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 | |
|---|---|---|---|---|---|---|---|
426
Match Group
MTCH
$8.98B
| $8.94M | 0.04% |
235,000
+85,900
| +58% | +$3.04M |
2025 Q3
3 quarters
|
|
427
CALL
Cheniere Energy
LNG
$57.1B
| $8.94M | 0.04% |
37,400
| – | – |
2026 Q1
1 quarter
|
|
428
CALL
Ero Copper
ERO
$2.93B
| $8.89M | 0.04% |
332,500
+229,500
| +223% | +$6.5M |
2025 Q4
2 quarters
|
|
429
CALL
Upstart Holdings
UPST
$2.15B
| $8.86M | 0.04% |
250,000
| – | – |
2024 Q3
7 quarters
|
|
430
CALL
Cerebras Systems
CBRS
$19.4B
| $8.84M | 0.04% |
+40,000
| New | +$9.41M |
2026 Q2
0 quarters
|
|
431
CALL
Banco Macro
BMA
$3.7B
| $8.8M | 0.04% |
95,000
| – | – |
2026 Q1
1 quarter
|
|
432
Teva Pharmaceutical Industries Limited
TEVA
$48.7B
| $8.75M | 0.04% |
258,331
-21,727
| -8% | -$724K |
2025 Q4
2 quarters
|
|
433
Replimune Group
REPL
$1.9B
| $8.68M | 0.04% |
783,873
+332,051
| +73% | +$2.03M |
2025 Q3
3 quarters
|
|
434
CALL
CoreCivic
CXW
$2.79B
| $8.66M | 0.04% |
+285,100
| New | +$6.46M |
2026 Q2
0 quarters
|
|
435
PUT
Hyperliquid Strategies Inc
PURR
$1.73B
| $8.66M | 0.04% |
+1,100,000
| New | +$8.14M |
2026 Q2
0 quarters
|
|
436
Champion Homes
SKY
$5.05B
| $8.55M | 0.04% |
+97,000
| New | +$7.43M |
2026 Q2
0 quarters
|
|
437
PUT
Energy Vault
NRGV
$507M
| $8.43M | 0.04% |
+1,790,000
| New | +$8.01M |
2026 Q2
0 quarters
|
|
438
PUT
PG&E
PCG
$39.7B
| $8.41M | 0.04% |
+500,000
| New | +$8.41M |
2026 Q2
0 quarters
|
|
439
PUT
MongoDB
MDB
$24.5B
| $8.4M | 0.04% |
+25,000
| New | +$7.5M |
2026 Q2
0 quarters
|
|
440
Amprius Technologies Warrants
AMPX.WS
$199M
| $8.4M | 0.04% |
1,432,795
+348,428
| +32% | +$2.74M |
2025 Q3
3 quarters
|
|
441
PUT
ADMA Biologics
ADMA
$2.96B
| $8.37M | 0.04% |
1,000,000
-148,400
| -13% | -$1.35M |
2025 Q2
4 quarters
|
|
442
PUT
Bright Horizons
BFAM
$2.66B
| $8.33M | 0.04% |
117,500
| – | – |
2026 Q1
1 quarter
|
|
443
Caesars Entertainment
CZR
$5.94B
| $8.26M | 0.04% |
273,703
+190,564
| +229% | +$5.37M |
2025 Q3
3 quarters
|
|
444
CALL
Hasbro
HAS
$16.7B
| $8.26M | 0.04% |
+100,000
| New | +$9M |
2026 Q2
0 quarters
|
|
445
CALL
Shift4
FOUR
$3.37B
| $8.16M | 0.04% |
167,800
+50,800
| +43% | +$2.2M |
2026 Q1
1 quarter
|
|
446
State Street SPDR S&P Metals & Mining ETF
XME
$3.44B
| $8.12M | 0.04% |
75,984
+45,000
| +145% | +$5.28M |
2025 Q4
2 quarters
|
|
447
PUT
KKR & Co
KKR
$88.3B
| $8.08M | 0.04% |
+88,000
| New | +$8.53M |
2026 Q2
0 quarters
|
|
448
PUT
Comcast
CMCSA
$88.7B
| $7.98M | 0.04% |
+325,000
| New | +$8.39M |
2026 Q2
0 quarters
|
|
449
Zoom
ZM
$25.9B
| $7.93M | 0.04% |
91,910
+21,510
| +31% | +$2.03M |
2025 Q4
2 quarters
|
|
450
Oklo
OKLO
$3.57B
| $7.88M | 0.04% |
150,540
+149,640
| +16,627% | +$9.34M |
2025 Q3
3 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.