Caption Management, LLC

Registered adviser

CIK

1706766

Location

OKLAHOMA CITY, OK

Portfolio Value

Large $21,098,886,432

Diversification

Diversified

Filing Date

Global Rank

#344 / 8,817 ▲ 3

Top Industry

Biotechnology 12.4%

Period ended 4 months ago

Filed Aug 14, 2026 · 2mo

26 quarters · since Mar 2020

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Registered adviser

Form ADV roster, Oct 1, 2026

Form ADV adviser

CRD 173841

Roster of Oct 1, 2026

Regulatory AUM

$3,407,703,418

Main clients

Pooled investment vehicles (100% of AUM)

Private funds

1 fund · Hedge funds

Focus by fund count, roster of Oct 1, 2026

$1,204,248,749 gross assets

LEI

2549000LVCQZLNQA1U89

Private funds on Schedule D 7.B.(1)

As filed Mar 28, 2024; SEC's bulk Form ADV archive ends with 2024 filings.

$624,216,259 gross assets in 1 fund Hedge funds $624,216,259 (1)

Form ADV history

Monthly rosters from Dec 2019; each row is a run with the same figures, newest first.

Rosters	Regulatory AUM	Main clients
Apr 2026 to Oct 2026	$3,407,703,418	Pooled investment vehicles (100%)
Apr 2025 to Mar 2026	$3,068,736,463	Pooled investment vehicles (100%)
Apr 2024 to Mar 2025	$1,706,753,895	Pooled investment vehicles (100%)
May 2023 to Mar 2024	$1,151,045,152	Pooled investment vehicles (100%)
Apr 2023	$1,151,045,152	Pooled investment vehicles (100%)
Apr 2022 to Mar 2023	$1,800,893,123	Pooled investment vehicles (100%)

3 earlier changes not shown.

Portfolio style

Measured from the filed 13F common-share book for Jun 30, 2026, never from the firm's own description.

Style

Diversified active

Top 10 weight 54.5%, 22.5 effective positions, active share 72.0% against the S&P 500 as of 2026-06-30; it meets none of the index-like, systematic-like or concentrated tests

Turnover

High turnover

183.0% over the last four quarters (100%+)

Horizon

Short horizon

Value-weighted holding period 3.1 quarters (under 4)

Closest benchmark: the S&P 500 as of 2026-06-30, active share 72.0%; sector active share 22.4% against the combined 13F book's sector weights.

Over time 26 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

919 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026

Top Position

5.3%

−2.4 pts

Top 5

17.9%

−4.3 pts

Top 10

28.8%

−3.2 pts

HHI

124

Diversified−35

Portfolio Trend

26 quarters · across all stocks

Sector Breakdown

As of Jun 30, 2026

Sector	% Portfolio	Value	Positions
Technology	28.7%	$6,053,526,264	170
Healthcare	20.2%	$4,267,979,070	222
Communication Services	13.3%	$2,800,132,714	46
Consumer Cyclical	10.8%	$2,279,892,910	81
Financial Services	8.9%	$1,881,153,477	79
Unclassified	5.6%	$1,184,166,426	39
Industrials	5.1%	$1,070,192,963	86
Energy	2.5%	$522,137,243	56
Basic Materials	2.1%	$449,585,491	63
Consumer Defensive	1.1%	$240,292,304	32
Utilities	1.0%	$213,395,026	14
Real Estate	0.6%	$136,432,544	31

