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 | |
|---|---|---|---|---|---|---|---|
401
CALL
VanEck BDC Income ETF
BIZD
$1.49B
| $10.1M | 0.05% |
795,000
| – | – |
2026 Q1
1 quarter
|
|
402
CALL
State Street Energy Select Sector SPDR ETF
XLE
$40.6B
| $10M | 0.05% |
187,900
-92,100
| -33% | -$5.27M |
2026 Q1
1 quarter
|
|
403
PUT
CF Industries
CF
$17.9B
| $10M | 0.05% |
+92,100
| New | +$10.9M |
2026 Q2
0 quarters
|
|
|
404
CALL
Planet Labs
PL
$4.14B
| $9.9M | 0.05% |
+300,000
| New | +$11.1M |
2026 Q2
0 quarters
|
|
405
CALL
ServiceNow
NOW
$106B
| $9.9M | 0.05% |
100,000
+36,300
| +57% | +$3.59M |
2026 Q1
1 quarter
|
|
406
CALL
Palantir
PLTR
$372B
| $9.9M | 0.05% |
+85,000
| New | +$11.6M |
2026 Q2
0 quarters
|
|
407
PUT
Coherent
COHR
$33.4B
| $9.9M | 0.05% |
+25,000
| New | +$8.84M |
2026 Q2
0 quarters
|
|
408
PUT
Precigen
PGEN
$1.51B
| $9.7M | 0.05% |
1,700,000
+200,000
| +13% | +$865K |
2026 Q1
1 quarter
|
|
409
US Bancorp
USB
$93.1B
| $9.7M | 0.05% |
160,000
+93,750
| +142% | +$5.25M |
2026 Q1
1 quarter
|
|
410
CALL
WisdomTree
WT
$2.87B
| $9.7M | 0.05% |
570,000
+90,000
| +19% | +$1.59M |
2024 Q4
6 quarters
|
|
411
CALL
MGM Resorts International
MGM
$8.23B
| $9.6M | 0.04% |
200,000
-88,000
| -31% | -$3.66M |
2026 Q1
1 quarter
|
|
412
CALL
NextDecade
NEXT
$1.57B
| $9.5M | 0.04% |
1,266,000
+286,000
| +29% | +$2.26M |
2025 Q4
2 quarters
|
|
413
State Street SPDR S&P Oil & Gas Exploration & Production ETF
XOP
$3.98B
| $9.5M | 0.04% |
+61,700
| New | +$10.3M |
2026 Q2
0 quarters
|
|
414
PUT
Akamai
AKAM
$11.2B
| $9.46M | 0.04% |
80,000
+30,000
| +60% | +$3.74M |
2026 Q1
1 quarter
|
|
415
DELISTED
TopBuild
BLD
| $9.45M | 0.04% |
+26,650
| New | +$11M |
2026 Q2
0 quarters
|
|
416
CALL
Airbnb
ABNB
$100B
| $9.44M | 0.04% |
66,000
-75,000
| -53% | -$10.2M |
2025 Q1
5 quarters
|
|
417
PUT
GitLab
GTLB
$8.16B
| $9.27M | 0.04% |
303,700
+273,700
| +912% | +$6.94M |
2025 Q2
4 quarters
|
|
418
PUT
DraftKings
DKNG
$11.7B
| $9.27M | 0.04% |
367,000
-1,000
| -0.3% | -$24.7K |
2022 Q4
14 quarters
|
|
419
PUT
uniQure
QURE
$1.46B
| $9.26M | 0.04% |
201,100
-90,500
| -31% | -$2.37M |
2025 Q2
4 quarters
|
|
420
PUT
Eos Energy Enterprises
EOSE
$685M
| $9.22M | 0.04% |
1,567,300
-4,000
| -0.3% | -$27.8K |
2025 Q2
4 quarters
|
|
421
PUT
Brookdale Senior Living
BKD
$2.58B
| $9.16M | 0.04% |
569,500
| – | – |
2025 Q3
3 quarters
|
|
422
Xperi
XPER
$278M
| $9.14M | 0.04% |
1,110,615
+130,602
| +13% | +$945K |
2025 Q1
5 quarters
|
|
423
PUT
Morgan Stanley
MS
$286B
| $9.07M | 0.04% |
+43,400
| New | +$8.59M |
2026 Q2
0 quarters
|
|
424
CALL
Alamos Gold
AGI
$13B
| $9.06M | 0.04% |
298,500
-2,500
| -0.8% | -$101K |
2024 Q1
9 quarters
|
|
425
PUT
Merck
MRK
$363B
| $9M | 0.04% |
70,000
| – | – |
2025 Q1
5 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.