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 | |
|---|---|---|---|---|---|---|---|
851
CALL
Mayville Engineering Co
MEC
$404M
| $2.34M | 0.01% |
+62,500
| New | +$1.67M |
2026 Q2
0 quarters
|
|
852
PUT
International Paper
IP
$18.6B
| $2.34M | 0.01% |
+61,300
| New | +$2.1M |
2026 Q2
0 quarters
|
|
853
CALL
Empery Digital
EMPD
$69.4M
| $2.33M | 0.01% |
655,000
+375,000
| +134% | +$1.68M |
2026 Q1
1 quarter
|
|
854
CALL
DHT Holdings
DHT
$3.55B
| $2.31M | 0.01% |
140,000
-978,200
| -87% | -$17.5M |
2025 Q3
3 quarters
|
|
855
CALL
Imperial Petroleum
IMPP
$211M
| $2.3M | 0.01% |
500,000
| – | – |
2026 Q1
1 quarter
|
|
|
856
PUT
Imperial Petroleum
IMPP
$211M
| $2.3M | 0.01% |
500,000
| – | – |
2026 Q1
1 quarter
|
|
857
CALL
Global X MSCI Argentina ETF
ARGT
$613M
| $2.28M | 0.01% |
+25,000
| New | +$2.32M |
2026 Q2
0 quarters
|
|
858
Amplify Energy
AMPY
$148M
| $2.28M | 0.01% |
571,685
-301,906
| -35% | -$1.55M |
2026 Q1
1 quarter
|
|
859
CALL
Sasol
SSL
$9.7B
| $2.26M | 0.01% |
230,500
| – | – |
2026 Q1
1 quarter
|
|
860
Coupang
CPNG
$30.7B
| $2.26M | 0.01% |
+130,000
| New | +$2.35M |
2026 Q2
0 quarters
|
|
861
PUT
X-Energy Inc
XE
$2.88B
| $2.25M | 0.01% |
+122,500
| New | +$3.17M |
2026 Q2
0 quarters
|
|
862
CALL
Fastly Inc
FSLY
$3.28B
| $2.25M | 0.01% |
122,400
+22,400
| +22% | +$487K |
2025 Q3
3 quarters
|
|
863
PUT
BellRing Brands
BRBR
$1.2B
| $2.23M | 0.01% |
+172,500
| New | +$2.08M |
2026 Q2
0 quarters
|
|
864
PUT
Ares Management
ARES
$31B
| $2.23M | 0.01% |
20,000
-92,000
| -82% | -$11M |
2026 Q1
1 quarter
|
|
865
CALL
Snap
SNAP
$10B
| $2.22M | 0.01% |
500,000
+300,000
| +150% | +$1.64M |
2026 Q1
1 quarter
|
|
866
CALL
Spyre Therapeutics
SYRE
$9.11B
| $2.22M | 0.01% |
25,000
-212,800
| -89% | -$15.5M |
2025 Q2
4 quarters
|
|
867
CALL
Xeris Biopharma Holdings
XERS
$1.92B
| $2.22M | 0.01% |
280,000
-123,400
| -31% | -$788K |
2025 Q4
2 quarters
|
|
868
CALL
Evommune Inc
EVMN
$217M
| $2.2M | 0.01% |
+165,900
| New | +$3.85M |
2026 Q2
0 quarters
|
|
869
CALL
Aptiv
APTV
$9.08B
| $2.2M | 0.01% |
35,900
+18,400
| +105% | +$1.13M |
2026 Q1
1 quarter
|
|
870
Coca-Cola
KO
$414B
| $2.2M | 0.01% |
+27,100
| New | +$2.14M |
2026 Q2
0 quarters
|
|
871
CALL
RXO
RXO
$4.66B
| $2.2M | 0.01% |
+79,700
| New | +$1.76M |
2026 Q2
0 quarters
|
|
872
CALL
Clearwater Paper
CLW
$230M
| $2.2M | 0.01% |
+140,000
| New | +$2.11M |
2026 Q2
0 quarters
|
|
873
Knowles
KN
$2.85B
| $2.19M | 0.01% |
+52,800
| New | +$1.83M |
2026 Q2
0 quarters
|
|
874
Lumentum
LITE
$55.5B
| $2.19M | 0.01% |
2,550
| – | – |
2025 Q4
2 quarters
|
|
875
CALL
AGNC Investment
AGNC
$11.3B
| $2.18M | 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.