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 |
Tapestry
TPR
|
+$20.3M |
| 2 |
Bristol-Myers Squibb
BMY
|
+$13.2M |
| 3 |
Six Flags Entertainment Corp.
SIX
|
+$9.3M |
| 4 |
iShares MSCI Saudi Arabia ETF
KSA
|
+$7.94M |
| 5 |
Centene
CNC
|
+$7.13M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Caesars Entertainment
CZR
|
+$29.9M |
| 2 |
Exact Sciences
EXAS
|
+$12.2M |
| 3 |
Five Below
FIVE
|
+$6.65M |
| 4 |
Kohl's
KSS
|
+$6.63M |
| 5 |
BKS
Barnes & Noble
BKS
|
+$5.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 84.92% |
| 2 | Healthcare | 4.2% |
| 3 | Consumer Discretionary | 2.61% |
| 4 | Technology | 1.71% |
| 5 | Energy | 1.66% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
CELG
1
PUT
DELISTED
Celgene Corp
CELG
| $50.2M | 2.76% |
+531,600
| New | +$46.5M |
2019 Q1
0 quarters
|
|
|
2
CALL
Bristol-Myers Squibb
BMY
$128B
| $47.6M | 2.62% |
+997,200
| New | +$49.7M |
2019 Q1
0 quarters
|
|
3
CALL
Walt Disney
DIS
$192B
| $32.2M | 1.78% |
290,400
+240,400
| +481% | +$26.9M |
2018 Q3
2 quarters
|
|
4
CALL
Boeing
BA
$136B
| $29.2M | 1.61% |
+76,600
| New | +$29.5M |
2019 Q1
0 quarters
|
|
|
5
PUT
Tapestry
TPR
$23.1B
| $28.1M | 1.55% |
+864,000
| New | +$30.3M |
2019 Q1
0 quarters
|
|
|
6
PUT
Bristol-Myers Squibb
BMY
$128B
| $23.8M | 1.31% |
+498,500
| New | +$24.8M |
2019 Q1
0 quarters
|
|
7
PUT
Targa Resources
TRGP
$67.5B
| $22.9M | 1.26% |
552,100
+341,000
| +162% | +$14.3M |
2018 Q3
2 quarters
|
|
8
CALL
Novavax
NVAX
$1.66B
| $22.3M | 1.23% |
+2,021,600
| New | +$63.8M |
2019 Q1
0 quarters
|
|
|
WAGE
9
CALL
DELISTED
WageWorks, Inc.
WAGE
| $20.8M | 1.15% |
+550,500
| New | +$18M |
2019 Q1
0 quarters
|
|
|
10
PUT
Boeing
BA
$136B
| $19.1M | 1.05% |
+50,000
| New | +$19.2M |
2019 Q1
0 quarters
|
|
|
11
Tapestry
TPR
$23.1B
| $18.8M | 1.04% |
+580,000
| New | +$20.3M |
2019 Q1
0 quarters
|
|
12
CALL
Ascendis Pharma A/S
ASND
$16.5B
| $18.1M | 1% |
+153,800
| New | +$13.5M |
2019 Q1
0 quarters
|
|
13
CALL
Union Pacific
UNP
$181B
| $16.7M | 0.92% |
+100,000
| New | +$16.1M |
2019 Q1
0 quarters
|
|
14
CALL
Zimmer Biomet
ZBH
$18B
| $16.6M | 0.92% |
+133,900
| New | +$15.2M |
2019 Q1
0 quarters
|
|
15
CALL
Papa John's
PZZA
$608M
| $15.5M | 0.86% |
293,200
+74,100
| +34% | +$3.27M |
2018 Q1
4 quarters
|
|
|
16
CALL
Centene
CNC
$33.9B
| $14.3M | 0.79% |
+270,000
| New | +$16.4M |
2019 Q1
0 quarters
|
|
|
CELG
17
CALL
DELISTED
Celgene Corp
CELG
| $14.1M | 0.78% |
+149,100
| New | +$13M |
2019 Q1
0 quarters
|
|
|
MDCO
18
PUT
DELISTED
Medicines Co
MDCO
| $13.8M | 0.76% |
+494,900
| New | +$11.7M |
2019 Q1
0 quarters
|
|
|
19
PUT
DELISTED
Exact Sciences
EXAS
| $13.8M | 0.76% |
158,800
-198,800
| -56% | -$16.9M |
2018 Q4
1 quarter
|
|
20
PUT
PG&E
PCG
$39.6B
| $13.5M | 0.74% |
758,500
+678,500
| +848% | +$11M |
2018 Q2
3 quarters
|
|
21
PUT
Burlington
BURL
$14.9B
| $13.3M | 0.73% |
+85,000
| New | +$13.7M |
2019 Q1
0 quarters
|
|
|
22
Bristol-Myers Squibb
BMY
$128B
| $13.1M | 0.72% |
275,000
+265,500
| +2,795% | +$13.2M |
2018 Q4
1 quarter
|
|
23
CALL
Madrigal Pharmaceuticals
MDGL
$9.9B
| $12.6M | 0.7% |
100,800
| – | – |
2018 Q4
1 quarter
|
|
24
PUT
Edwards Lifesciences
EW
$53B
| $12.6M | 0.69% |
+197,100
| New | +$11.2M |
2019 Q1
0 quarters
|
|
|
ONCE
25
CALL
DELISTED
Spark Therapeutics, Inc. Common Stock
ONCE
| $12.5M | 0.69% |
+110,000
| New | +$8.08M |
2019 Q1
0 quarters
|
|
Similar funds
Caption Management's Q1 2019 Portfolio in Review
As of Q1 2019, Caption Management held 823 positions worth $1.81B, up 45% from $1.25B the previous quarter. Its ten largest holdings account for 16% of the portfolio.
Caption Management's Q1 2019 filing shows 371 new, 68 increased, 64 reduced and 283 closed positions. Its largest new stake was Tapestry: 580,000 shares worth $18.8M. The largest sale was Caesars Entertainment, an estimated $29.9M.
By sector, the portfolio is most concentrated in Miscellaneous at 85% of assets, up from 79% a quarter earlier, followed by Healthcare and Consumer Discretionary.
- Caption Management's largest Q1 2019 buy was Tapestry: 580,000 shares worth $18.8M.
- Caption Management added most to Bristol-Myers Squibb in Q1 2019, an estimated $13.2M increase.
- Caption Management's biggest Q1 2019 reduction was Somnigroup International, cutting an estimated $4.33M.
- Caption Management fully exited Caesars Entertainment in Q1 2019, selling an estimated $29.9M.
- Caption Management's ten largest holdings make up 16% of its $1.81B portfolio in Q1 2019.
- Caption Management opened 371 new positions and closed 283 in Q1 2019.
- Caption Management's portfolio value rose 45% quarter-over-quarter to $1.81B.
Based on Caption Management's 13F filing for Q1 2019, filed 14 May 2019.