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 |
Micron Technology
MU
|
+$22.3M |
| 2 |
Constellation Brands
STZ
|
+$8.21M |
| 3 |
Tucows
TCX
|
+$6.22M |
| 4 |
AB InBev
BUD
|
+$4.88M |
| 5 |
Seagate
STX
|
+$4.57M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
PF
Pinnacle Foods, Inc.
PF
|
+$4.76M |
| 2 |
Phillips 66
PSX
|
+$4.69M |
| 3 |
Waste Management
WM
|
+$4.29M |
| 4 |
Norfolk Southern
NSC
|
+$4.2M |
| 5 |
Nucor
NUE
|
+$4.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 78.3% |
| 2 | Technology | 8.36% |
| 3 | Consumer Discretionary | 4.59% |
| 4 | Consumer Staples | 2.81% |
| 5 | Communication Services | 1.8% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Micron Technology
MU
$1T
| $24.2M | 3.45% |
+465,000
| New | +$22.3M |
2018 Q1
0 quarters
|
|
|
2
PUT
Micron Technology
MU
$1T
| $23.1M | 3.29% |
+443,300
| New | +$21.2M |
2018 Q1
0 quarters
|
|
3
PUT
Northrop Grumman
NOC
$79.2B
| $20.1M | 2.86% |
+57,600
| New | +$19.3M |
2018 Q1
0 quarters
|
|
4
CALL
NetApp
NTAP
$39.1B
| $15.6M | 2.21% |
+252,100
| New | +$15.4M |
2018 Q1
0 quarters
|
|
5
PUT
McKesson
MCK
$116B
| $14.1M | 2.01% |
+100,000
| New | +$15.6M |
2018 Q1
0 quarters
|
|
6
PUT
Incyte
INCY
$24.5B
| $13.6M | 1.94% |
+163,200
| New | +$14.7M |
2018 Q1
0 quarters
|
|
7
CALL
Citigroup
C
$203B
| $13.5M | 1.92% |
200,000
| – | – |
2017 Q4
1 quarter
|
|
|
8
PUT
NetApp
NTAP
$39.1B
| $12.5M | 1.77% |
+202,100
| New | +$12.3M |
2018 Q1
0 quarters
|
|
9
CALL
Lowe's Companies
LOW
$117B
| $12.3M | 1.75% |
+140,000
| New | +$13.3M |
2018 Q1
0 quarters
|
|
10
CALL
Vivmark Residential
VMRK
$47.9B
| $12.3M | 1.74% |
198,900
-71,100
| -26% | -$4.22M |
2017 Q4
1 quarter
|
|
11
CALL
MGM Resorts International
MGM
$7.58B
| $11.9M | 1.69% |
+340,000
| New | +$11.9M |
2018 Q1
0 quarters
|
|
|
12
PUT
Seagate
STX
$148B
| $11.7M | 1.67% |
+200,000
| New | +$10.6M |
2018 Q1
0 quarters
|
|
|
13
CALL
Constellation Brands
STZ
$22.9B
| $11.4M | 1.62% |
50,000
| – | – |
2017 Q4
1 quarter
|
|
|
14
PUT
Constellation Brands
STZ
$22.9B
| $11.4M | 1.62% |
+50,000
| New | +$11M |
2018 Q1
0 quarters
|
|
15
PUT
DELISTED
Berry Global Group, Inc.
BERY
| $10.4M | 1.48% |
+206,910
| New | +$10.8M |
2018 Q1
0 quarters
|
|
16
CALL
CRA International
CRAI
$1.23B
| $10.3M | 1.47% |
+197,500
| New | +$9.5M |
2018 Q1
0 quarters
|
|
|
VMW
17
CALL
DELISTED
VMware, Inc
VMW
| $10.2M | 1.45% |
84,300
+14,200
| +20% | +$1.79M |
2017 Q4
1 quarter
|
|
18
PUT
IQVIA
IQV
$44.1B
| $9.8M | 1.4% |
+100,000
| New | +$10.1M |
2018 Q1
0 quarters
|
|
19
PUT
Bath & Body Works
BBWI
$4.59B
| $9.6M | 1.36% |
309,250
+83,497
| +37% | +$3.16M |
2017 Q4
1 quarter
|
|
|
20
CALL
Waste Management
WM
$92.8B
| $9.46M | 1.35% |
+112,500
| New | +$9.7M |
2018 Q1
0 quarters
|
|
|
ILG
21
CALL
DELISTED
ILG, Inc Common Stock
ILG
| $9.33M | 1.33% |
+300,000
| New | +$9.39M |
2018 Q1
0 quarters
|
|
22
PUT
DELISTED
Synchronoss Technologies
SNCR
| $9.21M | 1.31% |
+97,011
| New | +$7.96M |
2018 Q1
0 quarters
|
|
23
CALL
Hilton Worldwide
HLT
$79.4B
| $8.66M | 1.23% |
+110,000
| New | +$9.03M |
2018 Q1
0 quarters
|
|
|
24
Constellation Brands
STZ
$22.9B
| $8.5M | 1.21% |
+37,300
| New | +$8.21M |
2018 Q1
0 quarters
|
|
25
CALL
Viatris
VTRS
$21.9B
| $8.23M | 1.17% |
+200,000
| New | +$8.53M |
2018 Q1
0 quarters
|
|
Similar funds
Caption Management's Q1 2018 Portfolio in Review
As of Q1 2018, Caption Management held 394 positions worth $703M, down 27% from $964M the previous quarter. Its ten largest holdings account for 23% of the portfolio.
Caption Management deployed $40.4M of net new capital in Q1 2018, opening 163 new positions and adding to 20 existing holdings. Its largest new stake was Micron Technology: 465,000 shares worth $24.2M.
By sector, the portfolio is most concentrated in Miscellaneous at 78% of assets, down from 88% a quarter earlier, followed by Technology and Consumer Discretionary.
On the sell side, the largest reduction was Lowe's Companies, an estimated $2.7M trimmed.
- Caption Management's largest Q1 2018 buy was Micron Technology: 465,000 shares worth $24.2M.
- Caption Management added most to Magnite in Q1 2018, an estimated $1.41M increase.
- Caption Management's biggest Q1 2018 reduction was Lowe's Companies, cutting an estimated $2.7M.
- Caption Management fully exited Pinnacle Foods, Inc. in Q1 2018, selling an estimated $4.76M.
- Caption Management's ten largest holdings make up 23% of its $703M portfolio in Q1 2018.
- Caption Management opened 163 new positions and closed 181 in Q1 2018.
- Caption Management's portfolio value fell 27% quarter-over-quarter to $703M.
Based on Caption Management's 13F filing for Q1 2018, filed 15 May 2018.