Caption Management Portfolio holdings
Caption Management runs private funds that trade U.S. stocks and stock options, usually holding positions for two to four months. It looks for mispricings in stock and options markets through company research, and aims to profit from moves in share prices or in expected price swings. Jason Strasser and William Cooper, who both graduated from Duke University in 2007, started the firm in 2012 and own most of it. Strasser began his career as an equity derivatives trader at Morgan Stanley and then worked as an analyst at the hedge fund Trafelet & Company. Its funds are open to high net worth individuals, family offices, endowments, foundations and institutional investors.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Melco Resorts & Entertainment
MLCO
|
+$6.38M |
| 2 |
PF
Pinnacle Foods, Inc.
PF
|
+$4.51M |
| 3 |
Phillips 66
PSX
|
+$4.41M |
| 4 |
Waste Management
WM
|
+$4.07M |
| 5 |
Norfolk Southern
NSC
|
+$3.89M |
Top Sells
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 88.17% |
| 2 | Technology | 2.56% |
| 3 | Consumer Discretionary | 2.28% |
| 4 | Consumer Staples | 1.39% |
| 5 | Industrials | 1.38% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
CALL
Union Pacific
UNP
$181B
| $47.6M | 4.94% |
+355,000
| New | +$42.8M |
2017 Q4
0 quarters
|
|
2
CALL
DELISTED
WW International
WW
| $20.3M | 2.11% |
+459,100
| New | +$20.9M |
2017 Q4
0 quarters
|
|
3
PUT
lululemon athletica
LULU
$12.4B
| $19.6M | 2.04% |
+250,000
| New | +$16.7M |
2017 Q4
0 quarters
|
|
4
PUT
Lam Research
LRCX
$299B
| $18.4M | 1.91% |
+1,000,000
| New | +$19.7M |
2017 Q4
0 quarters
|
|
5
CALL
Macerich
MAC
$6.9B
| $17.2M | 1.79% |
+262,200
| New | +$16M |
2017 Q4
0 quarters
|
|
6
CALL
Vivmark Residential
VMRK
$47.9B
| $17.2M | 1.79% |
+270,000
| New | +$18M |
2017 Q4
0 quarters
|
|
7
CALL
Five Below
FIVE
$13.3B
| $16.6M | 1.72% |
+250,000
| New | +$15M |
2017 Q4
0 quarters
|
|
|
8
PUT
Five Below
FIVE
$13.3B
| $16.6M | 1.72% |
+250,000
| New | +$15M |
2017 Q4
0 quarters
|
|
|
9
CALL
lululemon athletica
LULU
$12.4B
| $15.7M | 1.63% |
+200,000
| New | +$13.3M |
2017 Q4
0 quarters
|
|
10
CALL
Citigroup
C
$203B
| $14.9M | 1.54% |
+200,000
| New | +$14.8M |
2017 Q4
0 quarters
|
|
11
PUT
Jack in the Box
JACK
$250M
| $13.9M | 1.44% |
+141,900
| New | +$14.4M |
2017 Q4
0 quarters
|
|
|
12
CALL
Jack in the Box
JACK
$250M
| $13.3M | 1.38% |
+135,900
| New | +$13.8M |
2017 Q4
0 quarters
|
|
13
PUT
Ford
F
$48.9B
| $12.8M | 1.33% |
+1,025,000
| New | +$12.6M |
2017 Q4
0 quarters
|
|
14
CALL
Bristol-Myers Squibb
BMY
$128B
| $12.5M | 1.3% |
+204,400
| New | +$12.8M |
2017 Q4
0 quarters
|
|
15
CALL
Royal Caribbean
RCL
$82.2B
| $11.9M | 1.24% |
+100,000
| New | +$12.4M |
2017 Q4
0 quarters
|
|
|
16
PUT
Bristol-Myers Squibb
BMY
$128B
| $11.9M | 1.24% |
+194,400
| New | +$12.2M |
2017 Q4
0 quarters
|
|
17
CALL
Sociedad Química y Minera de Chile
SQM
$15.6B
| $11.9M | 1.23% |
+200,400
| New | +$11.5M |
2017 Q4
0 quarters
|
|
|
18
PUT
Sociedad Química y Minera de Chile
SQM
$15.6B
| $11.8M | 1.23% |
+199,300
| New | +$11.4M |
2017 Q4
0 quarters
|
|
19
CALL
Constellation Brands
STZ
$22.9B
| $11.4M | 1.19% |
+50,000
| New | +$10.8M |
2017 Q4
0 quarters
|
|
20
PUT
State Street Technology Select Sector SPDR ETF
XLK
$118B
| $11.2M | 1.16% |
+350,000
| New | +$11M |
2017 Q4
0 quarters
|
|
21
PUT
Bath & Body Works
BBWI
$4.59B
| $11M | 1.14% |
+225,753
| New | +$9.12M |
2017 Q4
0 quarters
|
|
22
CALL
Halozyme
HALO
$14.9B
| $10.8M | 1.13% |
+535,500
| New | +$9.8M |
2017 Q4
0 quarters
|
|
|
23
PUT
Halozyme
HALO
$14.9B
| $10.6M | 1.1% |
+522,200
| New | +$9.6M |
2017 Q4
0 quarters
|
|
24
CALL
DELISTED
Exact Sciences
EXAS
| $10.5M | 1.09% |
+200,000
| New | +$10.7M |
2017 Q4
0 quarters
|
|
|
25
PUT
DELISTED
Exact Sciences
EXAS
| $10.5M | 1.09% |
+200,000
| New | +$10.7M |
2017 Q4
0 quarters
|
|
Similar funds
Caption Management's Q4 2017 Portfolio in Review
Q4 2017 is the first quarter with a 13F filing on record for Caption Management, which disclosed 231 positions worth $964M. Its ten largest holdings account for 21% of the portfolio.
Its largest position is Melco Resorts & Entertainment: 250,000 shares worth $7.26M.
By sector, the portfolio is most concentrated in Miscellaneous at 88% of assets, followed by Technology and Consumer Discretionary.
- Caption Management's largest Q4 2017 buy was Melco Resorts & Entertainment: 250,000 shares worth $7.26M.
- Caption Management's ten largest holdings make up 21% of its $964M portfolio in Q4 2017.
- Caption Management disclosed 231 positions in Q4 2017, its first 13F filing on record.
Based on Caption Management's 13F filing for Q4 2017, filed 14 Feb 2018.