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 |
Caesars Entertainment
CZR
|
+$26M |
| 2 |
Exact Sciences
EXAS
|
+$9.8M |
| 3 |
Five Below
FIVE
|
+$7.18M |
| 4 |
Cigna
CI
|
+$5.75M |
| 5 |
RTX Corp
RTX
|
+$5.61M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
DaVita
DVA
|
+$14.1M |
| 2 |
News Corp Class A
NWSA
|
+$6.6M |
| 3 |
Charter Communications
CHTR
|
+$6.52M |
| 4 |
LiveRamp
RAMP
|
+$6.38M |
| 5 |
Paramount Global Class B
PARA
|
+$5.01M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 79.41% |
| 2 | Consumer Discretionary | 6.21% |
| 3 | Healthcare | 4.81% |
| 4 | Technology | 2.57% |
| 5 | Communication Services | 1.77% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
PUT
Cigna
CI
$78.8B
| $38.6M | 3.08% |
203,200
+28,200
| +16% | +$5.88M |
2018 Q2
2 quarters
|
|
|
2
Caesars Entertainment
CZR
$5.93B
| $23.7M | 1.89% |
+655,000
| New | +$26M |
2018 Q4
0 quarters
|
|
|
TFCFA
3
CALL
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $22.9M | 1.82% |
475,200
-17,300
| -4% | -$820K |
2018 Q2
2 quarters
|
|
|
4
PUT
DELISTED
Exact Sciences
EXAS
| $22.6M | 1.8% |
+357,600
| New | +$24.5M |
2018 Q4
0 quarters
|
|
5
CALL
DELISTED
WW International
WW
| $21.3M | 1.7% |
553,000
+518,000
| +1,480% | +$28.4M |
2018 Q3
1 quarter
|
|
6
CALL
Edison International
EIX
$22.6B
| $19.7M | 1.57% |
347,200
+117,400
| +51% | +$7.3M |
2018 Q2
2 quarters
|
|
|
7
PUT
Caesars Entertainment
CZR
$5.93B
| $18.1M | 1.45% |
+500,100
| New | +$19.8M |
2018 Q4
0 quarters
|
|
|
SHPG
8
CALL
DELISTED
Shire pic
SHPG
| $18M | 1.44% |
103,400
-53,600
| -34% | -$9.38M |
2018 Q2
2 quarters
|
|
|
SHPG
9
PUT
DELISTED
Shire pic
SHPG
| $13.9M | 1.11% |
80,000
+50,000
| +167% | +$8.75M |
2018 Q3
1 quarter
|
|
10
PUT
Nexstar Media Group
NXST
$5.28B
| $13.5M | 1.08% |
171,500
-4,000
| -2% | -$317K |
2018 Q2
2 quarters
|
|
11
PUT
Kohl's
KSS
$2.76B
| $13.4M | 1.07% |
202,200
+2,200
| +1% | +$154K |
2018 Q2
2 quarters
|
|
|
12
PUT
Five Below
FIVE
$13.3B
| $12.6M | 1.01% |
+123,200
| New | +$13.6M |
2018 Q4
0 quarters
|
|
13
CALL
Biogen
BIIB
$37.5B
| $12M | 0.96% |
+40,000
| New | +$12.8M |
2018 Q4
0 quarters
|
|
14
CALL
Somnigroup International
SGI
$14.6B
| $11.7M | 0.93% |
+1,128,000
| New | +$13.5M |
2018 Q4
0 quarters
|
|
15
CALL
McDonald's
MCD
$183B
| $11.7M | 0.93% |
+65,700
| New | +$11.7M |
2018 Q4
0 quarters
|
|
|
KSU
16
CALL
DELISTED
Kansas City Southern
KSU
| $11.6M | 0.92% |
121,400
+21,400
| +21% | +$2.17M |
2018 Q3
1 quarter
|
|
17
CALL
Stellantis
STLA
$13.5B
| $11.6M | 0.92% |
+800,100
| New | +$12.9M |
2018 Q4
0 quarters
|
|
18
CALL
Madrigal Pharmaceuticals
MDGL
$9.9B
| $11.4M | 0.91% |
+100,800
| New | +$15.6M |
2018 Q4
0 quarters
|
|
19
CALL
Block Inc
XYZ
$45.8B
| $11.2M | 0.9% |
+200,000
| New | +$14.1M |
2018 Q4
0 quarters
|
|
20
PUT
Illumina
ILMN
$35.6B
| $11.1M | 0.89% |
+38,139
| New | +$11.8M |
2018 Q4
0 quarters
|
|
21
CALL
Constellation Brands
STZ
$22.9B
| $10.6M | 0.85% |
66,000
+28,500
| +76% | +$5.66M |
2017 Q4
4 quarters
|
|
|
22
CALL
Kohl's
KSS
$2.76B
| $10.6M | 0.85% |
+160,000
| New | +$11.2M |
2018 Q4
0 quarters
|
|
23
PUT
Cameco
CCJ
$33.5B
| $10.4M | 0.83% |
917,700
| – | – |
2018 Q2
2 quarters
|
|
24
CALL
Citigroup
C
$203B
| $10.4M | 0.83% |
200,000
| – | – |
2017 Q4
4 quarters
|
|
25
PUT
State Street SPDR S&P Biotech ETF
XBI
$10.8B
| $10M | 0.8% |
+140,000
| New | +$11.3M |
2018 Q4
0 quarters
|
|
Similar funds
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's Q4 2018 filing shows 246 new, 80 increased, 74 reduced and 288 closed positions. Its largest new stake was Caesars Entertainment: 655,000 shares worth $23.7M. The largest sale was DaVita, an estimated $14.1M.
By sector, the portfolio is most concentrated in Miscellaneous at 79% of assets, down from 85% a quarter earlier, followed by Consumer Discretionary and Healthcare.
- 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 $6.6M.
- 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.