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 |
uniQure
QURE
|
+$16.9M |
| 2 |
Tradeweb Markets
TW
|
+$11M |
| 3 |
ON Semiconductor
ON
|
+$8.24M |
| 4 |
Sage Therapeutics
SAGE
|
+$8.03M |
| 5 |
Instructure, Inc.
INST
|
+$6.85M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
PayPal
PYPL
|
+$22.3M |
| 2 |
Marathon Petroleum
MPC
|
+$9.07M |
| 3 |
Axalta
AXTA
|
+$6.53M |
| 4 |
Targa Resources
TRGP
|
+$5.63M |
| 5 |
Planet Fitness
PLNT
|
+$5.39M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 84.25% |
| 2 | Healthcare | 6.97% |
| 3 | Technology | 2.28% |
| 4 | Consumer Discretionary | 2.23% |
| 5 | Financials | 1.03% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
MDCO
1
PUT
DELISTED
Medicines Co
MDCO
| $69.5M | 2.33% |
818,300
-55,500
| -6% | -$3.7M |
2019 Q1
3 quarters
|
|
2
PUT
Chipotle Mexican Grill
CMG
$40.3B
| $50.1M | 1.68% |
+2,995,000
| New | +$48.1M |
2019 Q4
0 quarters
|
|
3
PUT
DELISTED
Intra-Cellular Therapies Inc.
ITCI
| $47.8M | 1.61% |
1,393,000
+854,000
| +158% | +$10.2M |
2019 Q1
3 quarters
|
|
|
MDCO
4
CALL
DELISTED
Medicines Co
MDCO
| $47.1M | 1.58% |
554,500
-127,900
| -19% | -$8.53M |
2019 Q1
3 quarters
|
|
5
CALL
IQVIA
IQV
$44.1B
| $46.4M | 1.56% |
+300,000
| New | +$43.8M |
2019 Q4
0 quarters
|
|
|
ZEN
6
CALL
DELISTED
ZENDESK INC
ZEN
| $38.3M | 1.29% |
+500,000
| New | +$36.6M |
2019 Q4
0 quarters
|
|
7
PUT
DexCom
DXCM
$30.7B
| $37.2M | 1.25% |
+680,000
| New | +$32.3M |
2019 Q4
0 quarters
|
|
8
CALL
DELISTED
Biohaven Pharmaceutical Holding Company Ltd.
BHVN
| $33.7M | 1.13% |
618,300
+68,600
| +12% | +$3.4M |
2019 Q2
2 quarters
|
|
9
PUT
DELISTED
Exact Sciences
EXAS
| $31.9M | 1.07% |
345,300
+186,500
| +117% | +$16.4M |
2018 Q4
4 quarters
|
|
10
PUT
BioMarin Pharmaceuticals
BMRN
$11.3B
| $28.9M | 0.97% |
+341,500
| New | +$25.8M |
2019 Q4
0 quarters
|
|
|
11
uniQure
QURE
$1.72B
| $28.5M | 0.96% |
397,304
+307,654
| +343% | +$16.9M |
2019 Q2
2 quarters
|
|
|
MDCO
12
DELISTED
Medicines Co
MDCO
| $28.3M | 0.95% |
333,600
+43,600
| +15% | +$2.91M |
2019 Q1
3 quarters
|
|
13
CALL
TransDigm Group
TDG
$63.4B
| $27.7M | 0.93% |
+49,400
| New | +$27M |
2019 Q4
0 quarters
|
|
|
14
CALL
DELISTED
Intra-Cellular Therapies Inc.
ITCI
| $27.6M | 0.93% |
804,300
+1,200
| +0.1% | +$14.4K |
2019 Q1
3 quarters
|
|
|
15
CALL
Marathon Petroleum
MPC
$125B
| $25.5M | 0.86% |
422,500
+40,000
| +10% | +$2.5M |
2019 Q2
2 quarters
|
|
|
16
CALL
DELISTED
Exact Sciences
EXAS
| $25.1M | 0.84% |
271,500
+146,500
| +117% | +$12.9M |
2017 Q4
8 quarters
|
|
|
MRTX
17
CALL
DELISTED
Mirati Therapeutics, Inc. Common Stock
MRTX
| $25M | 0.84% |
194,300
+111,200
| +134% | +$10.7M |
2019 Q1
3 quarters
|
|
18
PUT
Peloton Interactive
PTON
$2.25B
| $24.1M | 0.81% |
+847,500
| New | +$22.8M |
2019 Q4
0 quarters
|
|
19
CALL
Illumina
ILMN
$35.6B
| $23.2M | 0.78% |
+71,960
| New | +$21.8M |
2019 Q4
0 quarters
|
|
20
CALL
DELISTED
WW International
WW
| $21.1M | 0.71% |
552,600
+397,600
| +257% | +$15.1M |
2018 Q3
5 quarters
|
|
21
CALL
PG&E
PCG
$39.6B
| $20.3M | 0.68% |
1,864,600
+349,000
| +23% | +$2.99M |
2018 Q2
6 quarters
|
|
22
CALL
Humana
HUM
$49.8B
| $20.2M | 0.68% |
+55,000
| New | +$17.4M |
2019 Q4
0 quarters
|
|
|
REGI
23
CALL
DELISTED
Renewable Energy Group, Inc.
REGI
| $20.1M | 0.68% |
746,200
+711,200
| +2,032% | +$12.9M |
2019 Q3
1 quarter
|
|
|
24
CALL
DexCom
DXCM
$30.7B
| $19.7M | 0.66% |
+360,000
| New | +$17.1M |
2019 Q4
0 quarters
|
|
|
PLAN
25
CALL
DELISTED
Anaplan, Inc.
PLAN
| $19.6M | 0.66% |
374,900
+109,300
| +41% | +$5.42M |
2019 Q2
2 quarters
|
|
Similar funds
Caption Management's Q4 2019 Portfolio in Review
As of Q4 2019, Caption Management held 1,103 positions worth $2.98B, up 55% from $1.92B the previous quarter. Its ten largest holdings account for 14% of the portfolio.
Caption Management's Q4 2019 filing shows 423 new, 157 increased, 131 reduced and 302 closed positions. Its largest new stake was Tradeweb Markets: 256,000 shares worth $11.9M. The largest sale was PayPal, an estimated $22.3M.
By sector, the portfolio is most concentrated in Miscellaneous at 84% of assets, up from 84% a quarter earlier, followed by Healthcare and Technology.
- Caption Management's largest Q4 2019 buy was Tradeweb Markets: 256,000 shares worth $11.9M.
- Caption Management added most to uniQure in Q4 2019, an estimated $16.9M increase.
- Caption Management's biggest Q4 2019 reduction was Marathon Petroleum, cutting an estimated $9.07M.
- Caption Management fully exited PayPal in Q4 2019, selling an estimated $22.3M.
- Caption Management's ten largest holdings make up 14% of its $2.98B portfolio in Q4 2019.
- Caption Management opened 423 new positions and closed 302 in Q4 2019.
- Caption Management's portfolio value rose 55% quarter-over-quarter to $2.98B.
Based on Caption Management's 13F filing for Q4 2019, filed 13 Feb 2020.