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 | |
|---|---|---|---|---|---|---|---|
251
CALL
CleanSpark
CLSK
$1.75B
| $18.4M | 0.09% |
1,262,800
+1,100,000
| +676% | +$15.5M |
2025 Q2
4 quarters
|
|
252
CALL
Procter & Gamble
PG
$388B
| $18.3M | 0.09% |
+125,000
| New | +$18.2M |
2026 Q2
0 quarters
|
|
253
CALL
EchoStar
ECHO
$28.7B
| $18.3M | 0.09% |
180,300
+8,300
| +5% | +$1.01M |
2024 Q3
7 quarters
|
|
254
CALL
Forgent Power Solutions
FPS
$6.16B
| $18.2M | 0.08% |
+325,000
| New | +$14.8M |
2026 Q2
0 quarters
|
|
255
CALL
iShares Expanded Tech-Software Sector ETF
IGV
$13.6B
| $18.1M | 0.08% |
200,000
-1,337,700
| -87% | -$119M |
2026 Q1
1 quarter
|
|
256
PUT
US Bancorp
USB
$95.1B
| $18.1M | 0.08% |
300,000
+200,000
| +200% | +$11.2M |
2025 Q4
2 quarters
|
|
257
PUT
State Street Energy Select Sector SPDR ETF
XLE
$41.8B
| $18.1M | 0.08% |
340,000
+290,000
| +580% | +$16.6M |
2026 Q1
1 quarter
|
|
258
PUT
ARK Genomic Revolution ETF
ARKG
$2.15B
| $17.9M | 0.08% |
+425,000
| New | +$13.5M |
2026 Q2
0 quarters
|
|
|
259
PUT
Alphabet (Google) Class A
GOOGL
$3.55T
| $17.9M | 0.08% |
50,000
-100,000
| -67% | -$36M |
2024 Q4
6 quarters
|
|
260
PUT
Snowflake
SNOW
$103B
| $17.8M | 0.08% |
+70,000
| New | +$12.9M |
2026 Q2
0 quarters
|
|
261
PUT
Floor & Decor
FND
$5.57B
| $17.8M | 0.08% |
300,000
-239,000
| -44% | -$12.1M |
2025 Q4
2 quarters
|
|
262
Celcuity
CELC
$3.39B
| $17.8M | 0.08% |
+170,000
| New | +$19.6M |
2026 Q2
0 quarters
|
|
|
263
PUT
EchoStar
ECHO
$28.7B
| $17.8M | 0.08% |
174,900
+53,900
| +45% | +$6.59M |
2025 Q1
5 quarters
|
|
264
PUT
DELISTED
TopBuild
BLD
| $17.7M | 0.08% |
+50,000
| New | +$20.6M |
2026 Q2
0 quarters
|
|
265
CALL
BridgeBio Pharma
BBIO
$15.2B
| $17.7M | 0.08% |
238,000
-68,400
| -22% | -$4.79M |
2023 Q1
13 quarters
|
|
266
PUT
Champion Homes
SKY
$4.69B
| $17.6M | 0.08% |
+200,000
| New | +$15.3M |
2026 Q2
0 quarters
|
|
267
CALL
Definium Therapeutics
DFTX
$4.39B
| $17.5M | 0.08% |
372,100
+160,000
| +75% | +$3.95M |
2026 Q1
1 quarter
|
|
268
PUT
Oklo
OKLO
$4.11B
| $17.4M | 0.08% |
+332,000
| New | +$20.7M |
2026 Q2
0 quarters
|
|
269
PUT
Vistra
VST
$40.4B
| $17.1M | 0.08% |
+108,000
| New | +$16.8M |
2026 Q2
0 quarters
|
|
270
PUT
Aurinia Pharmaceuticals
AUPH
$2.29B
| $17.1M | 0.08% |
1,008,000
+948,300
| +1,588% | +$15.1M |
2024 Q2
8 quarters
|
|
271
CALL
Tesla
TSLA
$1.52T
| $16.8M | 0.08% |
40,000
| – | – |
2025 Q4
2 quarters
|
|
272
PUT
Xperi
XPER
$263M
| $16.6M | 0.08% |
2,021,500
+680,900
| +51% | +$4.93M |
2025 Q1
5 quarters
|
|
273
CALL
Ascendis Pharma A/S
ASND
$16.5B
| $16.6M | 0.08% |
62,300
-184,700
| -75% | -$43.1M |
2025 Q2
4 quarters
|
|
274
PUT
State Street Consumer Staples Select Sector SPDR ETF
XLP
$15.4B
| $16.6M | 0.08% |
200,000
-698,500
| -78% | -$58.3M |
2026 Q1
1 quarter
|
|
275
CALL
Chevron
CVX
$423B
| $16.6M | 0.08% |
100,000
-100,000
| -50% | -$18.6M |
2026 Q1
1 quarter
|
|
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.