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 |
Amazon
AMZN
|
+$27.4M |
| 2 |
Salesforce
CRM
|
+$19.8M |
| 3 |
Adobe
ADBE
|
+$14.5M |
| 4 |
Pfizer
PFE
|
+$13.8M |
| 5 |
Alphabet (Google) Class C
GOOG
|
+$11.9M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
SolarEdge
SEDG
|
+$14.2M |
| 2 |
Hilton Worldwide Holdings Inc. Common Stock
HLT
|
+$9.8M |
| 3 |
MYOK
MyoKardia, Inc. Common Stock
MYOK
|
+$8.21M |
| 4 |
ARNA
Arena Pharmaceuticals Inc
ARNA
|
+$6.19M |
| 5 |
VSLR
VIVINT SOLAR, INC.
VSLR
|
+$5.68M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 85.45% |
| 2 | Consumer Discretionary | 4.78% |
| 3 | Healthcare | 3.02% |
| 4 | Technology | 2.72% |
| 5 | Industrials | 0.94% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
PUT
Shopify
SHOP
$192B
| $177M | 4.15% |
1,735,000
-308,000
| -15% | -$30.6M |
2020 Q2
1 quarter
|
|
|
2
CALL
Amazon
AMZN
$2.8T
| $129M | 3.03% |
+822,000
| New | +$130M |
2020 Q3
0 quarters
|
|
3
CALL
Sunrun
RUN
$2.41B
| $102M | 2.38% |
1,320,100
-128,900
| -9% | -$6.07M |
2019 Q2
5 quarters
|
|
|
4
CALL
Salesforce
CRM
$176B
| $79.9M | 1.87% |
+317,900
| New | +$69.6M |
2020 Q3
0 quarters
|
|
5
Wayfair
W
$15.3B
| $74.8M | 1.75% |
257,100
-6,648
| -3% | -$1.82M |
2020 Q1
2 quarters
|
|
6
PUT
Peloton Interactive
PTON
$2.5B
| $63.4M | 1.48% |
+639,300
| New | +$47M |
2020 Q3
0 quarters
|
|
7
CALL
VanEck Oil Services ETF
OIH
$1.71B
| $60.6M | 1.42% |
620,000
| – | – |
2019 Q2
5 quarters
|
|
|
8
CALL
Adobe
ADBE
$93.1B
| $58.1M | 1.36% |
+118,500
| New | +$55.1M |
2020 Q3
0 quarters
|
|
|
9
PUT
Sunrun
RUN
$2.41B
| $46.1M | 1.08% |
597,900
-164,000
| -22% | -$7.72M |
2019 Q2
5 quarters
|
|
10
CALL
Vanguard Morningstar Growth ETF
VUG
$212B
| $44.6M | 1.04% |
+1,175,400
| New | +$43.4M |
2020 Q3
0 quarters
|
|
|
11
CALL
Alphabet (Google) Class C
GOOG
$3.49T
| $43.2M | 1.01% |
+588,000
| New | +$44.9M |
2020 Q3
0 quarters
|
|
12
PUT
Carvana
CVNA
$81.2B
| $42.1M | 0.99% |
944,000
+819,000
| +655% | +$29M |
2020 Q2
1 quarter
|
|
13
PUT
T-Mobile US
TMUS
$172B
| $41.1M | 0.96% |
359,800
+100,000
| +38% | +$11.1M |
2020 Q1
2 quarters
|
|
|
14
CALL
Wayfair
W
$15.3B
| $32M | 0.75% |
110,000
| – | – |
2020 Q2
1 quarter
|
|
15
CALL
Charter Communications
CHTR
$13.5B
| $31.2M | 0.73% |
+50,000
| New | +$29.5M |
2020 Q3
0 quarters
|
|
16
CALL
Alibaba
BABA
$272B
| $29.4M | 0.69% |
100,000
-25,000
| -20% | -$6.59M |
2020 Q1
2 quarters
|
|
|
17
PUT
Amazon
AMZN
$2.8T
| $28.3M | 0.66% |
+180,000
| New | +$28.4M |
2020 Q3
0 quarters
|
|
|
18
Amazon
AMZN
$2.8T
| $27.4M | 0.64% |
174,000
+173,500
| +34,700% | +$27.4M |
2020 Q1
2 quarters
|
|
19
CALL
Netflix
NFLX
$260B
| $26.7M | 0.62% |
+534,000
| New | +$26.6M |
2020 Q3
0 quarters
|
|
|
20
CALL
Pfizer
PFE
$168B
| $25.7M | 0.6% |
+737,800
| New | +$25.9M |
2020 Q3
0 quarters
|
|
|
21
PUT
Pfizer
PFE
$168B
| $25.7M | 0.6% |
+737,800
| New | +$25.9M |
2020 Q3
0 quarters
|
|
22
PUT
TAL Education Group
TAL
$5.64B
| $25.1M | 0.59% |
330,000
| – | – |
2020 Q2
1 quarter
|
|
23
PUT
DELISTED
Big Lots, Inc.
BIG
| $25.1M | 0.59% |
+562,000
| New | +$25.3M |
2020 Q3
0 quarters
|
|
24
CALL
Meta Platforms (Facebook)
META
$1.56T
| $24.6M | 0.58% |
+93,900
| New | +$24.2M |
2020 Q3
0 quarters
|
|
25
PUT
BioNTech
BNTX
$21.7B
| $22.9M | 0.54% |
+331,400
| New | +$23.8M |
2020 Q3
0 quarters
|
|
Similar funds
Caption Management's Q3 2020 Portfolio in Review
As of Q3 2020, Caption Management held 1,403 positions worth $4.28B, up 42% from $3B the previous quarter. Its ten largest holdings account for 20% of the portfolio.
Caption Management's Q3 2020 filing shows 509 new, 180 increased, 166 reduced and 406 closed positions. Its largest new stake was Adobe: 31,134 shares worth $15.3M. The largest sale was SolarEdge, an estimated $14.2M.
By sector, the portfolio is most concentrated in Miscellaneous at 85% of assets, up from 84% a quarter earlier, followed by Consumer Discretionary and Healthcare.
- Caption Management's largest Q3 2020 buy was Adobe: 31,134 shares worth $15.3M.
- Caption Management added most to Amazon in Q3 2020, an estimated $27.4M increase.
- Caption Management's biggest Q3 2020 reduction was SolarEdge, cutting an estimated $14.2M.
- Caption Management fully exited Hilton Worldwide Holdings Inc. Common Stock in Q3 2020, selling an estimated $9.8M.
- Caption Management's ten largest holdings make up 20% of its $4.28B portfolio in Q3 2020.
- Caption Management opened 509 new positions and closed 406 in Q3 2020.
- Caption Management's portfolio value rose 42% quarter-over-quarter to $4.28B.
Based on Caption Management's 13F filing for Q3 2020, filed 16 Nov 2020.