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 |
Sarepta Therapeutics
SRPT
|
+$18.4M |
| 2 |
Intra-Cellular Therapies Inc.
ITCI
|
+$15.6M |
| 3 |
Alnylam Pharmaceuticals
ALNY
|
+$15.4M |
| 4 |
Meta Platforms (Facebook)
META
|
+$15M |
| 5 |
Adobe
ADBE
|
+$13.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Apellis Pharmaceuticals
APLS
|
+$23.1M |
| 2 |
Palo Alto Networks
PANW
|
+$20.9M |
| 3 |
Cigna
CI
|
+$16.5M |
| 4 |
Charter Communications
CHTR
|
+$15.8M |
| 5 |
Cytokinetics
CYTK
|
+$12M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 87.61% |
| 2 | Healthcare | 2.74% |
| 3 | Communication Services | 2.58% |
| 4 | Financials | 2.16% |
| 5 | Technology | 1.6% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
PUT
Mondelez International
MDLZ
$82.4B
| $114M | 1.73% |
1,623,800
-800
| -0% | -$58.4K |
2023 Q4
1 quarter
|
|
2
Citigroup
C
$203B
| $111M | 1.68% |
1,752,200
| – | – |
2023 Q3
2 quarters
|
|
3
Verizon
VZ
$188B
| $107M | 1.63% |
2,555,900
-100
| -0% | -$4.03K |
2023 Q4
1 quarter
|
|
|
4
PUT
Citigroup
C
$203B
| $107M | 1.62% |
1,689,500
-5,900
| -0.3% | -$328K |
2023 Q3
2 quarters
|
|
5
CALL
Cencora
COR
$65B
| $105M | 1.6% |
432,600
+171,800
| +66% | +$39.5M |
2023 Q3
2 quarters
|
|
|
6
CALL
Sarepta Therapeutics
SRPT
$1.96B
| $101M | 1.54% |
783,000
-181,300
| -19% | -$22.2M |
2021 Q2
11 quarters
|
|
|
7
PUT
Verizon
VZ
$188B
| $101M | 1.53% |
2,400,000
| – | – |
2023 Q4
1 quarter
|
|
8
PUT
Caterpillar
CAT
$287B
| $93.9M | 1.43% |
256,200
+156,200
| +156% | +$49.9M |
2023 Q4
1 quarter
|
|
|
9
CALL
Caterpillar
CAT
$287B
| $81.6M | 1.24% |
+222,800
| New | +$71.2M |
2024 Q1
0 quarters
|
|
|
10
PUT
Adobe
ADBE
$95.8B
| $70.6M | 1.07% |
+140,000
| New | +$80.2M |
2024 Q1
0 quarters
|
|
11
CALL
T-Mobile US
TMUS
$164B
| $66.6M | 1.01% |
407,800
-32,200
| -7% | -$5.24M |
2023 Q3
2 quarters
|
|
12
CALL
Energy Transfer Partners
ET
$69.4B
| $62.7M | 0.95% |
3,983,100
+2,141,600
| +116% | +$31.2M |
2023 Q2
3 quarters
|
|
13
PUT
State Street SPDR S&P Regional Banking ETF
KRE
$3.96B
| $58.9M | 0.89% |
1,171,100
-20,800
| -2% | -$1.03M |
2023 Q3
2 quarters
|
|
14
PUT
iShares US Home Construction ETF
ITB
$2.39B
| $57.9M | 0.88% |
+500,000
| New | +$52.4M |
2024 Q1
0 quarters
|
|
15
PUT
Capri Holdings
CPRI
$2.07B
| $57.8M | 0.88% |
1,276,300
+403,200
| +46% | +$19.2M |
2023 Q3
2 quarters
|
|
16
PUT
RH
RH
$2.54B
| $57.3M | 0.87% |
164,400
-9,300
| -5% | -$2.53M |
2023 Q3
2 quarters
|
|
|
17
PUT
Cytokinetics
CYTK
$8.66B
| $56.3M | 0.86% |
803,500
-885,100
| -52% | -$68.5M |
2023 Q3
2 quarters
|
|
18
PUT
Tapestry
TPR
$24B
| $56.3M | 0.86% |
1,186,300
+228,500
| +24% | +$9.8M |
2023 Q2
3 quarters
|
|
19
PUT
DELISTED
US Steel
X
| $55.8M | 0.85% |
1,367,500
+462,500
| +51% | +$21.2M |
2023 Q4
1 quarter
|
|
|
20
State Street SPDR S&P Regional Banking ETF
KRE
$3.96B
| $55.6M | 0.84% |
1,106,142
+1,142
| +0.1% | +$56.4K |
2023 Q3
2 quarters
|
|
21
PUT
Viking Therapeutics
VKTX
$3.33B
| $50.2M | 0.76% |
612,500
+395,500
| +182% | +$17.6M |
2023 Q2
3 quarters
|
|
|
22
CALL
Alnylam Pharmaceuticals
ALNY
$21.4B
| $49.5M | 0.75% |
330,900
+266,900
| +417% | +$44.5M |
2020 Q3
14 quarters
|
|
|
23
PUT
T-Mobile US
TMUS
$164B
| $49M | 0.74% |
300,000
-416,800
| -58% | -$67.8M |
2023 Q2
3 quarters
|
|
24
PUT
ResMed
RMD
$31.9B
| $44.4M | 0.67% |
+224,400
| New | +$41.1M |
2024 Q1
0 quarters
|
|
25
CALL
Chevron
CVX
$440B
| $42M | 0.64% |
266,300
+192,300
| +260% | +$29M |
2023 Q4
1 quarter
|
|
Similar funds
Caption Management's Q1 2024 Portfolio in Review
As of Q1 2024, Caption Management held 1,801 positions worth $6.59B, down 11% from $7.42B the previous quarter. Its ten largest holdings account for 15% of the portfolio.
Caption Management's Q1 2024 filing shows 509 new, 232 increased, 294 reduced and 676 closed positions. Its largest new stake was Adobe: 22,800 shares worth $11.5M. The largest sale was Apellis Pharmaceuticals, an estimated $23.1M.
By sector, the portfolio is most concentrated in Miscellaneous at 88% of assets, down from 89% a quarter earlier, followed by Healthcare and Communication Services.
- Caption Management's largest Q1 2024 buy was Adobe: 22,800 shares worth $11.5M.
- Caption Management added most to Sarepta Therapeutics in Q1 2024, an estimated $18.4M increase.
- Caption Management's biggest Q1 2024 reduction was Apellis Pharmaceuticals, cutting an estimated $23.1M.
- Caption Management fully exited Palo Alto Networks in Q1 2024, selling an estimated $20.9M.
- Caption Management's ten largest holdings make up 15% of its $6.59B portfolio in Q1 2024.
- Caption Management opened 509 new positions and closed 676 in Q1 2024.
- Caption Management's portfolio value fell 11% quarter-over-quarter to $6.59B.
Based on Caption Management's 13F filing for Q1 2024, filed 15 May 2024.