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 |
D.R. Horton
DHI
|
+$7.21M |
| 2 |
Micron Technology
MU
|
+$5.14M |
| 3 |
Kohl's
KSS
|
+$5.07M |
| 4 |
Hain Celestial
HAIN
|
+$4.45M |
| 5 |
CACI
CACI
|
+$4.11M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Seagate
STX
|
+$5.03M |
| 2 |
AB InBev
BUD
|
+$4.36M |
| 3 |
Melco Resorts & Entertainment
MLCO
|
+$4.36M |
| 4 |
SVU
SUPERVALU Inc.
SVU
|
+$3.52M |
| 5 |
Incyte
INCY
|
+$3.35M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 82.58% |
| 2 | Technology | 5.38% |
| 3 | Consumer Discretionary | 3.76% |
| 4 | Communication Services | 2.15% |
| 5 | Consumer Staples | 1.92% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Micron Technology
MU
$1T
| $29.4M | 2.27% |
560,000
+95,000
| +20% | +$5.14M |
2018 Q1
1 quarter
|
|
|
2
PUT
Micron Technology
MU
$1T
| $28M | 2.17% |
534,900
+91,600
| +21% | +$4.95M |
2018 Q1
1 quarter
|
|
3
CALL
DELISTED
Light & Wonder
LNW
| $25.2M | 1.95% |
+513,300
| New | +$27.1M |
2018 Q2
0 quarters
|
|
4
CALL
State Street SPDR S&P Regional Banking ETF
KRE
$4.3B
| $24.5M | 1.89% |
+293,000
| New | +$18.4M |
2018 Q2
0 quarters
|
|
5
PUT
NXP Semiconductors
NXPI
$65.4B
| $21.9M | 1.69% |
+200,000
| New | +$22M |
2018 Q2
0 quarters
|
|
|
6
PUT
Kohl's
KSS
$2.76B
| $20.4M | 1.58% |
+280,000
| New | +$18.7M |
2018 Q2
0 quarters
|
|
7
CALL
Lowe's Companies
LOW
$117B
| $20.1M | 1.55% |
210,000
+70,000
| +50% | +$6.34M |
2018 Q1
1 quarter
|
|
8
CALL
Constellation Brands
STZ
$22.9B
| $19.7M | 1.53% |
90,000
+40,000
| +80% | +$9.03M |
2017 Q4
2 quarters
|
|
9
PUT
DELISTED
Nordstrom
JWN
| $15.9M | 1.23% |
+306,400
| New | +$15.2M |
2018 Q2
0 quarters
|
|
|
10
CALL
DELISTED
Nordstrom
JWN
| $15.8M | 1.22% |
305,200
+289,600
| +1,856% | +$14.4M |
2017 Q4
2 quarters
|
|
11
CALL
DELISTED
Electronic Arts
EA
| $15.5M | 1.2% |
+110,000
| New | +$14.3M |
2018 Q2
0 quarters
|
|
12
CALL
State Street Industrial Select Sector SPDR ETF
XLI
$30.8B
| $14.3M | 1.11% |
+200,000
| New | +$14.8M |
2018 Q2
0 quarters
|
|
13
CALL
Edison International
EIX
$22.6B
| $14.2M | 1.1% |
+225,000
| New | +$14M |
2018 Q2
0 quarters
|
|
14
CALL
Citigroup
C
$203B
| $13.4M | 1.04% |
200,000
| – | – |
2017 Q4
2 quarters
|
|
15
CALL
Visa
V
$773B
| $13.2M | 1.03% |
+100,000
| New | +$12.9M |
2018 Q2
0 quarters
|
|
16
CALL
VanEck Oil Services ETF
OIH
$1.91B
| $13.1M | 1.02% |
+25,000
| New | +$13.4M |
2018 Q2
0 quarters
|
|
17
PUT
Nexstar Media Group
NXST
$5.28B
| $12.9M | 1% |
+175,500
| New | +$11.9M |
2018 Q2
0 quarters
|
|
18
PUT
Acuity Brands
AYI
$9.5B
| $12.7M | 0.99% |
+110,000
| New | +$13.4M |
2018 Q2
0 quarters
|
|
19
CALL
Wynn Resorts
WYNN
$7.69B
| $12.7M | 0.98% |
+75,900
| New | +$14M |
2018 Q2
0 quarters
|
|
|
20
CALL
NXP Semiconductors
NXPI
$65.4B
| $12.6M | 0.97% |
+115,200
| New | +$12.7M |
2018 Q2
0 quarters
|
|
21
CALL
Dollar General
DG
$29.2B
| $12.1M | 0.94% |
+122,800
| New | +$11.8M |
2018 Q2
0 quarters
|
|
|
22
PUT
Wynn Resorts
WYNN
$7.69B
| $11.4M | 0.89% |
68,400
+45,900
| +204% | +$8.47M |
2018 Q1
1 quarter
|
|
23
PUT
State Street SPDR EURO STOXX 50 ETF
FEZ
$4.11B
| $11.3M | 0.87% |
+294,800
| New | +$12M |
2018 Q2
0 quarters
|
|
|
AET
24
CALL
DELISTED
Aetna Inc
AET
| $11M | 0.85% |
+59,800
| New | +$10.7M |
2018 Q2
0 quarters
|
|
25
PUT
Bunge Global
BG
$18.6B
| $10.6M | 0.82% |
152,600
+132,600
| +663% | +$9.49M |
2017 Q4
2 quarters
|
|
Similar funds
Caption Management's Q2 2018 Portfolio in Review
As of Q2 2018, Caption Management held 509 positions worth $1.29B, up 84% from $703M the previous quarter. Its ten largest holdings account for 17% of the portfolio.
Caption Management deployed $70.3M of net new capital in Q2 2018, opening 295 new positions and adding to 32 existing holdings. Its largest new stake was D.R. Horton: 167,100 shares worth $6.85M.
By sector, the portfolio is most concentrated in Miscellaneous at 83% of assets, up from 78% a quarter earlier, followed by Technology and Consumer Discretionary.
On the sell side, the largest reduction was Melco Resorts & Entertainment, an estimated $4.36M trimmed.
- Caption Management's largest Q2 2018 buy was D.R. Horton: 167,100 shares worth $6.85M.
- Caption Management added most to Micron Technology in Q2 2018, an estimated $5.14M increase.
- Caption Management's biggest Q2 2018 reduction was Melco Resorts & Entertainment, cutting an estimated $4.36M.
- Caption Management fully exited Seagate in Q2 2018, selling an estimated $5.03M.
- Caption Management's ten largest holdings make up 17% of its $1.29B portfolio in Q2 2018.
- Caption Management opened 295 new positions and closed 129 in Q2 2018.
- Caption Management's portfolio value rose 84% quarter-over-quarter to $1.29B.
Based on Caption Management's 13F filing for Q2 2018, filed 14 Aug 2018.