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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
+35.35%
1 Year Est. Return
+70.99%
3 Year Est. Return
+176.06%
5 Year Est. Return
+263.89%
10 Year Est. Return
–
AUM
$12.8B
AUM Growth
+$3.79B
Cap. Flow
+$2.28B
Cap. Flow %
17.8%
Top 10 Hldgs %
15.6%
Holding
2,120
New
741
Increased
362
Reduced
312
Closed
513

Top Buys

Rank Stock Value
1
AMZN icon
Amazon
AMZN
+$130M
2
NVDA icon
NVIDIA
NVDA
+$87.2M
3
SOC icon
Sable Offshore Corp
SOC
+$34.9M
4
CORZW icon
Core Scientific Inc Tranche 1 Warrants
CORZW
+$23.1M
5
VSAT icon
Viasat
VSAT
+$21.1M

Top Sells

Rank Stock Value
1
INSM icon
Insmed
INSM
+$25.8M
2
SKX
Skechers
SKX
+$20.1M
3
REGN icon
Regeneron Pharmaceuticals
REGN
+$17.6M
4
CDTX
Cidara Therapeutics
CDTX
+$15.2M
5
K
Kellanova
K
+$15M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 3.1%
2 Technology 2.68%
3 Healthcare 2.33%
4 Communication Services 1.06%
5 Financials 0.91%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CVNA icon
1
CALL
Carvana
CVNA
$43.3B
$265M 2.07%
3,515,000
+345,000
+11% +$24.7M
APP icon
2
CALL
Applovin
APP
$132B
$241M 1.88%
335,000
– –
CRWV
3
PUT
CoreWeave
CRWV
$39.2B
$237M 1.85%
1,732,000
+1,220,000
+238% +$144M
CVNA icon
4
PUT
Carvana
CVNA
$43.3B
$223M 1.74%
2,959,500
-1,382,500
-32% -$98.9M
INTU icon
5
PUT
Intuit
INTU
$81.1B
$202M 1.57%
295,300
+24,100
+9% +$17.4M
CRWV
6
CALL
CoreWeave
CRWV
$39.2B
$198M 1.55%
+1,450,000
New +$172M
RDDT icon
7
CALL
Reddit
RDDT
$32.5B
$165M 1.29%
717,700
+316,000
+79% +$64.5M
INTU icon
8
CALL
Intuit
INTU
$81.1B
$157M 1.22%
229,700
-500
-0.2% -$360K
TSLA icon
9
Tesla
TSLA
$1.24T
$156M 1.21%
350,000
+50,000
+17% +$17.3M
TSLA icon
10
PUT
Tesla
TSLA
$1.24T
$156M 1.21%
350,000
+50,000
+17% +$17.3M
UTHR icon
11
PUT
United Therapeutics
UTHR
$26.3B
$130M 1.01%
309,800
+246,600
+390% +$82.9M
AMZN icon
12
Amazon
AMZN
$2.5T
$126M 0.98%
+575,000
New +$130M
AMZN icon
13
PUT
Amazon
AMZN
$2.5T
$126M 0.98%
+575,000
New +$130M
RCL icon
14
CALL
Royal Caribbean
RCL
$78.7B
$116M 0.9%
357,000
– –
RUN icon
15
CALL
Sunrun
RUN
$2.37B
$110M 0.86%
6,354,900
-2,178,200
-26% -$29.2M
DASH icon
16
CALL
DoorDash
DASH
$75.3B
$109M 0.85%
+400,000
New +$100M
UTHR icon
17
CALL
United Therapeutics
UTHR
$26.3B
$106M 0.83%
253,600
+203,500
+406% +$68.4M
TSM icon
18
PUT
TSMC
TSM
$2.09T
$106M 0.83%
379,000
+20,700
+6% +$5.06M
CVX icon
19
CALL
Chevron
CVX
$388B
$98M 0.76%
+631,000
New +$97.7M
K
20
PUT
DELISTED
Kellanova
K
$96.5M 0.75%
1,176,300
+794,900
+208% +$63.2M
COIN icon
21
CALL
Coinbase
COIN
$41.7B
$94.5M 0.74%
+280,000
New +$94.9M
NVDA icon
22
NVIDIA
NVDA
$5.01T
$93.3M 0.73%
+500,000
New +$87.2M
NVDA icon
23
PUT
NVIDIA
NVDA
$5.01T
$93.3M 0.73%
+500,000
New +$87.2M
CORZ icon
24
CALL
Core Scientific
CORZ
$7.23B
$84.4M 0.66%
4,702,100
+2,690,800
+134% +$39.5M
RDDT icon
25
PUT
Reddit
RDDT
$32.5B
$82.7M 0.64%
359,400
+259,200
+259% +$52.9M
1
2 3 4 5

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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 Q3 2025 Portfolio in Review

As of Q3 2025, Caption Management held 2,120 positions worth $12.8B, up 42% from $9.03B the previous quarter. Its ten largest holdings account for 16% of the portfolio.

Caption Management deployed $2.28B of net new capital in Q3 2025, opening 741 new positions and adding to 362 existing holdings. Its largest new stake was Amazon: 575,000 shares worth $126M.

By sector, the portfolio is most concentrated in Consumer Discretionary at 3.1% of assets, up from 2.5% a quarter earlier, followed by Technology and Healthcare.

On the sell side, the largest reduction was Insmed, an estimated $25.8M trimmed.

  • Caption Management's largest Q3 2025 buy was Amazon: 575,000 shares worth $126M.
  • Caption Management added most to Sable Offshore Corp in Q3 2025, an estimated $34.9M increase.
  • Caption Management's biggest Q3 2025 reduction was Insmed, cutting an estimated $25.8M.
  • Caption Management fully exited Skechers in Q3 2025, selling an estimated $20.1M.
  • Caption Management's ten largest holdings make up 16% of its $12.8B portfolio in Q3 2025.
  • Caption Management opened 741 new positions and closed 513 in Q3 2025.
  • Caption Management's portfolio value rose 42% quarter-over-quarter to $12.8B.

Based on Caption Management's 13F filing for Q3 2025, filed 14 Nov 2025.