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 | |
|---|---|---|---|---|---|---|---|
801
Turtle Beach Corp
TBCH
$304M
| $2.73M | 0.01% |
219,040
+92,546
| +73% | +$1.1M |
2022 Q4
14 quarters
|
|
802
PUT
Digi Power X Inc
DGXX
$220M
| $2.72M | 0.01% |
+500,000
| New | +$2.73M |
2026 Q2
0 quarters
|
|
803
PUT
Terrestrial Energy
IMSR
$296M
| $2.72M | 0.01% |
+384,300
| New | +$2.84M |
2026 Q2
0 quarters
|
|
804
United Airlines
UAL
$37.7B
| $2.72M | 0.01% |
20,000
-42,971
| -68% | -$4.45M |
2025 Q2
4 quarters
|
|
805
Monte Rosa Therapeutics
GLUE
$916M
| $2.72M | 0.01% |
+112,322
| New | +$2.12M |
2026 Q2
0 quarters
|
|
806
Garrett Motion
GTX
$3.66B
| $2.72M | 0.01% |
+75,000
| New | +$2.09M |
2026 Q2
0 quarters
|
|
807
Rigetti Computing Warrants
RGTIW
$50.8M
| $2.71M | 0.01% |
302,256
| – | – |
2025 Q2
4 quarters
|
|
808
CALL
FTAI Aviation
FTAI
$18.8B
| $2.71M | 0.01% |
+10,000
| New | +$2.52M |
2026 Q2
0 quarters
|
|
809
Check Point Software Technologies
CHKP
$15.1B
| $2.66M | 0.01% |
20,214
| – | – |
2026 Q1
1 quarter
|
|
810
CF Industries
CF
$16.8B
| $2.65M | 0.01% |
+24,500
| New | +$2.89M |
2026 Q2
0 quarters
|
|
811
CALL
Fifth Third Bancorp
FITB
$49.4B
| $2.65M | 0.01% |
47,000
| – | – |
2026 Q1
1 quarter
|
|
812
PUT
The Mosaic Company
MOS
$6.8B
| $2.65M | 0.01% |
+125,000
| New | +$2.89M |
2026 Q2
0 quarters
|
|
813
Perrigo
PRGO
$2.28B
| $2.63M | 0.01% |
253,459
+209,459
| +476% | +$2.31M |
2026 Q1
1 quarter
|
|
814
CALL
RUM Group Inc
RUM
$2.08B
| $2.63M | 0.01% |
+415,000
| New | +$2.95M |
2026 Q2
0 quarters
|
|
815
CALL
CytomX Therapeutics
CTMX
$495M
| $2.62M | 0.01% |
700,000
-200,000
| -22% | -$764K |
2026 Q1
1 quarter
|
|
816
Octave Specialty Group
OSG
$231M
| $2.62M | 0.01% |
419,136
-223,461
| -35% | -$1.16M |
2022 Q3
15 quarters
|
|
817
PUT
iShares US Transportation ETF
IYT
$2.06B
| $2.6M | 0.01% |
+30,000
| New | +$2.45M |
2026 Q2
0 quarters
|
|
818
CALL
Globalstar
GSAT
$10.9B
| $2.6M | 0.01% |
+32,000
| New | +$2.58M |
2026 Q2
0 quarters
|
|
819
PUT
Vistance Networks Inc
VISN
$1.48B
| $2.59M | 0.01% |
202,500
| – | – |
2025 Q3
3 quarters
|
|
820
CALL
Anterix
ATEX
$1.53B
| $2.57M | 0.01% |
25,000
-273,900
| -92% | -$16.1M |
2026 Q1
1 quarter
|
|
821
CALL
EQT Corp
EQT
$32.8B
| $2.57M | 0.01% |
+48,400
| New | +$2.72M |
2026 Q2
0 quarters
|
|
822
Unity
U
$18.3B
| $2.57M | 0.01% |
+90,000
| New | +$2.39M |
2026 Q2
0 quarters
|
|
823
PUT
First Horizon
FHN
$11.2B
| $2.56M | 0.01% |
100,000
| – | – |
2025 Q3
3 quarters
|
|
824
PUT
Arista Networks
ANET
$225B
| $2.55M | 0.01% |
15,000
-282,500
| -95% | -$44.4M |
2024 Q4
6 quarters
|
|
825
CALL
Array Digital Infrastructure
AD
$2.85B
| $2.54M | 0.01% |
+70,000
| New | +$3.33M |
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.