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 | |
|---|---|---|---|---|---|---|---|
451
CALL
Driven Brands
DRVN
$1.99B
| $7.88M | 0.04% |
+565,000
| New | +$7.43M |
2026 Q2
0 quarters
|
|
452
PUT
Outfront Media
OUT
$5.64B
| $7.86M | 0.04% |
+240,000
| New | +$7.45M |
2026 Q2
0 quarters
|
|
453
CALL
Unum
UNM
$11.7B
| $7.85M | 0.04% |
+87,800
| New | +$7.28M |
2026 Q2
0 quarters
|
|
454
CALL
BBVA Argentina
BBAR
$2.2B
| $7.84M | 0.04% |
400,000
+200,000
| +100% | +$3.37M |
2026 Q1
1 quarter
|
|
455
CALL
Somnigroup International
SGI
$15.6B
| $7.84M | 0.04% |
+100,000
| New | +$7.33M |
2026 Q2
0 quarters
|
|
456
CALL
Alaska Air
ALK
$4.32B
| $7.83M | 0.04% |
150,000
| – | – |
2025 Q4
2 quarters
|
|
|
457
PUT
Alaska Air
ALK
$4.32B
| $7.83M | 0.04% |
150,000
| – | – |
2026 Q1
1 quarter
|
|
458
CALL
Peloton Interactive
PTON
$2.48B
| $7.82M | 0.04% |
1,323,900
+973,900
| +278% | +$5.25M |
2026 Q1
1 quarter
|
|
459
PUT
Centene
CNC
$36.7B
| $7.82M | 0.04% |
+121,800
| New | +$6.51M |
2026 Q2
0 quarters
|
|
460
CALL
Tradeweb Markets
TW
$26.9B
| $7.77M | 0.04% |
+78,000
| New | +$8.46M |
2026 Q2
0 quarters
|
|
461
iShares MSCI Taiwan ETF
EWT
$9.33B
| $7.77M | 0.04% |
+71,500
| New | +$6.69M |
2026 Q2
0 quarters
|
|
462
PUT
Qualcomm
QCOM
$167B
| $7.76M | 0.04% |
+42,000
| New | +$7.85M |
2026 Q2
0 quarters
|
|
463
PUT
Birkenstock
BIRK
$6.12B
| $7.75M | 0.04% |
+180,000
| New | +$7.27M |
2026 Q2
0 quarters
|
|
|
KVUE
464
CALL
DELISTED
Kenvue
KVUE
| $7.72M | 0.04% |
404,000
-446,000
| -52% | -$7.86M |
2025 Q3
3 quarters
|
|
465
CALL
Achieve Life Sciences
ACHV
$658M
| $7.68M | 0.04% |
1,175,500
+1,145,500
| +3,818% | +$5.46M |
2025 Q2
4 quarters
|
|
466
Amer Sports
AS
$18.2B
| $7.67M | 0.04% |
226,800
+160,300
| +241% | +$5.62M |
2026 Q1
1 quarter
|
|
467
Tarsus Pharmaceuticals
TARS
$3.16B
| $7.6M | 0.04% |
120,700
+84,252
| +231% | +$5.38M |
2026 Q1
1 quarter
|
|
468
PUT
Dianthus Therapeutics
DNTH
$4.65B
| $7.51M | 0.04% |
77,000
+27,000
| +54% | +$2.36M |
2026 Q1
1 quarter
|
|
469
Goldman Sachs
GS
$253B
| $7.48M | 0.03% |
7,400
+6,250
| +543% | +$6.09M |
2026 Q1
1 quarter
|
|
470
Skydance Corporation
SKYD
$41B
| $7.47M | 0.03% |
757,184
+338,384
| +81% | +$3.56M |
2025 Q4
2 quarters
|
|
471
PUT
BridgeBio Pharma
BBIO
$14.5B
| $7.45M | 0.03% |
100,000
+40,000
| +67% | +$2.8M |
2023 Q1
13 quarters
|
|
472
PUT
CAVA Group
CAVA
$7.01B
| $7.38M | 0.03% |
94,000
+75,000
| +395% | +$6.29M |
2025 Q3
3 quarters
|
|
473
CALL
Compass
COMP
$7.07B
| $7.37M | 0.03% |
598,000
+585,000
| +4,500% | +$4.87M |
2025 Q3
3 quarters
|
|
474
CALL
Petrobras
PBR
$121B
| $7.37M | 0.03% |
456,000
| – | – |
2026 Q1
1 quarter
|
|
|
475
PUT
Petrobras
PBR
$121B
| $7.37M | 0.03% |
456,000
| – | – |
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.