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 |
Diamondback Energy
FANG
|
+$39.3M |
| 2 |
Alcoa
AA
|
+$22.5M |
| 3 |
EPAM Systems
EPAM
|
+$18.4M |
| 4 |
Centene
CNC
|
+$15.4M |
| 5 |
Cleveland-Cliffs
CLF
|
+$14.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Petrobras
PBR
|
+$56M |
| 2 |
Biogen
BIIB
|
+$35.5M |
| 3 |
Weyerhaeuser
WY
|
+$24.1M |
| 4 |
Teck Resources
TECK
|
+$22M |
| 5 |
Wayfair
W
|
+$21M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 82.71% |
| 2 | Energy | 3.93% |
| 3 | Materials | 2.92% |
| 4 | Technology | 2.38% |
| 5 | Healthcare | 2.38% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
PUT
Palo Alto Networks
PANW
$299B
| $181M | 2.17% |
1,740,600
+156,600
| +10% | +$14M |
2021 Q2
3 quarters
|
|
2
PUT
Devon Energy
DVN
$57.4B
| $119M | 1.43% |
2,014,300
+278,100
| +16% | +$15.1M |
2021 Q2
3 quarters
|
|
3
PUT
Goldman Sachs
GS
$260B
| $110M | 1.32% |
+333,500
| New | +$118M |
2022 Q1
0 quarters
|
|
|
4
Devon Energy
DVN
$57.4B
| $103M | 1.24% |
1,747,600
+149,190
| +9% | +$8.08M |
2021 Q2
3 quarters
|
|
5
CALL
State Street Energy Select Sector SPDR ETF
XLE
$46.4B
| $91.7M | 1.1% |
2,400,000
+1,200,000
| +100% | +$41.6M |
2021 Q4
1 quarter
|
|
6
CALL
3M
MMM
$89.9B
| $76.2M | 0.92% |
+612,232
| New | +$81.4M |
2022 Q1
0 quarters
|
|
7
CALL
General Motors
GM
$74.2B
| $70.5M | 0.85% |
1,612,200
+612,300
| +61% | +$30.6M |
2021 Q1
4 quarters
|
|
|
8
PUT
Petrobras
PBR
$142B
| $65.6M | 0.79% |
4,430,900
+56,900
| +1% | +$763K |
2021 Q3
2 quarters
|
|
9
CALL
Caesars Entertainment
CZR
$5.93B
| $64.4M | 0.78% |
833,100
+618,100
| +287% | +$49.6M |
2021 Q3
2 quarters
|
|
10
PUT
Freeport-McMoran
FCX
$89.7B
| $63.6M | 0.76% |
1,278,200
+2,500
| +0.2% | +$111K |
2021 Q2
3 quarters
|
|
|
11
Diamondback Energy
FANG
$59.4B
| $62.7M | 0.75% |
457,100
+302,400
| +195% | +$39.3M |
2021 Q3
2 quarters
|
|
|
12
PUT
Diamondback Energy
FANG
$59.4B
| $62.6M | 0.75% |
456,800
+302,100
| +195% | +$39.3M |
2021 Q3
2 quarters
|
|
|
13
CALL
Petrobras
PBR
$142B
| $62.2M | 0.75% |
+4,201,300
| New | +$56.3M |
2022 Q1
0 quarters
|
|
14
PUT
Trip.com Group
TCOM
$24.9B
| $60.6M | 0.73% |
2,619,600
+232,800
| +10% | +$5.87M |
2021 Q3
2 quarters
|
|
15
PUT
Union Pacific
UNP
$181B
| $60.3M | 0.73% |
+220,700
| New | +$55.7M |
2022 Q1
0 quarters
|
|
|
16
Freeport-McMoran
FCX
$89.7B
| $58.2M | 0.7% |
1,170,242
-129,758
| -10% | -$5.75M |
2021 Q2
3 quarters
|
|
17
PUT
Vertex Pharmaceuticals
VRTX
$142B
| $54.8M | 0.66% |
209,900
+159,900
| +320% | +$37.9M |
2021 Q3
2 quarters
|
|
|
18
CALL
Trip.com Group
TCOM
$24.9B
| $51.6M | 0.62% |
2,230,400
-511,600
| -19% | -$12.9M |
2021 Q3
2 quarters
|
|
19
CALL
Vistra
VST
$46.4B
| $47M | 0.57% |
2,022,500
-41,800
| -2% | -$927K |
2021 Q4
1 quarter
|
|
20
DELISTED
US Steel
X
| $46.4M | 0.56% |
1,229,900
+21,893
| +2% | +$592K |
2021 Q3
2 quarters
|
|
|
21
PUT
DELISTED
US Steel
X
| $45.6M | 0.55% |
1,207,200
-300
| -0% | -$8.12K |
2021 Q3
2 quarters
|
|
|
ZNGA
22
CALL
DELISTED
ZYNGA INC. CL A COMMON
ZNGA
| $45M | 0.54% |
4,874,000
-4,881,000
| -50% | -$42.9M |
2020 Q2
7 quarters
|
|
23
CALL
State Street SPDR S&P Biotech ETF
XBI
$10.8B
| $44M | 0.53% |
490,100
+455,100
| +1,300% | +$42M |
2021 Q4
1 quarter
|
|
|
24
CALL
Union Pacific
UNP
$181B
| $42.5M | 0.51% |
+155,500
| New | +$39.3M |
2022 Q1
0 quarters
|
|
25
PUT
Workday
WDAY
$47.7B
| $42.4M | 0.51% |
177,000
-28,000
| -14% | -$6.67M |
2021 Q2
3 quarters
|
|
Similar funds
Caption Management's Q1 2022 Portfolio in Review
As of Q1 2022, Caption Management held 2,162 positions worth $8.31B, down 6.8% from $8.92B the previous quarter. Its ten largest holdings account for 11% of the portfolio.
Caption Management's Q1 2022 filing shows 616 new, 321 increased, 306 reduced and 759 closed positions. Its largest new stake was EPAM Systems: 47,000 shares worth $13.9M. The largest sale was Petrobras, an estimated $56M.
By sector, the portfolio is most concentrated in Miscellaneous at 83% of assets, down from 83% a quarter earlier, followed by Energy and Materials.
- Caption Management's largest Q1 2022 buy was EPAM Systems: 47,000 shares worth $13.9M.
- Caption Management added most to Diamondback Energy in Q1 2022, an estimated $39.3M increase.
- Caption Management's biggest Q1 2022 reduction was Petrobras, cutting an estimated $56M.
- Caption Management fully exited Wayfair in Q1 2022, selling an estimated $21M.
- Caption Management's ten largest holdings make up 11% of its $8.31B portfolio in Q1 2022.
- Caption Management opened 616 new positions and closed 759 in Q1 2022.
- Caption Management's portfolio value fell 6.8% quarter-over-quarter to $8.31B.
Based on Caption Management's 13F filing for Q1 2022, filed 13 May 2022.