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 | |
|---|---|---|---|---|---|---|---|
476
PUT
Modine Manufacturing
MOD
$4.86B
| $7.34M | 0.03% |
+27,500
| New | +$7.25M |
2026 Q2
0 quarters
|
|
477
CALL
Alkermes
ALKS
$7.55B
| $7.34M | 0.03% |
+140,000
| New | +$5.47M |
2026 Q2
0 quarters
|
|
478
CALL
Veracyte
VCYT
$1.79B
| $7.31M | 0.03% |
+124,500
| New | +$5.22M |
2026 Q2
0 quarters
|
|
479
Chipotle Mexican Grill
CMG
$44B
| $7.31M | 0.03% |
215,000
+132,580
| +161% | +$4.33M |
2025 Q3
3 quarters
|
|
480
PUT
ARK Innovation ETF
ARKK
$5.64B
| $7.3M | 0.03% |
90,300
-231,600
| -72% | -$17.7M |
2025 Q2
4 quarters
|
|
481
CALL
Monte Rosa Therapeutics
GLUE
$892M
| $7.26M | 0.03% |
+300,000
| New | +$5.67M |
2026 Q2
0 quarters
|
|
482
CALL
Sea Limited
SE
$45.9B
| $7.19M | 0.03% |
75,000
+35,000
| +88% | +$3.08M |
2026 Q1
1 quarter
|
|
483
CALL
Zoetis
ZTS
$34.3B
| $7.19M | 0.03% |
+100,000
| New | +$9.41M |
2026 Q2
0 quarters
|
|
484
TAL Education Group
TAL
$5.66B
| $7.18M | 0.03% |
+750,696
| New | +$7.89M |
2026 Q2
0 quarters
|
|
485
Energy Vault
NRGV
$515M
| $7.18M | 0.03% |
1,524,600
+1,489,600
| +4,256% | +$6.66M |
2026 Q1
1 quarter
|
|
486
CALL
NWPX Infrastructure Inc
NWPX
$814M
| $7.15M | 0.03% |
47,700
| – | – |
2025 Q4
2 quarters
|
|
487
CALL
Alignment Healthcare
ALHC
$1.58B
| $7.14M | 0.03% |
+300,000
| New | +$5.76M |
2026 Q2
0 quarters
|
|
488
CALL
Cogent Biosciences
COGT
$5.14B
| $7.12M | 0.03% |
184,100
+134,100
| +268% | +$4.69M |
2025 Q2
4 quarters
|
|
489
CALL
Jazz Pharmaceuticals
JAZZ
$14.9B
| $7.11M | 0.03% |
29,500
| – | – |
2026 Q1
1 quarter
|
|
490
CALL
Skeena Resources
SKE
$3.65B
| $7.1M | 0.03% |
266,500
-216,500
| -45% | -$6.5M |
2026 Q1
1 quarter
|
|
491
Qnity Electronics Inc
Q
$23.2B
| $7.1M | 0.03% |
43,500
-26,500
| -38% | -$3.9M |
2025 Q4
2 quarters
|
|
492
CALL
Nextpower Inc. Common Stock
NXT
$14.9B
| $7.1M | 0.03% |
+59,600
| New | +$7.35M |
2026 Q2
0 quarters
|
|
493
PUT
Sunrun
RUN
$2.34B
| $7.08M | 0.03% |
529,500
-198,800
| -27% | -$2.68M |
2021 Q3
19 quarters
|
|
494
PUT
Netflix
NFLX
$271B
| $7.07M | 0.03% |
99,000
-777,500
| -89% | -$68.5M |
2025 Q4
2 quarters
|
|
495
CALL
Biohaven
BHVN
$2.13B
| $7.07M | 0.03% |
475,000
+140,000
| +42% | +$1.51M |
2023 Q2
12 quarters
|
|
496
Medtronic
MDT
$132B
| $7.04M | 0.03% |
+90,000
| New | +$7.26M |
2026 Q2
0 quarters
|
|
497
CALL
IBM
IBM
$235B
| $7.03M | 0.03% |
+25,000
| New | +$6.3M |
2026 Q2
0 quarters
|
|
498
PUT
SLB Ltd
SLB
$74B
| $6.97M | 0.03% |
150,000
| – | – |
2025 Q4
2 quarters
|
|
499
PUT
Charles River Laboratories
CRL
$15.1B
| $6.8M | 0.03% |
30,000
| – | – |
2026 Q1
1 quarter
|
|
500
Ascendis Pharma A/S
ASND
$16.6B
| $6.8M | 0.03% |
+25,500
| New | +$5.96M |
2026 Q2
0 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.