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 | |
|---|---|---|---|---|---|---|---|
926
Ezcorp Inc
EZPW
$1.77B
| $1.87M | 0.01% |
54,000
+25,000
| +86% | +$789K |
2025 Q1
5 quarters
|
|
927
CALL
Cabaletta Bio
CABA
$241M
| $1.86M | 0.01% |
599,500
+499,500
| +500% | +$1.64M |
2026 Q1
1 quarter
|
|
928
CALL
BioNTech
BNTX
$21.8B
| $1.86M | 0.01% |
+20,000
| New | +$1.88M |
2026 Q2
0 quarters
|
|
929
CALL
Agios Pharmaceuticals
AGIO
$1.86B
| $1.86M | 0.01% |
+50,000
| New | +$1.52M |
2026 Q2
0 quarters
|
|
930
PUT
SELLAS Life Sciences
SLS
$1.79B
| $1.84M | 0.01% |
+125,000
| New | +$863K |
2026 Q2
0 quarters
|
|
931
CALL
Tenable Holdings
TENB
$4.93B
| $1.84M | 0.01% |
+50,000
| New | +$1.18M |
2026 Q2
0 quarters
|
|
932
CoreCivic
CXW
$3.06B
| $1.84M | 0.01% |
+60,578
| New | +$1.37M |
2026 Q2
0 quarters
|
|
933
CALL
BioAge Labs
BIOA
$274M
| $1.84M | 0.01% |
+75,000
| New | +$1.35M |
2026 Q2
0 quarters
|
|
934
CALL
Green Plains
GPRE
$986M
| $1.83M | 0.01% |
119,000
| – | – |
2025 Q4
2 quarters
|
|
935
PUT
Nektar Therapeutics
NKTR
$1.29B
| $1.82M | 0.01% |
26,100
-123,900
| -83% | -$9.07M |
2025 Q3
3 quarters
|
|
936
CALL
Nano Dimension
NNDM
$287M
| $1.81M | 0.01% |
1,250,000
-825,300
| -40% | -$1.35M |
2026 Q1
1 quarter
|
|
937
Marathon Digital Holdings
MARA
$2.77B
| $1.81M | 0.01% |
130,000
-265,981
| -67% | -$3.33M |
2026 Q1
1 quarter
|
|
938
Anterix
ATEX
$1.61B
| $1.8M | 0.01% |
+17,532
| New | +$1.03M |
2026 Q2
0 quarters
|
|
939
Silence Therapeutics
SLN
$1.23B
| $1.78M | 0.01% |
+162,476
| New | +$1.14M |
2026 Q2
0 quarters
|
|
940
The Gap Inc
GAP
$7.72B
| $1.78M | 0.01% |
95,401
+63,101
| +195% | +$1.45M |
2025 Q3
3 quarters
|
|
941
Roundhill Memory ETF
DRAM
$22.4B
| $1.77M | 0.01% |
+24,000
| New | +$1.25M |
2026 Q2
0 quarters
|
|
942
PUT
Flagstar Bank National Association
FLG
$4.38B
| $1.77M | 0.01% |
118,500
-390,000
| -77% | -$5.53M |
2025 Q4
2 quarters
|
|
943
CALL
AllianceBernstein
AB
$3.22B
| $1.76M | 0.01% |
50,000
| – | – |
2026 Q1
1 quarter
|
|
944
Antero Resources
AR
$12.3B
| $1.76M | 0.01% |
+50,000
| New | +$1.84M |
2026 Q2
0 quarters
|
|
945
VanEck Gold Miners ETF
GDX
$23.9B
| $1.74M | 0.01% |
23,100
+6,100
| +36% | +$539K |
2025 Q3
3 quarters
|
|
946
BorgWarner
BWA
$10.4B
| $1.74M | 0.01% |
+26,236
| New | +$1.66M |
2026 Q2
0 quarters
|
|
947
General Mills
GIS
$18.2B
| $1.74M | 0.01% |
+50,000
| New | +$1.73M |
2026 Q2
0 quarters
|
|
948
Hut 8
HUT
$7.86B
| $1.74M | 0.01% |
+15,051
| New | +$1.46M |
2026 Q2
0 quarters
|
|
949
Capricor Therapeutics
CAPR
$479M
| $1.73M | 0.01% |
+72,000
| New | +$2.18M |
2026 Q2
0 quarters
|
|
950
PUT
Ivanhoe Electric
IE
$1.23B
| $1.72M | 0.01% |
179,400
-120,200
| -40% | -$1.52M |
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.