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Caption Management, LLC
Caption Management, LLC is an Oklahoma City-based hedge fund and registered investment adviser managing approximately $10.4 billion in assets as of Q1 2025. Incorporated in Delaware, the firm specializes in multi-manager hedge fund strategies and provides investment management services to institutional investors and high net worth individuals. Caption Management reports over 1,400 portfolio holdings and is known for significant exposure to large-cap technology and consumer companies. Employee count and founding year are not publicly available.
Investment Strategy
Caption Management, LLC employs a multi-manager, multi-strategy approach with concentrated positions in large-cap equities, utilizing both long and short options. The firm demonstrates significant allocations to technology giants (such as Microsoft, Amazon, Nvidia, Alphabet, and Intuit) through direct holdings and derivatives, with a focus on portfolio diversification and risk-adjusted returns. Positioning suggests a blend of fundamental and quantitative analysis, active portfolio rebalancing, and both directional and hedged exposures.
Latest 13F Filing Activity
Caption Management, LLC filed their most recent 13F report on Jun 30, 2025 disclosing 483 equity positions and 872 options positions with a total 13F market value of $9B. The fund increased holdings in Insmed Inc., Skechers U S A Inc., Tesla Inc. among other positions. Caption Management, LLC reduced exposure to Microsoft Corp., Amazon Com Inc., Nvidia Corporation among others.
Top Holdings
Equity Positions (483)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
T TSLA | TESLA INC | 1.05% | $95.3M | 300,000 | $402.69 | $317.66 | +$18.6M |
G GOOG | ALPHABET INC | 0.44% | $40.2M | 226,397 | $188.93 | $177.39 | -$43.2M |
S SLNO | SOLENO THERAPEUTICS INC | 0.24% | $22.1M | 263,287 | $69.13 | $83.78 | +$980.4K |
I INSM | INSMED INC | 0.23% | $21.2M | 210,928 | $100.64 | $100.64 | +$21.2M |
S SKX | SKECHERS U S A INC | 0.22% | $20.1M | 317,932 | $63.10 | $63.10 | +$20.1M |
Options Positions (872)
| Ticker | Security | Action | Type | Notional Value | Contracts | Underlying Price | Premium Paid | Change (Contracts) | Change (Value) |
|---|---|---|---|---|---|---|---|---|---|
C CVNA | CARVANA CO | Bought | Put | $292.6M | 8,684 | $336.96 | $317.61 | +7,984 | +$278.0M |
C CVNA | CARVANA CO | Bought | Call | $213.6M | 6,340 | $336.96 | $276.27 | +3,340 | +$150.9M |
I INTU | INTUIT | — | Put | $213.6M | 2,712 | $787.63 | $613.99 | 0 | +$47.1M |
F FSLR | FIRST SOLAR INC | Bought | Call | $184.1M | 11,121 | $165.54 | $163.78 | +10,621 | +$177.8M |
I INTU | INTUIT | Bought | Call | $181.3M | 2,302 | $787.63 | $614.14 | +2 | +$40.1M |
Industry Allocation
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