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 |
ONCE
Spark Therapeutics, Inc. Common Stock
ONCE
|
+$8.42M |
| 2 |
Marathon Petroleum
MPC
|
+$5.47M |
| 3 |
Liberty Global Class C
LBTYK
|
+$5.39M |
| 4 |
O'Reilly Automotive
ORLY
|
+$5.32M |
| 5 |
Crocs
CROX
|
+$5.07M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Bristol-Myers Squibb
BMY
|
+$12.6M |
| 2 |
Tapestry
TPR
|
+$12M |
| 3 |
iShares MSCI Saudi Arabia ETF
KSA
|
+$8.32M |
| 4 |
Biohaven Pharmaceutical Holding Company Ltd.
BHVN
|
+$6.96M |
| 5 |
Sage Therapeutics
SAGE
|
+$6.93M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 85.48% |
| 2 | Healthcare | 3.75% |
| 3 | Consumer Discretionary | 2.73% |
| 4 | Technology | 1.96% |
| 5 | Energy | 1.43% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
PUT
DELISTED
Anadarko Petroleum
APC
| $48.5M | 2.44% |
+686,900
| New | +$46M |
2019 Q2
0 quarters
|
|
2
PUT
Amgen
AMGN
$252B
| $48.2M | 2.42% |
+261,300
| New | +$46.8M |
2019 Q2
0 quarters
|
|
3
CALL
uniQure
QURE
$1.72B
| $47M | 2.36% |
600,800
+580,800
| +2,904% | +$37M |
2019 Q1
1 quarter
|
|
4
PUT
DaVita
DVA
$12B
| $30.1M | 1.52% |
+535,800
| New | +$27.8M |
2019 Q2
0 quarters
|
|
|
MDCO
5
PUT
DELISTED
Medicines Co
MDCO
| $28.5M | 1.43% |
781,300
+286,400
| +58% | +$9.35M |
2019 Q1
1 quarter
|
|
6
PUT
Centene
CNC
$33.9B
| $27M | 1.36% |
514,000
+294,000
| +134% | +$15.9M |
2019 Q1
1 quarter
|
|
|
MRTX
7
CALL
DELISTED
Mirati Therapeutics, Inc. Common Stock
MRTX
| $26.5M | 1.33% |
257,200
+257,100
| +257,100% | +$20M |
2019 Q1
1 quarter
|
|
|
MDCO
8
CALL
DELISTED
Medicines Co
MDCO
| $23.9M | 1.2% |
654,200
+299,700
| +85% | +$9.8M |
2019 Q1
1 quarter
|
|
|
WCG
9
CALL
DELISTED
Wellcare Health Plans, Inc.
WCG
| $22M | 1.11% |
+77,200
| New | +$21.3M |
2019 Q2
0 quarters
|
|
10
PUT
Targa Resources
TRGP
$67.5B
| $21.7M | 1.09% |
552,100
| – | – |
2018 Q3
3 quarters
|
|
11
PUT
Beyond Meat
BYND
$119M
| $20.9M | 1.05% |
+4,333
| New | +$14.5M |
2019 Q2
0 quarters
|
|
12
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$802B
| $20.5M | 1.03% |
+70,000
| New | +$20.2M |
2019 Q2
0 quarters
|
|
|
13
CALL
DELISTED
Biohaven Pharmaceutical Holding Company Ltd.
BHVN
| $17.2M | 0.86% |
+391,800
| New | +$22.1M |
2019 Q2
0 quarters
|
|
14
CALL
Union Pacific
UNP
$181B
| $16.9M | 0.85% |
100,000
| – | – |
2019 Q1
1 quarter
|
|
|
15
CALL
Marathon Petroleum
MPC
$125B
| $16.8M | 0.84% |
+300,000
| New | +$16.4M |
2019 Q2
0 quarters
|
|
16
CALL
DELISTED
El Paso Electric Company
EE
| $16.4M | 0.82% |
+250,400
| New | +$15.4M |
2019 Q2
0 quarters
|
|
17
CALL
Tractor Supply
TSCO
$17.7B
| $16.3M | 0.82% |
+750,000
| New | +$15.5M |
2019 Q2
0 quarters
|
|
18
PUT
Edison International
EIX
$22.6B
| $16.3M | 0.82% |
242,000
+57,000
| +31% | +$3.54M |
2018 Q2
4 quarters
|
|
19
CALL
Ferrari
RACE
$69.4B
| $16.3M | 0.82% |
+100,700
| New | +$14.5M |
2019 Q2
0 quarters
|
|
20
PUT
DELISTED
Exact Sciences
EXAS
| $15.8M | 0.8% |
133,800
-25,000
| -16% | -$2.52M |
2018 Q4
2 quarters
|
|
21
CALL
PG&E
PCG
$39.6B
| $15.5M | 0.78% |
677,300
+137,300
| +25% | +$2.76M |
2018 Q2
4 quarters
|
|
22
CALL
Liberty Global Class A
LBTYA
$2.65B
| $15.4M | 0.78% |
+570,400
| New | +$15M |
2019 Q2
0 quarters
|
|
|
23
PUT
Tapestry
TPR
$23.1B
| $14.2M | 0.71% |
446,500
-417,500
| -48% | -$13M |
2019 Q1
1 quarter
|
|
|
PLAN
24
CALL
DELISTED
Anaplan, Inc.
PLAN
| $14M | 0.71% |
+278,100
| New | +$11.5M |
2019 Q2
0 quarters
|
|
|
AABA
25
PUT
DELISTED
Altaba Inc
AABA
| $13.8M | 0.7% |
+199,500
| New | +$14M |
2019 Q2
0 quarters
|
|
Similar funds
Caption Management's Q2 2019 Portfolio in Review
As of Q2 2019, Caption Management held 935 positions worth $1.99B, up 9.5% from $1.81B the previous quarter. Its ten largest holdings account for 16% of the portfolio.
Caption Management's Q2 2019 filing shows 395 new, 91 increased, 100 reduced and 294 closed positions. Its largest new stake was Spark Therapeutics, Inc. Common Stock: 78,000 shares worth $7.98M. The largest sale was Bristol-Myers Squibb, an estimated $12.6M.
By sector, the portfolio is most concentrated in Miscellaneous at 85% of assets, up from 85% a quarter earlier, followed by Healthcare and Consumer Discretionary.
- Caption Management's largest Q2 2019 buy was Spark Therapeutics, Inc. Common Stock: 78,000 shares worth $7.98M.
- Caption Management added most to Crocs in Q2 2019, an estimated $5.07M increase.
- Caption Management's biggest Q2 2019 reduction was Bristol-Myers Squibb, cutting an estimated $12.6M.
- Caption Management fully exited iShares MSCI Saudi Arabia ETF in Q2 2019, selling an estimated $8.32M.
- Caption Management's ten largest holdings make up 16% of its $1.99B portfolio in Q2 2019.
- Caption Management opened 395 new positions and closed 294 in Q2 2019.
- Caption Management's portfolio value rose 9.5% quarter-over-quarter to $1.99B.
Based on Caption Management's 13F filing for Q2 2019, filed 13 Aug 2019.