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Caption Management Portfolio holdings
AUM
$21.5B
Turnover
58.11%
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
(+14%)
Cap. Flow
+$535M
Cap. Flow % of AUM
Cap. Flow %
3.67%
Top 10 Holdings %
Top 10 Hldgs %
12.14%
Holding
2,182
New
575
Increased
392
Reduced
342
Closed
670
Avg Time Held
Equity + Options
0.5
years
Top 10 Avg Time Held
Equity + Options
0.3
years
Top 20 Avg Time Held
Equity + Options
0.3
years
Avg Time Held Equity only
0.4
years
Top 10 Avg Time Held Equity only
0.3
years
Top 20 Avg Time Held Equity only
0.2
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Apple
AAPL
|
+$126M |
| 2 |
NVIDIA
NVDA
|
+$123M |
| 3 |
Netflix
NFLX
|
+$81.9M |
| 4 |
Microsoft
MSFT
|
+$52.2M |
| 5 |
Alphabet (Google) Class C
GOOG
|
+$51M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
EchoStar
ECHO
|
+$34.1M |
| 2 |
State Street Materials Select Sector SPDR ETF
XLB
|
+$24M |
| 3 |
Hewlett Packard
HPE
|
+$22.9M |
| 4 |
Tesla
TSLA
|
+$22.2M |
| 5 |
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 | Held Since | |
|---|---|---|---|---|---|---|---|
1
CALL
Carvana
CVNA
$65B
| $273M | 1.87% |
3,234,000
-281,000
| -8% | -$20.9M |
2024 Q4
4 quarters
|
|
|
2
PUT
NVIDIA
NVDA
$5.2T
| $233M | 1.6% |
1,250,000
+750,000
| +150% | +$140M |
2025 Q3
1 quarter
|
|
|
3
NVIDIA
NVDA
$5.2T
| $217M | 1.48% |
1,161,100
+661,100
| +132% | +$123M |
2025 Q3
1 quarter
|
|
4
PUT
Intuit
INTU
$87.7B
| $201M | 1.38% |
302,700
+7,400
| +3% | +$4.89M |
2025 Q1
3 quarters
|
|
5
PUT
DELISTED
Warner Bros
WBD
| $147M | 1.01% |
5,104,700
+4,229,700
| +483% | +$98.9M |
2025 Q3
1 quarter
|
|
6
CALL
Reddit
RDDT
$25.9B
| $146M | 1% |
635,100
-82,600
| -12% | -$17.4M |
2024 Q4
4 quarters
|
|
|
7
CALL
DELISTED
Warner Bros
WBD
| $143M | 0.98% |
4,974,500
+3,816,200
| +329% | +$89.2M |
2025 Q1
3 quarters
|
|
|
8
PUT
Carvana
CVNA
$65B
| $142M | 0.97% |
1,677,000
-1,282,500
| -43% | -$95.3M |
2024 Q1
7 quarters
|
|
|
9
Tesla
TSLA
$1.6T
| $135M | 0.93% |
300,000
-50,000
| -14% | -$22.2M |
2024 Q4
4 quarters
|
|
|
10
PUT
Tesla
TSLA
$1.6T
| $135M | 0.93% |
300,000
-50,000
| -14% | -$22.2M |
2024 Q3
5 quarters
|
|
11
Amazon
AMZN
$2.75T
| $133M | 0.91% |
575,000
| – | – |
2025 Q3
1 quarter
|
|
|
12
PUT
Amazon
AMZN
$2.75T
| $133M | 0.91% |
575,000
| – | – |
2025 Q3
1 quarter
|
|
|
13
Apple
AAPL
$5.02T
| $128M | 0.88% |
+470,000
| New | +$126M |
2025 Q4
0 quarters
|
|
|
14
PUT
Apple
AAPL
$5.02T
| $128M | 0.88% |
+470,000
| New | +$126M |
2025 Q4
0 quarters
|
|
15
PUT
ARK Innovation ETF
ARKK
$6.35B
| $127M | 0.87% |
1,656,400
+1,061,400
| +178% | +$87.9M |
2025 Q2
2 quarters
|
|
|
16
Alphabet (Google) Class C
GOOG
$3.94T
| $125M | 0.85% |
397,000
+178,203
| +81% | +$51M |
2024 Q2
6 quarters
|
|
|
17
CALL
Intuit
INTU
$87.7B
| $122M | 0.84% |
183,900
-45,800
| -20% | -$30.3M |
2025 Q1
3 quarters
|
|
|
18
CALL
Microsoft
MSFT
$3.94T
| $121M | 0.83% |
+250,000
| New | +$125M |
2025 Q4
0 quarters
|
|
|
19
PUT
Alphabet (Google) Class C
GOOG
$3.94T
| $119M | 0.81% |
378,700
+150,000
| +66% | +$43M |
2024 Q2
6 quarters
|
|
20
CALL
Boeing
BA
$132B
| $119M | 0.81% |
+546,800
| New | +$112M |
2025 Q4
0 quarters
|
|
21
PUT
Vertiv
VRT
$93.5B
| $117M | 0.8% |
719,300
+679,300
| +1,698% | +$118M |
2025 Q1
3 quarters
|
|
22
CALL
Sunrun
RUN
$1.79B
| $114M | 0.78% |
6,203,700
-151,200
| -2% | -$2.9M |
2021 Q2
18 quarters
|
|
23
CALL
United Therapeutics
UTHR
$25.2B
| $109M | 0.74% |
222,800
-30,800
| -12% | -$14.3M |
2024 Q4
4 quarters
|
|
24
PUT
Chipotle Mexican Grill
CMG
$36.4B
| $105M | 0.72% |
+2,839,400
| New | +$103M |
2025 Q4
0 quarters
|
|
|
25
CALL
EchoStar
ECHO
$27.4B
| $102M | 0.7% |
941,100
+270,900
| +40% | +$22.1M |
2024 Q3
5 quarters
|
|
Similar funds
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.