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 |
Amgen
AMGN
|
+$22.7M |
| 2 |
Biogen
BIIB
|
+$20.4M |
| 3 |
Newmont
NEM
|
+$17.6M |
| 4 |
Centene
CNC
|
+$14.6M |
| 5 |
Wayfair
W
|
+$14.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Enphase Energy
ENPH
|
+$25.5M |
| 2 |
SolarEdge
SEDG
|
+$22.3M |
| 3 |
Biohaven Pharmaceutical Holding Company Ltd.
BHVN
|
+$19.6M |
| 4 |
Teck Resources
TECK
|
+$19.4M |
| 5 |
SBNY
Signature Bank
SBNY
|
+$11.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 83.62% |
| 2 | Healthcare | 5.35% |
| 3 | Consumer Discretionary | 4.01% |
| 4 | Technology | 1.72% |
| 5 | Materials | 1.11% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
PUT
WIX.com
WIX
$3.18B
| $98.5M | 2.12% |
352,900
+224,900
| +176% | +$64.2M |
2020 Q1
4 quarters
|
|
|
2
Wayfair
W
$15.3B
| $96.1M | 2.07% |
305,305
+49,105
| +19% | +$14.5M |
2020 Q1
4 quarters
|
|
|
3
CALL
Biogen
BIIB
$36.7B
| $84.2M | 1.81% |
301,000
+88,600
| +42% | +$23.9M |
2020 Q2
3 quarters
|
|
4
PUT
State Street SPDR S&P Biotech ETF
XBI
$10.3B
| $77.4M | 1.66% |
+570,600
| New | +$85.4M |
2021 Q1
0 quarters
|
|
5
CALL
Kohl's
KSS
$2.61B
| $62.4M | 1.34% |
1,047,200
+1,015,200
| +3,173% | +$52.1M |
2020 Q4
1 quarter
|
|
6
CALL
Adient
ADNT
$1.22B
| $61.4M | 1.32% |
1,389,500
+766,800
| +123% | +$29M |
2020 Q4
1 quarter
|
|
|
7
PUT
Enphase Energy
ENPH
$3.77B
| $57M | 1.23% |
351,500
+1,500
| +0.4% | +$269K |
2020 Q3
2 quarters
|
|
8
PUT
Applied Materials
AMAT
$264B
| $55.4M | 1.19% |
414,500
+314,500
| +315% | +$34.7M |
2020 Q3
2 quarters
|
|
9
PUT
Atlassian
TEAM
$38.9B
| $50.1M | 1.08% |
237,500
+168,100
| +242% | +$39.1M |
2020 Q4
1 quarter
|
|
10
PUT
Peloton Interactive
PTON
$2.5B
| $43.8M | 0.94% |
389,300
-250,000
| -39% | -$33.2M |
2020 Q3
2 quarters
|
|
11
CALL
QuantumScape Corp
QS
$2.65B
| $42.3M | 0.91% |
+945,000
| New | +$49.6M |
2021 Q1
0 quarters
|
|
12
PUT
Tyler Technologies
TYL
$16.7B
| $38.2M | 0.82% |
+90,000
| New | +$38.9M |
2021 Q1
0 quarters
|
|
|
HZNP
13
CALL
DELISTED
Horizon Therapeutics Public Limited Company Ordinary Shares
HZNP
| $38.1M | 0.82% |
413,500
+70,100
| +20% | +$5.92M |
2020 Q3
2 quarters
|
|
14
CALL
uniQure
QURE
$1.52B
| $36.3M | 0.78% |
1,078,800
+942,600
| +692% | +$33.8M |
2019 Q1
8 quarters
|
|
|
HZNP
15
PUT
DELISTED
Horizon Therapeutics Public Limited Company Ordinary Shares
HZNP
| $35.7M | 0.77% |
387,700
+318,000
| +456% | +$26.8M |
2020 Q3
2 quarters
|
|
16
CALL
Mastercard
MA
$569B
| $35.6M | 0.77% |
+100,000
| New | +$34.9M |
2021 Q1
0 quarters
|
|
|
ZEN
17
CALL
DELISTED
ZENDESK INC
ZEN
| $33.2M | 0.71% |
250,000
+200,000
| +400% | +$28.7M |
2020 Q4
1 quarter
|
|
18
CALL
Charter Communications
CHTR
$13.5B
| $30.9M | 0.66% |
50,000
| – | – |
2020 Q3
2 quarters
|
|
|
19
PUT
QuantumScape Corp
QS
$2.65B
| $29.2M | 0.63% |
+653,000
| New | +$34.2M |
2021 Q1
0 quarters
|
|
20
CALL
Cleveland-Cliffs
CLF
$6.54B
| $29.2M | 0.63% |
1,449,600
+14,600
| +1% | +$238K |
2020 Q4
1 quarter
|
|
21
CALL
Old National Bancorp
ONB
$9.43B
| $28.2M | 0.61% |
1,455,500
+229,100
| +19% | +$4.25M |
2020 Q2
3 quarters
|
|
|
COUP
22
PUT
DELISTED
Coupa Software Incorporated
COUP
| $25.4M | 0.55% |
+100,000
| New | +$31.5M |
2021 Q1
0 quarters
|
|
23
CALL
DELISTED
Paramount Global Class B
PARA
| $25.3M | 0.54% |
+560,700
| New | +$34.3M |
2021 Q1
0 quarters
|
|
|
24
PUT
Amgen
AMGN
$249B
| $24.9M | 0.54% |
+100,000
| New | +$23.9M |
2021 Q1
0 quarters
|
|
|
25
PUT
DELISTED
Paramount Global Class B
PARA
| $24.8M | 0.53% |
+549,200
| New | +$33.6M |
2021 Q1
0 quarters
|
|
Similar funds
Caption Management's Q1 2021 Portfolio in Review
As of Q1 2021, Caption Management held 1,541 positions worth $4.65B, up 6% from $4.39B the previous quarter. Its ten largest holdings account for 15% of the portfolio.
Caption Management's Q1 2021 filing shows 606 new, 154 increased, 157 reduced and 549 closed positions. Its largest new stake was Amgen: 95,000 shares worth $23.6M. The largest sale was Enphase Energy, an estimated $25.5M.
By sector, the portfolio is most concentrated in Miscellaneous at 84% of assets, down from 87% a quarter earlier, followed by Healthcare and Consumer Discretionary.
- Caption Management's largest Q1 2021 buy was Amgen: 95,000 shares worth $23.6M.
- Caption Management added most to Wayfair in Q1 2021, an estimated $14.5M increase.
- Caption Management's biggest Q1 2021 reduction was Biohaven Pharmaceutical Holding Company Ltd., cutting an estimated $19.6M.
- Caption Management fully exited Enphase Energy in Q1 2021, selling an estimated $25.5M.
- Caption Management's ten largest holdings make up 15% of its $4.65B portfolio in Q1 2021.
- Caption Management opened 606 new positions and closed 549 in Q1 2021.
- Caption Management's portfolio value rose 6% quarter-over-quarter to $4.65B.
Based on Caption Management's 13F filing for Q1 2021, filed 17 May 2021.