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 | |
|---|---|---|---|---|---|---|---|
551
PUT
MP Materials
MP
$6.4B
| $5.6M | 0.03% |
100,000
| – | – |
2025 Q1
5 quarters
|
|
552
CALL
iShares Biotechnology ETF
IBB
$11.7B
| $5.55M | 0.03% |
+29,200
| New | +$5.02M |
2026 Q2
0 quarters
|
|
553
CALL
WaterBridge Infrastructure LLC
WBI
$1.57B
| $5.55M | 0.03% |
+162,000
| New | +$4.72M |
2026 Q2
0 quarters
|
|
554
Protagonist Therapeutics
PTGX
$9.28B
| $5.52M | 0.03% |
+45,000
| New | +$4.7M |
2026 Q2
0 quarters
|
|
555
PUT
Immunocore
IMCR
$1.55B
| $5.5M | 0.03% |
173,100
-1,069,400
| -86% | -$31.6M |
2025 Q1
5 quarters
|
|
556
MasTec
MTZ
$13.5B
| $5.49M | 0.03% |
+13,200
| New | +$5.05M |
2026 Q2
0 quarters
|
|
557
Genmab
GMAB
$33.9B
| $5.49M | 0.03% |
+199,774
| New | +$5.31M |
2026 Q2
0 quarters
|
|
|
558
Immunocore
IMCR
$1.55B
| $5.48M | 0.03% |
172,503
-489,283
| -74% | -$14.5M |
2025 Q1
5 quarters
|
|
559
Domino's
DPZ
$11.2B
| $5.44M | 0.03% |
+18,371
| New | +$6.05M |
2026 Q2
0 quarters
|
|
560
CALL
Credicorp
BAP
$27.9B
| $5.42M | 0.03% |
+13,900
| New | +$4.75M |
2026 Q2
0 quarters
|
|
|
561
PUT
Credicorp
BAP
$27.9B
| $5.42M | 0.03% |
+13,900
| New | +$4.75M |
2026 Q2
0 quarters
|
|
562
PUT
Okta
OKTA
$33.4B
| $5.4M | 0.03% |
+39,600
| New | +$3.72M |
2026 Q2
0 quarters
|
|
563
CALL
Corbus Pharmaceuticals
CRBP
$69M
| $5.37M | 0.03% |
+572,300
| New | +$5.42M |
2026 Q2
0 quarters
|
|
564
PUT
Skeena Resources
SKE
$3.68B
| $5.33M | 0.02% |
+200,000
| New | +$6.01M |
2026 Q2
0 quarters
|
|
565
State Street Energy Select Sector SPDR ETF
XLE
$41.8B
| $5.29M | 0.02% |
99,516
+76,400
| +331% | +$4.37M |
2026 Q1
1 quarter
|
|
566
CALL
Celcuity
CELC
$3.39B
| $5.23M | 0.02% |
50,000
-550,000
| -92% | -$63.5M |
2025 Q3
3 quarters
|
|
567
Rush Street Interactive
RSI
$1.44B
| $5.22M | 0.02% |
+175,461
| New | +$4.62M |
2026 Q2
0 quarters
|
|
568
CALL
Fortrea Holdings
FTRE
$2.02B
| $5.21M | 0.02% |
299,500
-599,500
| -67% | -$8.09M |
2026 Q1
1 quarter
|
|
569
CALL
Perrigo
PRGO
$2.2B
| $5.2M | 0.02% |
+500,000
| New | +$5.5M |
2026 Q2
0 quarters
|
|
|
570
PUT
Perrigo
PRGO
$2.2B
| $5.2M | 0.02% |
+500,000
| New | +$5.5M |
2026 Q2
0 quarters
|
|
571
CALL
Illumina
ILMN
$34.3B
| $5.19M | 0.02% |
+29,500
| New | +$4.32M |
2026 Q2
0 quarters
|
|
572
CALL
Zoom
ZM
$26.8B
| $5.18M | 0.02% |
60,000
-12,800
| -18% | -$1.21M |
2026 Q1
1 quarter
|
|
573
PUT
Molina Healthcare
MOH
$11.8B
| $5.15M | 0.02% |
22,500
-55,500
| -71% | -$10.1M |
2026 Q1
1 quarter
|
|
574
CALL
Kratos Defense & Security Solutions
KTOS
$6.77B
| $5.14M | 0.02% |
103,000
-6,000
| -6% | -$363K |
2025 Q3
3 quarters
|
|
575
Precigen
PGEN
$1.81B
| $5.13M | 0.02% |
900,000
+593,384
| +194% | +$2.56M |
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.