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 |
NVIDIA
NVDA
|
+$560M |
| 2 |
Tesla
TSLA
|
+$322M |
| 3 |
Alphabet (Google) Class A
GOOGL
|
+$131M |
| 4 |
Alphabet (Google) Class C
GOOG
|
+$121M |
| 5 |
Amazon
AMZN
|
+$113M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
State Street SPDR S&P Regional Banking ETF
KRE
|
+$63.1M |
| 2 |
Verizon
VZ
|
+$61.1M |
| 3 |
Broadcom
AVGO
|
+$20.5M |
| 4 |
Frontier Communications
FYBR
|
+$15.9M |
| 5 |
Citigroup
C
|
+$15.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 77.73% |
| 2 | Technology | 7.39% |
| 3 | Consumer Discretionary | 5.98% |
| 4 | Communication Services | 3.46% |
| 5 | Healthcare | 1.95% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
NVIDIA
NVDA
$4.94T
| $545M | 5.15% |
+4,060,000
| New | +$560M |
2024 Q4
0 quarters
|
|
|
2
PUT
NVIDIA
NVDA
$4.94T
| $545M | 5.15% |
+4,060,000
| New | +$560M |
2024 Q4
0 quarters
|
|
|
3
Tesla
TSLA
$1.58T
| $404M | 3.82% |
+1,000,000
| New | +$322M |
2024 Q4
0 quarters
|
|
|
4
PUT
Tesla
TSLA
$1.58T
| $404M | 3.82% |
1,000,000
+890,900
| +817% | +$287M |
2024 Q3
1 quarter
|
|
|
5
Alphabet (Google) Class C
GOOG
$3.42T
| $175M | 1.65% |
918,300
+685,000
| +294% | +$121M |
2024 Q2
2 quarters
|
|
|
6
PUT
Alphabet (Google) Class C
GOOG
$3.42T
| $174M | 1.64% |
913,700
+685,200
| +300% | +$121M |
2024 Q2
2 quarters
|
|
7
CALL
Strategy Inc
MSTR
$55.3B
| $159M | 1.5% |
+548,000
| New | +$165M |
2024 Q4
0 quarters
|
|
|
8
PUT
Strategy Inc
MSTR
$55.3B
| $159M | 1.5% |
+548,000
| New | +$165M |
2024 Q4
0 quarters
|
|
|
9
Alphabet (Google) Class A
GOOGL
$3.44T
| $142M | 1.34% |
+750,000
| New | +$131M |
2024 Q4
0 quarters
|
|
|
10
PUT
Alphabet (Google) Class A
GOOGL
$3.44T
| $142M | 1.34% |
+750,000
| New | +$131M |
2024 Q4
0 quarters
|
|
11
CALL
Applovin
APP
$76.5B
| $135M | 1.27% |
416,200
+18,400
| +5% | +$4.65M |
2023 Q1
7 quarters
|
|
|
12
PUT
Citigroup
C
$203B
| $132M | 1.25% |
1,873,300
+190,600
| +11% | +$12.8M |
2023 Q3
5 quarters
|
|
|
13
Amazon
AMZN
$2.59T
| $121M | 1.14% |
+550,000
| New | +$113M |
2024 Q4
0 quarters
|
|
|
14
PUT
Amazon
AMZN
$2.59T
| $121M | 1.14% |
+550,000
| New | +$113M |
2024 Q4
0 quarters
|
|
|
15
Citigroup
C
$203B
| $113M | 1.07% |
1,602,800
-228,200
| -12% | -$15.4M |
2023 Q3
5 quarters
|
|
16
CALL
Reddit
RDDT
$17.6B
| $113M | 1.06% |
+688,700
| New | +$85M |
2024 Q4
0 quarters
|
|
17
PUT
DELISTED
US Steel
X
| $104M | 0.98% |
3,048,300
+1,819,500
| +148% | +$67.2M |
2023 Q4
4 quarters
|
|
|
18
CALL
DELISTED
US Steel
X
| $102M | 0.96% |
2,998,700
+814,900
| +37% | +$30.1M |
2023 Q3
5 quarters
|
|
19
PUT
TKO Group
TKO
$13.2B
| $102M | 0.96% |
715,000
+600,000
| +522% | +$78.4M |
2024 Q2
2 quarters
|
|
20
PUT
DELISTED
Amedisys
AMED
| $97.2M | 0.92% |
1,070,300
+1,014,200
| +1,808% | +$93.1M |
2023 Q4
4 quarters
|
|
21
CALL
Royal Caribbean
RCL
$82.2B
| $82.4M | 0.78% |
357,000
| – | – |
2023 Q2
6 quarters
|
|
22
Advanced Micro Devices
AMD
$824B
| $78.5M | 0.74% |
+650,000
| New | +$93.5M |
2024 Q4
0 quarters
|
|
|
23
PUT
Advanced Micro Devices
AMD
$824B
| $78.5M | 0.74% |
+650,000
| New | +$93.5M |
2024 Q4
0 quarters
|
|
24
PUT
Tapestry
TPR
$23.1B
| $77.8M | 0.74% |
1,190,600
+25,400
| +2% | +$1.39M |
2023 Q2
6 quarters
|
|
|
25
PUT
State Street SPDR S&P Regional Banking ETF
KRE
$4.3B
| $66.5M | 0.63% |
1,102,500
-189,400
| -15% | -$11.7M |
2023 Q3
5 quarters
|
|
Similar funds
Caption Management's Q4 2024 Portfolio in Review
As of Q4 2024, Caption Management held 1,909 positions worth $10.6B, up 69% from $6.27B the previous quarter. Its ten largest holdings account for 27% of the portfolio.
Caption Management deployed $1.42B of net new capital in Q4 2024, opening 683 new positions and adding to 298 existing holdings. Its largest new stake was NVIDIA: 4,060,000 shares worth $545M.
By sector, the portfolio is most concentrated in Miscellaneous at 78% of assets, down from 86% a quarter earlier, followed by Technology and Consumer Discretionary.
On the sell side, the largest reduction was State Street SPDR S&P Regional Banking ETF, an estimated $63.1M trimmed.
- Caption Management's largest Q4 2024 buy was NVIDIA: 4,060,000 shares worth $545M.
- Caption Management added most to Alphabet (Google) Class C in Q4 2024, an estimated $121M increase.
- Caption Management's biggest Q4 2024 reduction was State Street SPDR S&P Regional Banking ETF, cutting an estimated $63.1M.
- Caption Management fully exited Broadcom in Q4 2024, selling an estimated $20.5M.
- Caption Management's ten largest holdings make up 27% of its $10.6B portfolio in Q4 2024.
- Caption Management opened 683 new positions and closed 491 in Q4 2024.
- Caption Management's portfolio value rose 69% quarter-over-quarter to $10.6B.
Based on Caption Management's 13F filing for Q4 2024, filed 14 Feb 2025.