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 |
Trip.com Group
TCOM
|
+$23.1M |
| 2 |
Zillow
Z
|
+$21.8M |
| 3 |
Devon Energy
DVN
|
+$20.9M |
| 4 |
ZNGA
ZYNGA INC. CL A COMMON
ZNGA
|
+$16.6M |
| 5 |
Teck Resources
TECK
|
+$16.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Meta Platforms (Facebook)
META
|
+$33.2M |
| 2 |
STMP
Stamps.com, Inc.
STMP
|
+$24.4M |
| 3 |
Charter Communications
CHTR
|
+$22.5M |
| 4 |
Inovalon Holdings, Inc. Class A Common Stock
INOV
|
+$20.3M |
| 5 |
United Parks & Resorts
PRKS
|
+$14.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 82.8% |
| 2 | Healthcare | 3.21% |
| 3 | Technology | 2.72% |
| 4 | Energy | 2.29% |
| 5 | Materials | 2.22% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
PUT
Palo Alto Networks
PANW
$288B
| $147M | 1.65% |
1,584,000
+1,194,000
| +306% | +$103M |
2021 Q2
2 quarters
|
|
2
CALL
Rio Tinto
RIO
$135B
| $122M | 1.37% |
1,821,900
-50,000
| -3% | -$3.24M |
2021 Q2
2 quarters
|
|
3
CALL
Las Vegas Sands
LVS
$23.9B
| $94M | 1.05% |
2,498,700
-60,000
| -2% | -$2.31M |
2021 Q2
2 quarters
|
|
4
PUT
Biogen
BIIB
$37.5B
| $83.2M | 0.93% |
346,600
+37,400
| +12% | +$9.6M |
2020 Q2
6 quarters
|
|
5
CALL
Royal Caribbean
RCL
$82.2B
| $82.5M | 0.92% |
1,072,500
+590,000
| +122% | +$47.9M |
2020 Q4
4 quarters
|
|
6
CALL
Carvana
CVNA
$75.3B
| $77.2M | 0.87% |
1,666,000
+403,000
| +32% | +$22.2M |
2021 Q2
2 quarters
|
|
|
7
PUT
Devon Energy
DVN
$57.4B
| $76.5M | 0.86% |
1,736,200
+562,700
| +48% | +$23.4M |
2021 Q2
2 quarters
|
|
|
8
PUT
Zillow
Z
$6.96B
| $71M | 0.8% |
1,112,100
+562,100
| +102% | +$40.5M |
2021 Q3
1 quarter
|
|
|
9
Devon Energy
DVN
$57.4B
| $70.4M | 0.79% |
1,598,410
+501,810
| +46% | +$20.9M |
2021 Q2
2 quarters
|
|
|
10
CALL
Trip.com Group
TCOM
$24.9B
| $67.5M | 0.76% |
2,742,000
+1,735,400
| +172% | +$49.2M |
2021 Q3
1 quarter
|
|
11
CALL
Waste Management
WM
$92.8B
| $66.8M | 0.75% |
+400,000
| New | +$64.3M |
2021 Q4
0 quarters
|
|
12
PUT
Enphase Energy
ENPH
$3.7B
| $63.8M | 0.72% |
348,800
-3,500
| -1% | -$730K |
2020 Q3
5 quarters
|
|
|
ZNGA
13
CALL
DELISTED
ZYNGA INC. CL A COMMON
ZNGA
| $62.4M | 0.7% |
9,755,000
+7,253,000
| +290% | +$50M |
2020 Q2
6 quarters
|
|
|
14
PUT
Trip.com Group
TCOM
$24.9B
| $58.8M | 0.66% |
2,386,800
+1,661,800
| +229% | +$47.1M |
2021 Q3
1 quarter
|
|
15
CALL
General Motors
GM
$74.2B
| $58.6M | 0.66% |
999,900
+625,000
| +167% | +$36.5M |
2021 Q1
3 quarters
|
|
16
PUT
Target
TGT
$70.1B
| $57.9M | 0.65% |
+250,000
| New | +$60.8M |
2021 Q4
0 quarters
|
|
|
17
Biogen
BIIB
$37.5B
| $56.4M | 0.63% |
235,000
+11,700
| +5% | +$3.01M |
2021 Q1
3 quarters
|
|
18
PUT
Workday
WDAY
$47.7B
| $56M | 0.63% |
205,000
+75,000
| +58% | +$20.8M |
2021 Q2
2 quarters
|
|
19
Freeport-McMoran
FCX
$89.7B
| $54.2M | 0.61% |
1,300,000
+275,000
| +27% | +$10.4M |
2021 Q2
2 quarters
|
|
|
20
PUT
Freeport-McMoran
FCX
$89.7B
| $53.2M | 0.6% |
1,275,700
+146,400
| +13% | +$5.56M |
2021 Q2
2 quarters
|
|
21
PUT
Crocs
CROX
$6.88B
| $51.3M | 0.58% |
+400,200
| New | +$61.6M |
2021 Q4
0 quarters
|
|
22
PUT
iShares Expanded Tech-Software Sector ETF
IGV
$13.4B
| $49.7M | 0.56% |
+625,000
| New | +$52.2M |
2021 Q4
0 quarters
|
|
23
PUT
Petrobras
PBR
$142B
| $48M | 0.54% |
4,374,000
+262,300
| +6% | +$2.77M |
2021 Q3
1 quarter
|
|
24
CALL
Vistra
VST
$46.4B
| $47M | 0.53% |
+2,064,300
| New | +$41.4M |
2021 Q4
0 quarters
|
|
|
25
Petrobras
PBR
$142B
| $45.9M | 0.51% |
4,180,800
+66,400
| +2% | +$701K |
2021 Q3
1 quarter
|
|
Similar funds
Caption Management's Q4 2021 Portfolio in Review
As of Q4 2021, Caption Management held 2,113 positions worth $8.92B, up 1.9% from $8.75B the previous quarter. Its ten largest holdings account for 10% of the portfolio.
Caption Management's Q4 2021 filing shows 656 new, 339 increased, 297 reduced and 567 closed positions. Its largest new stake was Zillow: 302,083 shares worth $19.3M. The largest sale was Meta Platforms (Facebook), an estimated $33.2M.
By sector, the portfolio is most concentrated in Miscellaneous at 83% of assets, down from 83% a quarter earlier, followed by Healthcare and Technology.
- Caption Management's largest Q4 2021 buy was Zillow: 302,083 shares worth $19.3M.
- Caption Management added most to Trip.com Group in Q4 2021, an estimated $23.1M increase.
- Caption Management's biggest Q4 2021 reduction was Charter Communications, cutting an estimated $22.5M.
- Caption Management fully exited Meta Platforms (Facebook) in Q4 2021, selling an estimated $33.2M.
- Caption Management's ten largest holdings make up 10% of its $8.92B portfolio in Q4 2021.
- Caption Management opened 656 new positions and closed 567 in Q4 2021.
- Caption Management's portfolio value rose 1.9% quarter-over-quarter to $8.92B.
Based on Caption Management's 13F filing for Q4 2021, filed 11 Feb 2022.