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 | |
|---|---|---|---|---|---|---|---|
726
PUT
Acadia Pharmaceuticals
ACAD
$3.7B
| $3.29M | 0.02% |
130,000
-90,000
| -41% | -$1.98M |
2025 Q1
5 quarters
|
|
727
CALL
Silence Therapeutics
SLN
$1.23B
| $3.27M | 0.02% |
+297,900
| New | +$2.1M |
2026 Q2
0 quarters
|
|
728
CALL
Exelixis
EXEL
$17.8B
| $3.26M | 0.02% |
60,000
+30,000
| +100% | +$1.46M |
2021 Q2
20 quarters
|
|
|
729
PUT
Exelixis
EXEL
$17.8B
| $3.26M | 0.02% |
60,000
+30,000
| +100% | +$1.46M |
2022 Q2
16 quarters
|
|
730
CALL
Franklin BSP Realty Trust
FBRT
$487M
| $3.26M | 0.02% |
400,000
-1,100,000
| -73% | -$9.6M |
2026 Q1
1 quarter
|
|
731
CALL
IDEX
IEX
$17.2B
| $3.25M | 0.02% |
+14,300
| New | +$3.03M |
2026 Q2
0 quarters
|
|
732
LyondellBasell Industries
LYB
$20.4B
| $3.24M | 0.02% |
+61,600
| New | +$4.25M |
2026 Q2
0 quarters
|
|
733
CALL
Gold Fields
GFI
$32.7B
| $3.23M | 0.02% |
96,100
| – | – |
2025 Q3
3 quarters
|
|
734
CALL
Comstock
LODE
$113M
| $3.23M | 0.02% |
775,800
-224,200
| -22% | -$816K |
2025 Q3
3 quarters
|
|
735
CALL
Listed Funds Trust Roundhill Magnificent Seven ETF
MAGS
$5.46B
| $3.22M | 0.02% |
+50,000
| New | +$3.3M |
2026 Q2
0 quarters
|
|
|
736
PUT
Listed Funds Trust Roundhill Magnificent Seven ETF
MAGS
$5.46B
| $3.22M | 0.02% |
+50,000
| New | +$3.3M |
2026 Q2
0 quarters
|
|
737
CALL
Tractor Supply
TSCO
$19.1B
| $3.21M | 0.02% |
+101,600
| New | +$3.51M |
2026 Q2
0 quarters
|
|
738
CALL
CRH
CRH
$65.7B
| $3.21M | 0.02% |
+30,000
| New | +$3.3M |
2026 Q2
0 quarters
|
|
|
739
PUT
CRH
CRH
$65.7B
| $3.21M | 0.02% |
+30,000
| New | +$3.3M |
2026 Q2
0 quarters
|
|
740
Spyre Therapeutics
SYRE
$9.26B
| $3.2M | 0.01% |
+36,000
| New | +$2.63M |
2026 Q2
0 quarters
|
|
741
Flex
FLEX
$28.5B
| $3.19M | 0.01% |
+19,700
| New | +$2.39M |
2026 Q2
0 quarters
|
|
742
PUT
Repligen
RGEN
$11.3B
| $3.19M | 0.01% |
+23,400
| New | +$2.87M |
2026 Q2
0 quarters
|
|
743
PUT
NextDecade
NEXT
$1.68B
| $3.19M | 0.01% |
423,000
| – | – |
2026 Q1
1 quarter
|
|
744
PUT
Shake Shack
SHAK
$2.94B
| $3.19M | 0.01% |
56,900
+46,900
| +469% | +$3.53M |
2025 Q1
5 quarters
|
|
745
CALL
Kodiak Sciences
KOD
$6.19B
| $3.19M | 0.01% |
81,800
+70,300
| +611% | +$2.74M |
2026 Q1
1 quarter
|
|
746
PUT
Quest Diagnostics
DGX
$28.2B
| $3.18M | 0.01% |
+15,000
| New | +$2.94M |
2026 Q2
0 quarters
|
|
747
CALL
Verizon
VZ
$191B
| $3.18M | 0.01% |
+75,000
| New | +$3.52M |
2026 Q2
0 quarters
|
|
748
PUT
NewAmsterdam Pharma
NAMS
$2.5B
| $3.12M | 0.01% |
92,200
+17,200
| +23% | +$567K |
2025 Q2
4 quarters
|
|
749
Itron
ITRI
$4.46B
| $3.12M | 0.01% |
+36,000
| New | +$3.07M |
2026 Q2
0 quarters
|
|
750
PUT
SI-BONE Inc
SIBN
$1.12B
| $3.1M | 0.01% |
190,000
| – | – |
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.