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 | |
|---|---|---|---|---|---|---|---|
501
CALL
Intellia Therapeutics
NTLA
$1.56B
| $6.76M | 0.03% |
399,400
-80,500
| -17% | -$1.13M |
2022 Q1
17 quarters
|
|
502
CALL
DexCom
DXCM
$31.2B
| $6.74M | 0.03% |
100,000
| – | – |
2023 Q2
12 quarters
|
|
503
PUT
Icon
ICLR
$14.9B
| $6.72M | 0.03% |
+38,700
| New | +$4.93M |
2026 Q2
0 quarters
|
|
504
CALL
Magnite
MGNI
$3.94B
| $6.72M | 0.03% |
+354,000
| New | +$5.07M |
2026 Q2
0 quarters
|
|
505
PUT
Septerna Inc
SEPN
$2.17B
| $6.7M | 0.03% |
+200,000
| New | +$5.67M |
2026 Q2
0 quarters
|
|
506
CALL
TPG RE Finance Trust
TRTX
$532M
| $6.7M | 0.03% |
800,000
-800,000
| -50% | -$6.68M |
2024 Q1
9 quarters
|
|
507
Humana
HUM
$48.9B
| $6.67M | 0.03% |
16,800
-3,160
| -16% | -$900K |
2025 Q2
4 quarters
|
|
508
PUT
Applied Optoelectronics
AAOI
$4.06B
| $6.67M | 0.03% |
+45,000
| New | +$7.31M |
2026 Q2
0 quarters
|
|
509
PUT
iShares Biotechnology ETF
IBB
$11.2B
| $6.64M | 0.03% |
+34,900
| New | +$6M |
2026 Q2
0 quarters
|
|
510
AstraZeneca
AZN
$292B
| $6.6M | 0.03% |
+34,800
| New | +$6.55M |
2026 Q2
0 quarters
|
|
511
CALL
Oracle
ORCL
$348B
| $6.59M | 0.03% |
+45,000
| New | +$8.16M |
2026 Q2
0 quarters
|
|
512
Procore
PCOR
$11.6B
| $6.53M | 0.03% |
+160,694
| New | +$7.95M |
2026 Q2
0 quarters
|
|
513
PUT
Strategy Inc
MSTR
$54.3B
| $6.52M | 0.03% |
+75,000
| New | +$10.9M |
2026 Q2
0 quarters
|
|
514
CALL
BILL Holdings
BILL
$4.34B
| $6.51M | 0.03% |
180,000
+49,500
| +38% | +$1.82M |
2025 Q4
2 quarters
|
|
515
CALL
Rush Enterprises Class A
RUSHA
$5.27B
| $6.5M | 0.03% |
133,500
+70,800
| +113% | +$3.33M |
2026 Q1
1 quarter
|
|
516
CALL
AXT Inc
AXTI
$2.5B
| $6.49M | 0.03% |
90,000
| – | – |
2025 Q4
2 quarters
|
|
517
CALL
Edgewise Therapeutics
EWTX
$4.39B
| $6.48M | 0.03% |
159,500
+9,500
| +6% | +$328K |
2025 Q4
2 quarters
|
|
518
Zebra Technologies
ZBRA
$15.5B
| $6.45M | 0.03% |
+24,500
| New | +$5.76M |
2026 Q2
0 quarters
|
|
519
CALL
Marathon Digital Holdings
MARA
$2.3B
| $6.39M | 0.03% |
460,000
+150,000
| +48% | +$1.88M |
2025 Q3
3 quarters
|
|
520
PUT
Avalo Therapeutics
AVTX
$362M
| $6.37M | 0.03% |
+344,800
| New | +$5.45M |
2026 Q2
0 quarters
|
|
521
CALL
MoonLake Immunotherapeutics
MLTX
$929M
| $6.36M | 0.03% |
+326,900
| New | +$5.93M |
2026 Q2
0 quarters
|
|
522
CALL
Toast
TOST
$20.2B
| $6.33M | 0.03% |
+227,500
| New | +$5.93M |
2026 Q2
0 quarters
|
|
523
PUT
iShares MSCI South Korea ETF
EWY
$20B
| $6.32M | 0.03% |
+31,300
| New | +$5.52M |
2026 Q2
0 quarters
|
|
524
PUT
Dollar General
DG
$30.5B
| $6.3M | 0.03% |
+54,700
| New | +$6.22M |
2026 Q2
0 quarters
|
|
525
Brookdale Senior Living
BKD
$2.52B
| $6.28M | 0.03% |
390,385
+101,885
| +35% | +$1.39M |
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.