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 |
Madrigal Pharmaceuticals
MDGL
|
+$12.3M |
| 2 |
KraneShares CSI China Internet ETF
KWEB
|
+$11.1M |
| 3 |
WWE
World Wrestling Entertainment
WWE
|
+$10.5M |
| 4 |
Walt Disney
DIS
|
+$10.3M |
| 5 |
UBS Group
UBS
|
+$10M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
PennyMac Mortgage Investment
PMT
|
+$17.9M |
| 2 |
Antero Resources
AR
|
+$17.5M |
| 3 |
Teck Resources
TECK
|
+$17.2M |
| 4 |
BeOne Medicines Ltd
ONC
|
+$16.4M |
| 5 |
EQT Corp
EQT
|
+$14.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 91.4% |
| 2 | Healthcare | 2.04% |
| 3 | Technology | 1.38% |
| 4 | Consumer Discretionary | 0.99% |
| 5 | Communication Services | 0.82% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
ATVI
1
PUT
DELISTED
Activision Blizzard
ATVI
| $276M | 5.33% |
3,222,700
+3,002,500
| +1,364% | +$233M |
2022 Q4
1 quarter
|
|
2
CALL
Occidental Petroleum
OXY
$64B
| $86.3M | 1.67% |
1,382,000
+739,500
| +115% | +$45.9M |
2020 Q4
9 quarters
|
|
3
PUT
Palo Alto Networks
PANW
$299B
| $84.1M | 1.62% |
841,800
-362,400
| -30% | -$30.7M |
2021 Q2
7 quarters
|
|
|
4
CALL
KraneShares CSI China Internet ETF
KWEB
$4.23B
| $79.4M | 1.53% |
2,546,700
-190,800
| -7% | -$6.1M |
2021 Q4
5 quarters
|
|
|
WWE
5
CALL
DELISTED
World Wrestling Entertainment
WWE
| $61.4M | 1.19% |
+672,700
| New | +$57.5M |
2023 Q1
0 quarters
|
|
6
PUT
First Solar
FSLR
$18.7B
| $57.3M | 1.11% |
263,600
+119,600
| +83% | +$21.8M |
2022 Q1
4 quarters
|
|
7
PUT
iShares US Home Construction ETF
ITB
$2.39B
| $54.5M | 1.05% |
+775,000
| New | +$52.3M |
2023 Q1
0 quarters
|
|
8
CALL
Starbucks
SBUX
$118B
| $53M | 1.02% |
+508,500
| New | +$52.9M |
2023 Q1
0 quarters
|
|
9
CALL
Alphabet (Google) Class A
GOOGL
$3.44T
| $51.9M | 1% |
+500,000
| New | +$48M |
2023 Q1
0 quarters
|
|
10
PUT
State Street Energy Select Sector SPDR ETF
XLE
$46.4B
| $50.3M | 0.97% |
1,214,000
+1,144,000
| +1,634% | +$48.9M |
2021 Q4
5 quarters
|
|
11
CALL
Ascendis Pharma A/S
ASND
$16.5B
| $49.3M | 0.95% |
459,600
+300,400
| +189% | +$34.4M |
2022 Q3
2 quarters
|
|
|
RETA
12
CALL
DELISTED
Reata Pharmaceuticals, Inc. Class A Common Stock
RETA
| $47.9M | 0.93% |
+527,200
| New | +$30.9M |
2023 Q1
0 quarters
|
|
13
PUT
Walmart Inc
WMT
$980B
| $47.5M | 0.92% |
966,900
+516,900
| +115% | +$24.5M |
2022 Q4
1 quarter
|
|
14
CALL
Charter Communications
CHTR
$12.8B
| $45.5M | 0.88% |
127,100
-600
| -0.5% | -$224K |
2022 Q2
3 quarters
|
|
15
PUT
Alphabet (Google) Class C
GOOG
$3.42T
| $44.7M | 0.86% |
+430,000
| New | +$41.5M |
2023 Q1
0 quarters
|
|
16
CALL
Sarepta Therapeutics
SRPT
$1.97B
| $43.6M | 0.84% |
316,400
+18,000
| +6% | +$2.33M |
2021 Q2
7 quarters
|
|
|
17
CALL
First Solar
FSLR
$18.7B
| $43.5M | 0.84% |
200,000
-1,000
| -0.5% | -$183K |
2022 Q2
3 quarters
|
|
|
HZNP
18
PUT
DELISTED
Horizon Therapeutics Public Limited Company Ordinary Shares
HZNP
| $41.2M | 0.8% |
377,500
-743,500
| -66% | -$82.2M |
2020 Q3
10 quarters
|
|
19
CALL
International Paper
IP
$19.3B
| $38.6M | 0.75% |
1,069,400
-8,800
| -0.8% | -$326K |
2022 Q4
1 quarter
|
|
20
CALL
Texas Instruments
TXN
$275B
| $37.2M | 0.72% |
+200,000
| New | +$35.2M |
2023 Q1
0 quarters
|
|
|
21
PUT
Sarepta Therapeutics
SRPT
$1.97B
| $36.9M | 0.71% |
267,600
-41,700
| -13% | -$5.41M |
2021 Q4
5 quarters
|
|
22
CALL
Petrobras
PBR
$142B
| $36.3M | 0.7% |
3,484,600
-32,600
| -0.9% | -$355K |
2022 Q3
2 quarters
|
|
23
CALL
DELISTED
Karuna Therapeutics, Inc. Common Stock
KRTX
| $36.3M | 0.7% |
200,000
+190,000
| +1,900% | +$36.3M |
2022 Q2
3 quarters
|
|
24
CALL
DELISTED
Apellis Pharmaceuticals
APLS
| $36.3M | 0.7% |
550,500
+515,500
| +1,473% | +$29.7M |
2022 Q3
2 quarters
|
|
25
PUT
NextEra Energy
NEE
$176B
| $35M | 0.68% |
454,700
+219,700
| +93% | +$16.9M |
2022 Q1
4 quarters
|
|
Similar funds
Caption Management's Q1 2023 Portfolio in Review
As of Q1 2023, Caption Management held 1,730 positions worth $5.18B, down 19% from $6.41B the previous quarter. Its ten largest holdings account for 16% of the portfolio.
Caption Management's Q1 2023 filing shows 499 new, 190 increased, 247 reduced and 699 closed positions. Its largest new stake was World Wrestling Entertainment: 123,000 shares worth $11.2M. The largest sale was PennyMac Mortgage Investment, an estimated $17.9M.
By sector, the portfolio is most concentrated in Miscellaneous at 91% of assets, up from 91% a quarter earlier, followed by Healthcare and Technology.
- Caption Management's largest Q1 2023 buy was World Wrestling Entertainment: 123,000 shares worth $11.2M.
- Caption Management added most to Madrigal Pharmaceuticals in Q1 2023, an estimated $12.3M increase.
- Caption Management's biggest Q1 2023 reduction was State Street SPDR S&P Biotech ETF, cutting an estimated $13.3M.
- Caption Management fully exited PennyMac Mortgage Investment in Q1 2023, selling an estimated $17.9M.
- Caption Management's ten largest holdings make up 16% of its $5.18B portfolio in Q1 2023.
- Caption Management opened 499 new positions and closed 699 in Q1 2023.
- Caption Management's portfolio value fell 19% quarter-over-quarter to $5.18B.
Based on Caption Management's 13F filing for Q1 2023, filed 15 May 2023.