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 |
EQT Corp
EQT
|
+$22.4M |
| 2 |
Zoom
ZM
|
+$15.7M |
| 3 |
Sabre
SABR
|
+$8.12M |
| 4 |
Exact Sciences
EXAS
|
+$5.98M |
| 5 |
Ovintiv
OVV
|
+$5.76M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Diamondback Energy
FANG
|
+$59.9M |
| 2 |
Trip.com Group
TCOM
|
+$53.8M |
| 3 |
Devon Energy
DVN
|
+$42.6M |
| 4 |
Freeport-McMoran
FCX
|
+$36.7M |
| 5 |
Clarus
CLAR
|
+$26M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 92.49% |
| 2 | Energy | 2.02% |
| 3 | Healthcare | 1.54% |
| 4 | Technology | 0.89% |
| 5 | Materials | 0.87% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
PUT
Palo Alto Networks
PANW
$299B
| $153M | 2.11% |
1,865,200
+400
| +0% | +$34.6K |
2021 Q2
5 quarters
|
|
2
CALL
Chevron
CVX
$462B
| $146M | 2.01% |
1,015,500
+995,500
| +4,978% | +$152M |
2022 Q2
1 quarter
|
|
3
PUT
Microsoft
MSFT
$3.88T
| $128M | 1.77% |
+550,000
| New | +$145M |
2022 Q3
0 quarters
|
|
|
4
PUT
Devon Energy
DVN
$57.4B
| $110M | 1.51% |
1,826,200
+16,100
| +0.9% | +$1M |
2021 Q2
5 quarters
|
|
5
CALL
Biogen
BIIB
$37.5B
| $108M | 1.49% |
404,200
+363,000
| +881% | +$77.1M |
2020 Q2
9 quarters
|
|
|
TWTR
6
CALL
DELISTED
Twitter, Inc.
TWTR
| $104M | 1.44% |
2,375,100
+1,765,100
| +289% | +$71.9M |
2022 Q2
1 quarter
|
|
7
PUT
State Street SPDR S&P Biotech ETF
XBI
$10.8B
| $79.3M | 1.09% |
1,000,000
+404,900
| +68% | +$34.1M |
2021 Q3
4 quarters
|
|
|
8
CALL
State Street SPDR S&P Biotech ETF
XBI
$10.8B
| $74.2M | 1.02% |
935,000
-659,700
| -41% | -$55.6M |
2021 Q4
3 quarters
|
|
9
CALL
Pinterest
PINS
$11B
| $67.3M | 0.93% |
2,889,900
+1,647,500
| +133% | +$36.1M |
2022 Q2
1 quarter
|
|
10
CALL
Ascendis Pharma A/S
ASND
$16.5B
| $66.9M | 0.92% |
+648,000
| New | +$61.4M |
2022 Q3
0 quarters
|
|
|
11
PUT
Biogen
BIIB
$37.5B
| $66.7M | 0.92% |
249,800
+115,500
| +86% | +$24.5M |
2020 Q2
9 quarters
|
|
12
CALL
ExxonMobil
XOM
$770B
| $64.3M | 0.89% |
736,000
+522,800
| +245% | +$47.7M |
2022 Q2
1 quarter
|
|
|
13
CALL
Devon Energy
DVN
$57.4B
| $63.7M | 0.88% |
1,059,800
+155,700
| +17% | +$9.7M |
2021 Q2
5 quarters
|
|
14
CALL
Johnson & Johnson
JNJ
$658B
| $62.7M | 0.87% |
+384,000
| New | +$65M |
2022 Q3
0 quarters
|
|
15
CALL
EPAM Systems
EPAM
$7.25B
| $61.8M | 0.85% |
170,700
+51,000
| +43% | +$19.5M |
2022 Q1
2 quarters
|
|
16
PUT
Trade Desk
TTD
$5.81B
| $60.2M | 0.83% |
+1,008,200
| New | +$57.4M |
2022 Q3
0 quarters
|
|
|
17
PUT
Diamondback Energy
FANG
$59.4B
| $58.9M | 0.81% |
488,700
| – | – |
2021 Q3
4 quarters
|
|
|
18
CALL
Trade Desk
TTD
$5.81B
| $58.3M | 0.8% |
976,500
+916,500
| +1,528% | +$52.2M |
2022 Q2
1 quarter
|
|
|
19
CALL
Diamondback Energy
FANG
$59.4B
| $57.8M | 0.8% |
+480,000
| New | +$59.9M |
2022 Q3
0 quarters
|
|
|
TWTR
20
PUT
DELISTED
Twitter, Inc.
TWTR
| $56.8M | 0.78% |
1,296,600
+1,154,100
| +810% | +$47M |
2022 Q2
1 quarter
|
|
21
PUT
Petrobras
PBR
$142B
| $54.3M | 0.75% |
4,397,900
+101,800
| +2% | +$1.35M |
2021 Q3
4 quarters
|
|
|
ATVI
22
CALL
DELISTED
Activision Blizzard
ATVI
| $51.8M | 0.71% |
697,000
+67,000
| +11% | +$5.25M |
2021 Q3
4 quarters
|
|
|
23
PUT
Johnson & Johnson
JNJ
$658B
| $49M | 0.68% |
+300,000
| New | +$50.8M |
2022 Q3
0 quarters
|
|
24
PUT
Occidental Petroleum
OXY
$64B
| $48.7M | 0.67% |
793,000
+85,000
| +12% | +$5.44M |
2021 Q4
3 quarters
|
|
|
25
Petrobras
PBR
$142B
| $44.9M | 0.62% |
3,639,000
-861,000
| -19% | -$11.4M |
2021 Q3
4 quarters
|
|
Similar funds
Caption Management's Q3 2022 Portfolio in Review
As of Q3 2022, Caption Management held 1,990 positions worth $7.25B, down 0.04% from $7.25B the previous quarter. Its ten largest holdings account for 14% of the portfolio.
Caption Management withdrew a net $580M in Q3 2022, closing 531 positions and reducing 345 holdings. Its most notable exit was US Steel, an estimated $21.7M position sold in full.
By sector, the portfolio is most concentrated in Miscellaneous at 92% of assets, up from 85% a quarter earlier, followed by Energy and Healthcare.
Against the trend, Caption Management opened a new position in Zoom worth $12.1M.
- Caption Management's largest Q3 2022 buy was Zoom: 165,000 shares worth $12.1M.
- Caption Management added most to EQT Corp in Q3 2022, an estimated $22.4M increase.
- Caption Management's biggest Q3 2022 reduction was Diamondback Energy, cutting an estimated $59.9M.
- Caption Management fully exited US Steel in Q3 2022, selling an estimated $21.7M.
- Caption Management's ten largest holdings make up 14% of its $7.25B portfolio in Q3 2022.
- Caption Management opened 595 new positions and closed 531 in Q3 2022.
- Caption Management's portfolio value fell 0.04% quarter-over-quarter to $7.25B.
Based on Caption Management's 13F filing for Q3 2022, filed 14 Nov 2022.