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 |
Lockheed Martin
LMT
|
+$14.4M |
| 2 |
argenx
ARGX
|
+$13.4M |
| 3 |
Compañía de Minas Buenaventura
BVN
|
+$13.1M |
| 4 |
ATVI
Activision Blizzard
ATVI
|
+$11.3M |
| 5 |
SGEN
Seagen Inc. Common Stock
SGEN
|
+$11M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
KraneShares CSI China Internet ETF
KWEB
|
+$16.7M |
| 2 |
Sabre
SABR
|
+$12.5M |
| 3 |
UBS Group
UBS
|
+$10.2M |
| 4 |
Walt Disney
DIS
|
+$10M |
| 5 |
CBL Properties
CBL
|
+$7.85M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 90.43% |
| 2 | Healthcare | 2.56% |
| 3 | Technology | 1.91% |
| 4 | Communication Services | 0.94% |
| 5 | Consumer Discretionary | 0.9% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
ATVI
1
PUT
DELISTED
Activision Blizzard
ATVI
| $276M | 4.88% |
3,270,700
+48,000
| +1% | +$3.88M |
2022 Q4
2 quarters
|
|
|
HZNP
2
PUT
DELISTED
Horizon Therapeutics Public Limited Company Ordinary Shares
HZNP
| $120M | 2.13% |
1,168,700
+791,200
| +210% | +$83.5M |
2020 Q3
11 quarters
|
|
3
PUT
Palo Alto Networks
PANW
$299B
| $107M | 1.9% |
840,400
-1,400
| -0.2% | -$146K |
2021 Q2
8 quarters
|
|
|
ATVI
4
CALL
DELISTED
Activision Blizzard
ATVI
| $107M | 1.9% |
1,269,600
+1,149,800
| +960% | +$93.1M |
2021 Q3
7 quarters
|
|
5
CALL
Occidental Petroleum
OXY
$64B
| $81.3M | 1.44% |
1,382,500
+500
| +0% | +$30K |
2020 Q4
10 quarters
|
|
|
HZNP
6
CALL
DELISTED
Horizon Therapeutics Public Limited Company Ordinary Shares
HZNP
| $66.4M | 1.18% |
+645,700
| New | +$68.1M |
2023 Q2
0 quarters
|
|
7
PUT
iShares US Home Construction ETF
ITB
$2.39B
| $66.2M | 1.17% |
775,000
| – | – |
2023 Q1
1 quarter
|
|
8
PUT
DELISTED
Exact Sciences
EXAS
| $64.8M | 1.15% |
690,400
+307,600
| +80% | +$24M |
2021 Q4
6 quarters
|
|
9
PUT
Alphabet (Google) Class C
GOOG
$3.42T
| $52M | 0.92% |
430,000
| – | – |
2023 Q1
1 quarter
|
|
10
CALL
American Tower
AMT
$87.1B
| $50.3M | 0.89% |
+259,600
| New | +$50.8M |
2023 Q2
0 quarters
|
|
11
CALL
Procter & Gamble
PG
$374B
| $48.6M | 0.86% |
+320,000
| New | +$48.2M |
2023 Q2
0 quarters
|
|
12
CALL
Bristol-Myers Squibb
BMY
$128B
| $44.7M | 0.79% |
698,500
+200,000
| +40% | +$13.4M |
2022 Q1
5 quarters
|
|
|
WWE
13
CALL
DELISTED
World Wrestling Entertainment
WWE
| $42.1M | 0.75% |
388,000
-284,700
| -42% | -$29.4M |
2023 Q1
1 quarter
|
|
|
14
PUT
Bristol-Myers Squibb
BMY
$128B
| $41.5M | 0.73% |
648,500
+200,000
| +45% | +$13.4M |
2022 Q1
5 quarters
|
|
15
CALL
Charter Communications
CHTR
$12.8B
| $40.4M | 0.72% |
110,000
-17,100
| -13% | -$5.83M |
2022 Q2
4 quarters
|
|
|
16
CALL
argenx
ARGX
$56.1B
| $39M | 0.69% |
100,000
+85,500
| +590% | +$33.6M |
2023 Q1
1 quarter
|
|
17
CALL
Meta Platforms (Facebook)
META
$1.6T
| $37.7M | 0.67% |
131,300
| – | – |
2022 Q3
3 quarters
|
|
18
CALL
First Solar
FSLR
$18.7B
| $34.2M | 0.61% |
180,000
-20,000
| -10% | -$3.96M |
2022 Q2
4 quarters
|
|
19
PUT
Royal Caribbean
RCL
$82.2B
| $33.7M | 0.6% |
325,000
+125,000
| +63% | +$9.8M |
2021 Q2
8 quarters
|
|
20
CALL
DELISTED
Karuna Therapeutics, Inc. Common Stock
KRTX
| $33.5M | 0.59% |
154,500
-45,500
| -23% | -$9.7M |
2022 Q2
4 quarters
|
|
|
21
CALL
Lockheed Martin
LMT
$147B
| $33.4M | 0.59% |
72,500
| – | – |
2022 Q4
2 quarters
|
|
|
22
PUT
Lockheed Martin
LMT
$147B
| $33.4M | 0.59% |
72,500
| – | – |
2022 Q4
2 quarters
|
|
23
CALL
State Street SPDR S&P Biotech ETF
XBI
$10.8B
| $32M | 0.57% |
384,100
+240,000
| +167% | +$20.1M |
2021 Q4
6 quarters
|
|
24
PUT
BioMarin Pharmaceuticals
BMRN
$11.3B
| $31.2M | 0.55% |
360,300
+280,900
| +354% | +$26.4M |
2021 Q4
6 quarters
|
|
25
PUT
Union Pacific
UNP
$181B
| $31.1M | 0.55% |
+151,900
| New | +$30.2M |
2023 Q2
0 quarters
|
|
Similar funds
Caption Management's Q2 2023 Portfolio in Review
As of Q2 2023, Caption Management held 1,507 positions worth $5.65B, up 9.1% from $5.18B the previous quarter. Its ten largest holdings account for 18% of the portfolio.
Caption Management's Q2 2023 filing shows 476 new, 192 increased, 202 reduced and 448 closed positions. Its largest new stake was Lockheed Martin: 31,000 shares worth $14.3M. The largest sale was KraneShares CSI China Internet ETF, an estimated $16.7M.
By sector, the portfolio is most concentrated in Miscellaneous at 90% of assets, down from 91% a quarter earlier, followed by Healthcare and Technology.
- Caption Management's largest Q2 2023 buy was Lockheed Martin: 31,000 shares worth $14.3M.
- Caption Management added most to State Street SPDR S&P Biotech ETF in Q2 2023, an estimated $11M increase.
- Caption Management's biggest Q2 2023 reduction was Sabre, cutting an estimated $12.5M.
- Caption Management fully exited KraneShares CSI China Internet ETF in Q2 2023, selling an estimated $16.7M.
- Caption Management's ten largest holdings make up 18% of its $5.65B portfolio in Q2 2023.
- Caption Management opened 476 new positions and closed 448 in Q2 2023.
- Caption Management's portfolio value rose 9.1% quarter-over-quarter to $5.65B.
Based on Caption Management's 13F filing for Q2 2023, filed 14 Aug 2023.