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 |
Wayfair
W
|
+$10.9M |
| 2 |
GE Aerospace
GE
|
+$8.43M |
| 3 |
Brunswick
BC
|
+$8.36M |
| 4 |
Melco Resorts & Entertainment
MLCO
|
+$6.96M |
| 5 |
ALXN
Alexion Pharmaceuticals
ALXN
|
+$5.92M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
MDCO
Medicines Co
MDCO
|
+$28.3M |
| 2 |
Tradeweb Markets
TW
|
+$11.9M |
| 3 |
uniQure
QURE
|
+$10.5M |
| 4 |
ON Semiconductor
ON
|
+$7.63M |
| 5 |
Instructure, Inc.
INST
|
+$7.04M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 83.14% |
| 2 | Healthcare | 5.46% |
| 3 | Consumer Discretionary | 4.39% |
| 4 | Technology | 1.81% |
| 5 | Industrials | 1.51% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
PUT
Chipotle Mexican Grill
CMG
$44.6B
| $51.2M | 2.89% |
3,910,000
+915,000
| +31% | +$14.5M |
2019 Q4
1 quarter
|
|
2
PUT
State Street SPDR Dow Jones Industrial Average ETF Trust
DIA
$45.6B
| $21.9M | 1.24% |
+100,000
| New | +$26.6M |
2020 Q1
0 quarters
|
|
3
CALL
American Tower
AMT
$88.9B
| $21.8M | 1.23% |
+100,000
| New | +$23.3M |
2020 Q1
0 quarters
|
|
4
PUT
TransDigm Group
TDG
$66.5B
| $21.7M | 1.23% |
+67,800
| New | +$36.9M |
2020 Q1
0 quarters
|
|
5
CALL
Alibaba
BABA
$235B
| $19.4M | 1.1% |
+100,000
| New | +$20.9M |
2020 Q1
0 quarters
|
|
6
PUT
Axsome Therapeutics
AXSM
$7.45B
| $18M | 1.02% |
+306,400
| New | +$25M |
2020 Q1
0 quarters
|
|
7
CALL
BioMarin Pharmaceuticals
BMRN
$11.1B
| $17.2M | 0.97% |
204,000
+59,900
| +42% | +$5.16M |
2019 Q4
1 quarter
|
|
8
PUT
iShares US Real Estate ETF
IYR
$3.91B
| $16.4M | 0.93% |
+235,400
| New | +$20.8M |
2020 Q1
0 quarters
|
|
9
CALL
Sarepta Therapeutics
SRPT
$1.72B
| $15.2M | 0.86% |
155,000
+70,000
| +82% | +$8M |
2019 Q1
4 quarters
|
|
10
CALL
PG&E
PCG
$29.2B
| $14.6M | 0.83% |
1,626,200
-238,400
| -13% | -$3.17M |
2018 Q2
7 quarters
|
|
11
CALL
iShares MSCI India ETF
INDA
$6.84B
| $14.2M | 0.8% |
+590,000
| New | +$18.9M |
2020 Q1
0 quarters
|
|
|
12
CALL
GE Aerospace
GE
$344B
| $14.2M | 0.8% |
358,397
+234,002
| +188% | +$12.5M |
2019 Q3
2 quarters
|
|
13
CALL
Equinix
EQIX
$104B
| $14.1M | 0.79% |
+22,500
| New | +$13.5M |
2020 Q1
0 quarters
|
|
14
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$800B
| $13.4M | 0.76% |
+52,000
| New | +$15.9M |
2020 Q1
0 quarters
|
|
15
CALL
Sea Limited
SE
$46.2B
| $13.3M | 0.75% |
+300,000
| New | +$13.5M |
2020 Q1
0 quarters
|
|
16
CALL
Regeneron Pharmaceuticals
REGN
$98.8B
| $12.8M | 0.72% |
+26,200
| New | +$10.8M |
2020 Q1
0 quarters
|
|
|
ZEN
17
CALL
DELISTED
ZENDESK INC
ZEN
| $12.7M | 0.72% |
199,000
-301,000
| -60% | -$23.5M |
2019 Q4
1 quarter
|
|
18
CALL
Sunrun
RUN
$2.09B
| $12.6M | 0.71% |
1,243,600
-100,200
| -7% | -$1.64M |
2019 Q2
3 quarters
|
|
|
MYOK
19
PUT
DELISTED
MyoKardia, Inc. Common Stock
MYOK
| $12.5M | 0.71% |
+267,600
| New | +$17.1M |
2020 Q1
0 quarters
|
|
|
ZEN
20
PUT
DELISTED
ZENDESK INC
ZEN
| $12.2M | 0.69% |
190,000
+90,000
| +90% | +$7.02M |
2019 Q4
1 quarter
|
|
21
CALL
Yum China
YUMC
$17.1B
| $11.7M | 0.66% |
275,000
-5,000
| -2% | -$223K |
2019 Q4
1 quarter
|
|
|
RETA
22
CALL
DELISTED
Reata Pharmaceuticals, Inc. Class A Common Stock
RETA
| $10.9M | 0.62% |
75,400
+200
| +0.3% | +$38.6K |
2019 Q2
3 quarters
|
|
23
CALL
Pinterest
PINS
$11B
| $10.8M | 0.61% |
+700,000
| New | +$13.6M |
2020 Q1
0 quarters
|
|
|
24
uniQure
QURE
$1.67B
| $10.2M | 0.58% |
215,000
-182,304
| -46% | -$10.5M |
2019 Q2
3 quarters
|
|
|
25
PUT
Sunrun
RUN
$2.09B
| $10M | 0.56% |
987,700
-202,000
| -17% | -$3.32M |
2019 Q2
3 quarters
|
|
Similar funds
Caption Management's Q1 2020 Portfolio in Review
As of Q1 2020, Caption Management held 1,254 positions worth $1.77B, down 41% from $2.98B the previous quarter. Its ten largest holdings account for 12% of the portfolio.
Caption Management's Q1 2020 filing shows 453 new, 136 increased, 157 reduced and 433 closed positions. Its largest new stake was Wayfair: 142,544 shares worth $7.62M. The largest sale was Medicines Co, an estimated $28.3M.
By sector, the portfolio is most concentrated in Miscellaneous at 83% of assets, down from 84% a quarter earlier, followed by Healthcare and Consumer Discretionary.
- Caption Management's largest Q1 2020 buy was Wayfair: 142,544 shares worth $7.62M.
- Caption Management added most to GE Aerospace in Q1 2020, an estimated $8.43M increase.
- Caption Management's biggest Q1 2020 reduction was uniQure, cutting an estimated $10.5M.
- Caption Management fully exited Medicines Co in Q1 2020, selling an estimated $28.3M.
- Caption Management's ten largest holdings make up 12% of its $1.77B portfolio in Q1 2020.
- Caption Management opened 453 new positions and closed 433 in Q1 2020.
- Caption Management's portfolio value fell 41% quarter-over-quarter to $1.77B.
Based on Caption Management's 13F filing for Q1 2020, filed 15 May 2020.