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
|
+$62.3M |
| 2 |
Clarus
CLAR
|
+$27.9M |
| 3 |
VanEck Semiconductor ETF
SMH
|
+$19.1M |
| 4 |
DaVita
DVA
|
+$17.6M |
| 5 |
CVR Partners
UAN
|
+$15.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Devon Energy
DVN
|
+$68.1M |
| 2 |
EQT Corp
EQT
|
+$23M |
| 3 |
Himax Technologies
HIMX
|
+$19.6M |
| 4 |
AGCO
AGCO
|
+$19.3M |
| 5 |
Centene
CNC
|
+$16.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 85.07% |
| 2 | Energy | 3.71% |
| 3 | Consumer Discretionary | 2.33% |
| 4 | Materials | 2.19% |
| 5 | Healthcare | 1.89% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
PUT
Palo Alto Networks
PANW
$299B
| $154M | 2.12% |
1,864,800
+124,200
| +7% | +$11M |
2021 Q2
4 quarters
|
|
2
CALL
State Street SPDR S&P Biotech ETF
XBI
$10.8B
| $118M | 1.63% |
1,594,700
+1,104,600
| +225% | +$82.9M |
2021 Q4
2 quarters
|
|
|
3
PUT
Devon Energy
DVN
$57.4B
| $100M | 1.38% |
1,810,100
-204,200
| -10% | -$13.3M |
2021 Q2
4 quarters
|
|
4
CALL
Trip.com Group
TCOM
$24.9B
| $81.3M | 1.12% |
2,961,300
+730,900
| +33% | +$16.3M |
2021 Q3
3 quarters
|
|
5
PUT
Alnylam Pharmaceuticals
ALNY
$22.1B
| $77.2M | 1.06% |
529,000
+499,000
| +1,663% | +$70.8M |
2020 Q3
7 quarters
|
|
|
6
PUT
Trip.com Group
TCOM
$24.9B
| $77.1M | 1.06% |
2,807,400
+187,800
| +7% | +$4.19M |
2021 Q3
3 quarters
|
|
7
CALL
NCR Voyix
VYX
$1.17B
| $75.3M | 1.04% |
3,946,067
+3,755,031
| +1,966% | +$80.1M |
2021 Q3
3 quarters
|
|
8
CALL
Procter & Gamble
PG
$374B
| $74.2M | 1.02% |
+515,700
| New | +$77.5M |
2022 Q2
0 quarters
|
|
9
PUT
State Street Energy Select Sector SPDR ETF
XLE
$46.4B
| $61.4M | 0.85% |
1,714,000
+794,000
| +86% | +$31.9M |
2021 Q4
2 quarters
|
|
10
Diamondback Energy
FANG
$59.4B
| $59.3M | 0.82% |
489,700
+32,600
| +7% | +$4.47M |
2021 Q3
3 quarters
|
|
|
11
PUT
Diamondback Energy
FANG
$59.4B
| $59.2M | 0.82% |
488,700
+31,900
| +7% | +$4.37M |
2021 Q3
3 quarters
|
|
|
12
CALL
Alnylam Pharmaceuticals
ALNY
$22.1B
| $56.5M | 0.78% |
387,500
+357,500
| +1,192% | +$50.7M |
2020 Q3
7 quarters
|
|
|
13
Trip.com Group
TCOM
$24.9B
| $56.4M | 0.78% |
2,056,375
+446,375
| +28% | +$10M |
2021 Q3
3 quarters
|
|
14
CALL
Vistra
VST
$46.4B
| $53.7M | 0.74% |
2,348,300
+325,800
| +16% | +$8.05M |
2021 Q4
2 quarters
|
|
|
15
Petrobras
PBR
$142B
| $52.6M | 0.72% |
4,500,000
+4,497,700
| +195,552% | +$62.3M |
2021 Q3
3 quarters
|
|
16
CALL
Union Pacific
UNP
$181B
| $50.2M | 0.69% |
235,500
+80,000
| +51% | +$18.2M |
2022 Q1
1 quarter
|
|
|
17
PUT
Petrobras
PBR
$142B
| $50.2M | 0.69% |
4,296,100
-134,800
| -3% | -$1.87M |
2021 Q3
3 quarters
|
|
|
18
CALL
Devon Energy
DVN
$57.4B
| $49.8M | 0.69% |
904,100
+607,100
| +204% | +$39.6M |
2021 Q2
4 quarters
|
|
|
ATVI
19
CALL
DELISTED
Activision Blizzard
ATVI
| $49.1M | 0.68% |
630,000
+500,000
| +385% | +$38.9M |
2021 Q3
3 quarters
|
|
|
20
PUT
State Street SPDR S&P Biotech ETF
XBI
$10.8B
| $44.4M | 0.61% |
595,100
+155,600
| +35% | +$11.7M |
2021 Q3
3 quarters
|
|
21
CALL
Caesars Entertainment
CZR
$5.93B
| $43.3M | 0.6% |
1,131,000
+297,900
| +36% | +$16.6M |
2021 Q3
3 quarters
|
|
22
PUT
Occidental Petroleum
OXY
$64B
| $41.7M | 0.57% |
708,000
+400,000
| +130% | +$24.6M |
2021 Q4
2 quarters
|
|
23
PUT
CarMax
KMX
$7.89B
| $41.6M | 0.57% |
+460,000
| New | +$43.3M |
2022 Q2
0 quarters
|
|
24
PUT
Freeport-McMoran
FCX
$89.7B
| $40.5M | 0.56% |
1,383,200
+105,000
| +8% | +$4.2M |
2021 Q2
4 quarters
|
|
|
25
Devon Energy
DVN
$57.4B
| $38.9M | 0.54% |
705,000
-1,042,600
| -60% | -$68.1M |
2021 Q2
4 quarters
|
|
Similar funds
Caption Management's Q2 2022 Portfolio in Review
As of Q2 2022, Caption Management held 2,013 positions worth $7.25B, down 13% from $8.31B the previous quarter. Its ten largest holdings account for 12% of the portfolio.
Caption Management's Q2 2022 filing shows 610 new, 307 increased, 290 reduced and 618 closed positions. Its largest new stake was Clarus: 1,337,000 shares worth $25.4M. The largest sale was Devon Energy, an estimated $68.1M.
By sector, the portfolio is most concentrated in Miscellaneous at 85% of assets, up from 83% a quarter earlier, followed by Energy and Consumer Discretionary.
- Caption Management's largest Q2 2022 buy was Clarus: 1,337,000 shares worth $25.4M.
- Caption Management added most to Petrobras in Q2 2022, an estimated $62.3M increase.
- Caption Management's biggest Q2 2022 reduction was Devon Energy, cutting an estimated $68.1M.
- Caption Management fully exited Centene in Q2 2022, selling an estimated $16.3M.
- Caption Management's ten largest holdings make up 12% of its $7.25B portfolio in Q2 2022.
- Caption Management opened 610 new positions and closed 618 in Q2 2022.
- Caption Management's portfolio value fell 13% quarter-over-quarter to $7.25B.
Based on Caption Management's 13F filing for Q2 2022, filed 15 Aug 2022.