Caption Management, LLC

CIK 0001706766 · Q2 2026

13F Equity AUM

$21.3B

+25.2% QoQ

Positions

924

+37 QoQ

AUM Rank

#331

Top 4%

Skill Alpha (FF)

-4.1%/yr^ns

No Clear Edge

Rank #7,400 · Top 89%

vs S&P -5.4%/yr (unadj.)

Quarters Tracked

~8 years

Portfolio Concentration

Top 5: 17.7%Top 10: 27.9%Top 20: 38.8%

META5.3%

NVDA3.6%

MSFT3.1%

WDC3.1%

TSM2.6%

AMZN2.5%

CVNA2.1%

WBD2.0%

UTH1.9%

OWL1.7%

Others (914)72.2%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Technology27.9%

Healthcare19.4%

Financial Services15.3%

Communication Services13.3%

Consumer Cyclical10.7%

Industrials3.8%

Energy2.8%

Basic Materials2.1%

Other4.7%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 924Median: 0.02%Avg: 0.11%

0–0.5%

889(51.8%)

0.5–1%

21(14.9%)

1–3%

10(18.3%)

3–5%

3(9.8%)

5%+

1(5.3%)

Count of positions per weight bucket — (%) = combined portfolio weight

Loading summary cards...

Portfolio Overlap

Shared: 0Unique: 924vs 20 funds

0%Low

924

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Loading overlap analysis...

Position Changes This Quarter

New292Increased281Decreased260Exited255

New Positions

SPACE EXPLORATION TE…0.7%

+805K

SOXX0.5%

+168K

LRCX0.5%

+246K

LLY0.3%

+46K

XLV0.3%

+338K

NVSN0.3%

+335K

ROST0.2%

+235K

CRCL0.2%

+782K

PCOR0.2%

+1.2M

VRSN0.2%

+188K

Increased

BTDR0.5%

+6.4M(+2396%)

CVNA2.1%

+5.1M(+294%)

ERAS0.5%

+4.9M(+799%)

NRGV0.1%

+3.5M(+10045%)

OWL1.7%

+3.3M(+9%)

REPL0.2%

+2.5M(+178%)

DSGN0.2%

+2.5M(+2919%)

TAL0.1%

+2.3M(+244%)

WULF0.9%

+2.3M(+40%)

NNDM0.0%

+2.1M(+104%)

Decreased

VALE0.0%

-4,114,955(-96%)

ALIT0.0%

-2,000,010(-41%)

MLYS0.2%

-1,864,913(-57%)

DKNG0.1%

-1,665,807(-80%)

OCUL0.0%

-1,585,459(-98%)

IMCR0.1%

-1,528,683(-79%)

IGV0.1%

-1,505,400(-82%)

WBD2.0%

-1,358,100(-8%)

CYTK0.2%

-1,344,200(-72%)

ADMA0.1%

-1,313,700(-39%)

Exited

-499,000

-826,349

-1,228,000

-1,138,800

-2,423,800

-247,000

-300,000

-1,589,343

-2,430,000

-670,800

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

Loading position changes...

Holdings

Loading holdings...