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 | |
|---|---|---|---|---|---|---|---|
776
CALL
Bowman Consulting
BWMN
$712M
| $2.92M | 0.01% |
+100,000
| New | +$3.15M |
2026 Q2
0 quarters
|
|
777
Globalstar
GSAT
$11B
| $2.88M | 0.01% |
+35,458
| New | +$2.85M |
2026 Q2
0 quarters
|
|
778
PUT
Peloton Interactive
PTON
$2.4B
| $2.88M | 0.01% |
487,500
| – | – |
2026 Q1
1 quarter
|
|
779
CALL
Badger Meter
BMI
$4.75B
| $2.86M | 0.01% |
+19,300
| New | +$2.53M |
2026 Q2
0 quarters
|
|
780
PUT
Cheesecake Factory
CAKE
$5.74B
| $2.86M | 0.01% |
+36,000
| New | +$2.33M |
2026 Q2
0 quarters
|
|
781
CALL
BioMarin Pharmaceuticals
BMRN
$11.1B
| $2.86M | 0.01% |
+50,000
| New | +$2.74M |
2026 Q2
0 quarters
|
|
782
PUT
Unity
U
$18.7B
| $2.86M | 0.01% |
+100,000
| New | +$2.66M |
2026 Q2
0 quarters
|
|
783
Lionsgate Studios
LION
$3.78B
| $2.85M | 0.01% |
186,186
+153,288
| +466% | +$1.98M |
2025 Q3
3 quarters
|
|
784
CALL
BlackBerry
BB
$5.14B
| $2.85M | 0.01% |
225,000
+75,000
| +50% | +$524K |
2026 Q1
1 quarter
|
|
785
PUT
Sidus Space
SIDU
$105M
| $2.84M | 0.01% |
+1,011,200
| New | +$3.88M |
2026 Q2
0 quarters
|
|
786
CALL
Corvus Pharmaceuticals
CRVS
$889M
| $2.84M | 0.01% |
190,000
+30,000
| +19% | +$416K |
2025 Q4
2 quarters
|
|
787
CALL
Alumis Inc
ALMS
$848M
| $2.81M | 0.01% |
100,000
| – | – |
2026 Q1
1 quarter
|
|
788
PUT
AtriCure
ATRC
$3.33B
| $2.8M | 0.01% |
+100,000
| New | +$2.81M |
2026 Q2
0 quarters
|
|
789
CALL
Karyopharm Therapeutics
KPTI
$1.65M
| $2.79M | 0.01% |
285,700
-801,200
| -74% | -$6.95M |
2026 Q1
1 quarter
|
|
790
CALL
Revvity
RVTY
$17.8B
| $2.78M | 0.01% |
+25,000
| New | +$2.41M |
2026 Q2
0 quarters
|
|
791
CALL
Cleveland-Cliffs
CLF
$7.33B
| $2.78M | 0.01% |
+296,000
| New | +$3.25M |
2026 Q2
0 quarters
|
|
792
Critical Metals Corp Warrants
CRMLW
$15.4M
| $2.78M | 0.01% |
777,901
| – | – |
2025 Q3
3 quarters
|
|
793
Magnite
MGNI
$3.27B
| $2.76M | 0.01% |
145,590
-259,463
| -64% | -$3.72M |
2025 Q4
2 quarters
|
|
794
Medline Inc
MDLN
$35.4B
| $2.76M | 0.01% |
+70,000
| New | +$2.82M |
2026 Q2
0 quarters
|
|
795
CALL
Zeta Global
ZETA
$7.98B
| $2.76M | 0.01% |
140,000
| – | – |
2026 Q1
1 quarter
|
|
796
PUT
Onterris Inc
ONT
$566M
| $2.74M | 0.01% |
135,700
+35,700
| +36% | +$666K |
2024 Q4
6 quarters
|
|
797
CALL
Fiverr
FVRR
$313M
| $2.73M | 0.01% |
265,000
+100,000
| +61% | +$1.06M |
2026 Q1
1 quarter
|
|
798
Alamos Gold
AGI
$12.6B
| $2.73M | 0.01% |
+90,000
| New | +$3.64M |
2026 Q2
0 quarters
|
|
799
PUT
Stanley Black & Decker
SWK
$17.9B
| $2.73M | 0.01% |
29,000
-289,400
| -91% | -$22.7M |
2026 Q1
1 quarter
|
|
800
PUT
Devon Energy
DVN
$48.5B
| $2.73M | 0.01% |
+66,000
| New | +$3.06M |
2026 Q2
0 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.