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 |
TSMC
TSM
|
+$230M |
| 2 |
Microsoft
MSFT
|
+$198M |
| 3 |
NVIDIA
NVDA
|
+$68.1M |
| 4 |
Alphabet (Google) Class C
GOOG
|
+$64.8M |
| 5 |
State Street Financial Select Sector SPDR ETF
XLF
|
+$58M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Meta Platforms (Facebook)
META
|
+$52.2M |
| 2 |
United Therapeutics
UTHR
|
+$36.7M |
| 3 |
Take-Two Interactive
TTWO
|
+$35M |
| 4 |
Alphabet (Google) Class A
GOOGL
|
+$30.3M |
| 5 |
Planet Labs PBC Warrants
PL.WS
|
+$24.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 88.42% |
| 2 | Technology | 5.01% |
| 3 | Healthcare | 1.9% |
| 4 | Consumer Discretionary | 1.75% |
| 5 | Financials | 1.17% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
CALL
Meta Platforms (Facebook)
META
$1.64T
| $1.1B | 5.14% |
1,957,500
-42,500
| -2% | -$26M |
2026 Q1
1 quarter
|
|
2
PUT
Western Digital
WDC
$121B
| $636M | 2.96% |
996,000
+796,000
| +398% | +$387M |
2024 Q4
6 quarters
|
|
|
3
NVIDIA
NVDA
$4.83T
| $368M | 1.71% |
1,838,800
+331,100
| +22% | +$68.1M |
2025 Q3
3 quarters
|
|
4
CALL
Amazon
AMZN
$2.88T
| $313M | 1.46% |
1,313,000
+313,000
| +31% | +$78.6M |
2026 Q1
1 quarter
|
|
5
PUT
DELISTED
Warner Bros
WBD
| $307M | 1.43% |
11,521,600
-395,000
| -3% | -$10.7M |
2025 Q3
3 quarters
|
|
|
6
PUT
NVIDIA
NVDA
$4.83T
| $296M | 1.38% |
1,480,000
-95,000
| -6% | -$19.5M |
2025 Q3
3 quarters
|
|
|
7
CALL
Microsoft
MSFT
$4.13T
| $281M | 1.31% |
752,000
+402,000
| +115% | +$163M |
2025 Q4
2 quarters
|
|
|
8
PUT
TSMC
TSM
$2.05T
| $278M | 1.3% |
583,000
+524,100
| +890% | +$213M |
2025 Q1
5 quarters
|
|
|
9
TSMC
TSM
$2.05T
| $270M | 1.26% |
+565,700
| New | +$230M |
2026 Q2
0 quarters
|
|
|
10
PUT
Take-Two Interactive
TTWO
$39.1B
| $261M | 1.21% |
1,042,900
+381,600
| +58% | +$84.2M |
2025 Q4
2 quarters
|
|
11
PUT
Carvana
CVNA
$85.6B
| $250M | 1.16% |
3,797,300
-1,890,700
| -33% | -$134M |
2024 Q1
9 quarters
|
|
12
PUT
Blue Owl Capital
OWL
$7.28B
| $209M | 0.98% |
23,915,000
+964,600
| +4% | +$9.16M |
2025 Q1
5 quarters
|
|
|
13
PUT
United Therapeutics
UTHR
$26.1B
| $205M | 0.96% |
378,200
-31,800
| -8% | -$17.9M |
2024 Q4
6 quarters
|
|
|
14
CALL
United Therapeutics
UTHR
$26.1B
| $199M | 0.93% |
366,600
-300,600
| -45% | -$169M |
2024 Q4
6 quarters
|
|
|
15
CALL
Carvana
CVNA
$85.6B
| $196M | 0.91% |
2,975,000
+77,500
| +3% | +$5.48M |
2024 Q4
6 quarters
|
|
|
16
Microsoft
MSFT
$4.13T
| $192M | 0.9% |
515,000
+489,650
| +1,932% | +$198M |
2025 Q4
2 quarters
|
|
|
17
PUT
Microsoft
MSFT
$4.13T
| $187M | 0.87% |
500,000
+400,000
| +400% | +$162M |
2025 Q4
2 quarters
|
|
18
PUT
VanEck Semiconductor ETF
SMH
$64.6B
| $174M | 0.81% |
+265,000
| New | +$145M |
2026 Q2
0 quarters
|
|
19
CALL
Gilead Sciences
GILD
$216B
| $170M | 0.79% |
1,347,600
+1,147,600
| +574% | +$151M |
2025 Q2
4 quarters
|
|
20
PUT
Tesla
TSLA
$1.52T
| $168M | 0.78% |
400,000
+100,000
| +33% | +$39.8M |
2024 Q3
7 quarters
|
|
21
PUT
State Street SPDR S&P Regional Banking ETF
KRE
$4.03B
| $168M | 0.78% |
2,247,000
+2,003,000
| +821% | +$140M |
2025 Q3
3 quarters
|
|
|
22
Tesla
TSLA
$1.52T
| $167M | 0.78% |
397,700
+98,000
| +33% | +$39M |
2024 Q4
6 quarters
|
|
23
CALL
Lumentum
LITE
$56.8B
| $150M | 0.7% |
175,000
| – | – |
2025 Q1
5 quarters
|
|
24
PUT
DELISTED
Electronic Arts
EA
| $144M | 0.67% |
700,000
-658,600
| -48% | -$133M |
2026 Q1
1 quarter
|
|
|
25
Blue Owl Capital
OWL
$7.28B
| $140M | 0.65% |
15,995,905
+877,950
| +6% | +$8.34M |
2025 Q3
3 quarters
|
|
Similar funds
Caption Management's Q2 2026 Portfolio in Review
As of Q2 2026, Caption Management held 2,170 positions worth $21.5B, up 25% from $17.1B the previous quarter. Its ten largest holdings account for 19% of the portfolio.
Caption Management's Q2 2026 filing shows 686 new, 353 increased, 351 reduced and 575 closed positions. Its largest new stake was TSMC: 565,700 shares worth $270M. The largest sale was Meta Platforms (Facebook), an estimated $52.2M.
By sector, the portfolio is most concentrated in Miscellaneous at 88% of assets, down from 89% a quarter earlier, followed by Technology and Healthcare.
- Caption Management's largest Q2 2026 buy was TSMC: 565,700 shares worth $270M.
- Caption Management added most to Microsoft in Q2 2026, an estimated $198M increase.
- Caption Management's biggest Q2 2026 reduction was Meta Platforms (Facebook), cutting an estimated $52.2M.
- Caption Management fully exited Planet Labs PBC Warrants in Q2 2026, selling an estimated $24.9M.
- Caption Management's ten largest holdings make up 19% of its $21.5B portfolio in Q2 2026.
- Caption Management opened 686 new positions and closed 575 in Q2 2026.
- Caption Management's portfolio value rose 25% quarter-over-quarter to $21.5B.
Based on Caption Management's 13F filing for Q2 2026, filed 14 Aug 2026.