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 | |
|---|---|---|---|---|---|---|---|
301
PUT
STMicroelectronics
STM
$40.8B
| $14.8M | 0.07% |
+197,200
| New | +$11.9M |
2026 Q2
0 quarters
|
|
302
CALL
Septerna Inc
SEPN
$2.04B
| $14.7M | 0.07% |
+440,000
| New | +$12.5M |
2026 Q2
0 quarters
|
|
303
CALL
Axsome Therapeutics
AXSM
$7.18B
| $14.7M | 0.07% |
60,000
-73,900
| -55% | -$16M |
2024 Q3
7 quarters
|
|
304
CALL
Boston Properties
BXP
$10.5B
| $14.6M | 0.07% |
+220,400
| New | +$13.2M |
2026 Q2
0 quarters
|
|
305
CALL
UnitedHealth
UNH
$367B
| $14.5M | 0.07% |
35,000
-226,000
| -87% | -$83.8M |
2026 Q1
1 quarter
|
|
306
CALL
VanEck Gold Miners ETF
GDX
$26.1B
| $14.3M | 0.07% |
189,900
| – | – |
2025 Q1
5 quarters
|
|
307
CALL
Centene
CNC
$37.6B
| $14.2M | 0.07% |
221,800
+61,800
| +39% | +$3.3M |
2026 Q1
1 quarter
|
|
308
CALL
Diamondback Energy
FANG
$51.2B
| $14.2M | 0.07% |
80,900
+65,000
| +409% | +$12.6M |
2026 Q1
1 quarter
|
|
309
MongoDB
MDB
$26.5B
| $14.2M | 0.07% |
+42,250
| New | +$12.7M |
2026 Q2
0 quarters
|
|
310
PUT
Brighthouse Financial
BHF
$2.45B
| $14.1M | 0.07% |
222,100
-63,600
| -22% | -$3.96M |
2026 Q1
1 quarter
|
|
311
CALL
Blue Owl Capital
OWL
$7.28B
| $14M | 0.07% |
1,600,000
+1,500,000
| +1,500% | +$14.3M |
2025 Q1
5 quarters
|
|
312
PUT
Caesars Entertainment
CZR
$5.98B
| $14M | 0.07% |
462,600
+357,600
| +341% | +$10.1M |
2025 Q3
3 quarters
|
|
313
PUT
General Mills
GIS
$19.2B
| $13.9M | 0.06% |
+400,000
| New | +$13.8M |
2026 Q2
0 quarters
|
|
314
VanEck Semiconductor ETF
SMH
$64.6B
| $13.9M | 0.06% |
21,220
-3,600
| -15% | -$1.96M |
2026 Q1
1 quarter
|
|
315
PUT
State Street SPDR S&P Metals & Mining ETF
XME
$3.64B
| $13.8M | 0.06% |
129,400
| – | – |
2025 Q4
2 quarters
|
|
316
Ross Stores
ROST
$78.5B
| $13.8M | 0.06% |
+65,000
| New | +$14.6M |
2026 Q2
0 quarters
|
|
317
CALL
Oscar Health
OSCR
$10.9B
| $13.8M | 0.06% |
482,800
+349,500
| +262% | +$7.52M |
2023 Q4
10 quarters
|
|
318
PUT
Kymera Therapeutics
KYMR
$11.6B
| $13.8M | 0.06% |
+120,000
| New | +$10.3M |
2026 Q2
0 quarters
|
|
319
CALL
Ultragenyx Pharmaceutical
RARE
$1.69B
| $13.8M | 0.06% |
411,900
+71,900
| +21% | +$1.79M |
2024 Q3
7 quarters
|
|
320
CALL
Bio-Techne
TECH
$11.4B
| $13.6M | 0.06% |
192,000
-8,000
| -4% | -$432K |
2025 Q4
2 quarters
|
|
321
PUT
iShares US Real Estate ETF
IYR
$4.14B
| $13.5M | 0.06% |
+132,200
| New | +$13.4M |
2026 Q2
0 quarters
|
|
322
Boston Scientific
BSX
$66.4B
| $13.3M | 0.06% |
312,050
-62,350
| -17% | -$3.39M |
2025 Q3
3 quarters
|
|
323
PUT
Erasca
ERAS
$5.21B
| $13.2M | 0.06% |
723,000
+610,500
| +543% | +$8.73M |
2026 Q1
1 quarter
|
|
|
324
CALL
Brighthouse Financial
BHF
$2.45B
| $13.2M | 0.06% |
209,100
+179,100
| +597% | +$11.1M |
2026 Q1
1 quarter
|
|
325
Unum
UNM
$11.8B
| $13.2M | 0.06% |
147,614
+139,614
| +1,745% | +$11.6M |
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.