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 |
DaVita
DVA
|
+$14.4M |
| 2 |
Mohawk Industries
MHK
|
+$7.26M |
| 3 |
News Corp Class A
NWSA
|
+$7.02M |
| 4 |
Targa Resources
TRGP
|
+$6.56M |
| 5 |
Charter Communications
CHTR
|
+$6.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Micron Technology
MU
|
+$29.4M |
| 2 |
Constellation Brands
STZ
|
+$9.29M |
| 3 |
Tucows
TCX
|
+$6.7M |
| 4 |
CACI
CACI
|
+$4.3M |
| 5 |
D.R. Horton
DHI
|
+$4.01M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 84.74% |
| 2 | Communication Services | 3.25% |
| 3 | Consumer Discretionary | 2.87% |
| 4 | Healthcare | 2.13% |
| 5 | Technology | 1.83% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
CALL
Mohawk Industries
MHK
$8.69B
| $51.6M | 2.84% |
+294,100
| New | +$57.7M |
2018 Q3
0 quarters
|
|
|
2
PUT
DaVita
DVA
$11.4B
| $50.8M | 2.8% |
+709,600
| New | +$50.2M |
2018 Q3
0 quarters
|
|
3
CALL
PayPal
PYPL
$48.8B
| $43.9M | 2.42% |
+500,000
| New | +$44M |
2018 Q3
0 quarters
|
|
4
PUT
Cigna
CI
$77.6B
| $36.4M | 2.01% |
175,000
+160,000
| +1,067% | +$29.7M |
2018 Q2
1 quarter
|
|
|
SHPG
5
CALL
DELISTED
Shire pic
SHPG
| $28.5M | 1.57% |
157,000
+137,000
| +685% | +$23.7M |
2018 Q2
1 quarter
|
|
6
PUT
HP
HPQ
$26.7B
| $25.8M | 1.42% |
+1,000,000
| New | +$24.2M |
2018 Q3
0 quarters
|
|
7
CALL
Lowe's Companies
LOW
$121B
| $24.1M | 1.33% |
210,000
| – | – |
2018 Q1
2 quarters
|
|
|
TFCFA
8
CALL
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $22.8M | 1.26% |
492,500
+355,400
| +259% | +$16.3M |
2018 Q2
1 quarter
|
|
|
9
CALL
HP
HPQ
$26.7B
| $20.6M | 1.14% |
+800,000
| New | +$19.3M |
2018 Q3
0 quarters
|
|
|
ESRX
10
PUT
DELISTED
Express Scripts Holding Company
ESRX
| $19.3M | 1.07% |
+203,400
| New | +$17.3M |
2018 Q3
0 quarters
|
|
11
PUT
Gilead Sciences
GILD
$208B
| $19.3M | 1.06% |
+250,000
| New | +$18.9M |
2018 Q3
0 quarters
|
|
12
CALL
Norfolk Southern
NSC
$77.9B
| $18.1M | 1% |
+100,000
| New | +$17.1M |
2018 Q3
0 quarters
|
|
13
CALL
PVH
PVH
$4.35B
| $17.3M | 0.96% |
120,000
+60,000
| +100% | +$8.87M |
2018 Q2
1 quarter
|
|
14
PUT
LiveRamp
RAMP
$2.34B
| $16.7M | 0.92% |
+337,500
| New | +$14.9M |
2018 Q3
0 quarters
|
|
|
15
CALL
Charter Communications
CHTR
$13.2B
| $16.3M | 0.9% |
+50,000
| New | +$15.3M |
2018 Q3
0 quarters
|
|
|
16
PUT
Charter Communications
CHTR
$13.2B
| $16.3M | 0.9% |
50,000
+30,000
| +150% | +$9.16M |
2018 Q2
1 quarter
|
|
|
17
DaVita
DVA
$11.4B
| $16M | 0.88% |
224,000
+204,000
| +1,020% | +$14.4M |
2018 Q2
1 quarter
|
|
18
PUT
Kroger
KR
$39.7B
| $16M | 0.88% |
+550,000
| New | +$16.4M |
2018 Q3
0 quarters
|
|
19
CALL
Edison International
EIX
$22.7B
| $15.6M | 0.86% |
229,800
+4,800
| +2% | +$321K |
2018 Q2
1 quarter
|
|
|
BFYT
20
PUT
DELISTED
Benefytt Technologies, Inc. Class A Common Stock
BFYT
| $15.4M | 0.85% |
+250,000
| New | +$11.4M |
2018 Q3
0 quarters
|
|
21
PUT
Kohl's
KSS
$2.73B
| $14.9M | 0.82% |
200,000
-80,000
| -29% | -$6.05M |
2018 Q2
1 quarter
|
|
22
CALL
Citigroup
C
$204B
| $14.3M | 0.79% |
200,000
| – | – |
2017 Q4
3 quarters
|
|
23
PUT
Nexstar Media Group
NXST
$5.37B
| $14.3M | 0.79% |
175,500
| – | – |
2018 Q2
1 quarter
|
|
|
TFCFA
24
PUT
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $13.9M | 0.77% |
300,000
+275,000
| +1,100% | +$12.6M |
2018 Q2
1 quarter
|
|
25
CALL
PagSeguro Digital
PAGS
$2.21B
| $13.4M | 0.74% |
485,400
+239,400
| +97% | +$6.51M |
2018 Q2
1 quarter
|
|
Similar funds
Caption Management's Q3 2018 Portfolio in Review
As of Q3 2018, Caption Management held 711 positions worth $1.81B, up 40% from $1.29B the previous quarter. Its ten largest holdings account for 18% of the portfolio.
Caption Management's Q3 2018 filing shows 332 new, 60 increased, 50 reduced and 217 closed positions. Its largest new stake was Mohawk Industries: 37,000 shares worth $6.49M. The largest sale was Micron Technology, an estimated $29.4M.
By sector, the portfolio is most concentrated in Miscellaneous at 85% of assets, up from 83% a quarter earlier, followed by Communication Services and Consumer Discretionary.
- Caption Management's largest Q3 2018 buy was Mohawk Industries: 37,000 shares worth $6.49M.
- Caption Management added most to DaVita in Q3 2018, an estimated $14.4M increase.
- Caption Management's biggest Q3 2018 reduction was D.R. Horton, cutting an estimated $4.01M.
- Caption Management fully exited Micron Technology in Q3 2018, selling an estimated $29.4M.
- Caption Management's ten largest holdings make up 18% of its $1.81B portfolio in Q3 2018.
- Caption Management opened 332 new positions and closed 217 in Q3 2018.
- Caption Management's portfolio value rose 40% quarter-over-quarter to $1.81B.
Based on Caption Management's 13F filing for Q3 2018, filed 14 Nov 2018.