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 | |
|---|---|---|---|---|---|---|---|
226
CALL
abrdn Physical Platinum Shares ETF
PPLT
$1.76B
| $20M | 0.09% |
1,415,000
+800,000
| +130% | +$13.9M |
2026 Q1
1 quarter
|
|
227
CALL
On Holding
ONON
$12.9B
| $19.9M | 0.09% |
+561,200
| New | +$20.5M |
2026 Q2
0 quarters
|
|
228
CALL
GeneDx Holdings
WGS
$2.07B
| $19.9M | 0.09% |
289,400
+219,900
| +316% | +$12.5M |
2025 Q2
4 quarters
|
|
229
PUT
Viatris
VTRS
$22.1B
| $19.8M | 0.09% |
+1,250,000
| New | +$19.4M |
2026 Q2
0 quarters
|
|
230
PUT
Protagonist Therapeutics
PTGX
$9.28B
| $19.8M | 0.09% |
161,800
+150,000
| +1,271% | +$15.7M |
2026 Q1
1 quarter
|
|
231
PUT
ServiceNow
NOW
$113B
| $19.8M | 0.09% |
+199,400
| New | +$19.7M |
2026 Q2
0 quarters
|
|
232
CALL
United Parks & Resorts
PRKS
$1.48B
| $19.7M | 0.09% |
+413,200
| New | +$16M |
2026 Q2
0 quarters
|
|
233
CALL
Century Aluminum
CENX
$3.25B
| $19.6M | 0.09% |
425,000
+169,700
| +66% | +$10.2M |
2025 Q1
5 quarters
|
|
234
PUT
Krystal Biotech
KRYS
$9.03B
| $19.5M | 0.09% |
52,600
+32,600
| +163% | +$9.7M |
2023 Q2
12 quarters
|
|
235
CALL
First Majestic Silver
AG
$7.59B
| $19.5M | 0.09% |
1,149,200
+45,100
| +4% | +$894K |
2026 Q1
1 quarter
|
|
236
CALL
Tempus AI
TEM
$13.8B
| $19.4M | 0.09% |
335,000
| – | – |
2024 Q4
6 quarters
|
|
237
PUT
Constellation Energy
CEG
$87.1B
| $19.2M | 0.09% |
77,500
-147,900
| -66% | -$41.7M |
2024 Q2
8 quarters
|
|
238
State Street SPDR S&P Homebuilders ETF
XHB
$1.65B
| $19.2M | 0.09% |
166,554
+159,054
| +2,121% | +$16.7M |
2026 Q1
1 quarter
|
|
239
PUT
Amer Sports
AS
$18.6B
| $19.2M | 0.09% |
+568,400
| New | +$19.9M |
2026 Q2
0 quarters
|
|
240
CALL
Genmab
GMAB
$33.9B
| $19.2M | 0.09% |
+698,000
| New | +$18.6M |
2026 Q2
0 quarters
|
|
241
PUT
Kiniksa Pharmaceuticals
KNSA
$7.55B
| $19.2M | 0.09% |
+299,800
| New | +$15.6M |
2026 Q2
0 quarters
|
|
242
Erasca
ERAS
$5.21B
| $19.1M | 0.09% |
+1,041,225
| New | +$14.9M |
2026 Q2
0 quarters
|
|
243
PUT
Strive Inc
ASST
$2.92B
| $19M | 0.09% |
1,742,000
| – | – |
2026 Q1
1 quarter
|
|
244
CALL
Norwegian Cruise Line
NCLH
$8.54B
| $19M | 0.09% |
+900,000
| New | +$16.8M |
2026 Q2
0 quarters
|
|
245
CALL
Riot Platforms
RIOT
$5.77B
| $18.9M | 0.09% |
690,200
+274,700
| +66% | +$6.19M |
2025 Q3
3 quarters
|
|
|
246
PUT
Riot Platforms
RIOT
$5.77B
| $18.9M | 0.09% |
+690,200
| New | +$15.6M |
2026 Q2
0 quarters
|
|
247
CALL
Costco
COST
$464B
| $18.7M | 0.09% |
20,000
-12,500
| -38% | -$12.5M |
2025 Q3
3 quarters
|
|
248
CALL
Modine Manufacturing
MOD
$5.24B
| $18.6M | 0.09% |
69,700
-8,000
| -10% | -$2.11M |
2026 Q1
1 quarter
|
|
249
CALL
Chemours
CC
$2.08B
| $18.6M | 0.09% |
904,200
+229,000
| +34% | +$5.24M |
2025 Q3
3 quarters
|
|
|
250
CALL
Protagonist Therapeutics
PTGX
$9.28B
| $18.4M | 0.09% |
150,000
+25,200
| +20% | +$2.63M |
2025 Q1
5 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.