Last Quarter's Activity

Export CSV

Jun 30, 2026 vs Mar 31, 2026

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
NRGV	Energy Vault Holdings, Inc.	+1,489,600	1,524,600	$7,180,866
XLF	State Street Corp	+1,116,271	1,149,802	$61,640,885
DSGN	Design Therapeutics, Inc.	+1,031,390	1,118,098	$16,178,878
OWL	Blue Owl Capital Inc.	+877,950	15,995,905	$139,964,168
HRTX	Heron Therapeutics, Inc.	+686,319	1,000,000	$430,000
XRXDW	Xerox Holdings Corp	+631,145	2,228,313	$0
PGEN	Precigen, Inc.	+593,384	900,000	$5,130,000
CODI	Compass Diversified Holdings	+561,685	1,010,000	$10,766,600
AIRJW	AirJoule Technologies Corp.	+550,000	832,576	$0
MSFT	Microsoft Corp	+489,650	515,000	$192,105,300
EQX	Equinox Gold Corp.	+427,166	610,466	$5,933,729
SKYD	Skydance Corp	+338,384	757,184	$0
REPL	Replimune Group, Inc.	+332,051	783,873	$8,677,474
NVDA	Nvidia Corp	+331,100	1,838,800	$367,925,492
PRMB	Primo Brands Corp	+324,491	494,747	$12,091,616
GEO	Geo Group Inc	+316,936	368,635	$10,893,164
XRX	Xerox Holdings Corp	+275,331	331,498	$1,037,588
TRIP	TripAdvisor, Inc.	+246,050	302,039	$4,140,954
ACHV	Achieve Life Sciences, Inc.	+227,595	227,733	$1,487,096
PRGO	PERRIGO Co plc	+209,459	253,459	$2,633,439
—		+190,574	485,000	$24,652,550
CZR	Caesars Entertainment, Inc.	+190,564	273,703	$8,260,356
GOOG	Alphabet Inc.	+181,453	182,700	$64,553,391
GT	Goodyear Tire & Rubber Co	+170,000	300,000	$1,980,000
AS	Amer Sports, Inc.	+160,300	226,800	$7,674,912
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
ALIT	Alight, Inc. / Delaware	−1,000,010	696,990	$390,314
CMPS	COMPASS Pathways plc	−854,014	756,116	$10,699,041
VALE	Vale S.A.	−836,555	86,503	$1,301,005
TROX	Tronox Holdings plc	−831,448	256,200	$1,614,060
DKNG	DraftKings Inc.	−649,307	29,580	$747,190
IMCR	Immunocore Holdings plc	−489,283	172,503	$5,476,970
LRMR	Larimar Therapeutics, Inc.	−442,006	193,018	$588,704
OCUL	Ocular Therapeutix, Inc	−342,959	39,800	$390,836
NEXT	NextDecade Corp	−338,028	153,894	$1,160,360
HUN	Huntsman CORP	−315,842	6,351	$67,447
AMPY	Amplify Energy Corp.	−301,906	571,685	$2,275,306
QURE	uniQure N.V.	−288,231	15,000	$690,900
CTMX	CytomX Therapeutics, Inc.	−273,224	300,000	$1,125,000
SWK	Stanley Black & Decker, Inc.	−269,153	11,310	$1,064,497
MARA	MARA Holdings, Inc.	−265,981	130,000	$1,805,700
MGNI	Magnite, Inc.	−259,463	145,590	$2,763,298
AVTX	Avalo Therapeutics, Inc.	−245,000	210,000	$3,880,800
OSG	Octave Specialty Group Inc	−223,461	419,136	$2,615,408
FND	Floor & Decor Holdings, Inc.	−202,128	82,004	$4,867,757
CMTG	Claros Mortgage Trust, Inc.	−195,555	140,207	$329,486
SHOO	Steven Madden, Ltd.	−194,969	30,000	$1,263,000
RUN	Sunrun Inc.	−192,885	44,000	$588,720
ADMA	Adma Biologics, Inc.	−190,000	470,000	$3,933,900
MP	MP Materials Corp.	−175,560	6,100	$341,661
TTWO	Take Two Interactive Software Inc	−158,843	102,300	$25,572,954
No positions match the current search.

