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 | |
|---|---|---|---|---|---|---|---|
826
PUT
Array Digital Infrastructure
AD
$2.85B
| $2.54M | 0.01% |
+70,000
| New | +$3.33M |
2026 Q2
0 quarters
|
|
827
CALL
Enliven Therapeutics
ELVN
$3.42B
| $2.54M | 0.01% |
50,000
-536,500
| -91% | -$22.8M |
2026 Q1
1 quarter
|
|
828
Alumis Inc
ALMS
$841M
| $2.53M | 0.01% |
90,000
+70,000
| +350% | +$1.63M |
2026 Q1
1 quarter
|
|
829
CALL
Strategy Inc
MSTR
$60.7B
| $2.53M | 0.01% |
+29,100
| New | +$4.22M |
2026 Q2
0 quarters
|
|
830
PUT
Shift4
FOUR
$3.48B
| $2.53M | 0.01% |
+52,000
| New | +$2.25M |
2026 Q2
0 quarters
|
|
831
Canadian Pacific Kansas City
CP
$81.8B
| $2.51M | 0.01% |
+29,000
| New | +$2.48M |
2026 Q2
0 quarters
|
|
832
PUT
MoonLake Immunotherapeutics
MLTX
$969M
| $2.51M | 0.01% |
+128,900
| New | +$2.34M |
2026 Q2
0 quarters
|
|
833
PUT
NuScale Power
SMR
$2.12B
| $2.51M | 0.01% |
250,000
+150,000
| +150% | +$1.69M |
2025 Q4
2 quarters
|
|
834
CALL
Onterris Inc
ONT
$571M
| $2.5M | 0.01% |
123,800
+93,800
| +313% | +$1.75M |
2024 Q4
6 quarters
|
|
835
PUT
Replimune Group
REPL
$1.96B
| $2.45M | 0.01% |
221,100
+141,100
| +176% | +$863K |
2025 Q4
2 quarters
|
|
836
CALL
PTC Therapeutics
PTCT
$5.75B
| $2.45M | 0.01% |
30,000
-272,100
| -90% | -$19.6M |
2025 Q2
4 quarters
|
|
|
837
PUT
PTC Therapeutics
PTCT
$5.75B
| $2.45M | 0.01% |
+30,000
| New | +$2.17M |
2026 Q2
0 quarters
|
|
838
PUT
Sphere Entertainment
SPHR
$3.85B
| $2.42M | 0.01% |
+14,000
| New | +$1.95M |
2026 Q2
0 quarters
|
|
839
CALL
Turtle Beach Corp
TBCH
$304M
| $2.41M | 0.01% |
193,600
-50,000
| -21% | -$592K |
2026 Q1
1 quarter
|
|
840
AngloGold Ashanti
AU
$44.7B
| $2.4M | 0.01% |
29,700
-6,100
| -17% | -$579K |
2025 Q4
2 quarters
|
|
841
Infleqtion Inc Warrants
INFQ.WS
| $2.4M | 0.01% |
349,161
| – | – |
2026 Q1
1 quarter
|
|
842
PUT
Novo Nordisk
NVO
$187B
| $2.4M | 0.01% |
50,000
-125,000
| -71% | -$5.37M |
2025 Q3
3 quarters
|
|
843
CALL
Establishment Labs
ESTA
$1.97B
| $2.39M | 0.01% |
27,900
-469,900
| -94% | -$33.8M |
2025 Q4
2 quarters
|
|
|
844
PUT
Establishment Labs
ESTA
$1.97B
| $2.39M | 0.01% |
27,900
-80,100
| -74% | -$5.75M |
2025 Q4
2 quarters
|
|
845
Box
BOX
$6.08B
| $2.39M | 0.01% |
+89,992
| New | +$2.25M |
2026 Q2
0 quarters
|
|
846
CALL
Adecoagro
AGRO
$1.32B
| $2.39M | 0.01% |
250,000
| – | – |
2026 Q1
1 quarter
|
|
847
CALL
KraneShares CSI China Internet ETF
KWEB
$4.53B
| $2.39M | 0.01% |
+97,500
| New | +$2.7M |
2026 Q2
0 quarters
|
|
848
PUT
CoinShares Bitcoin Mining and Digital Power ETF
WGMI
$136M
| $2.37M | 0.01% |
+37,500
| New | +$2.14M |
2026 Q2
0 quarters
|
|
849
CALL
First Solar
FSLR
$20.8B
| $2.36M | 0.01% |
10,000
| – | – |
2025 Q1
5 quarters
|
|
850
Cameco
CCJ
$31.1B
| $2.34M | 0.01% |
+23,000
| New | +$2.58M |
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.