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 |
Citigroup
C
|
+$75.8M |
| 2 |
State Street SPDR S&P Regional Banking ETF
KRE
|
+$49.9M |
| 3 |
On Holding
ONON
|
+$19.3M |
| 4 |
Lockheed Martin
LMT
|
+$17.5M |
| 5 |
NextEra Energy
NEE
|
+$14.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
WWE
World Wrestling Entertainment
WWE
|
+$20.2M |
| 2 |
ATVI
Activision Blizzard
ATVI
|
+$12.8M |
| 3 |
Spectrum Brands
SPB
|
+$12.2M |
| 4 |
State Street SPDR S&P Biotech ETF
XBI
|
+$11.6M |
| 5 |
SGEN
Seagen Inc. Common Stock
SGEN
|
+$11.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 89.09% |
| 2 | Healthcare | 2.41% |
| 3 | Technology | 1.47% |
| 4 | Consumer Discretionary | 1.45% |
| 5 | Financials | 1.41% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
ATVI
1
PUT
DELISTED
Activision Blizzard
ATVI
| $172M | 2.64% |
1,834,100
-1,436,600
| -44% | -$131M |
2022 Q4
3 quarters
|
|
|
HZNP
2
PUT
DELISTED
Horizon Therapeutics Public Limited Company Ordinary Shares
HZNP
| $132M | 2.04% |
1,143,800
-24,900
| -2% | -$2.68M |
2020 Q3
12 quarters
|
|
|
SGEN
3
PUT
DELISTED
Seagen Inc. Common Stock
SGEN
| $127M | 1.96% |
598,500
+570,800
| +2,061% | +$114M |
2023 Q1
2 quarters
|
|
4
PUT
T-Mobile US
TMUS
$166B
| $82.6M | 1.27% |
590,000
+565,000
| +2,260% | +$78.3M |
2023 Q2
1 quarter
|
|
5
CALL
Sarepta Therapeutics
SRPT
$1.97B
| $79.5M | 1.22% |
656,100
+394,700
| +151% | +$44.6M |
2021 Q2
9 quarters
|
|
|
6
CALL
T-Mobile US
TMUS
$166B
| $74.2M | 1.14% |
+530,000
| New | +$73.4M |
2023 Q3
0 quarters
|
|
|
7
Citigroup
C
$203B
| $71M | 1.09% |
+1,727,200
| New | +$75.8M |
2023 Q3
0 quarters
|
|
8
PUT
Palo Alto Networks
PANW
$299B
| $70.9M | 1.09% |
604,800
-235,600
| -28% | -$27.9M |
2021 Q2
9 quarters
|
|
|
9
PUT
Citigroup
C
$203B
| $69.9M | 1.08% |
+1,700,200
| New | +$74.6M |
2023 Q3
0 quarters
|
|
10
CALL
argenx
ARGX
$56.1B
| $61.2M | 0.94% |
124,500
+24,500
| +25% | +$12M |
2023 Q1
2 quarters
|
|
11
PUT
iShares US Home Construction ETF
ITB
$2.39B
| $60.8M | 0.94% |
775,000
| – | – |
2023 Q1
2 quarters
|
|
12
PUT
Alphabet (Google) Class C
GOOG
$3.42T
| $56.7M | 0.87% |
430,000
| – | – |
2023 Q1
2 quarters
|
|
|
CANO
13
CALL
DELISTED
Cano Health, Inc.
CANO
| $55.2M | 0.85% |
2,176,600
+2,154,794
| +9,882% | +$177M |
2021 Q3
8 quarters
|
|
|
HZNP
14
CALL
DELISTED
Horizon Therapeutics Public Limited Company Ordinary Shares
HZNP
| $53.2M | 0.82% |
460,200
-185,500
| -29% | -$19.9M |
2023 Q2
1 quarter
|
|
|
15
PUT
Sarepta Therapeutics
SRPT
$1.97B
| $48.1M | 0.74% |
396,500
+203,900
| +106% | +$23M |
2021 Q4
7 quarters
|
|
16
CALL
Cencora
COR
$63.1B
| $47.6M | 0.73% |
+264,400
| New | +$48.8M |
2023 Q3
0 quarters
|
|
|
17
State Street SPDR S&P Regional Banking ETF
KRE
$4.3B
| $46.8M | 0.72% |
+1,120,000
| New | +$49.9M |
2023 Q3
0 quarters
|
|
18
CALL
Kenvue
KVUE
$37.1B
| $46.7M | 0.72% |
+2,324,500
| New | +$53.8M |
2023 Q3
0 quarters
|
|
|
19
PUT
State Street SPDR S&P Regional Banking ETF
KRE
$4.3B
| $45.9M | 0.71% |
+1,100,000
| New | +$49M |
2023 Q3
0 quarters
|
|
20
PUT
RH
RH
$2.85B
| $45.9M | 0.71% |
+173,700
| New | +$60.4M |
2023 Q3
0 quarters
|
|
|
21
CALL
On Holding
ONON
$11.3B
| $43.2M | 0.67% |
+1,553,300
| New | +$49.2M |
2023 Q3
0 quarters
|
|
22
PUT
Charter Communications
CHTR
$12.8B
| $41.8M | 0.64% |
95,000
+39,000
| +70% | +$16.2M |
2023 Q2
1 quarter
|
|
|
23
CALL
Charter Communications
CHTR
$12.8B
| $39.6M | 0.61% |
90,000
-20,000
| -18% | -$8.32M |
2022 Q2
5 quarters
|
|
24
CALL
Meta Platforms (Facebook)
META
$1.6T
| $39.4M | 0.61% |
131,300
| – | – |
2022 Q3
4 quarters
|
|
25
CALL
Nutanix
NTNX
$18.2B
| $38.3M | 0.59% |
1,099,200
+836,100
| +318% | +$26.2M |
2021 Q1
10 quarters
|
|
Similar funds
Caption Management's Q3 2023 Portfolio in Review
As of Q3 2023, Caption Management held 1,654 positions worth $6.49B, up 15% from $5.65B the previous quarter. Its ten largest holdings account for 14% of the portfolio.
Caption Management deployed $248M of net new capital in Q3 2023, opening 595 new positions and adding to 239 existing holdings. Its largest new stake was Citigroup: 1,727,200 shares worth $71M.
By sector, the portfolio is most concentrated in Miscellaneous at 89% of assets, down from 90% a quarter earlier, followed by Healthcare and Technology.
On the sell side, the largest reduction was Spectrum Brands, an estimated $12.2M trimmed.
- Caption Management's largest Q3 2023 buy was Citigroup: 1,727,200 shares worth $71M.
- Caption Management added most to Lockheed Martin in Q3 2023, an estimated $17.5M increase.
- Caption Management's biggest Q3 2023 reduction was Spectrum Brands, cutting an estimated $12.2M.
- Caption Management fully exited World Wrestling Entertainment in Q3 2023, selling an estimated $20.2M.
- Caption Management's ten largest holdings make up 14% of its $6.49B portfolio in Q3 2023.
- Caption Management opened 595 new positions and closed 414 in Q3 2023.
- Caption Management's portfolio value rose 15% quarter-over-quarter to $6.49B.
Based on Caption Management's 13F filing for Q3 2023, filed 14 Nov 2023.