New Positions

Positions the filer opened this quarter

25 positions

Ticker	Company	Shares	Value
TSM	Taiwan Semiconductor Manufacturing Co Ltd	565,700	$270,161,349
XLV	State Street(R) Health Care Select Sector SPDR(R) ETF	338,498	$53,706,092
KRE	State Street(R) SPDR(R) S&P(R) Regional Banking ETF	394,944	$29,561,558
INSM	INSMED Inc	236,000	$25,162,320
ERAS	Erasca, Inc.	1,041,225	$19,075,242
CELC	Celcuity Inc.	170,000	$17,785,400
MDB	MongoDB, Inc.	42,250	$14,191,775
ROST	Ross Stores, Inc.	65,000	$13,835,250
GILD	Gilead Sciences, Inc.	100,000	$12,634,000
BAC	Bank Of America Corp	200,000	$11,396,000
MLYS	Mineralys Therapeutics, Inc.	413,087	$11,145,087
LLY	ELI LILLY & Co	9,100	$10,914,813
CRCL	Circle Internet Group, Inc.	166,250	$10,412,237
IREN	IREN Ltd	227,459	$10,401,700
—		61,700	$9,517,842
—		26,650	$9,448,224
SKY	Champion Homes, Inc.	97,000	$8,547,640
EWT	iShares MSCI Taiwan ETF	71,500	$7,765,615
TAL	TAL Education Group	750,696	$7,184,160
MDT	Medtronic plc	90,000	$7,040,700
ASND	Ascendis Pharma A/S	25,500	$6,801,360
AZN	Astrazeneca PLC	34,800	$6,598,776
PCOR	Procore Technologies, Inc.	160,694	$6,527,390
ZBRA	Zebra Technologies Corp	24,500	$6,449,870
PTGX	Protagonist Therapeutics, Inc	45,000	$5,516,100
No positions match the current search.

Sold Out

Positions the filer fully exited

25 positions

Ticker	Company	Shares	Value
CEG	Constellation Energy Corp	71,923	$20,084,497
CYTK	Cytokinetics Inc	245,000	$16,147,950
ELVN	Enliven Therapeutics, Inc.	370,000	$14,504,000
V	Visa Inc.	46,650	$14,099,496
GXO	GXO Logistics, Inc.	270,000	$13,999,500
UNH	Unitedhealth Group Inc	49,350	$13,353,616
XLK	State Street(R) Technology Select Sector SPDR(R) ETF	85,000	$11,296,500
GH	Guardant Health, Inc.	115,183	$10,639,453
PEP	Pepsico Inc	68,500	$10,637,365
CORT	Corcept Therapeutics Inc	260,000	$10,480,600
SIG	Signet Jewelers Ltd	123,357	$10,440,936
DAL	Delta Air Lines, Inc.	142,800	$9,493,344
DHR	Danaher Corp	49,700	$9,423,120
HRMY	Harmony Biosciences Holdings, Inc.	272,292	$7,626,898
ARM	Arm Holdings PLC	50,000	$7,564,000
ABBV	AbbVie Inc.	33,700	$7,329,413
SLV	iShares Silver Trust	107,506	$7,325,458
AVAV	AeroVironment Inc	37,844	$6,927,344
CRWV	CoreWeave, Inc.	87,000	$6,739,890
QGEN	Qiagen N.V.	160,101	$6,410,444
CL	Colgate Palmolive Co	75,000	$6,392,250
COST	Costco Wholesale Corp	6,300	$6,277,509
GIII	G III Apparel Group Ltd	221,225	$6,127,932
CC	Chemours Co	270,800	$5,965,724
TPB	Turning Point Brands, Inc.	64,952	$5,637,184
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

919 tracked positions · $21,098,886,432 total · filing declares 1,595 positions · $21,458,496,894 · as of Jun 30, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Showing 1–50 of 919 positions by value · page 1 of 19

