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 | |
|---|---|---|---|---|---|---|---|
701
CALL
Green Dot
GDOT
$727M
| $3.51M | 0.02% |
260,000
| – | – |
2026 Q1
1 quarter
|
|
702
PUT
Xeris Biopharma Holdings
XERS
$1.91B
| $3.51M | 0.02% |
443,500
| – | – |
2026 Q1
1 quarter
|
|
703
CALL
SolarEdge
SEDG
$1.85B
| $3.51M | 0.02% |
+60,000
| New | +$3.14M |
2026 Q2
0 quarters
|
|
704
PUT
New York Times
NYT
$10.7B
| $3.5M | 0.02% |
50,000
-225,000
| -82% | -$17.3M |
2026 Q1
1 quarter
|
|
705
PUT
Interactive Brokers
IBKR
$35.3B
| $3.48M | 0.02% |
+40,000
| New | +$3.33M |
2026 Q2
0 quarters
|
|
706
CALL
Visteon
VC
$1.98B
| $3.47M | 0.02% |
+35,000
| New | +$3.82M |
2026 Q2
0 quarters
|
|
707
CALL
Newell Brands
NWL
$2.5B
| $3.47M | 0.02% |
564,500
+124,600
| +28% | +$527K |
2025 Q4
2 quarters
|
|
708
CALL
Canadian Pacific Kansas City
CP
$82.1B
| $3.47M | 0.02% |
+40,000
| New | +$3.43M |
2026 Q2
0 quarters
|
|
|
709
PUT
Canadian Pacific Kansas City
CP
$82.1B
| $3.47M | 0.02% |
+40,000
| New | +$3.43M |
2026 Q2
0 quarters
|
|
710
PUT
Omeros
OMER
$1.32B
| $3.46M | 0.02% |
+364,100
| New | +$4.33M |
2026 Q2
0 quarters
|
|
711
STMicroelectronics
STM
$40.8B
| $3.46M | 0.02% |
+46,156
| New | +$2.78M |
2026 Q2
0 quarters
|
|
712
PUT
Celanese
CE
$5.46B
| $3.45M | 0.02% |
+75,000
| New | +$4.34M |
2026 Q2
0 quarters
|
|
713
CALL
Figure Technology Solutions
FIGR
$5.17B
| $3.44M | 0.02% |
111,900
| – | – |
2026 Q1
1 quarter
|
|
714
CALL
Molina Healthcare
MOH
$11.8B
| $3.43M | 0.02% |
+15,000
| New | +$2.72M |
2026 Q2
0 quarters
|
|
715
CALL
EXL Service
EXLS
$6.5B
| $3.42M | 0.02% |
+132,200
| New | +$3.89M |
2026 Q2
0 quarters
|
|
716
CALL
Antero Midstream
AM
$9.38B
| $3.41M | 0.02% |
150,000
-34,500
| -19% | -$749K |
2024 Q1
9 quarters
|
|
717
CALL
Charles River Laboratories
CRL
$15.6B
| $3.4M | 0.02% |
15,000
-124,000
| -89% | -$22.1M |
2026 Q1
1 quarter
|
|
718
Texas Instruments
TXN
$285B
| $3.4M | 0.02% |
+11,400
| New | +$3.16M |
2026 Q2
0 quarters
|
|
719
CALL
Kopin
KOPN
$605M
| $3.37M | 0.02% |
752,500
+534,100
| +245% | +$2.33M |
2025 Q1
5 quarters
|
|
720
Driven Brands
DRVN
$1.96B
| $3.36M | 0.02% |
+241,215
| New | +$3.17M |
2026 Q2
0 quarters
|
|
721
PUT
Celldex Therapeutics
CLDX
$2.35B
| $3.35M | 0.02% |
+90,000
| New | +$2.91M |
2026 Q2
0 quarters
|
|
722
Listed Funds Trust Roundhill Magnificent Seven ETF
MAGS
$5.46B
| $3.34M | 0.02% |
+52,000
| New | +$3.43M |
2026 Q2
0 quarters
|
|
723
PUT
Avis
CAR
$4.23B
| $3.33M | 0.02% |
+22,500
| New | +$4.95M |
2026 Q2
0 quarters
|
|
724
ANI Pharmaceuticals
ANIP
$1.65B
| $3.31M | 0.02% |
40,000
-95,890
| -71% | -$7.69M |
2025 Q4
2 quarters
|
|
725
Fluor
FLR
$6.37B
| $3.31M | 0.02% |
63,174
-27,706
| -30% | -$1.36M |
2024 Q4
6 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.