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 | |
|---|---|---|---|---|---|---|---|
276
PUT
ANI Pharmaceuticals
ANIP
$1.65B
| $16.6M | 0.08% |
200,000
-200,000
| -50% | -$16M |
2025 Q4
2 quarters
|
|
277
PUT
Deere & Co
DE
$182B
| $16.5M | 0.08% |
+26,000
| New | +$15.1M |
2026 Q2
0 quarters
|
|
|
278
CALL
State Street Financial Select Sector SPDR ETF
XLF
$55.2B
| $16.3M | 0.08% |
304,800
+103,800
| +52% | +$5.39M |
2025 Q4
2 quarters
|
|
279
PUT
Intuit
INTU
$95.3B
| $16.3M | 0.08% |
+62,500
| New | +$21.8M |
2026 Q2
0 quarters
|
|
280
CALL
Honeywell
HON
$72.4B
| $16.3M | 0.08% |
+72,600
| New | +$16.2M |
2026 Q2
0 quarters
|
|
281
Design Therapeutics
DSGN
$647M
| $16.2M | 0.08% |
1,118,098
+1,031,390
| +1,189% | +$12.9M |
2026 Q1
1 quarter
|
|
282
CALL
Vishay Intertechnology
VSH
$3.96B
| $16.1M | 0.08% |
+300,000
| New | +$12.3M |
2026 Q2
0 quarters
|
|
283
CALL
Western Digital
WDC
$121B
| $16M | 0.07% |
+25,000
| New | +$12.2M |
2026 Q2
0 quarters
|
|
284
CALL
Coca-Cola
KO
$412B
| $15.9M | 0.07% |
+195,600
| New | +$15.4M |
2026 Q2
0 quarters
|
|
285
PUT
Carlyle Group
CG
$15.2B
| $15.8M | 0.07% |
+375,000
| New | +$17.6M |
2026 Q2
0 quarters
|
|
286
CALL
Herbalife
HLF
$1.51B
| $15.8M | 0.07% |
1,200,000
+800,000
| +200% | +$11M |
2025 Q4
2 quarters
|
|
287
PUT
Oscar Health
OSCR
$10.9B
| $15.7M | 0.07% |
+551,300
| New | +$11.9M |
2026 Q2
0 quarters
|
|
288
CALL
Knight Transportation
KNX
$10.2B
| $15.6M | 0.07% |
+200,000
| New | +$13.9M |
2026 Q2
0 quarters
|
|
289
CALL
Everpure Inc
P
$37.2B
| $15.6M | 0.07% |
+197,500
| New | +$14.5M |
2026 Q2
0 quarters
|
|
290
CALL
Caesars Entertainment
CZR
$5.98B
| $15.5M | 0.07% |
513,200
-362,600
| -41% | -$10.2M |
2024 Q4
6 quarters
|
|
291
PUT
Spyre Therapeutics
SYRE
$9.28B
| $15.4M | 0.07% |
+173,700
| New | +$12.7M |
2026 Q2
0 quarters
|
|
292
PUT
DELISTED
Apogee Therapeutics
APGE
| $15.4M | 0.07% |
115,700
+82,900
| +253% | +$7.47M |
2026 Q1
1 quarter
|
|
293
PUT
Lionsgate Studios
LION
$3.78B
| $15.3M | 0.07% |
+1,000,000
| New | +$12.9M |
2026 Q2
0 quarters
|
|
|
294
Meta Platforms (Facebook)
META
$1.61T
| $15.3M | 0.07% |
27,100
-85,400
| -76% | -$52.2M |
2026 Q1
1 quarter
|
|
295
Johnson & Johnson
JNJ
$665B
| $15.2M | 0.07% |
60,000
-27,550
| -31% | -$6.42M |
2026 Q1
1 quarter
|
|
296
CALL
MasTec
MTZ
$13.5B
| $15.1M | 0.07% |
+36,300
| New | +$13.9M |
2026 Q2
0 quarters
|
|
297
CALL
Uber
UBER
$143B
| $15M | 0.07% |
207,200
+10,000
| +5% | +$733K |
2023 Q2
12 quarters
|
|
298
CALL
PG&E
PCG
$40.2B
| $15M | 0.07% |
+888,900
| New | +$15M |
2026 Q2
0 quarters
|
|
299
PUT
Skydance Corporation
SKYD
$42.3B
| $14.9M | 0.07% |
1,512,700
+1,191,100
| +370% | +$12.5M |
2025 Q3
3 quarters
|
|
300
PUT
Roundhill Memory ETF
DRAM
$21.2B
| $14.8M | 0.07% |
+200,000
| New | +$10.4M |
2026 Q2
0 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.