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 |
Verizon
VZ
|
+$90.4M |
| 2 |
Cytokinetics
CYTK
|
+$14.7M |
| 3 |
Cigna
CI
|
+$13.5M |
| 4 |
Marathon Petroleum
MPC
|
+$9.9M |
| 5 |
Charter Communications
CHTR
|
+$9.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Lockheed Martin
LMT
|
+$28.8M |
| 2 |
International Paper
IP
|
+$25.9M |
| 3 |
Bristol-Myers Squibb
BMY
|
+$18.8M |
| 4 |
American Tower
AMT
|
+$16.2M |
| 5 |
On Holding
ONON
|
+$14.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 88.69% |
| 2 | Healthcare | 2.67% |
| 3 | Communication Services | 2.38% |
| 4 | Financials | 1.61% |
| 5 | Technology | 1.29% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
PUT
Cytokinetics
CYTK
$8.76B
| $141M | 1.9% |
1,688,600
+1,594,000
| +1,685% | +$57.7M |
2023 Q3
1 quarter
|
|
2
PUT
Mondelez International
MDLZ
$82.2B
| $118M | 1.59% |
+1,624,600
| New | +$111M |
2023 Q4
0 quarters
|
|
3
PUT
T-Mobile US
TMUS
$166B
| $115M | 1.55% |
716,800
+126,800
| +21% | +$18.8M |
2023 Q2
2 quarters
|
|
|
4
CALL
Cytokinetics
CYTK
$8.76B
| $113M | 1.52% |
1,351,900
+1,348,600
| +40,867% | +$48.8M |
2023 Q3
1 quarter
|
|
5
PUT
Palo Alto Networks
PANW
$299B
| $97M | 1.31% |
658,200
+53,400
| +9% | +$7.14M |
2021 Q2
10 quarters
|
|
|
6
Verizon
VZ
$185B
| $96.4M | 1.3% |
+2,556,000
| New | +$90.4M |
2023 Q4
0 quarters
|
|
7
CALL
Kenvue
KVUE
$37.1B
| $93.8M | 1.26% |
4,355,300
+2,030,800
| +87% | +$40.6M |
2023 Q3
1 quarter
|
|
8
CALL
Sarepta Therapeutics
SRPT
$1.97B
| $93M | 1.25% |
964,300
+308,200
| +47% | +$29.6M |
2021 Q2
10 quarters
|
|
9
CALL
DELISTED
Splunk Inc
SPLK
| $90.7M | 1.22% |
+595,500
| New | +$89M |
2023 Q4
0 quarters
|
|
|
10
PUT
Verizon
VZ
$185B
| $90.5M | 1.22% |
+2,400,000
| New | +$84.9M |
2023 Q4
0 quarters
|
|
11
Citigroup
C
$203B
| $90.1M | 1.21% |
1,752,200
+25,000
| +1% | +$1.11M |
2023 Q3
1 quarter
|
|
|
12
PUT
Citigroup
C
$203B
| $87.2M | 1.18% |
1,695,400
-4,800
| -0.3% | -$213K |
2023 Q3
1 quarter
|
|
|
13
CALL
T-Mobile US
TMUS
$166B
| $70.5M | 0.95% |
440,000
-90,000
| -17% | -$13.3M |
2023 Q3
1 quarter
|
|
14
CALL
State Street SPDR S&P Biotech ETF
XBI
$10.8B
| $62.9M | 0.85% |
704,100
+620,000
| +737% | +$46M |
2021 Q4
8 quarters
|
|
15
PUT
State Street SPDR S&P Regional Banking ETF
KRE
$4.3B
| $62.5M | 0.84% |
1,191,900
+91,900
| +8% | +$4.11M |
2023 Q3
1 quarter
|
|
16
PUT
Alphabet (Google) Class C
GOOG
$3.42T
| $58M | 0.78% |
411,300
-18,700
| -4% | -$2.54M |
2023 Q1
3 quarters
|
|
|
17
State Street SPDR S&P Regional Banking ETF
KRE
$4.3B
| $57.9M | 0.78% |
1,105,000
-15,000
| -1% | -$671K |
2023 Q3
1 quarter
|
|
18
CALL
Vertiv
VRT
$89.5B
| $57M | 0.77% |
1,185,800
+1,095,800
| +1,218% | +$46.7M |
2022 Q4
4 quarters
|
|
19
PUT
Northrop Grumman
NOC
$79.2B
| $53.8M | 0.73% |
+115,000
| New | +$53.9M |
2023 Q4
0 quarters
|
|
20
CALL
Cencora
COR
$63.1B
| $53.6M | 0.72% |
260,800
-3,600
| -1% | -$703K |
2023 Q3
1 quarter
|
|
21
PUT
RH
RH
$2.78B
| $50.6M | 0.68% |
173,700
| – | – |
2023 Q3
1 quarter
|
|
22
CALL
TAL Education Group
TAL
$5.47B
| $49.9M | 0.67% |
3,954,200
+2,965,900
| +300% | +$30.7M |
2023 Q3
1 quarter
|
|
23
CALL
Meta Platforms (Facebook)
META
$1.6T
| $46.5M | 0.63% |
131,300
| – | – |
2022 Q3
5 quarters
|
|
24
PUT
DELISTED
US Steel
X
| $44M | 0.59% |
+905,000
| New | +$32.9M |
2023 Q4
0 quarters
|
|
25
PUT
Capri Holdings
CPRI
$1.93B
| $43.9M | 0.59% |
873,100
+611,800
| +234% | +$30.5M |
2023 Q3
1 quarter
|
|
Similar funds
Caption Management's Q4 2023 Portfolio in Review
As of Q4 2023, Caption Management held 1,799 positions worth $7.42B, up 14% from $6.49B the previous quarter. Its ten largest holdings account for 14% of the portfolio.
Caption Management's Q4 2023 filing shows 559 new, 264 increased, 281 reduced and 507 closed positions. Its largest new stake was Verizon: 2,556,000 shares worth $96.4M. The largest sale was Lockheed Martin, an estimated $28.8M.
By sector, the portfolio is most concentrated in Miscellaneous at 89% of assets, down from 89% a quarter earlier, followed by Healthcare and Communication Services.
- Caption Management's largest Q4 2023 buy was Verizon: 2,556,000 shares worth $96.4M.
- Caption Management added most to Cytokinetics in Q4 2023, an estimated $14.7M increase.
- Caption Management's biggest Q4 2023 reduction was International Paper, cutting an estimated $25.9M.
- Caption Management fully exited Lockheed Martin in Q4 2023, selling an estimated $28.8M.
- Caption Management's ten largest holdings make up 14% of its $7.42B portfolio in Q4 2023.
- Caption Management opened 559 new positions and closed 507 in Q4 2023.
- Caption Management's portfolio value rose 14% quarter-over-quarter to $7.42B.
Based on Caption Management's 13F filing for Q4 2023, filed 14 Feb 2024.