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 | |
|---|---|---|---|---|---|---|---|
876
PUT
AGNC Investment
AGNC
$10.9B
| $2.18M | 0.01% |
200,000
| – | – |
2026 Q1
1 quarter
|
|
877
Global Payments
GPN
$25.9B
| $2.18M | 0.01% |
+30,000
| New | +$2.07M |
2026 Q2
0 quarters
|
|
878
PUT
DoubleVerify
DV
$2.12B
| $2.17M | 0.01% |
200,000
| – | – |
2024 Q3
7 quarters
|
|
879
CALL
Americas Gold and Silver
USAS
$916M
| $2.17M | 0.01% |
459,000
| – | – |
2026 Q1
1 quarter
|
|
880
Biohaven
BHVN
$2.36B
| $2.16M | 0.01% |
145,000
+69,661
| +92% | +$750K |
2026 Q1
1 quarter
|
|
881
Waystar Holding Corp
WAY
$5.4B
| $2.16M | 0.01% |
105,000
+55,000
| +110% | +$1.16M |
2026 Q1
1 quarter
|
|
882
PUT
Liquidia Corp
LQDA
$3.75B
| $2.15M | 0.01% |
27,000
-123,000
| -82% | -$6.59M |
2025 Q3
3 quarters
|
|
883
CALL
ProPetro Holding
PUMP
$882M
| $2.15M | 0.01% |
150,000
+78,400
| +109% | +$1.22M |
2026 Q1
1 quarter
|
|
884
CALL
Village Farms International
VFF
$319M
| $2.15M | 0.01% |
+1,075,000
| New | +$2.69M |
2026 Q2
0 quarters
|
|
885
CALL
Openlane
OPLN
$4.83B
| $2.14M | 0.01% |
+52,000
| New | +$1.82M |
2026 Q2
0 quarters
|
|
886
CALL
American Eagle Outfitters
AEO
$3.31B
| $2.13M | 0.01% |
123,900
+33,900
| +38% | +$587K |
2025 Q4
2 quarters
|
|
887
PUT
First Solar
FSLR
$20B
| $2.12M | 0.01% |
9,000
| – | – |
2022 Q1
17 quarters
|
|
888
CALL
CryoPort
CYRX
$822M
| $2.12M | 0.01% |
135,000
-115,000
| -46% | -$1.48M |
2025 Q2
4 quarters
|
|
889
The Mosaic Company
MOS
$5.86B
| $2.12M | 0.01% |
100,000
+35,000
| +54% | +$809K |
2026 Q1
1 quarter
|
|
890
Definium Therapeutics
DFTX
$4.36B
| $2.12M | 0.01% |
45,000
+11,242
| +33% | +$278K |
2026 Q1
1 quarter
|
|
891
KraneShares CSI China Internet ETF
KWEB
$4.33B
| $2.11M | 0.01% |
86,300
-1,800
| -2% | -$49.8K |
2025 Q4
2 quarters
|
|
892
CALL
Thor Industries
THO
$4.1B
| $2.1M | 0.01% |
+28,000
| New | +$2.16M |
2026 Q2
0 quarters
|
|
893
SM Energy
SM
$8.91B
| $2.09M | 0.01% |
+80,000
| New | +$2.4M |
2026 Q2
0 quarters
|
|
894
Celanese
CE
$5.26B
| $2.08M | 0.01% |
45,300
-37,307
| -45% | -$2.16M |
2025 Q4
2 quarters
|
|
895
CALL
Champion Homes
SKY
$4.81B
| $2.08M | 0.01% |
+23,600
| New | +$1.81M |
2026 Q2
0 quarters
|
|
896
Celldex Therapeutics
CLDX
$2.33B
| $2.07M | 0.01% |
+55,700
| New | +$1.8M |
2026 Q2
0 quarters
|
|
897
CALL
Wendy's
WEN
$1.39B
| $2.07M | 0.01% |
+250,000
| New | +$1.79M |
2026 Q2
0 quarters
|
|
898
CALL
BellRing Brands
BRBR
$1.1B
| $2.07M | 0.01% |
160,000
-10,000
| -6% | -$121K |
2026 Q1
1 quarter
|
|
899
CALL
Owens Corning
OC
$9.31B
| $2.07M | 0.01% |
+13,000
| New | +$1.58M |
2026 Q2
0 quarters
|
|
900
SCHMID Group N.V. Warrants
SHMDW
| $2.05M | 0.01% |
1,138,081
+2,200
| +0.2% | +$3.85K |
2025 Q4
2 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.