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 | |
|---|---|---|---|---|---|---|---|
526
CALL
Fermi Inc
FRMI
$968M
| $6.26M | 0.03% |
683,800
+312,700
| +84% | +$1.98M |
2026 Q1
1 quarter
|
|
527
CALL
Zions Bancorporation
ZION
$9.45B
| $6.23M | 0.03% |
+90,000
| New | +$5.67M |
2026 Q2
0 quarters
|
|
528
PUT
Alamos Gold
AGI
$12.7B
| $6.19M | 0.03% |
204,000
+4,500
| +2% | +$182K |
2024 Q3
7 quarters
|
|
529
CALL
HF Sinclair
DINO
$17.4B
| $6.18M | 0.03% |
+88,800
| New | +$5.91M |
2026 Q2
0 quarters
|
|
|
530
CALL
Alphabet (Google) Class C
GOOG
$3.47T
| $6.18M | 0.03% |
17,500
| – | – |
2025 Q1
5 quarters
|
|
531
PUT
Rimini Street
RMNI
$457M
| $6.18M | 0.03% |
1,450,000
+1,150,000
| +383% | +$4.36M |
2025 Q3
3 quarters
|
|
532
CALL
Extra Space Storage
EXR
$33.3B
| $6.18M | 0.03% |
+42,500
| New | +$6.07M |
2026 Q2
0 quarters
|
|
|
533
PUT
Extra Space Storage
EXR
$33.3B
| $6.18M | 0.03% |
+42,500
| New | +$6.07M |
2026 Q2
0 quarters
|
|
534
CALL
First Horizon
FHN
$10.9B
| $6.15M | 0.03% |
240,000
+222,000
| +1,233% | +$5.41M |
2024 Q4
6 quarters
|
|
535
PUT
Natera
NTRA
$51.2B
| $6.11M | 0.03% |
+22,500
| New | +$4.8M |
2026 Q2
0 quarters
|
|
536
PUT
FIVE9
FIVN
$2.54B
| $6.1M | 0.03% |
286,200
+186,200
| +186% | +$3.68M |
2025 Q4
2 quarters
|
|
537
CALL
Lionsgate Studios
LION
$3.67B
| $6.07M | 0.03% |
396,500
-307,200
| -44% | -$3.97M |
2025 Q4
2 quarters
|
|
538
CALL
Par Pacific Holdings
PARR
$3.51B
| $5.98M | 0.03% |
106,700
| – | – |
2026 Q1
1 quarter
|
|
539
CALL
Alcoa
AA
$10.2B
| $5.96M | 0.03% |
114,400
+17,300
| +18% | +$1.16M |
2026 Q1
1 quarter
|
|
540
PUT
Applied Digital
APLD
$4.18B
| $5.95M | 0.03% |
+159,500
| New | +$6.16M |
2026 Q2
0 quarters
|
|
541
Equinox Gold
EQX
$12.9B
| $5.93M | 0.03% |
610,466
+427,166
| +233% | +$5.51M |
2026 Q1
1 quarter
|
|
542
PUT
Labcorp
LH
$29.2B
| $5.91M | 0.03% |
+21,100
| New | +$5.55M |
2026 Q2
0 quarters
|
|
543
PUT
AngloGold Ashanti
AU
$44.5B
| $5.85M | 0.03% |
72,300
-67,600
| -48% | -$6.42M |
2025 Q3
3 quarters
|
|
544
CALL
Tenax Therapeutics
TENX
$59.5M
| $5.82M | 0.03% |
+399,700
| New | +$5.11M |
2026 Q2
0 quarters
|
|
545
ON Semiconductor
ON
$24.5B
| $5.77M | 0.03% |
61,000
-1,472
| -2% | -$151K |
2021 Q4
18 quarters
|
|
546
CALL
Regions Financial
RF
$24.1B
| $5.68M | 0.03% |
+188,200
| New | +$5.28M |
2026 Q2
0 quarters
|
|
547
PUT
Etsy
ETSY
$7.88B
| $5.65M | 0.03% |
75,000
| – | – |
2024 Q4
6 quarters
|
|
548
CALL
Outfront Media
OUT
$5.57B
| $5.65M | 0.03% |
+172,400
| New | +$5.35M |
2026 Q2
0 quarters
|
|
549
PUT
IBM
IBM
$232B
| $5.62M | 0.03% |
+20,000
| New | +$5.04M |
2026 Q2
0 quarters
|
|
550
CALL
TripAdvisor
TRIP
$931M
| $5.61M | 0.03% |
+409,100
| New | +$4.63M |
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.