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Held (qtrs)	Est. cost/share	% of Portfolio
META	Meta Platforms, Inc. CALL + SHARES Communication Services	Reduced	1,984,600	-227,900	$1,117,905,334	−11.7%	2	$640.86	5.30%
NVDA	Nvidia Corp PUT CALL + SHARES Technology	Reduced	3,880,800	-97,900	$776,509,272	+11.9%	4	$185.92	3.68%
MSFT	Microsoft Corp PUT CALL + SHARES Technology	Added	1,767,000	+1,291,650	$659,126,340	+274.6%	3	$409.35	3.12%
WDC	Western Digital Corp PUT CALL + SHARES Technology	Added	1,022,000	+818,000	$652,771,840	+1083.0%	4	$85.83	3.09%
TSM	Taiwan Semiconductor Manufacturing Co Ltd PUT CALL + SHARES Technology	Added	1,173,700	+1,114,800	$560,523,909	+2716.0%	1	$405.79	2.66%
AMZN	Amazon Com Inc PUT CALL + SHARES Consumer Cyclical	Added	2,197,600	+183,850	$523,775,984	+24.9%	4	$226.35	2.48%
CVNA	Carvana Co. PUT CALL Consumer Cyclical	Added	6,772,300	+5,055,200	$445,752,786	−17.4%	—	—	2.11%
WBD	Warner Bros. Discovery, Inc. PUT CALL Communication Services	Reduced	15,984,300	-1,358,100	$426,141,438	−10.5%	—	—	2.02%
UTHR	UNITED THERAPEUTICS Corp PUT CALL + SHARES Healthcare	Reduced	754,133	-397,512	$408,611,883	−40.2%	6	$396.98	1.94%
OWL	Blue Owl Capital Inc. PUT CALL + SHARES Financial Services	Added	41,510,905	+3,342,550	$363,220,418	+4.2%	4	$12.39	1.72%
TSLA	Tesla, Inc. PUT CALL + SHARES Consumer Cyclical	Added	837,700	+198,000	$352,336,620	+48.2%	7	$342.99	1.67%
TTWO	Take Two Interactive Software Inc PUT CALL + SHARES Communication Services	Added	1,366,400	+225,257	$341,572,672	+51.6%	2	$217.49	1.62%
CGON	CG Oncology, Inc. PUT CALL + SHARES Healthcare	Added	3,458,861	+699,981	$245,752,074	+31.6%	3	$48.89	1.16%
	PUT CALL + SHARES	Reduced	1,126,982	-579,718	$231,076,389	−33.6%	1	$202.53	1.10%
KRE	State Street(R) SPDR(R) S&P(R) Regional Banking ETF PUT CALL + SHARES	Added	2,651,944	+1,820,444	$198,498,008	+266.4%	1	$69.98	0.94%
DDOG	Datadog, Inc. PUT CALL + SHARES Technology	Added	751,400	+161,900	$195,634,504	+181.1%	4	$160.09	0.93%
WULF	Terawulf Inc. PUT CALL Financial Services	Added	7,887,300	+2,266,500	$194,816,310	+140.2%	—	—	0.92%
GOOG	Alphabet Inc. PUT CALL + SHARES Communication Services	Added	540,200	+521,453	$190,868,866	+3449.2%	9	$356.49	0.90%
SMH	VanEck Semiconductor ETF PUT + SHARES	Added	286,220	+261,400	$187,728,835	+1872.8%	2	$397.07	0.89%
GILD	Gilead Sciences, Inc. CALL + SHARES Healthcare	Added	1,447,600	+1,247,600	$182,889,784	+556.1%	1	$131.76	0.87%
INSM	INSMED Inc PUT CALL + SHARES Healthcare	Added	1,606,700	+1,463,200	$171,306,354	+630.0%	1	$121.09	0.81%
RVMD	Revolution Medicines, Inc. PUT CALL Healthcare	Reduced	877,000	-673,000	$164,244,560	+9.0%	—	—	0.78%
XBI	State Street(R) SPDR(R) S&P(R) Biotech ETF PUT CALL	Reduced	968,900	-589,000	$153,328,425	−22.9%	—	—	0.73%
LITE	Lumentum Holdings Inc. CALL + SHARES Technology	Held	177,550	0	$152,348,553	+22.1%	3	$256.82	0.72%
