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 |
Darden Restaurants
DRI
|
+$68.5M |
| 2 |
Meta Platforms (Facebook)
META
|
+$33.2M |
| 3 |
Biogen
BIIB
|
+$28.4M |
| 4 |
Devon Energy
DVN
|
+$26.5M |
| 5 |
Freeport-McMoran
FCX
|
+$21.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Amgen
AMGN
|
+$23.4M |
| 2 |
Newmont
NEM
|
+$18.8M |
| 3 |
Community Health Systems
CYH
|
+$15.2M |
| 4 |
Centene
CNC
|
+$13.5M |
| 5 |
Jazz Pharmaceuticals
JAZZ
|
+$11.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 86.05% |
| 2 | Consumer Discretionary | 3.73% |
| 3 | Healthcare | 3.48% |
| 4 | Technology | 1.57% |
| 5 | Materials | 1.17% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
CALL
Meta Platforms (Facebook)
META
$1.6T
| $196M | 2.56% |
563,500
+541,000
| +2,404% | +$174M |
2020 Q3
3 quarters
|
|
2
CALL
Lockheed Martin
LMT
$147B
| $172M | 2.25% |
+455,000
| New | +$175M |
2021 Q2
0 quarters
|
|
|
3
PUT
Darden Restaurants
DRI
$24.9B
| $114M | 1.48% |
+778,500
| New | +$110M |
2021 Q2
0 quarters
|
|
4
CALL
Carvana
CVNA
$75.3B
| $96.6M | 1.26% |
+1,600,000
| New | +$87M |
2021 Q2
0 quarters
|
|
5
Wayfair
W
$15.9B
| $92.8M | 1.21% |
293,943
-11,362
| -4% | -$3.56M |
2020 Q1
5 quarters
|
|
6
PUT
Wynn Resorts
WYNN
$7.69B
| $87.5M | 1.14% |
+715,300
| New | +$91.1M |
2021 Q2
0 quarters
|
|
7
PUT
Intellia Therapeutics
NTLA
$1.75B
| $81.6M | 1.07% |
504,100
+294,800
| +141% | +$23M |
2020 Q4
2 quarters
|
|
|
8
CALL
Intellia Therapeutics
NTLA
$1.75B
| $71.1M | 0.93% |
439,000
+273,000
| +164% | +$21.3M |
2021 Q1
1 quarter
|
|
|
9
Darden Restaurants
DRI
$24.9B
| $71.1M | 0.93% |
+486,800
| New | +$68.5M |
2021 Q2
0 quarters
|
|
|
10
CALL
Biogen
BIIB
$37.5B
| $65.5M | 0.85% |
189,100
-111,900
| -37% | -$33.9M |
2020 Q2
4 quarters
|
|
11
PUT
Enphase Energy
ENPH
$3.39B
| $65.1M | 0.85% |
354,700
+3,200
| +0.9% | +$469K |
2020 Q3
3 quarters
|
|
12
CALL
DELISTED
GMS Inc
GMS
| $64.6M | 0.84% |
1,342,400
+758,700
| +130% | +$33.7M |
2021 Q1
1 quarter
|
|
13
CALL
Adient
ADNT
$1.29B
| $59.9M | 0.78% |
1,324,900
-64,600
| -5% | -$3.02M |
2020 Q4
2 quarters
|
|
14
CALL
Las Vegas Sands
LVS
$23.9B
| $59.6M | 0.78% |
+1,132,000
| New | +$65.4M |
2021 Q2
0 quarters
|
|
|
15
PUT
Biogen
BIIB
$37.5B
| $59.3M | 0.77% |
171,300
+121,100
| +241% | +$36.7M |
2020 Q2
4 quarters
|
|
16
CALL
Rio Tinto
RIO
$133B
| $59.2M | 0.77% |
+705,500
| New | +$60.6M |
2021 Q2
0 quarters
|
|
|
17
Biogen
BIIB
$37.5B
| $58.6M | 0.77% |
169,304
+93,830
| +124% | +$28.4M |
2021 Q1
1 quarter
|
|
|
UNVR
18
CALL
DELISTED
Univar Solutions Inc.
UNVR
| $54.8M | 0.72% |
2,246,900
+1,650,200
| +277% | +$41.3M |
2021 Q1
1 quarter
|
|
19
CALL
Nike
NKE
$57.4B
| $52.9M | 0.69% |
+342,500
| New | +$46.1M |
2021 Q2
0 quarters
|
|
|
20
PUT
Carvana
CVNA
$75.3B
| $52.8M | 0.69% |
875,000
+700,000
| +400% | +$38.1M |
2020 Q2
4 quarters
|
|
21
PUT
iShares US Real Estate ETF
IYR
$3.97B
| $49.4M | 0.65% |
+485,000
| New | +$48.1M |
2021 Q2
0 quarters
|
|
22
PUT
Workday
WDAY
$47.7B
| $47.7M | 0.62% |
+200,000
| New | +$48.1M |
2021 Q2
0 quarters
|
|
23
CALL
Morgan Stanley
MS
$288B
| $47.4M | 0.62% |
+517,400
| New | +$44.4M |
2021 Q2
0 quarters
|
|
24
PUT
T-Mobile US
TMUS
$166B
| $44.7M | 0.58% |
308,600
+240,600
| +354% | +$33.2M |
2020 Q1
5 quarters
|
|
25
PUT
Moderna
MRNA
$88.5B
| $42.9M | 0.56% |
182,500
+162,500
| +813% | +$29M |
2020 Q3
3 quarters
|
|
Similar funds
Caption Management's Q2 2021 Portfolio in Review
As of Q2 2021, Caption Management held 1,708 positions worth $7.66B, up 65% from $4.65B the previous quarter. Its ten largest holdings account for 14% of the portfolio.
Caption Management deployed $290M of net new capital in Q2 2021, opening 716 new positions and adding to 218 existing holdings. Its largest new stake was Darden Restaurants: 486,800 shares worth $71.1M.
By sector, the portfolio is most concentrated in Miscellaneous at 86% of assets, up from 84% a quarter earlier, followed by Consumer Discretionary and Healthcare.
On the sell side, the largest reduction was Amgen, an estimated $23.4M trimmed.
- Caption Management's largest Q2 2021 buy was Darden Restaurants: 486,800 shares worth $71.1M.
- Caption Management added most to Meta Platforms (Facebook) in Q2 2021, an estimated $33.2M increase.
- Caption Management's biggest Q2 2021 reduction was Amgen, cutting an estimated $23.4M.
- Caption Management fully exited Community Health Systems in Q2 2021, selling an estimated $15.2M.
- Caption Management's ten largest holdings make up 14% of its $7.66B portfolio in Q2 2021.
- Caption Management opened 716 new positions and closed 462 in Q2 2021.
- Caption Management's portfolio value rose 65% quarter-over-quarter to $7.66B.
Based on Caption Management's 13F filing for Q2 2021, filed 16 Aug 2021.