13F

Position

Caption Management, LLC in Vale S.A.

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Estimated mark uses implied 13F prices (value ÷ shares). Adds are treated as happening at this quarter’s mark; cuts at last quarter’s. Share jumps can be splits, not buys. This is not realized P&L.

Latest estimated mark $2.22M$13.03$15.91

QuarterSharesValueImplied pxEst. markFlowWeight
Q4 2025770K$10M0.1%
Q1 2026923.1K$14.7M$15.91$2.22M$2.44M0.1%