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Caption Management Portfolio holdings

AUM $17.1B
1-Year Est. Return 70.99%
This Fund
S&P 500
This Quarter Est. Return
-17.39%
1 Year Est. Return
+70.99%
3 Year Est. Return
+176.06%
5 Year Est. Return
+263.89%
10 Year Est. Return
–
AUM
$1.25B
AUM Growth
-$561M
Cap. Flow
-$331M
Cap. Flow %
-26.44%
Top 10 Hldgs %
16.94%
Holding
740
New
246
Increased
80
Reduced
74
Closed
288

Top Buys

Rank Stock Value
1
CZR icon
Caesars Entertainment
CZR
+$26M
2
EXAS
Exact Sciences
EXAS
+$9.82M
3
FIVE icon
Five Below
FIVE
+$7.18M
4
CI icon
Cigna
CI
+$5.75M
5
RTX icon
RTX Corp
RTX
+$5.61M

Top Sells

Rank Stock Value
1
DVA icon
DaVita
DVA
+$14.1M
2
NWSA icon
News Corp Class A
NWSA
+$6.59M
3
CHTR icon
Charter Communications
CHTR
+$6.52M
4
RAMP icon
LiveRamp
RAMP
+$6.38M
5
PARA
Paramount Global Class B
PARA
+$5.01M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 5.84%
2 Healthcare 4.45%
3 Technology 2.49%
4 Communication Services 1.47%
5 Industrials 1.15%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AKRX
701
CALL
DELISTED
Akorn Inc
AKRX
– –
-185,000
Closed -$2.4M
AKRX
702
PUT
DELISTED
Akorn Inc
AKRX
– –
-87,500
Closed -$1.14M
SSI
703
DELISTED
Stage Stores Inc
SSI
– –
-12,995
Closed -$26K
QHC
704
DELISTED
Quorum Health Corporation
QHC
– –
-22,500
Closed -$132K
SRCI
705
CALL
DELISTED
SRC Energy Inc
SRCI
– –
-367,900
Closed -$3.27M
SRCI
706
PUT
DELISTED
SRC Energy Inc
SRCI
– –
-1,229,600
Closed -$10.9M
PVTL
707
CALL
DELISTED
Pivotal Software, Inc.
PVTL
– –
-40,000
Closed -$784K
PVTL
708
DELISTED
Pivotal Software, Inc.
PVTL
– –
-20,000
Closed -$391K
PVTL
709
PUT
DELISTED
Pivotal Software, Inc.
PVTL
– –
-40,000
Closed -$784K
ALDR
710
CALL
DELISTED
Alder Biopharmaceuticals
ALDR
– –
-50,000
Closed -$832K
SFLY
711
CALL
DELISTED
Shutterfly, Inc.
SFLY
– –
-50,000
Closed -$3.29M
MXWL
712
CALL
DELISTED
Maxwell Technologies Inc
MXWL
– –
-40,000
Closed -$140K
BEL
713
CALL
DELISTED
Belmond Ltd.
BEL
– –
-80,000
Closed -$1.46M
ARRS
714
CALL
DELISTED
ARRIS International plc Ordinary Shares
ARRS
– –
-67,100
Closed -$1.74M
IDTI
715
CALL
DELISTED
Integrated Device Technology I
IDTI
– –
-25,000
Closed -$1.18M
TAHO
716
DELISTED
Tahoe Resources Inc
TAHO
– –
-70,000
Closed -$215K
ATHN
717
DELISTED
Athenahealth, Inc.
ATHN
– –
-22,300
Closed -$2.98M
ATHN
718
PUT
DELISTED
Athenahealth, Inc.
ATHN
– –
-45,000
Closed -$6.01M
SEND
719
CALL
DELISTED
SendGrid, Inc.
SEND
– –
-30,000
Closed -$1.1M
ESRX
720
PUT
DELISTED
Express Scripts Holding Company
ESRX
– –
-203,400
Closed -$19.3M
EGN
721
CALL
DELISTED
Energen
EGN
– –
-95,000
Closed -$8.19M
EGN
722
PUT
DELISTED
Energen
EGN
– –
-15,000
Closed -$1.29M
AET
723
CALL
DELISTED
Aetna Inc
AET
– –
-59,800
Closed -$12.1M
COL
724
PUT
DELISTED
Rockwell Collins
COL
– –
-65,000
Closed -$9.13M
ANW
725
CALL
DELISTED
Aegean Marine Petroleum Network
ANW
– –
-118,200
Closed -$169K
26 27 28
29
30

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VMPIC
Varma Mutual Pension Insurance Co Helsinki, Finland $17B AUM 24.09% 1-Year Est. Return
BCIM
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BBA
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Macquarie Group
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FCM
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AIMCA
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Caption Management's Q4 2018 Portfolio in Review

As of Q4 2018, Caption Management held 740 positions worth $1.25B, down 31% from $1.81B the previous quarter. Its ten largest holdings account for 17% of the portfolio.

Caption Management withdrew a net $331M in Q4 2018, closing 288 positions and reducing 74 holdings. Its most notable exit was News Corp Class A, an estimated $6.59M position sold in full.

By sector, the portfolio is most concentrated in Consumer Discretionary at 5.8% of assets, up from 2.8% a quarter earlier, followed by Healthcare and Technology.

Against the trend, Caption Management opened a new position in Caesars Entertainment worth $23.7M.

  • Caption Management's largest Q4 2018 buy was Caesars Entertainment: 655,000 shares worth $23.7M.
  • Caption Management added most to Kohl's in Q4 2018, an estimated $4.21M increase.
  • Caption Management's biggest Q4 2018 reduction was DaVita, cutting an estimated $14.1M.
  • Caption Management fully exited News Corp Class A in Q4 2018, selling an estimated $6.59M.
  • Caption Management's ten largest holdings make up 17% of its $1.25B portfolio in Q4 2018.
  • Caption Management opened 246 new positions and closed 288 in Q4 2018.
  • Caption Management's portfolio value fell 31% quarter-over-quarter to $1.25B.

Based on Caption Management's 13F filing for Q4 2018, filed 30 Jan 2019.