BCIM
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BBA
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FCM
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AIMCA
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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 $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.