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 | |
|---|---|---|---|---|---|---|---|
576
CALL
Archer Daniels Midland
ADM
$34.4B
| $5.12M | 0.02% |
+67,000
| New | +$5.1M |
2026 Q2
0 quarters
|
|
577
DELISTED
Electronic Arts
EA
| $5.1M | 0.02% |
+24,882
| New | +$5.04M |
2026 Q2
0 quarters
|
|
578
CALL
Cannae Holdings
CNNE
$791M
| $5.08M | 0.02% |
352,800
+128,000
| +57% | +$1.74M |
2026 Q1
1 quarter
|
|
|
579
United Therapeutics
UTHR
$25.6B
| $5.06M | 0.02% |
9,333
-65,112
| -87% | -$36.7M |
2025 Q1
5 quarters
|
|
580
CALL
SiriusXM
SIRI
$11.3B
| $5.05M | 0.02% |
170,800
+60,000
| +54% | +$1.61M |
2026 Q1
1 quarter
|
|
581
Coinbase
COIN
$38.2B
| $5.02M | 0.02% |
34,370
-22,600
| -40% | -$4.08M |
2025 Q3
3 quarters
|
|
582
CALL
Warby Parker
WRBY
$3.1B
| $4.99M | 0.02% |
164,500
+64,500
| +65% | +$1.6M |
2025 Q4
2 quarters
|
|
583
Neurocrine Biosciences
NBIX
$16.8B
| $4.97M | 0.02% |
29,500
+20,600
| +231% | +$3.06M |
2026 Q1
1 quarter
|
|
584
Novo Nordisk
NVO
$180B
| $4.94M | 0.02% |
103,132
+42,532
| +70% | +$1.83M |
2025 Q4
2 quarters
|
|
585
PUT
Ares Capital
ARCC
$14.1B
| $4.9M | 0.02% |
+264,300
| New | +$4.93M |
2026 Q2
0 quarters
|
|
586
Carrier Global
CARR
$45.6B
| $4.89M | 0.02% |
66,600
-13,400
| -17% | -$876K |
2025 Q4
2 quarters
|
|
587
Nextpower Inc. Common Stock
NXT
$15.4B
| $4.88M | 0.02% |
+41,000
| New | +$5.06M |
2026 Q2
0 quarters
|
|
588
Floor & Decor
FND
$5.56B
| $4.87M | 0.02% |
82,004
-202,128
| -71% | -$10.2M |
2025 Q4
2 quarters
|
|
589
PUT
Allot
ALLT
$417M
| $4.87M | 0.02% |
550,000
+50,000
| +10% | +$372K |
2026 Q1
1 quarter
|
|
590
Revolution Medicines Inc Warrant
RVMDW
$113M
| $4.86M | 0.02% |
517,685
| – | – |
2025 Q4
2 quarters
|
|
591
CALL
Targa Resources
TRGP
$62.5B
| $4.83M | 0.02% |
+18,000
| New | +$4.63M |
2026 Q2
0 quarters
|
|
592
CALL
Winnebago Industries
WGO
$978M
| $4.82M | 0.02% |
+154,400
| New | +$4.71M |
2026 Q2
0 quarters
|
|
593
Carlyle Group
CG
$14.9B
| $4.8M | 0.02% |
+114,031
| New | +$5.36M |
2026 Q2
0 quarters
|
|
594
CALL
Duos Technologies
DUOT
$167M
| $4.8M | 0.02% |
400,000
| – | – |
2026 Q1
1 quarter
|
|
595
CALL
IonQ
IONQ
$11.7B
| $4.79M | 0.02% |
90,000
-110,000
| -55% | -$5.57M |
2026 Q1
1 quarter
|
|
596
PUT
Papa John's
PZZA
$657M
| $4.78M | 0.02% |
+130,000
| New | +$4.49M |
2026 Q2
0 quarters
|
|
597
CALL
Summit Therapeutics
SMMT
$12.2B
| $4.76M | 0.02% |
326,600
+96,600
| +42% | +$1.71M |
2025 Q1
5 quarters
|
|
598
MGIC Investment
MTG
$6.24B
| $4.75M | 0.02% |
+168,511
| New | +$4.49M |
2026 Q2
0 quarters
|
|
599
Burlington
BURL
$16.1B
| $4.75M | 0.02% |
15,000
-4,160
| -22% | -$1.34M |
2025 Q3
3 quarters
|
|
600
CALL
Estee Lauder
EL
$41.1B
| $4.74M | 0.02% |
60,000
| – | – |
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.