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 | |
|---|---|---|---|---|---|---|---|
326
PUT
Zebra Technologies
ZBRA
$15.3B
| $13.2M | 0.06% |
+50,000
| New | +$11.8M |
2026 Q2
0 quarters
|
|
327
CALL
Check Point Software Technologies
CHKP
$15.1B
| $13.1M | 0.06% |
100,000
| – | – |
2026 Q1
1 quarter
|
|
328
PUT
Axsome Therapeutics
AXSM
$6.77B
| $13.1M | 0.06% |
53,500
-8,300
| -13% | -$1.8M |
2024 Q4
6 quarters
|
|
329
Synopsys
SNPS
$84.4B
| $12.9M | 0.06% |
29,000
+20,200
| +230% | +$9.5M |
2026 Q1
1 quarter
|
|
330
PUT
EXL Service
EXLS
$6.51B
| $12.9M | 0.06% |
+500,000
| New | +$14.7M |
2026 Q2
0 quarters
|
|
331
CALL
Brookdale Senior Living
BKD
$2.6B
| $12.9M | 0.06% |
799,500
+279,500
| +54% | +$3.8M |
2025 Q3
3 quarters
|
|
332
CALL
Hyperliquid Strategies Inc
PURR
$1.71B
| $12.8M | 0.06% |
+1,631,000
| New | +$12.1M |
2026 Q2
0 quarters
|
|
333
PUT
iShares Expanded Tech-Software Sector ETF
IGV
$13B
| $12.8M | 0.06% |
141,300
-167,700
| -54% | -$14.9M |
2026 Q1
1 quarter
|
|
334
DigitalOcean
DOCN
$8.42B
| $12.8M | 0.06% |
81,481
+14,050
| +21% | +$1.9M |
2025 Q1
5 quarters
|
|
335
PUT
Live Nation Entertainment
LYV
$42.4B
| $12.7M | 0.06% |
69,100
| – | – |
2026 Q1
1 quarter
|
|
336
Cisco
CSCO
$377B
| $12.7M | 0.06% |
107,700
+75,650
| +236% | +$7.91M |
2026 Q1
1 quarter
|
|
337
PUT
Antero Resources
AR
$11.3B
| $12.7M | 0.06% |
360,000
+344,400
| +2,208% | +$12.7M |
2025 Q4
2 quarters
|
|
338
Gilead Sciences
GILD
$208B
| $12.6M | 0.06% |
+100,000
| New | +$13.2M |
2026 Q2
0 quarters
|
|
339
PUT
Bitdeer Technologies
BTDR
$1.48B
| $12.5M | 0.06% |
+790,400
| New | +$11.3M |
2026 Q2
0 quarters
|
|
340
CALL
Barrick Mining
B
$66.2B
| $12.4M | 0.06% |
337,500
-87,900
| -21% | -$3.6M |
2025 Q2
4 quarters
|
|
341
PUT
State Street SPDR S&P Oil & Gas Exploration & Production ETF
XOP
$4.01B
| $12.3M | 0.06% |
80,000
-40,000
| -33% | -$6.69M |
2026 Q1
1 quarter
|
|
342
CALL
Galicia Financial Group
GGAL
$4.82B
| $12.3M | 0.06% |
245,000
| – | – |
2026 Q1
1 quarter
|
|
343
PUT
Norwegian Cruise Line
NCLH
$8.12B
| $12.2M | 0.06% |
+580,000
| New | +$10.8M |
2026 Q2
0 quarters
|
|
344
PUT
Boeing
BA
$137B
| $12.2M | 0.06% |
56,400
+6,400
| +13% | +$1.42M |
2025 Q3
3 quarters
|
|
345
CALL
Equinox Gold
EQX
$13.2B
| $12.2M | 0.06% |
1,253,900
-803,800
| -39% | -$10.4M |
2025 Q2
4 quarters
|
|
346
Datadog
DDOG
$62.7B
| $12.2M | 0.06% |
46,700
+21,700
| +87% | +$4.03M |
2025 Q3
3 quarters
|
|
347
Primo Brands
PRMB
$7.94B
| $12.1M | 0.06% |
494,747
+324,491
| +191% | +$7.2M |
2026 Q1
1 quarter
|
|
348
CALL
Arm
ARM
$181B
| $12.1M | 0.06% |
+34,000
| New | +$9.04M |
2026 Q2
0 quarters
|
|
349
CALL
Alnylam Pharmaceuticals
ALNY
$21.1B
| $12M | 0.06% |
40,000
+30,000
| +300% | +$9.05M |
2024 Q4
6 quarters
|
|
350
CALL
DELISTED
TopBuild
BLD
| $11.9M | 0.06% |
+33,700
| New | +$13.9M |
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.