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 | |
|---|---|---|---|---|---|---|---|
376
Eli Lilly
LLY
$1.22T
| $10.9M | 0.05% |
+9,100
| New | +$9.3M |
2026 Q2
0 quarters
|
|
377
The GEO Group
GEO
$3.31B
| $10.9M | 0.05% |
368,635
+316,936
| +613% | +$7.18M |
2024 Q2
8 quarters
|
|
378
PUT
Biogen
BIIB
$36.1B
| $10.8M | 0.05% |
50,000
+10,000
| +25% | +$1.91M |
2025 Q3
3 quarters
|
|
379
CALL
Capricor Therapeutics
CAPR
$500M
| $10.8M | 0.05% |
448,600
+226,800
| +102% | +$6.88M |
2024 Q2
8 quarters
|
|
380
CALL
Roivant Sciences
ROIV
$26.5B
| $10.8M | 0.05% |
+305,000
| New | +$9.01M |
2026 Q2
0 quarters
|
|
381
CALL
Dell
DELL
$201B
| $10.8M | 0.05% |
+25,000
| New | +$7.23M |
2026 Q2
0 quarters
|
|
382
Compass Diversified
CODI
$863M
| $10.8M | 0.05% |
1,010,000
+561,685
| +125% | +$6.13M |
2026 Q1
1 quarter
|
|
383
PUT
Coinbase
COIN
$36.2B
| $10.7M | 0.05% |
+73,500
| New | +$13.3M |
2026 Q2
0 quarters
|
|
384
Compass Pathways
CMPS
$1.08B
| $10.7M | 0.05% |
756,116
-854,014
| -53% | -$8.67M |
2026 Q1
1 quarter
|
|
385
CALL
Zscaler
ZS
$33.2B
| $10.6M | 0.05% |
75,000
-20,000
| -21% | -$2.79M |
2025 Q3
3 quarters
|
|
386
CALL
Energy Fuels
UUUU
$1.75B
| $10.6M | 0.05% |
729,500
-70,800
| -9% | -$1.3M |
2024 Q3
7 quarters
|
|
387
PUT
Hasbro
HAS
$16.7B
| $10.5M | 0.05% |
+127,700
| New | +$11.5M |
2026 Q2
0 quarters
|
|
388
PUT
Frontline
FRO
$10B
| $10.4M | 0.05% |
+300,000
| New | +$11M |
2026 Q2
0 quarters
|
|
389
PUT
Marvell Technology
MRVL
$120B
| $10.4M | 0.05% |
+35,000
| New | +$7.02M |
2026 Q2
0 quarters
|
|
390
Circle Internet Group
CRCL
$17.6B
| $10.4M | 0.05% |
+166,250
| New | +$16.2M |
2026 Q2
0 quarters
|
|
391
Iris Energy
IREN
$7.3B
| $10.4M | 0.05% |
+227,459
| New | +$11.8M |
2026 Q2
0 quarters
|
|
392
PUT
Enphase Energy
ENPH
$3.83B
| $10.4M | 0.05% |
210,800
+61,200
| +41% | +$2.79M |
2025 Q4
2 quarters
|
|
393
CALL
Array Technologies
ARRY
$816M
| $10.4M | 0.05% |
+1,400,000
| New | +$11.2M |
2026 Q2
0 quarters
|
|
394
CALL
Kimberly-Clark
KMB
$36.7B
| $10.3M | 0.05% |
94,200
| – | – |
2025 Q4
2 quarters
|
|
395
CALL
Corebridge Financial
CRBG
$15.3B
| $10.3M | 0.05% |
361,000
-420,000
| -54% | -$11.4M |
2026 Q1
1 quarter
|
|
396
CALL
Amentum Holdings
AMTM
$5.23B
| $10.3M | 0.05% |
500,000
-461,100
| -48% | -$11.2M |
2025 Q4
2 quarters
|
|
397
Morgan Stanley
MS
$286B
| $10.3M | 0.05% |
49,400
+38,400
| +349% | +$7.6M |
2026 Q1
1 quarter
|
|
398
CALL
Travere Therapeutics
TVTX
$4.61B
| $10.3M | 0.05% |
181,100
-499,900
| -73% | -$22.2M |
2024 Q3
7 quarters
|
|
399
CALL
Commault Systems
CVLT
$6.45B
| $10.3M | 0.05% |
+72,500
| New | +$7.79M |
2026 Q2
0 quarters
|
|
400
CALL
Dianthus Therapeutics
DNTH
$4.64B
| $10.1M | 0.05% |
103,900
| – | – |
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.