SEZL	Sezzle Inc. PUT CALL Financial Services	Added	831,600	+25,900	$142,727,508	+179.9%	—	—	0.68%
SPCX	Space Exploration Technologies Corp PUT CALL Industrials	NEW	805,000	NEW	$137,542,300	NEW	—	—	0.65%
RDDT	Reddit, Inc. PUT CALL Communication Services	Reduced	767,300	-121,600	$133,187,934	+11.3%	—	—	0.63%
SNPS	Synopsys Inc PUT + SHARES Technology	Added	297,500	+268,700	$132,705,825	+1062.2%	2	$464.71	0.63%
RCL	Royal Caribbean Cruises Ltd CALL Consumer Cyclical	Added	417,500	+60,500	$132,568,775	+34.9%	—	—	0.63%
STX	Seagate Technology Holdings plc PUT CALL Technology	Added	130,000	+77,500	$125,450,000	+509.9%	—	—	0.59%
VSAT	Viasat Inc PUT CALL + SHARES Technology	Added	1,374,200	+1,349,200	$123,416,902	+10678.8%	1	$66.21	0.58%
XLF	State Street Corp PUT CALL + SHARES Financial Services	Added	2,210,802	+1,625,371	$118,521,095	+310.1%	2	$51.98	0.56%
MP	MP Materials Corp. PUT CALL + SHARES Basic Materials	Added	2,091,100	+85,940	$117,122,511	+21.0%	3	$62.32	0.56%
LRCX	Lam Research Corp PUT CALL Technology	NEW	246,300	NEW	$106,729,179	NEW	—	—	0.51%
BTDR	Bitdeer Technologies Group PUT CALL Technology	Added	6,657,200	+6,390,464	$105,649,764	+4479.0%	—	—	0.50%
IREN	IREN Ltd PUT CALL + SHARES Financial Services	Added	2,288,259	+1,001,259	$104,642,084	+137.2%	1	$51.99	0.50%
XHB	State Street(R) SPDR(R) S&P(R) Homebuilders ETF PUT CALL + SHARES	Added	881,554	+874,054	$101,872,380	+13659.1%	2	$104.99	0.48%
ERAS	Erasca, Inc. PUT CALL + SHARES Healthcare	Added	5,505,225	+4,892,725	$100,855,722	+917.7%	1	$14.30	0.48%
SMCI	Super Micro Computer, Inc. PUT CALL + SHARES Technology	Added	3,406,750	+1,769,750	$99,919,977	+168.1%	6	$41.65	0.47%
	CALL + SHARES	Added	1,965,000	+670,574	$99,880,950	+54.4%	2	$50.60	0.47%
CORZ	Core Scientific, Inc. PUT CALL Technology	Added	3,871,200	+1,370,100	$99,064,008	+164.8%	—	—	0.47%
PCVX	Vaxcyte, Inc. PUT CALL Healthcare	Added	1,696,900	+993,700	$98,640,797	+141.4%	—	—	0.47%
MDGL	Madrigal Pharmaceuticals, Inc. PUT CALL Healthcare	Added	183,200	+43,200	$98,369,240	+34.2%	—	—	0.47%
CIFR	Cipher Digital Inc. PUT CALL + SHARES Technology	Added	3,879,200	+985,200	$95,040,400	+155.2%	1	$21.10	0.45%
ASTS	AST SpaceMobile, Inc. CALL Technology	Added	1,040,000	+100,000	$92,414,400	+18.6%	—	—	0.44%
W	Wayfair Inc. CALL Consumer Cyclical	Added	990,000	+264,700	$91,495,800	+67.7%	—	—	0.43%
VST	Vistra Corp. PUT CALL Utilities	Added	549,500	+437,500	$87,167,185	+417.7%	—	—	0.41%
QURE	uniQure N.V. PUT CALL + SHARES Healthcare	Reduced	1,843,700	-681,531	$84,920,822	+105.7%	6	$17.98	0.40%
CG	Carlyle Group Inc. PUT CALL + SHARES Financial Services	Added	2,012,331	+1,965,731	$84,739,258	+3657.9%	1	$46.97	0.40%
BSX	Boston Scientific Corp PUT CALL + SHARES Healthcare	Reduced	1,866,650	-14,950	$79,668,622	−32.5%	4	$85.72	0.38%

Showing the top 50 of 919 positions. Create a free account to see every position, past quarters, search, filters and CSV export.

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.