Caption Management, LLC

Caption Management, LLC is a financial advisor firm established in February 2012, primarily owned by Jason Strasser and William Cooper. The firm provides discretionary investment advice to a private fund called the Caption Fund and separately managed accounts. The Caption Fund pays a quarterly management fee of 2.35% of each investor's capital account, deducted directly from the assets. The firm's total regulatory assets under management were $1,151,045,152 as of December 31, 2022. Clients of the firm are typically high net worth individuals, institutional investors, and qualified purchasers. The minimum investment for the Caption Fund is generally $500,000. The firm's investment strategy focuses on capital appreciation through trading U.S. common stocks and listed vanilla options, with an average holding period of 2-4 months. The firm may also invest in other securities for capital appreciation or hedging purposes. Clients should be prepared for the speculative nature of investments, as there is a high degree of risk involved. The firm does not accept economic benefits from third parties for advice rendered to clients and does not compensate non-advisory personnel for client referrals. Clients' portfolios are reviewed daily, and performance is analyzed by the firm's investment professionals. The firm has discretionary authority over client accounts, with clients generally unable to place limits on the firm's authority. The firm generally has voting discretion over client securities, with proxy voting decisions made in the best interests of each client.