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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
CVNA icon
1
CALL
Carvana
CVNA
$43.3B
$273M 1.87%
3,234,000
-281,000
-8% -$20.9M
NVDA icon
2
PUT
NVIDIA
NVDA
$5.01T
$233M 1.6%
1,250,000
+750,000
+150% +$140M
NVDA icon
3
NVIDIA
NVDA
$5.01T
$217M 1.48%
1,161,100
+661,100
+132% +$123M
INTU icon
4
PUT
Intuit
INTU
$81.1B
$201M 1.38%
302,700
+7,400
+3% +$4.89M
WBD icon
5
PUT
Warner Bros
WBD
$64.6B
$147M 1.01%
5,104,700
+4,229,700
+483% +$98.9M
RDDT icon
6
CALL
Reddit
RDDT
$32.5B
$146M 1%
635,100
-82,600
-12% -$17.4M
WBD icon
7
CALL
Warner Bros
WBD
$64.6B
$143M 0.98%
4,974,500
+3,816,200
+329% +$89.2M
CVNA icon
8
PUT
Carvana
CVNA
$43.3B
$142M 0.97%
1,677,000
-1,282,500
-43% -$95.3M
TSLA icon
9
Tesla
TSLA
$1.24T
$135M 0.93%
300,000
-50,000
-14% -$22.2M
TSLA icon
10
PUT
Tesla
TSLA
$1.24T
$135M 0.93%
300,000
-50,000
-14% -$22.2M
AMZN icon
11
Amazon
AMZN
$2.5T
$133M 0.91%
575,000
– –
AMZN icon
12
PUT
Amazon
AMZN
$2.5T
$133M 0.91%
575,000
– –
AAPL icon
13
Apple
AAPL
$4.89T
$128M 0.88%
+470,000
New +$126M
AAPL icon
14
PUT
Apple
AAPL
$4.89T
$128M 0.88%
+470,000
New +$126M
ARKK icon
15
PUT
ARK Innovation ETF
ARKK
$5.89B
$127M 0.87%
1,656,400
+1,061,400
+178% +$87.9M
GOOG icon
16
Alphabet (Google) Class C
GOOG
$3.9T
$125M 0.85%
397,000
+178,203
+81% +$51M
INTU icon
17
CALL
Intuit
INTU
$81.1B
$122M 0.84%
183,900
-45,800
-20% -$30.3M
MSFT icon
18
CALL
Microsoft
MSFT
$2.84T
$121M 0.83%
+250,000
New +$125M
GOOG icon
19
PUT
Alphabet (Google) Class C
GOOG
$3.9T
$119M 0.81%
378,700
+150,000
+66% +$43M
BA icon
20
CALL
Boeing
BA
$165B
$119M 0.81%
+546,800
New +$112M
VRT icon
21
PUT
Vertiv
VRT
$112B
$117M 0.8%
719,300
+679,300
+1,698% +$118M
RUN icon
22
CALL
Sunrun
RUN
$2.37B
$114M 0.78%
6,203,700
-151,200
-2% -$2.9M
UTHR icon
23
CALL
United Therapeutics
UTHR
$26.3B
$109M 0.74%
222,800
-30,800
-12% -$14.3M
CMG icon
24
PUT
Chipotle Mexican Grill
CMG
$40.8B
$105M 0.72%
+2,839,400
New +$103M
ECHO
25
CALL
EchoStar
ECHO
$25.5B
$102M 0.7%
941,100
+270,900
+40% +$22.1M
1
2 3 4 5

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ASRS
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PP
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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 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.