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 | |
|---|---|---|---|---|---|---|---|
901
PUT
Halliburton
HAL
$28.2B
| $2.04M | 0.01% |
+60,000
| New | +$2.34M |
2026 Q2
0 quarters
|
|
902
Hewlett Packard
HPE
$70.5B
| $2.03M | 0.01% |
+45,000
| New | +$1.63M |
2026 Q2
0 quarters
|
|
903
CALL
Oceaneering
OII
$3.81B
| $2.03M | 0.01% |
50,000
+3,500
| +8% | +$132K |
2025 Q3
3 quarters
|
|
904
PUT
Abacus Global Management
ABX
$845M
| $2.01M | 0.01% |
+188,000
| New | +$1.72M |
2026 Q2
0 quarters
|
|
905
Silicon Motion
SIMO
$6.85B
| $2M | 0.01% |
6,000
+2,000
| +50% | +$463K |
2026 Q1
1 quarter
|
|
906
CALL
BitMine Immersion Technologies
BMNR
$12.4B
| $2M | 0.01% |
+150,000
| New | +$2.9M |
2026 Q2
0 quarters
|
|
907
Papa John's
PZZA
$611M
| $1.98M | 0.01% |
+53,945
| New | +$1.86M |
2026 Q2
0 quarters
|
|
908
Goodyear
GT
$1.28B
| $1.98M | 0.01% |
300,000
+170,000
| +131% | +$1.09M |
2025 Q4
2 quarters
|
|
909
CALL
Unicycive Therapeutics
UNCY
$97.2M
| $1.97M | 0.01% |
+420,000
| New | +$3.1M |
2026 Q2
0 quarters
|
|
910
CALL
Copa Holdings
CPA
$5.56B
| $1.96M | 0.01% |
12,600
| – | – |
2026 Q1
1 quarter
|
|
|
911
PUT
Copa Holdings
CPA
$5.56B
| $1.96M | 0.01% |
12,600
| – | – |
2026 Q1
1 quarter
|
|
|
ORLA
912
CALL
DELISTED
Orla Mining
ORLA
| $1.94M | 0.01% |
198,300
| – | – |
2026 Q1
1 quarter
|
|
913
Cannae Holdings
CNNE
$761M
| $1.94M | 0.01% |
134,483
+78,483
| +140% | +$1.07M |
2026 Q1
1 quarter
|
|
914
PUT
Hudbay
HBM
$9.5B
| $1.94M | 0.01% |
+82,000
| New | +$2.07M |
2026 Q2
0 quarters
|
|
915
PUT
Cogent Biosciences
COGT
$5.39B
| $1.94M | 0.01% |
50,000
| – | – |
2026 Q1
1 quarter
|
|
916
The Kraft Heinz Company
KHC
$29.1B
| $1.93M | 0.01% |
81,800
+11,800
| +17% | +$272K |
2026 Q1
1 quarter
|
|
917
Energy Fuels
UUUU
$1.92B
| $1.93M | 0.01% |
133,141
+17,291
| +15% | +$318K |
2024 Q1
9 quarters
|
|
918
Relay Therapeutics
RLAY
$3.82B
| $1.93M | 0.01% |
+103,006
| New | +$1.5M |
2026 Q2
0 quarters
|
|
919
Enphase Energy
ENPH
$4.03B
| $1.92M | 0.01% |
39,000
-16,000
| -29% | -$729K |
2025 Q4
2 quarters
|
|
920
Arcus Biosciences
RCUS
$2.41B
| $1.91M | 0.01% |
62,000
+45,967
| +287% | +$1.14M |
2025 Q4
2 quarters
|
|
921
CALL
Immunocore
IMCR
$1.53B
| $1.9M | 0.01% |
60,000
+30,000
| +100% | +$887K |
2026 Q1
1 quarter
|
|
922
CALL
Miami International Holdings
MIAX
$3.49B
| $1.9M | 0.01% |
+51,000
| New | +$2.28M |
2026 Q2
0 quarters
|
|
923
PUT
Delcath Systems
DCTH
$496M
| $1.89M | 0.01% |
150,500
| – | – |
2026 Q1
1 quarter
|
|
924
CALL
Tronox
TROX
$543M
| $1.88M | 0.01% |
298,500
+278,600
| +1,400% | +$2.36M |
2025 Q2
4 quarters
|
|
925
PUT
Toast
TOST
$19.4B
| $1.88M | 0.01% |
+67,500
| New | +$1.76M |
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.