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 | |
|---|---|---|---|---|---|---|---|
651
PUT
Microchip Technology
MCHP
$40.9B
| $3.99M | 0.02% |
43,700
+1,200
| +3% | +$107K |
2025 Q4
2 quarters
|
|
652
PUT
Estee Lauder
EL
$40.6B
| $3.95M | 0.02% |
50,000
+35,000
| +233% | +$2.83M |
2026 Q1
1 quarter
|
|
653
ADMA Biologics
ADMA
$2.35B
| $3.93M | 0.02% |
470,000
-190,000
| -29% | -$1.73M |
2026 Q1
1 quarter
|
|
654
PUT
BBVA Argentina
BBAR
$2.28B
| $3.92M | 0.02% |
+200,000
| New | +$3.37M |
2026 Q2
0 quarters
|
|
655
Immersion
IMMR
$238M
| $3.92M | 0.02% |
578,580
+60,446
| +12% | +$381K |
2024 Q3
7 quarters
|
|
656
CALL
Medtronic
MDT
$134B
| $3.91M | 0.02% |
50,000
-40,500
| -45% | -$3.27M |
2025 Q4
2 quarters
|
|
657
CALL
Pricesmart
PSMT
$5.11B
| $3.91M | 0.02% |
20,000
| – | – |
2026 Q1
1 quarter
|
|
|
658
PUT
Pricesmart
PSMT
$5.11B
| $3.91M | 0.02% |
20,000
| – | – |
2026 Q1
1 quarter
|
|
659
DuPont de Nemours
DD
$20.4B
| $3.9M | 0.02% |
28,764
-17,669
| -38% | -$2.51M |
2025 Q3
3 quarters
|
|
660
CALL
ResMed
RMD
$33.8B
| $3.9M | 0.02% |
+20,000
| New | +$4.15M |
2026 Q2
0 quarters
|
|
661
Roivant Sciences
ROIV
$27.6B
| $3.89M | 0.02% |
110,000
-109,800
| -50% | -$3.24M |
2025 Q4
2 quarters
|
|
662
PUT
Boost Run Inc
BRUN
$528M
| $3.88M | 0.02% |
+100,000
| New | +$3.1M |
2026 Q2
0 quarters
|
|
663
Avalo Therapeutics
AVTX
$379M
| $3.88M | 0.02% |
210,000
-245,000
| -54% | -$3.87M |
2025 Q4
2 quarters
|
|
664
CALL
Mineralys Therapeutics
MLYS
$1.5B
| $3.88M | 0.02% |
143,800
-1,378,400
| -91% | -$37.8M |
2025 Q4
2 quarters
|
|
665
CALL
Dutch Bros
BROS
$6.07B
| $3.88M | 0.02% |
54,000
-46,000
| -46% | -$2.64M |
2025 Q1
5 quarters
|
|
666
CALL
Inhibrx
INBX
$1.28B
| $3.83M | 0.02% |
40,400
+23,800
| +143% | +$2.38M |
2025 Q4
2 quarters
|
|
667
CALL
Sarepta Therapeutics
SRPT
$2.01B
| $3.82M | 0.02% |
212,500
+45,000
| +27% | +$851K |
2021 Q2
20 quarters
|
|
668
CALL
Turning Point Brands
TPB
$1.41B
| $3.82M | 0.02% |
45,000
-51,800
| -54% | -$4.3M |
2025 Q3
3 quarters
|
|
669
PUT
Johnson & Johnson
JNJ
$665B
| $3.81M | 0.02% |
+15,000
| New | +$3.5M |
2026 Q2
0 quarters
|
|
670
CALL
CSX Corp
CSX
$96.4B
| $3.8M | 0.02% |
80,000
+53,800
| +205% | +$2.43M |
2025 Q3
3 quarters
|
|
671
CALL
National Vision
EYE
$1.42B
| $3.8M | 0.02% |
200,000
| – | – |
2026 Q1
1 quarter
|
|
672
PUT
Excelerate Energy
EE
$1.08B
| $3.8M | 0.02% |
100,000
+18,100
| +22% | +$623K |
2025 Q4
2 quarters
|
|
673
CALL
Netskope Inc
NTSK
$9.3B
| $3.78M | 0.02% |
345,600
+322,700
| +1,409% | +$3.29M |
2025 Q4
2 quarters
|
|
674
PUT
VanEck Gold Miners ETF
GDX
$26.1B
| $3.77M | 0.02% |
50,000
-90,000
| -64% | -$7.95M |
2025 Q3
3 quarters
|
|
675
Akamai
AKAM
$12.3B
| $3.77M | 0.02% |
31,900
+1,200
| +4% | +$149K |
2025 Q4
2 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.