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 |
Albertsons Companies
ACI
|
+$18.3M |
| 2 |
Chevron
CVX
|
+$18M |
| 3 |
Broadcom
AVGO
|
+$17.8M |
| 4 |
Frontier Communications
FYBR
|
+$13.7M |
| 5 |
CRH
CRH
|
+$9.45M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Verizon
VZ
|
+$44M |
| 2 |
Alnylam Pharmaceuticals
ALNY
|
+$42.2M |
| 3 |
Sarepta Therapeutics
SRPT
|
+$27.5M |
| 4 |
First Solar
FSLR
|
+$23.2M |
| 5 |
Charter Communications
CHTR
|
+$19.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 86.45% |
| 2 | Communication Services | 2.63% |
| 3 | Financials | 2.29% |
| 4 | Healthcare | 2.13% |
| 5 | Technology | 2.02% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Citigroup
C
$203B
| $115M | 1.83% |
1,831,000
+111,000
| +6% | +$6.86M |
2023 Q3
4 quarters
|
|
|
2
PUT
Citigroup
C
$203B
| $105M | 1.68% |
1,682,700
-4,600
| -0.3% | -$284K |
2023 Q3
4 quarters
|
|
3
CALL
Cencora
COR
$64.5B
| $88.6M | 1.41% |
393,600
-39,000
| -9% | -$9.05M |
2023 Q3
4 quarters
|
|
4
PUT
Capri Holdings
CPRI
$2.07B
| $79.5M | 1.27% |
1,874,200
-515,400
| -22% | -$18.1M |
2023 Q3
4 quarters
|
|
5
CALL
DELISTED
US Steel
X
| $77.2M | 1.23% |
2,183,800
+1,024,900
| +88% | +$39M |
2023 Q3
4 quarters
|
|
6
PUT
State Street SPDR S&P Regional Banking ETF
KRE
$4.01B
| $73.1M | 1.17% |
1,291,900
+6,600
| +0.5% | +$362K |
2023 Q3
4 quarters
|
|
|
7
Verizon
VZ
$187B
| $67.4M | 1.08% |
1,500,000
-1,055,400
| -41% | -$44M |
2023 Q4
3 quarters
|
|
8
PUT
VeriSign
VRSN
$27.6B
| $67.1M | 1.07% |
353,000
+72,900
| +26% | +$13.1M |
2024 Q2
1 quarter
|
|
|
9
CALL
Albertsons Companies
ACI
$6.66B
| $65.9M | 1.05% |
3,567,500
+3,457,500
| +3,143% | +$67.7M |
2023 Q3
4 quarters
|
|
|
10
PUT
Verizon
VZ
$187B
| $65.2M | 1.04% |
1,451,100
-949,000
| -40% | -$39.6M |
2023 Q4
3 quarters
|
|
|
11
State Street SPDR S&P Regional Banking ETF
KRE
$4.01B
| $63.9M | 1.02% |
1,128,400
-32,700
| -3% | -$1.79M |
2023 Q3
4 quarters
|
|
12
CALL
Royal Caribbean
RCL
$85.9B
| $63.3M | 1.01% |
357,000
| – | – |
2023 Q2
5 quarters
|
|
|
13
CALL
Capri Holdings
CPRI
$2.07B
| $61.3M | 0.98% |
1,443,400
-101,700
| -7% | -$3.57M |
2023 Q3
4 quarters
|
|
14
CALL
Celestica
CLS
$31.4B
| $59.8M | 0.95% |
1,170,100
+440,300
| +60% | +$22.8M |
2023 Q3
4 quarters
|
|
15
PUT
Tapestry
TPR
$23.1B
| $54.7M | 0.87% |
1,165,200
+66,400
| +6% | +$2.74M |
2023 Q2
5 quarters
|
|
16
CALL
Applovin
APP
$76.6B
| $51.9M | 0.83% |
397,800
+62,800
| +19% | +$5.73M |
2023 Q1
6 quarters
|
|
17
CALL
Pinterest
PINS
$11.6B
| $48.6M | 0.78% |
+1,500,000
| New | +$51M |
2024 Q3
0 quarters
|
|
|
18
CALL
Citigroup
C
$203B
| $47M | 0.75% |
750,000
+650,000
| +650% | +$40.2M |
2024 Q2
1 quarter
|
|
|
19
PUT
DELISTED
Frontier Communications
FYBR
| $46.4M | 0.74% |
1,304,900
+1,254,900
| +2,510% | +$37.7M |
2023 Q3
4 quarters
|
|
20
PUT
Vistra
VST
$45.2B
| $44.3M | 0.71% |
373,300
-193,700
| -34% | -$16.4M |
2022 Q2
9 quarters
|
|
|
21
PUT
DELISTED
US Steel
X
| $43.4M | 0.69% |
1,228,800
-351,200
| -22% | -$13.4M |
2023 Q4
3 quarters
|
|
22
PUT
DELISTED
Arcellx
ACLX
| $43.4M | 0.69% |
+519,600
| New | +$34.6M |
2024 Q3
0 quarters
|
|
23
CALL
GE Vernova
GEV
$228B
| $40.4M | 0.65% |
+158,600
| New | +$30.5M |
2024 Q3
0 quarters
|
|
24
Alphabet (Google) Class C
GOOG
$3.42T
| $39M | 0.62% |
233,300
-400
| -0.2% | -$67.7K |
2024 Q2
1 quarter
|
|
|
25
PUT
Alphabet (Google) Class C
GOOG
$3.42T
| $38.2M | 0.61% |
228,500
| – | – |
2024 Q2
1 quarter
|
|
Similar funds
Caption Management's Q3 2024 Portfolio in Review
As of Q3 2024, Caption Management held 1,678 positions worth $6.27B, down 3.5% from $6.49B the previous quarter. Its ten largest holdings account for 13% of the portfolio.
Caption Management's Q3 2024 filing shows 564 new, 243 increased, 243 reduced and 452 closed positions. Its largest new stake was Albertsons Companies: 935,000 shares worth $17.3M. The largest sale was Verizon, an estimated $44M.
By sector, the portfolio is most concentrated in Miscellaneous at 86% of assets, down from 87% a quarter earlier, followed by Communication Services and Financials.
- Caption Management's largest Q3 2024 buy was Albertsons Companies: 935,000 shares worth $17.3M.
- Caption Management added most to Chevron in Q3 2024, an estimated $18M increase.
- Caption Management's biggest Q3 2024 reduction was Verizon, cutting an estimated $44M.
- Caption Management fully exited First Solar in Q3 2024, selling an estimated $23.2M.
- Caption Management's ten largest holdings make up 13% of its $6.27B portfolio in Q3 2024.
- Caption Management opened 564 new positions and closed 452 in Q3 2024.
- Caption Management's portfolio value fell 3.5% quarter-over-quarter to $6.27B.
Based on Caption Management's 13F filing for Q3 2024, filed 14 Nov 2024.