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 |
Petrobras
PBR
|
+$43.8M |
| 2 |
Charter Communications
CHTR
|
+$30.5M |
| 3 |
US Steel
X
|
+$28.3M |
| 4 |
STMP
Stamps.com, Inc.
STMP
|
+$22.8M |
| 5 |
Inovalon Holdings, Inc. Class A Common Stock
INOV
|
+$19.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Darden Restaurants
DRI
|
+$71.1M |
| 2 |
Wayfair
W
|
+$40.2M |
| 3 |
Horizon Kinetics Inflation Beneficiaries ETF
INFL
|
+$20.8M |
| 4 |
RAPT Therapeutics
RAPT
|
+$13.9M |
| 5 |
NCR Voyix
VYX
|
+$10.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 82.9% |
| 2 | Healthcare | 3.78% |
| 3 | Consumer Discretionary | 2.54% |
| 4 | Materials | 2.05% |
| 5 | Technology | 1.97% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
CALL
Meta Platforms (Facebook)
META
$1.6T
| $202M | 2.3% |
594,300
+30,800
| +5% | +$11.1M |
2020 Q3
4 quarters
|
|
2
CALL
Rio Tinto
RIO
$133B
| $125M | 1.43% |
1,871,900
+1,166,400
| +165% | +$91M |
2021 Q2
1 quarter
|
|
3
CALL
Tesla
TSLA
$1.58T
| $116M | 1.33% |
+450,000
| New | +$106M |
2021 Q3
0 quarters
|
|
4
CALL
Las Vegas Sands
LVS
$23.9B
| $93.6M | 1.07% |
2,558,700
+1,426,700
| +126% | +$61.2M |
2021 Q2
1 quarter
|
|
5
PUT
Biogen
BIIB
$37.5B
| $87.5M | 1% |
309,200
+137,900
| +81% | +$45.2M |
2020 Q2
5 quarters
|
|
6
CALL
State Street Health Care Select Sector SPDR ETF
XLV
$48.6B
| $82.7M | 0.95% |
+650,000
| New | +$85.9M |
2021 Q3
0 quarters
|
|
7
CALL
Carvana
CVNA
$75.3B
| $76.2M | 0.87% |
1,263,000
-337,000
| -21% | -$22.4M |
2021 Q2
1 quarter
|
|
|
8
PUT
Charter Communications
CHTR
$12.8B
| $74.6M | 0.85% |
+102,500
| New | +$77.8M |
2021 Q3
0 quarters
|
|
|
9
Biogen
BIIB
$37.5B
| $63.2M | 0.72% |
223,300
+53,996
| +32% | +$17.7M |
2021 Q1
2 quarters
|
|
|
10
CALL
Biogen
BIIB
$37.5B
| $59.7M | 0.68% |
210,900
+21,800
| +12% | +$7.14M |
2020 Q2
5 quarters
|
|
11
CALL
Labcorp
LH
$29.3B
| $56.3M | 0.64% |
+232,800
| New | +$58.7M |
2021 Q3
0 quarters
|
|
12
CALL
AstraZeneca
AZN
$289B
| $52.9M | 0.6% |
440,400
+279,600
| +174% | +$32.5M |
2021 Q2
1 quarter
|
|
13
PUT
Enphase Energy
ENPH
$3.39B
| $52.8M | 0.6% |
352,300
-2,400
| -0.7% | -$412K |
2020 Q3
4 quarters
|
|
|
14
PUT
Carvana
CVNA
$75.3B
| $52.8M | 0.6% |
875,000
| – | – |
2020 Q2
5 quarters
|
|
15
CALL
Philip Morris
PM
$325B
| $51.2M | 0.58% |
+540,000
| New | +$54.3M |
2021 Q3
0 quarters
|
|
16
PUT
Zillow
Z
$6.96B
| $48.5M | 0.55% |
+550,000
| New | +$55.6M |
2021 Q3
0 quarters
|
|
17
CALL
Adient
ADNT
$1.29B
| $46.6M | 0.53% |
1,123,500
-201,400
| -15% | -$8.03M |
2020 Q4
3 quarters
|
|
18
PUT
ARK Innovation ETF
ARKK
$5.95B
| $46.1M | 0.53% |
+417,000
| New | +$50.2M |
2021 Q3
0 quarters
|
|
|
STMP
19
CALL
DELISTED
Stamps.com, Inc.
STMP
| $45.3M | 0.52% |
+137,500
| New | +$43.6M |
2021 Q3
0 quarters
|
|
|
HZNP
20
CALL
DELISTED
Horizon Therapeutics Public Limited Company Ordinary Shares
HZNP
| $44.6M | 0.51% |
407,300
+44,800
| +12% | +$4.65M |
2020 Q3
4 quarters
|
|
21
PUT
Coinbase
COIN
$38B
| $43.2M | 0.49% |
190,000
+96,000
| +102% | +$23.6M |
2021 Q2
1 quarter
|
|
22
CALL
Citigroup
C
$203B
| $43.1M | 0.49% |
+613,800
| New | +$42.9M |
2021 Q3
0 quarters
|
|
23
CALL
Royal Caribbean
RCL
$82.2B
| $42.9M | 0.49% |
482,500
+420,000
| +672% | +$34M |
2020 Q4
3 quarters
|
|
|
24
Petrobras
PBR
$142B
| $42.5M | 0.49% |
+4,114,400
| New | +$43.8M |
2021 Q3
0 quarters
|
|
25
CALL
uniQure
QURE
$1.72B
| $42.5M | 0.49% |
1,328,600
-3,900
| -0.3% | -$119K |
2019 Q1
10 quarters
|
|
Similar funds
Caption Management's Q3 2021 Portfolio in Review
As of Q3 2021, Caption Management held 1,949 positions worth $8.75B, up 14% from $7.66B the previous quarter. Its ten largest holdings account for 11% of the portfolio.
Caption Management deployed $497M of net new capital in Q3 2021, opening 703 new positions and adding to 292 existing holdings. Its largest new stake was Petrobras: 4,114,400 shares worth $42.5M.
By sector, the portfolio is most concentrated in Miscellaneous at 83% of assets, down from 86% a quarter earlier, followed by Healthcare and Consumer Discretionary.
On the sell side, the largest reduction was Wayfair, an estimated $40.2M trimmed.
- Caption Management's largest Q3 2021 buy was Petrobras: 4,114,400 shares worth $42.5M.
- Caption Management added most to Stamps.com, Inc. in Q3 2021, an estimated $22.8M increase.
- Caption Management's biggest Q3 2021 reduction was Wayfair, cutting an estimated $40.2M.
- Caption Management fully exited Darden Restaurants in Q3 2021, selling an estimated $71.1M.
- Caption Management's ten largest holdings make up 11% of its $8.75B portfolio in Q3 2021.
- Caption Management opened 703 new positions and closed 492 in Q3 2021.
- Caption Management's portfolio value rose 14% quarter-over-quarter to $8.75B.
Based on Caption Management's 13F filing for Q3 2021, filed 12 Nov 2021.