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 | |
|---|---|---|---|---|---|---|---|
626
CALL
Ceco Environmental
CECO
$2.66B
| $4.41M | 0.02% |
+48,600
| New | +$3.84M |
2026 Q2
0 quarters
|
|
627
Netflix
NFLX
$276B
| $4.36M | 0.02% |
61,100
-151,000
| -71% | -$13.3M |
2025 Q4
2 quarters
|
|
628
Ultragenyx Pharmaceutical
RARE
$1.69B
| $4.34M | 0.02% |
130,000
+20,000
| +18% | +$497K |
2024 Q3
7 quarters
|
|
629
PUT
NextNav
NN
$1.48B
| $4.32M | 0.02% |
242,400
+22,200
| +10% | +$429K |
2024 Q4
6 quarters
|
|
630
PUT
Immersion
IMMR
$238M
| $4.27M | 0.02% |
630,000
-198,300
| -24% | -$1.25M |
2024 Q3
7 quarters
|
|
631
PUT
MannKind Corp
MNKD
$1.26B
| $4.26M | 0.02% |
1,000,000
| – | – |
2026 Q1
1 quarter
|
|
632
CALL
Rimini Street
RMNI
$488M
| $4.26M | 0.02% |
1,000,000
| – | – |
2026 Q1
1 quarter
|
|
633
CALL
CBRE Group
CBRE
$40.7B
| $4.26M | 0.02% |
+31,600
| New | +$4.35M |
2026 Q2
0 quarters
|
|
634
CALL
Vizsla Silver
VZLA
$1.17B
| $4.26M | 0.02% |
1,289,400
| – | – |
2025 Q4
2 quarters
|
|
635
CALL
Williams Companies
WMB
$83B
| $4.25M | 0.02% |
57,200
-449,600
| -89% | -$33.1M |
2025 Q4
2 quarters
|
|
636
CALL
Webull Corp
BULL
$2.91B
| $4.24M | 0.02% |
+650,000
| New | +$4.21M |
2026 Q2
0 quarters
|
|
637
PUT
Zscaler
ZS
$36.6B
| $4.23M | 0.02% |
30,000
| – | – |
2026 Q1
1 quarter
|
|
638
Uber
UBER
$143B
| $4.22M | 0.02% |
58,500
-6,344
| -10% | -$465K |
2024 Q3
7 quarters
|
|
639
CALL
Vail Resorts
MTN
$5.75B
| $4.22M | 0.02% |
31,000
| – | – |
2026 Q1
1 quarter
|
|
|
640
PUT
CBRE Group
CBRE
$40.7B
| $4.22M | 0.02% |
+31,300
| New | +$4.31M |
2026 Q2
0 quarters
|
|
641
CALL
TechnipFMC
FTI
$25.1B
| $4.18M | 0.02% |
63,100
| – | – |
2026 Q1
1 quarter
|
|
642
PUT
Corcept Therapeutics
CORT
$8.56B
| $4.17M | 0.02% |
48,000
-945,100
| -95% | -$57.1M |
2025 Q4
2 quarters
|
|
643
PUT
Marathon Digital Holdings
MARA
$2.65B
| $4.17M | 0.02% |
300,000
+75,000
| +33% | +$938K |
2025 Q3
3 quarters
|
|
644
TripAdvisor
TRIP
$1.2B
| $4.14M | 0.02% |
302,039
+246,050
| +439% | +$2.78M |
2025 Q3
3 quarters
|
|
645
PUT
Century Aluminum
CENX
$3.25B
| $4.14M | 0.02% |
90,000
+66,000
| +275% | +$3.97M |
2025 Q4
2 quarters
|
|
646
PUT
Anterix
ATEX
$1.52B
| $4.12M | 0.02% |
40,000
-6,000
| -13% | -$352K |
2025 Q4
2 quarters
|
|
647
CALL
Energy Transfer Partners
ET
$67B
| $4.08M | 0.02% |
213,600
-986,400
| -82% | -$19.1M |
2023 Q2
12 quarters
|
|
648
CALL
SGHC Ltd
SGHC
$5.87B
| $4.04M | 0.02% |
+298,100
| New | +$3.78M |
2026 Q2
0 quarters
|
|
649
PUT
Viking Therapeutics
VKTX
$3.57B
| $4.01M | 0.02% |
102,700
+2,700
| +3% | +$87.2K |
2026 Q1
1 quarter
|
|
650
PUT
BioMarin Pharmaceuticals
BMRN
$11.1B
| $4.01M | 0.02% |
70,000
-139,500
| -67% | -$7.64M |
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.