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 | |
|---|---|---|---|---|---|---|---|
751
PUT
Chipotle Mexican Grill
CMG
$44.5B
| $3.09M | 0.01% |
91,000
-662,600
| -88% | -$21.6M |
2025 Q4
2 quarters
|
|
752
CALL
British American Tobacco
BTI
$135B
| $3.09M | 0.01% |
50,000
| – | – |
2026 Q1
1 quarter
|
|
753
CALL
Relay Therapeutics
RLAY
$3.95B
| $3.09M | 0.01% |
165,000
-895,000
| -84% | -$13M |
2025 Q4
2 quarters
|
|
754
CALL
Figma
FIG
$11.8B
| $3.08M | 0.01% |
+170,000
| New | +$3.42M |
2026 Q2
0 quarters
|
|
755
CALL
Hudson Pacific Properties
HPP
$573M
| $3.05M | 0.01% |
+200,600
| New | +$2.2M |
2026 Q2
0 quarters
|
|
756
CALL
FS KKR Capital
FSK
$3.17B
| $3.04M | 0.01% |
290,000
| – | – |
2025 Q4
2 quarters
|
|
757
Target
TGT
$74.1B
| $3.03M | 0.01% |
23,200
+7,300
| +46% | +$927K |
2025 Q2
4 quarters
|
|
758
CALL
Sable Offshore Corp
SOC
$380M
| $3.02M | 0.01% |
980,300
+642,700
| +190% | +$8.18M |
2024 Q4
6 quarters
|
|
759
PUT
Barrick Mining
B
$66B
| $3.02M | 0.01% |
+82,100
| New | +$3.37M |
2026 Q2
0 quarters
|
|
760
PUT
Octave Specialty Group
OSG
$235M
| $3.01M | 0.01% |
482,300
+114,000
| +31% | +$594K |
2025 Q1
5 quarters
|
|
761
CALL
CRISPR Therapeutics
CRSP
$5.01B
| $3M | 0.01% |
55,000
+11,500
| +26% | +$606K |
2024 Q4
6 quarters
|
|
762
CALL
STMicroelectronics
STM
$40.8B
| $3M | 0.01% |
40,000
-64,000
| -62% | -$3.85M |
2026 Q1
1 quarter
|
|
763
Illumina
ILMN
$34.3B
| $2.99M | 0.01% |
+16,991
| New | +$2.49M |
2026 Q2
0 quarters
|
|
764
CALL
Texas Instruments
TXN
$285B
| $2.98M | 0.01% |
+10,000
| New | +$2.77M |
2026 Q2
0 quarters
|
|
765
PUT
Bio-Techne
TECH
$11.4B
| $2.97M | 0.01% |
42,000
-158,000
| -79% | -$8.53M |
2025 Q3
3 quarters
|
|
766
CALL
Biogen
BIIB
$37.6B
| $2.96M | 0.01% |
+13,700
| New | +$2.62M |
2026 Q2
0 quarters
|
|
767
Herbalife
HLF
$1.6B
| $2.96M | 0.01% |
224,850
+66,037
| +42% | +$910K |
2025 Q3
3 quarters
|
|
768
IBM
IBM
$240B
| $2.95M | 0.01% |
+10,500
| New | +$2.65M |
2026 Q2
0 quarters
|
|
769
CALL
Newmont
NEM
$123B
| $2.95M | 0.01% |
31,600
| – | – |
2026 Q1
1 quarter
|
|
770
PUT
Compass Pathways
CMPS
$1.19B
| $2.95M | 0.01% |
208,500
-1,791,600
| -90% | -$18.2M |
2026 Q1
1 quarter
|
|
771
CALL
Nuvectis Pharma
NVCT
$603M
| $2.95M | 0.01% |
+160,300
| New | +$1.79M |
2026 Q2
0 quarters
|
|
772
Cipher Digital
CIFR
$2.7B
| $2.94M | 0.01% |
+120,000
| New | +$2.53M |
2026 Q2
0 quarters
|
|
773
PUT
Oracle
ORCL
$375B
| $2.93M | 0.01% |
20,000
| – | – |
2025 Q2
4 quarters
|
|
774
Terrestrial Energy Warrant
IMSRW
$7.13M
| $2.92M | 0.01% |
865,372
| – | – |
2025 Q4
2 quarters
|
|
775
CALL
Lyft
LYFT
$7.09B
| $2.92M | 0.01% |
200,000
| – | – |
2025 Q3
3 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.