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 | |
|---|---|---|---|---|---|---|---|
51
CALL
DELISTED
Electronic Arts
EA
| $82.4M | 0.38% |
402,100
+54,000
| +16% | +$10.9M |
2026 Q1
1 quarter
|
|
52
PUT
Insmed
INSM
$24.1B
| $79M | 0.37% |
740,700
+640,400
| +638% | +$77.5M |
2023 Q1
13 quarters
|
|
53
PUT
Praxis Precision Medicines
PRAX
$7.95B
| $75.3M | 0.35% |
224,800
+24,800
| +12% | +$7.85M |
2025 Q3
3 quarters
|
|
54
CALL
State Street Materials Select Sector SPDR ETF
XLB
$8.52B
| $75.2M | 0.35% |
1,480,000
+480,000
| +48% | +$24.6M |
2026 Q1
1 quarter
|
|
55
CALL
uniQure
QURE
$1.6B
| $75M | 0.35% |
1,627,600
-302,800
| -16% | -$7.93M |
2024 Q2
8 quarters
|
|
56
PUT
TeraWulf
WULF
$5.84B
| $72.8M | 0.34% |
2,948,800
+1,384,800
| +89% | +$31.8M |
2024 Q1
9 quarters
|
|
57
CALL
State Street SPDR S&P Biotech ETF
XBI
$10.8B
| $70.6M | 0.33% |
446,200
-217,600
| -33% | -$29.4M |
2025 Q4
2 quarters
|
|
58
CALL
Vistra
VST
$40.4B
| $70M | 0.33% |
441,500
+350,500
| +385% | +$54.4M |
2025 Q4
2 quarters
|
|
59
CALL
Erasca
ERAS
$5.21B
| $68.5M | 0.32% |
3,741,000
+3,241,000
| +648% | +$46.4M |
2025 Q4
2 quarters
|
|
|
60
CALL
Insmed
INSM
$24.1B
| $67.2M | 0.31% |
630,000
+586,800
| +1,358% | +$71.1M |
2024 Q1
9 quarters
|
|
61
PUT
Lam Research
LRCX
$277B
| $67.2M | 0.31% |
+155,000
| New | +$47.1M |
2026 Q2
0 quarters
|
|
62
CALL
Viasat
VSAT
$9.2B
| $66.4M | 0.31% |
739,300
+714,300
| +2,857% | +$47.3M |
2025 Q3
3 quarters
|
|
63
Core Scientific Inc Tranche 1 Warrants
CORZW
$596M
| $65.6M | 0.31% |
3,487,150
| – | – |
2024 Q2
8 quarters
|
|
|
64
Alphabet (Google) Class C
GOOG
$3.53T
| $64.6M | 0.3% |
182,700
+181,453
| +14,551% | +$64.8M |
2024 Q2
8 quarters
|
|
65
CALL
MKS Inc
MKSI
$13.2B
| $64.5M | 0.3% |
145,000
+80,000
| +123% | +$25M |
2024 Q2
8 quarters
|
|
66
CALL
Carlyle Group
CG
$15.2B
| $64.1M | 0.3% |
1,523,300
+1,476,700
| +3,169% | +$69.4M |
2026 Q1
1 quarter
|
|
67
CALL
Madrigal Pharmaceuticals
MDGL
$9.25B
| $63.1M | 0.29% |
117,500
| – | – |
2026 Q1
1 quarter
|
|
68
CALL
Salesforce
CRM
$187B
| $62.8M | 0.29% |
+401,000
| New | +$70.5M |
2026 Q2
0 quarters
|
|
69
CALL
Coinbase
COIN
$40.1B
| $61.8M | 0.29% |
423,000
+64,000
| +18% | +$11.6M |
2025 Q3
3 quarters
|
|
|
70
State Street Financial Select Sector SPDR ETF
XLF
$55.2B
| $61.6M | 0.29% |
1,149,802
+1,116,271
| +3,329% | +$58M |
2026 Q1
1 quarter
|
|
71
PUT
Vaxcyte
PCVX
$10.3B
| $60.9M | 0.28% |
1,047,200
+647,000
| +162% | +$35.1M |
2025 Q4
2 quarters
|
|
72
PUT
State Street Communication Services Select Sector SPDR ETF
XLC
$22.6B
| $60.2M | 0.28% |
561,500
-1,000
| -0.2% | -$114K |
2026 Q1
1 quarter
|
|
73
CALL
Marvell Technology
MRVL
$144B
| $59.4M | 0.28% |
199,500
+100,000
| +101% | +$20.1M |
2026 Q1
1 quarter
|
|
74
CALL
Iris Energy
IREN
$8.56B
| $58.1M | 0.27% |
1,271,000
+284,000
| +29% | +$14.8M |
2023 Q3
11 quarters
|
|
75
CALL
Wolfspeed
WOLF
$1.21B
| $57.6M | 0.27% |
1,193,500
+976,100
| +449% | +$42.5M |
2025 Q2
4 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.