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
|
+$18.1M |
| 2 |
SolarEdge
SEDG
|
+$18.1M |
| 3 |
Ionis Pharmaceuticals
IONS
|
+$8.8M |
| 4 |
Hilton Worldwide
HLT
|
+$8.68M |
| 5 |
BioMarin Pharmaceuticals
BMRN
|
+$6.66M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Caesars Entertainment
CZR
|
+$6.08M |
| 2 |
Encompass Health
EHC
|
+$5.83M |
| 3 |
Brunswick
BC
|
+$5.57M |
| 4 |
Bath & Body Works
BBWI
|
+$5.29M |
| 5 |
GE Aerospace
GE
|
+$5.21M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 84.16% |
| 2 | Healthcare | 4.64% |
| 3 | Consumer Discretionary | 4.17% |
| 4 | Technology | 2.64% |
| 5 | Energy | 0.92% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
PUT
Shopify
SHOP
$203B
| $194M | 6.46% |
+2,043,000
| New | +$142M |
2020 Q2
0 quarters
|
|
2
CALL
VanEck Oil Services ETF
OIH
$1.91B
| $75.6M | 2.52% |
620,000
+595,000
| +2,380% | +$66.6M |
2019 Q2
4 quarters
|
|
|
3
Wayfair
W
$15.9B
| $52.1M | 1.74% |
263,748
+121,204
| +85% | +$18.1M |
2020 Q1
1 quarter
|
|
4
CALL
DELISTED
Biohaven Pharmaceutical Holding Company Ltd.
BHVN
| $36.2M | 1.2% |
494,500
+282,000
| +133% | +$15M |
2019 Q2
4 quarters
|
|
5
CALL
Sunrun
RUN
$1.8B
| $28.6M | 0.95% |
1,449,000
+205,400
| +17% | +$3.14M |
2019 Q2
4 quarters
|
|
|
6
PUT
Hilton Worldwide
HLT
$79.4B
| $28M | 0.93% |
+381,500
| New | +$28.3M |
2020 Q2
0 quarters
|
|
7
PUT
T-Mobile US
TMUS
$166B
| $27.1M | 0.9% |
259,800
+209,800
| +420% | +$20.1M |
2020 Q1
1 quarter
|
|
8
CALL
Alibaba
BABA
$244B
| $27M | 0.9% |
125,000
+25,000
| +25% | +$5.21M |
2020 Q1
1 quarter
|
|
9
CALL
Simon Property Group
SPG
$70.5B
| $26.5M | 0.88% |
387,300
+305,000
| +371% | +$19.1M |
2020 Q1
1 quarter
|
|
10
PUT
Amgen
AMGN
$252B
| $23.6M | 0.79% |
+100,000
| New | +$22.8M |
2020 Q2
0 quarters
|
|
11
PUT
TAL Education Group
TAL
$5.47B
| $22.6M | 0.75% |
+330,000
| New | +$18.9M |
2020 Q2
0 quarters
|
|
|
12
CALL
Wayfair
W
$15.9B
| $21.7M | 0.72% |
+110,000
| New | +$16.5M |
2020 Q2
0 quarters
|
|
13
CALL
DELISTED
ChemoCentryx, Inc.
CCXI
| $21.4M | 0.71% |
371,300
+364,200
| +5,130% | +$19.8M |
2019 Q4
2 quarters
|
|
|
14
SolarEdge
SEDG
$1.85B
| $20.6M | 0.69% |
+148,183
| New | +$18.1M |
2020 Q2
0 quarters
|
|
15
PUT
WIX.com
WIX
$3.23B
| $20M | 0.67% |
78,000
-8,500
| -10% | -$1.51M |
2020 Q1
1 quarter
|
|
16
CALL
DELISTED
Intra-Cellular Therapies Inc.
ITCI
| $18.6M | 0.62% |
723,600
+577,500
| +395% | +$11.7M |
2019 Q1
5 quarters
|
|
17
PUT
StoneCo
STNE
$1.79B
| $18.1M | 0.6% |
+465,700
| New | +$13.6M |
2020 Q2
0 quarters
|
|
18
CALL
Enphase Energy
ENPH
$3.39B
| $17.6M | 0.59% |
369,500
+149,500
| +68% | +$7.14M |
2019 Q2
4 quarters
|
|
19
PUT
American Airlines Group
AAL
$8.35B
| $17.5M | 0.58% |
+1,336,800
| New | +$16.2M |
2020 Q2
0 quarters
|
|
20
PUT
AerCap
AER
$24.1B
| $17.3M | 0.58% |
+563,000
| New | +$16.1M |
2020 Q2
0 quarters
|
|
21
CALL
Fiverr
FVRR
$302M
| $16.9M | 0.56% |
228,900
+2,800
| +1% | +$144K |
2020 Q1
1 quarter
|
|
22
CALL
AstraZeneca
AZN
$289B
| $16.7M | 0.56% |
+158,150
| New | +$16.3M |
2020 Q2
0 quarters
|
|
|
COUP
23
PUT
DELISTED
Coupa Software Incorporated
COUP
| $15.9M | 0.53% |
+57,500
| New | +$11.6M |
2020 Q2
0 quarters
|
|
24
CALL
Merck
MRK
$369B
| $15.5M | 0.52% |
+209,600
| New | +$15.8M |
2020 Q2
0 quarters
|
|
|
25
PUT
Sunrun
RUN
$1.8B
| $15M | 0.5% |
761,900
-225,800
| -23% | -$3.46M |
2019 Q2
4 quarters
|
|
Similar funds
Caption Management's Q2 2020 Portfolio in Review
As of Q2 2020, Caption Management held 1,306 positions worth $3B, up 70% from $1.77B the previous quarter. Its ten largest holdings account for 17% of the portfolio.
Caption Management's Q2 2020 filing shows 485 new, 132 increased, 163 reduced and 412 closed positions. Its largest new stake was SolarEdge: 148,183 shares worth $20.6M. The largest sale was Caesars Entertainment, an estimated $6.08M.
By sector, the portfolio is most concentrated in Miscellaneous at 84% of assets, up from 83% a quarter earlier, followed by Healthcare and Consumer Discretionary.
- Caption Management's largest Q2 2020 buy was SolarEdge: 148,183 shares worth $20.6M.
- Caption Management added most to Wayfair in Q2 2020, an estimated $18.1M increase.
- Caption Management's biggest Q2 2020 reduction was Caesars Entertainment, cutting an estimated $6.08M.
- Caption Management fully exited Encompass Health in Q2 2020, selling an estimated $5.83M.
- Caption Management's ten largest holdings make up 17% of its $3B portfolio in Q2 2020.
- Caption Management opened 485 new positions and closed 412 in Q2 2020.
- Caption Management's portfolio value rose 70% quarter-over-quarter to $3B.
Based on Caption Management's 13F filing for Q2 2020, filed 14 Aug 2020.