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 |
PayPal
PYPL
|
+$23.7M |
| 2 |
Biohaven Pharmaceutical Holding Company Ltd.
BHVN
|
+$11.4M |
| 3 |
MDCO
Medicines Co
MDCO
|
+$7.54M |
| 4 |
Marathon Petroleum
MPC
|
+$6.85M |
| 5 |
Planet Fitness
PLNT
|
+$5.64M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Upbound Group
UPBD
|
+$8.44M |
| 2 |
ONCE
Spark Therapeutics, Inc. Common Stock
ONCE
|
+$6.21M |
| 3 |
Twilio
TWLO
|
+$6M |
| 4 |
Agnico Eagle Mines
AEM
|
+$5.4M |
| 5 |
O'Reilly Automotive
ORLY
|
+$5.17M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 83.57% |
| 2 | Healthcare | 5.98% |
| 3 | Consumer Discretionary | 2.44% |
| 4 | Energy | 2.08% |
| 5 | Financials | 1.79% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
MDCO
1
PUT
DELISTED
Medicines Co
MDCO
| $43.7M | 2.27% |
873,800
+92,500
| +12% | +$3.69M |
2019 Q1
2 quarters
|
|
|
2
PUT
PayPal
PYPL
$47.4B
| $39.4M | 2.05% |
+380,000
| New | +$41.9M |
2019 Q3
0 quarters
|
|
|
MDCO
3
CALL
DELISTED
Medicines Co
MDCO
| $34.1M | 1.78% |
682,400
+28,200
| +4% | +$1.12M |
2019 Q1
2 quarters
|
|
|
GWPH
4
CALL
DELISTED
GW Pharmaceuticals Plc American Depositary Shares
GWPH
| $29.6M | 1.54% |
257,500
+191,500
| +290% | +$29.1M |
2019 Q2
1 quarter
|
|
|
5
CALL
Marathon Petroleum
MPC
$125B
| $23.2M | 1.21% |
382,500
+82,500
| +28% | +$4.35M |
2019 Q2
1 quarter
|
|
6
PUT
Home Depot
HD
$328B
| $23.2M | 1.21% |
+100,000
| New | +$21.9M |
2019 Q3
0 quarters
|
|
|
7
CALL
DELISTED
Biohaven Pharmaceutical Holding Company Ltd.
BHVN
| $22.9M | 1.19% |
549,700
+157,900
| +40% | +$6.67M |
2019 Q2
1 quarter
|
|
8
CALL
Sunrun
RUN
$1.8B
| $22.4M | 1.17% |
1,341,700
+892,700
| +199% | +$15.6M |
2019 Q2
1 quarter
|
|
|
9
PayPal
PYPL
$47.4B
| $22.3M | 1.16% |
+215,000
| New | +$23.7M |
2019 Q3
0 quarters
|
|
10
CALL
HP
HPQ
$26B
| $20.7M | 1.08% |
+1,096,500
| New | +$21.5M |
2019 Q3
0 quarters
|
|
|
WCG
11
CALL
DELISTED
Wellcare Health Plans, Inc.
WCG
| $20.2M | 1.05% |
77,800
+600
| +0.8% | +$166K |
2019 Q2
1 quarter
|
|
12
PUT
Beyond Meat
BYND
$119M
| $19.3M | 1.01% |
4,333
| – | – |
2019 Q2
1 quarter
|
|
13
CALL
RingCentral
RNG
$6.8B
| $18.8M | 0.98% |
+150,000
| New | +$19.7M |
2019 Q3
0 quarters
|
|
14
CALL
America Movil
AMX
$73.1B
| $18.6M | 0.97% |
+1,250,000
| New | +$17.9M |
2019 Q3
0 quarters
|
|
|
15
PUT
HP
HPQ
$26B
| $17.9M | 0.93% |
+946,500
| New | +$18.6M |
2019 Q3
0 quarters
|
|
16
CALL
uniQure
QURE
$1.72B
| $17.8M | 0.93% |
452,200
-148,600
| -25% | -$8.57M |
2019 Q1
2 quarters
|
|
17
PUT
HSBC
HSBC
$292B
| $17.2M | 0.9% |
450,000
+250,000
| +125% | +$9.7M |
2019 Q1
2 quarters
|
|
|
18
PUT
Sunrun
RUN
$1.8B
| $16.6M | 0.87% |
995,100
+545,100
| +121% | +$9.5M |
2019 Q2
1 quarter
|
|
19
PUT
Sony
SONY
$148B
| $16.3M | 0.85% |
+1,375,000
| New | +$15.5M |
2019 Q3
0 quarters
|
|
|
AGN
20
PUT
DELISTED
Allergan plc
AGN
| $16.2M | 0.85% |
+96,500
| New | +$15.7M |
2019 Q3
0 quarters
|
|
21
CALL
Union Pacific
UNP
$181B
| $16.2M | 0.84% |
100,000
| – | – |
2019 Q1
2 quarters
|
|
22
CALL
DELISTED
Cantaloupe
CTLP
| $15.7M | 0.82% |
2,136,500
+411,900
| +24% | +$2.96M |
2019 Q1
2 quarters
|
|
23
CALL
Ferrari
RACE
$69.4B
| $15.5M | 0.8% |
100,300
-400
| -0.4% | -$63.8K |
2019 Q2
1 quarter
|
|
24
CALL
PG&E
PCG
$39.6B
| $15.2M | 0.79% |
1,515,600
+838,300
| +124% | +$12.7M |
2018 Q2
5 quarters
|
|
|
MDCO
25
DELISTED
Medicines Co
MDCO
| $14.5M | 0.75% |
290,000
+189,000
| +187% | +$7.54M |
2019 Q1
2 quarters
|
|
Similar funds
Caption Management's Q3 2019 Portfolio in Review
As of Q3 2019, Caption Management held 1,008 positions worth $1.92B, down 3.2% from $1.99B the previous quarter. Its ten largest holdings account for 15% of the portfolio.
Caption Management's Q3 2019 filing shows 367 new, 112 increased, 107 reduced and 328 closed positions. Its largest new stake was PayPal: 215,000 shares worth $22.3M. The largest sale was Upbound Group, an estimated $8.44M.
By sector, the portfolio is most concentrated in Miscellaneous at 84% of assets, down from 85% a quarter earlier, followed by Healthcare and Consumer Discretionary.
- Caption Management's largest Q3 2019 buy was PayPal: 215,000 shares worth $22.3M.
- Caption Management added most to Medicines Co in Q3 2019, an estimated $7.54M increase.
- Caption Management's biggest Q3 2019 reduction was Spark Therapeutics, Inc. Common Stock, cutting an estimated $6.21M.
- Caption Management fully exited Upbound Group in Q3 2019, selling an estimated $8.44M.
- Caption Management's ten largest holdings make up 15% of its $1.92B portfolio in Q3 2019.
- Caption Management opened 367 new positions and closed 328 in Q3 2019.
- Caption Management's portfolio value fell 3.2% quarter-over-quarter to $1.92B.
Based on Caption Management's 13F filing for Q3 2019, filed 14 Nov 2019.