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 |
PennyMac Mortgage Investment
PMT
|
+$19.7M |
| 2 |
Bristol-Myers Squibb
BMY
|
+$17M |
| 3 |
State Street SPDR S&P Biotech ETF
XBI
|
+$13.6M |
| 4 |
Enviva Inc.
EVA
|
+$8.45M |
| 5 |
APA Corp
APA
|
+$7.51M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Petrobras
PBR
|
+$43.9M |
| 2 |
CVR Partners
UAN
|
+$26M |
| 3 |
Zoom
ZM
|
+$12.1M |
| 4 |
EQT Corp
EQT
|
+$12M |
| 5 |
PING
Ping Identity Holding Corp.
PING
|
+$6.13M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 91.14% |
| 2 | Healthcare | 2.61% |
| 3 | Energy | 1.26% |
| 4 | Technology | 1.15% |
| 5 | Consumer Discretionary | 0.9% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
PUT
Microsoft
MSFT
$3.88T
| $132M | 2.06% |
550,000
| – | – |
2022 Q3
1 quarter
|
|
|
HZNP
2
PUT
DELISTED
Horizon Therapeutics Public Limited Company Ordinary Shares
HZNP
| $128M | 1.99% |
1,121,000
+963,500
| +612% | +$80M |
2020 Q3
9 quarters
|
|
3
PUT
Caterpillar
CAT
$286B
| $86.2M | 1.35% |
+360,000
| New | +$78.4M |
2022 Q4
0 quarters
|
|
4
PUT
Palo Alto Networks
PANW
$299B
| $84M | 1.31% |
1,204,200
-661,000
| -35% | -$53.1M |
2021 Q2
6 quarters
|
|
5
CALL
KraneShares CSI China Internet ETF
KWEB
$4.23B
| $82.7M | 1.29% |
2,737,500
+2,637,500
| +2,638% | +$67.3M |
2021 Q4
4 quarters
|
|
6
CALL
Northrop Grumman
NOC
$79.2B
| $80.5M | 1.26% |
+147,500
| New | +$76.9M |
2022 Q4
0 quarters
|
|
7
PUT
Devon Energy
DVN
$57.4B
| $80.3M | 1.25% |
1,305,000
-521,200
| -29% | -$35.5M |
2021 Q2
6 quarters
|
|
8
PUT
State Street Industrial Select Sector SPDR ETF
XLI
$30.8B
| $67.2M | 1.05% |
+684,700
| New | +$65.2M |
2022 Q4
0 quarters
|
|
|
9
CALL
State Street SPDR S&P Biotech ETF
XBI
$10.8B
| $66.8M | 1.04% |
805,000
-130,000
| -14% | -$10.5M |
2021 Q4
4 quarters
|
|
|
ATVI
10
CALL
DELISTED
Activision Blizzard
ATVI
| $66.7M | 1.04% |
871,500
+174,500
| +25% | +$13M |
2021 Q3
5 quarters
|
|
11
CALL
Caesars Entertainment
CZR
$5.93B
| $64.1M | 1% |
1,540,900
+190,000
| +14% | +$8.46M |
2021 Q3
5 quarters
|
|
|
RXDX
12
PUT
DELISTED
Prometheus Biosciences, Inc. Common Stock
RXDX
| $60.8M | 0.95% |
552,300
+490,500
| +794% | +$31.8M |
2022 Q2
2 quarters
|
|
13
CALL
Biogen
BIIB
$37.5B
| $57.3M | 0.89% |
206,800
-197,400
| -49% | -$55.8M |
2020 Q2
10 quarters
|
|
14
CALL
ExxonMobil
XOM
$764B
| $54.5M | 0.85% |
494,300
-241,700
| -33% | -$25.9M |
2022 Q2
2 quarters
|
|
15
PUT
Sunrun
RUN
$1.8B
| $49.3M | 0.77% |
2,053,000
+590,300
| +40% | +$15.8M |
2021 Q3
5 quarters
|
|
|
16
PUT
Biogen
BIIB
$37.5B
| $48.3M | 0.75% |
174,300
-75,500
| -30% | -$21.3M |
2020 Q2
10 quarters
|
|
17
CALL
Chevron
CVX
$459B
| $46M | 0.72% |
256,500
-759,000
| -75% | -$132M |
2022 Q2
2 quarters
|
|
18
PUT
Occidental Petroleum
OXY
$64B
| $45.9M | 0.72% |
728,000
-65,000
| -8% | -$4.43M |
2021 Q4
4 quarters
|
|
19
PUT
Charter Communications
CHTR
$12.8B
| $45.5M | 0.71% |
134,200
+14,200
| +12% | +$4.99M |
2021 Q3
5 quarters
|
|
|
20
CALL
Charter Communications
CHTR
$12.8B
| $43.3M | 0.68% |
127,700
+3,300
| +3% | +$1.16M |
2022 Q2
2 quarters
|
|
21
CALL
HubSpot
HUBS
$11.7B
| $41.1M | 0.64% |
+142,200
| New | +$40.3M |
2022 Q4
0 quarters
|
|
|
22
CALL
Occidental Petroleum
OXY
$64B
| $40.5M | 0.63% |
642,500
+166,600
| +35% | +$11.3M |
2020 Q4
8 quarters
|
|
23
PUT
Sarepta Therapeutics
SRPT
$1.97B
| $40.1M | 0.63% |
309,300
+71,100
| +30% | +$8.24M |
2021 Q4
4 quarters
|
|
|
24
PUT
Bristol-Myers Squibb
BMY
$128B
| $39.3M | 0.61% |
546,000
+348,500
| +176% | +$26.3M |
2022 Q1
3 quarters
|
|
|
25
CALL
Bristol-Myers Squibb
BMY
$128B
| $39.1M | 0.61% |
543,500
+493,500
| +987% | +$37.2M |
2022 Q1
3 quarters
|
|
Similar funds
Caption Management's Q4 2022 Portfolio in Review
As of Q4 2022, Caption Management held 1,903 positions worth $6.41B, down 12% from $7.25B the previous quarter. Its ten largest holdings account for 14% of the portfolio.
Caption Management's Q4 2022 filing shows 444 new, 263 increased, 318 reduced and 672 closed positions. Its largest new stake was PennyMac Mortgage Investment: 1,448,050 shares worth $17.9M. The largest sale was Petrobras, an estimated $43.9M.
By sector, the portfolio is most concentrated in Miscellaneous at 91% of assets, down from 92% a quarter earlier, followed by Healthcare and Energy.
- Caption Management's largest Q4 2022 buy was PennyMac Mortgage Investment: 1,448,050 shares worth $17.9M.
- Caption Management added most to State Street SPDR S&P Biotech ETF in Q4 2022, an estimated $13.6M increase.
- Caption Management's biggest Q4 2022 reduction was EQT Corp, cutting an estimated $12M.
- Caption Management fully exited Petrobras in Q4 2022, selling an estimated $43.9M.
- Caption Management's ten largest holdings make up 14% of its $6.41B portfolio in Q4 2022.
- Caption Management opened 444 new positions and closed 672 in Q4 2022.
- Caption Management's portfolio value fell 12% quarter-over-quarter to $6.41B.
Based on Caption Management's 13F filing for Q4 2022, filed 14 Feb 2023.