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 | |
|---|---|---|---|---|---|---|---|
676
CALL
Elevance Health
ELV
$94.2B
| $3.75M | 0.02% |
9,700
-93,300
| -91% | -$34.6M |
2026 Q1
1 quarter
|
|
|
677
PUT
Elevance Health
ELV
$94.2B
| $3.75M | 0.02% |
9,700
-6,800
| -41% | -$2.52M |
2025 Q3
3 quarters
|
|
678
CALL
Southwest Airlines
LUV
$22.7B
| $3.75M | 0.02% |
+72,900
| New | +$3.06M |
2026 Q2
0 quarters
|
|
679
CALL
Dave Inc
DAVE
$4.29B
| $3.73M | 0.02% |
10,000
| – | – |
2026 Q1
1 quarter
|
|
680
Devon Energy
DVN
$48.5B
| $3.72M | 0.02% |
+90,000
| New | +$4.17M |
2026 Q2
0 quarters
|
|
681
Williams Companies
WMB
$83B
| $3.72M | 0.02% |
+50,000
| New | +$3.68M |
2026 Q2
0 quarters
|
|
682
CALL
Silicon Laboratories
SLAB
$7.41B
| $3.72M | 0.02% |
17,000
| – | – |
2026 Q1
1 quarter
|
|
683
Tenax Therapeutics
TENX
$67.7M
| $3.71M | 0.02% |
+255,000
| New | +$3.26M |
2026 Q2
0 quarters
|
|
684
CALL
Marriott International
MAR
$111B
| $3.71M | 0.02% |
10,000
-20,000
| -67% | -$7.38M |
2026 Q1
1 quarter
|
|
685
CALL
Rocket Companies
RKT
$42.6B
| $3.7M | 0.02% |
+234,800
| New | +$3.38M |
2026 Q2
0 quarters
|
|
686
Aurinia Pharmaceuticals
AUPH
$2.29B
| $3.67M | 0.02% |
+216,363
| New | +$3.46M |
2026 Q2
0 quarters
|
|
687
PUT
Hallador Energy
HNRG
$453M
| $3.66M | 0.02% |
210,700
+185,700
| +743% | +$3.19M |
2026 Q1
1 quarter
|
|
688
PUT
Vizsla Silver
VZLA
$1.17B
| $3.64M | 0.02% |
1,104,000
| – | – |
2025 Q4
2 quarters
|
|
689
PUT
Pagaya Technologies
PGY
$1.6B
| $3.64M | 0.02% |
199,500
| – | – |
2026 Q1
1 quarter
|
|
690
CALL
Nice
NICE
$5.71B
| $3.63M | 0.02% |
+40,000
| New | +$3.88M |
2026 Q2
0 quarters
|
|
691
CALL
Abbott
ABT
$200B
| $3.63M | 0.02% |
+40,000
| New | +$3.65M |
2026 Q2
0 quarters
|
|
692
PUT
Nano Dimension
NNDM
$278M
| $3.62M | 0.02% |
+2,499,300
| New | +$4.08M |
2026 Q2
0 quarters
|
|
693
Viasat
VSAT
$9.2B
| $3.59M | 0.02% |
+40,000
| New | +$2.65M |
2026 Q2
0 quarters
|
|
694
CALL
Aeva Technologies
AEVA
$662M
| $3.59M | 0.02% |
+125,000
| New | +$2.46M |
2026 Q2
0 quarters
|
|
|
695
PUT
Aeva Technologies
AEVA
$662M
| $3.59M | 0.02% |
+125,000
| New | +$2.46M |
2026 Q2
0 quarters
|
|
696
PUT
Lucid Motors
LCID
$1.33B
| $3.56M | 0.02% |
531,600
| – | – |
2025 Q3
3 quarters
|
|
697
PUT
Waystar Holding Corp
WAY
$5.69B
| $3.55M | 0.02% |
173,000
+73,000
| +73% | +$1.54M |
2026 Q1
1 quarter
|
|
698
CALL
Whirlpool
WHR
$2.15B
| $3.55M | 0.02% |
+90,000
| New | +$4.22M |
2026 Q2
0 quarters
|
|
699
Keel Infrastructure Corp
KEEL
$1.3B
| $3.54M | 0.02% |
616,631
+88,531
| +17% | +$380K |
2025 Q3
3 quarters
|
|
700
Super Micro Computer
SMCI
$19.4B
| $3.53M | 0.02% |
120,350
-76,650
| -39% | -$2.44M |
2025 Q1
5 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.