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 | |
|---|---|---|---|---|---|---|---|
601
PUT
American Express
AXP
$223B
| $4.74M | 0.02% |
14,000
| – | – |
2026 Q1
1 quarter
|
|
602
PUT
Sturm, Ruger & Co
RGR
$721M
| $4.73M | 0.02% |
125,000
| – | – |
2025 Q4
2 quarters
|
|
603
PUT
Magnachip Semiconductor
MX
$188M
| $4.73M | 0.02% |
+1,000,000
| New | +$4.85M |
2026 Q2
0 quarters
|
|
604
PUT
Zeta Global
ZETA
$7.77B
| $4.72M | 0.02% |
+240,000
| New | +$4.45M |
2026 Q2
0 quarters
|
|
605
CALL
Spectrum Brands
SPB
$1.95B
| $4.72M | 0.02% |
55,000
| – | – |
2026 Q1
1 quarter
|
|
606
PUT
Hims & Hers Health
HIMS
$6.22B
| $4.68M | 0.02% |
135,000
+125,000
| +1,250% | +$3.36M |
2025 Q4
2 quarters
|
|
607
PUT
Abbott
ABT
$189B
| $4.67M | 0.02% |
+51,500
| New | +$4.7M |
2026 Q2
0 quarters
|
|
608
Vertex Pharmaceuticals
VRTX
$135B
| $4.67M | 0.02% |
9,400
+9,200
| +4,600% | +$4.08M |
2026 Q1
1 quarter
|
|
609
PUT
Capricor Therapeutics
CAPR
$519M
| $4.66M | 0.02% |
193,500
+46,700
| +32% | +$1.42M |
2024 Q2
8 quarters
|
|
610
CBL Properties
CBL
$1.54B
| $4.62M | 0.02% |
86,945
-100,249
| -54% | -$4.64M |
2025 Q1
5 quarters
|
|
611
CALL
ADMA Biologics
ADMA
$2.35B
| $4.6M | 0.02% |
550,000
-975,300
| -64% | -$8.89M |
2025 Q1
5 quarters
|
|
612
CALL
Palvella Therapeutics
PVLA
$2.2B
| $4.58M | 0.02% |
30,000
-140,000
| -82% | -$17M |
2025 Q4
2 quarters
|
|
613
CALL
Digital Realty Trust
DLR
$68.2B
| $4.58M | 0.02% |
+25,500
| New | +$4.88M |
2026 Q2
0 quarters
|
|
614
CALL
Live Nation Entertainment
LYV
$42.7B
| $4.58M | 0.02% |
25,000
-50,000
| -67% | -$8.22M |
2025 Q3
3 quarters
|
|
615
Biogen
BIIB
$36.8B
| $4.54M | 0.02% |
+21,000
| New | +$4.02M |
2026 Q2
0 quarters
|
|
616
State Street Consumer Discretionary Select Sector SPDR ETF
XLY
$23.7B
| $4.54M | 0.02% |
+38,675
| New | +$4.51M |
2026 Q2
0 quarters
|
|
617
PUT
USA Rare Earth Inc
USAR
$3.08B
| $4.5M | 0.02% |
+208,500
| New | +$4.75M |
2026 Q2
0 quarters
|
|
618
CALL
T1 Energy
TE
$818M
| $4.49M | 0.02% |
473,500
+332,500
| +236% | +$2.36M |
2026 Q1
1 quarter
|
|
619
CALL
A10 Networks
ATEN
$1.73B
| $4.48M | 0.02% |
+120,000
| New | +$3.49M |
2026 Q2
0 quarters
|
|
620
PUT
Globalstar
GSAT
$10.9B
| $4.47M | 0.02% |
55,000
+30,000
| +120% | +$2.41M |
2024 Q2
8 quarters
|
|
621
MKS Inc
MKSI
$13.2B
| $4.45M | 0.02% |
10,000
+1,000
| +11% | +$313K |
2024 Q2
8 quarters
|
|
622
CALL
Voya Financial
VOYA
$9.34B
| $4.42M | 0.02% |
+48,800
| New | +$3.97M |
2026 Q2
0 quarters
|
|
|
623
PUT
Voya Financial
VOYA
$9.34B
| $4.42M | 0.02% |
+48,800
| New | +$3.97M |
2026 Q2
0 quarters
|
|
624
PUT
CME Group
CME
$109B
| $4.42M | 0.02% |
+20,000
| New | +$5.53M |
2026 Q2
0 quarters
|
|
625
CALL
Abercrombie & Fitch
ANF
$6.68B
| $4.41M | 0.02% |
+49,000
| New | +$4.16M |
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.