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 |
Teck Resources
TECK
|
+$13.2M |
| 2 |
GE Aerospace
GE
|
+$11.9M |
| 3 |
Invesco DB Agriculture Fund
DBA
|
+$10.8M |
| 4 |
Biohaven Pharmaceutical Holding Company Ltd.
BHVN
|
+$10.3M |
| 5 |
SBNY
Signature Bank
SBNY
|
+$8.05M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Amazon
AMZN
|
+$24M |
| 2 |
American Eagle Outfitters
AEO
|
+$16.5M |
| 3 |
Adobe
ADBE
|
+$15M |
| 4 |
Pfizer
PFE
|
+$13.7M |
| 5 |
LHCG
LHC Group LLC
LHCG
|
+$12.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 86.75% |
| 2 | Healthcare | 3.26% |
| 3 | Consumer Discretionary | 3.05% |
| 4 | Technology | 2.59% |
| 5 | Industrials | 1.15% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
PUT
Peloton Interactive
PTON
$2.57B
| $97M | 2.21% |
639,300
| – | – |
2020 Q3
1 quarter
|
|
2
PUT
Shopify
SHOP
$191B
| $79.7M | 1.82% |
704,000
-1,031,000
| -59% | -$108M |
2020 Q2
2 quarters
|
|
3
CALL
VanEck Oil Services ETF
OIH
$1.81B
| $77M | 1.76% |
500,000
-120,000
| -19% | -$15.2M |
2019 Q2
6 quarters
|
|
4
PUT
Enphase Energy
ENPH
$3.44B
| $61.4M | 1.4% |
350,000
+215,000
| +159% | +$27.3M |
2020 Q3
1 quarter
|
|
5
Wayfair
W
$15B
| $57.9M | 1.32% |
256,200
-900
| -0.4% | -$239K |
2020 Q1
3 quarters
|
|
6
CALL
Sunrun
RUN
$2.06B
| $56.1M | 1.28% |
808,000
-512,100
| -39% | -$31.8M |
2019 Q2
6 quarters
|
|
7
CALL
Biogen
BIIB
$37.1B
| $52M | 1.19% |
212,400
+182,400
| +608% | +$47.1M |
2020 Q2
2 quarters
|
|
8
PUT
T-Mobile US
TMUS
$182B
| $48.5M | 1.11% |
359,700
-100
| -0% | -$12.4K |
2020 Q1
3 quarters
|
|
|
9
PUT
Sunrun
RUN
$2.06B
| $45M | 1.02% |
647,900
+50,000
| +8% | +$3.1M |
2019 Q2
6 quarters
|
|
10
PUT
Carvana
CVNA
$79.5B
| $41.7M | 0.95% |
869,500
-74,500
| -8% | -$3.41M |
2020 Q2
2 quarters
|
|
11
PUT
Digital Turbine
APPS
$920M
| $41.1M | 0.94% |
+725,900
| New | +$29.8M |
2020 Q4
0 quarters
|
|
|
NVTA
12
CALL
DELISTED
Invitae Corporation
NVTA
| $37.1M | 0.85% |
886,900
+761,900
| +610% | +$36.4M |
2020 Q3
1 quarter
|
|
|
COUP
13
CALL
DELISTED
Coupa Software Incorporated
COUP
| $33.9M | 0.77% |
+100,000
| New | +$30.9M |
2020 Q4
0 quarters
|
|
14
PUT
Bilibili
BILI
$5.3B
| $33.2M | 0.76% |
386,800
+136,800
| +55% | +$8.01M |
2020 Q2
2 quarters
|
|
15
CALL
Charter Communications
CHTR
$15.5B
| $33.1M | 0.75% |
50,000
| – | – |
2020 Q3
1 quarter
|
|
16
CALL
Meta Platforms (Facebook)
META
$1.62T
| $32.7M | 0.75% |
119,800
+25,900
| +28% | +$7.1M |
2020 Q3
1 quarter
|
|
17
CALL
BioMarin Pharmaceuticals
BMRN
$11B
| $32.2M | 0.73% |
366,800
+148,700
| +68% | +$11.8M |
2019 Q4
4 quarters
|
|
18
PUT
WIX.com
WIX
$2.82B
| $32M | 0.73% |
128,000
+50,000
| +64% | +$13.2M |
2020 Q1
3 quarters
|
|
|
ZNGA
19
CALL
DELISTED
ZYNGA INC. CL A COMMON
ZNGA
| $31.3M | 0.71% |
3,166,600
+2,416,600
| +322% | +$21.8M |
2020 Q2
2 quarters
|
|
20
CALL
Alnylam Pharmaceuticals
ALNY
$22.1B
| $30.2M | 0.69% |
232,000
+212,000
| +1,060% | +$28.3M |
2020 Q3
1 quarter
|
|
21
PUT
State Street Materials Select Sector SPDR ETF
XLB
$8.41B
| $29M | 0.66% |
+800,000
| New | +$27.4M |
2020 Q4
0 quarters
|
|
|
22
PUT
BioMarin Pharmaceuticals
BMRN
$11B
| $28.4M | 0.65% |
324,400
+144,400
| +80% | +$11.4M |
2019 Q4
4 quarters
|
|
23
CALL
Bath & Body Works
BBWI
$4.27B
| $27.9M | 0.64% |
929,482
+620,232
| +201% | +$18M |
2020 Q1
3 quarters
|
|
24
PUT
Snap
SNAP
$9.08B
| $26.5M | 0.6% |
529,300
+84,900
| +19% | +$3.53M |
2020 Q3
1 quarter
|
|
25
CALL
Expedia Group
EXPE
$31.5B
| $26.5M | 0.6% |
200,000
| – | – |
2020 Q1
3 quarters
|
|
Similar funds
Caption Management's Q4 2020 Portfolio in Review
As of Q4 2020, Caption Management held 1,400 positions worth $4.39B, up 2.6% from $4.28B the previous quarter. Its ten largest holdings account for 14% of the portfolio.
Caption Management's Q4 2020 filing shows 403 new, 168 increased, 199 reduced and 465 closed positions. Its largest new stake was GE Aerospace: 264,797 shares worth $14.3M. The largest sale was Amazon, an estimated $24M.
By sector, the portfolio is most concentrated in Miscellaneous at 87% of assets, up from 85% a quarter earlier, followed by Healthcare and Consumer Discretionary.
- Caption Management's largest Q4 2020 buy was GE Aerospace: 264,797 shares worth $14.3M.
- Caption Management added most to Teck Resources in Q4 2020, an estimated $13.2M increase.
- Caption Management's biggest Q4 2020 reduction was Amazon, cutting an estimated $24M.
- Caption Management fully exited Adobe in Q4 2020, selling an estimated $15M.
- Caption Management's ten largest holdings make up 14% of its $4.39B portfolio in Q4 2020.
- Caption Management opened 403 new positions and closed 465 in Q4 2020.
- Caption Management's portfolio value rose 2.6% quarter-over-quarter to $4.39B.
Based on Caption Management's 13F filing for Q4 2020, filed 16 Feb 2021.