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 | |
|---|---|---|---|---|---|---|---|
351
CALL
Nektar Therapeutics
NKTR
$1.24B
| $11.9M | 0.06% |
171,100
+66,100
| +63% | +$4.84M |
2025 Q3
3 quarters
|
|
|
352
CALL
TSMC
TSM
$1.84T
| $11.9M | 0.06% |
+25,000
| New | +$10.1M |
2026 Q2
0 quarters
|
|
353
CALL
Shoals Technologies Group
SHLS
$1.51B
| $11.9M | 0.06% |
1,200,500
+11,000
| +0.9% | +$100K |
2026 Q1
1 quarter
|
|
354
CALL
AbbVie
ABBV
$511B
| $11.8M | 0.06% |
+47,000
| New | +$10.1M |
2026 Q2
0 quarters
|
|
|
355
PUT
Shoals Technologies Group
SHLS
$1.51B
| $11.8M | 0.05% |
1,189,500
| – | – |
2026 Q1
1 quarter
|
|
356
CALL
Venture Global Inc
VG
$29.1B
| $11.8M | 0.05% |
1,056,600
+988,600
| +1,454% | +$12.5M |
2026 Q1
1 quarter
|
|
357
CALL
Rush Street Interactive
RSI
$1.37B
| $11.7M | 0.05% |
+392,000
| New | +$10.3M |
2026 Q2
0 quarters
|
|
358
PUT
VanEck Oil Services ETF
OIH
$1.68B
| $11.6M | 0.05% |
+31,100
| New | +$13M |
2026 Q2
0 quarters
|
|
359
CALL
Chipotle Mexican Grill
CMG
$44.5B
| $11.6M | 0.05% |
+340,000
| New | +$11.1M |
2026 Q2
0 quarters
|
|
360
PUT
Bristol-Myers Squibb
BMY
$129B
| $11.5M | 0.05% |
200,000
+30,000
| +18% | +$1.72M |
2025 Q1
5 quarters
|
|
361
Boeing
BA
$137B
| $11.5M | 0.05% |
53,200
+34,300
| +181% | +$7.63M |
2026 Q1
1 quarter
|
|
362
CALL
Circle Internet Group
CRCL
$17.6B
| $11.4M | 0.05% |
+182,500
| New | +$17.8M |
2026 Q2
0 quarters
|
|
363
Bank of America
BAC
$346B
| $11.4M | 0.05% |
+200,000
| New | +$10.6M |
2026 Q2
0 quarters
|
|
364
PUT
AstraZeneca
AZN
$290B
| $11.4M | 0.05% |
60,000
| – | – |
2025 Q4
2 quarters
|
|
365
CALL
Sandisk
SNDK
$118B
| $11.4M | 0.05% |
+5,000
| New | +$7.14M |
2026 Q2
0 quarters
|
|
366
PUT
Medtronic
MDT
$133B
| $11.3M | 0.05% |
+145,000
| New | +$11.7M |
2026 Q2
0 quarters
|
|
367
CALL
Boston Scientific
BSX
$64.3B
| $11.3M | 0.05% |
264,000
-368,200
| -58% | -$20M |
2025 Q1
5 quarters
|
|
368
PUT
QXO Inc
QXO
$12B
| $11.2M | 0.05% |
+647,800
| New | +$12.1M |
2026 Q2
0 quarters
|
|
369
CALL
Icon
ICLR
$15.1B
| $11.2M | 0.05% |
+64,400
| New | +$8.2M |
2026 Q2
0 quarters
|
|
370
CALL
Devon Energy
DVN
$47.5B
| $11.2M | 0.05% |
270,000
+170,000
| +170% | +$7.88M |
2026 Q1
1 quarter
|
|
371
Mineralys Therapeutics
MLYS
$1.35B
| $11.1M | 0.05% |
+413,087
| New | +$11.3M |
2026 Q2
0 quarters
|
|
372
CALL
Lucid Motors
LCID
$1.21B
| $11.1M | 0.05% |
1,660,000
| – | – |
2025 Q2
4 quarters
|
|
373
CALL
MBX Biosciences
MBX
$2.33B
| $11M | 0.05% |
+200,000
| New | +$6.99M |
2026 Q2
0 quarters
|
|
|
374
PUT
MBX Biosciences
MBX
$2.33B
| $11M | 0.05% |
+200,000
| New | +$6.99M |
2026 Q2
0 quarters
|
|
375
CALL
Disc Medicine
IRON
$3.48B
| $11M | 0.05% |
150,000
-150,000
| -50% | -$10.3M |
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.