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 | |
|---|---|---|---|---|---|---|---|
951
CALL
Vertex
VERX
$2.48B
| $1.72M | 0.01% |
150,000
| – | – |
2025 Q3
3 quarters
|
|
952
CryoPort
CYRX
$833M
| $1.72M | 0.01% |
+109,668
| New | +$1.41M |
2026 Q2
0 quarters
|
|
953
Zevra Therapeutics
ZVRA
$609M
| $1.72M | 0.01% |
120,000
-135,236
| -53% | -$1.5M |
2025 Q3
3 quarters
|
|
954
PUT
JetBlue
JBLU
$1.2B
| $1.72M | 0.01% |
+300,000
| New | +$1.53M |
2026 Q2
0 quarters
|
|
955
PUT
Vivmark Residential
VMRK
$48B
| $1.7M | 0.01% |
25,000
| – | – |
2026 Q1
1 quarter
|
|
956
CALL
SentinelOne
S
$8.04B
| $1.7M | 0.01% |
+100,000
| New | +$1.54M |
2026 Q2
0 quarters
|
|
957
CALL
Viatris
VTRS
$21.7B
| $1.7M | 0.01% |
+106,800
| New | +$1.66M |
2026 Q2
0 quarters
|
|
958
PUT
AES
AES
$10.6B
| $1.69M | 0.01% |
115,600
-109,400
| -49% | -$1.59M |
2024 Q4
6 quarters
|
|
959
CALL
Aurora
AUR
$8.63B
| $1.69M | 0.01% |
248,300
-40,000
| -14% | -$245K |
2026 Q1
1 quarter
|
|
960
CALL
Health Catalyst
HCAT
$108M
| $1.69M | 0.01% |
850,000
| – | – |
2026 Q1
1 quarter
|
|
|
961
PUT
Health Catalyst
HCAT
$108M
| $1.69M | 0.01% |
850,000
| – | – |
2026 Q1
1 quarter
|
|
962
CALL
Perpetua Resources
PPTA
$2.01B
| $1.68M | 0.01% |
81,100
-107,500
| -57% | -$2.92M |
2025 Q3
3 quarters
|
|
963
PUT
SL Green Realty
SLG
$3.5B
| $1.68M | 0.01% |
32,500
+15,000
| +86% | +$669K |
2026 Q1
1 quarter
|
|
964
Shake Shack
SHAK
$2.83B
| $1.68M | 0.01% |
30,000
+28,000
| +1,400% | +$2.11M |
2025 Q3
3 quarters
|
|
965
CALL
Dow Inc
DOW
$24.5B
| $1.67M | 0.01% |
61,000
+11,000
| +22% | +$399K |
2026 Q1
1 quarter
|
|
966
PUT
Corvus Pharmaceuticals
CRVS
$827M
| $1.66M | 0.01% |
+111,400
| New | +$1.55M |
2026 Q2
0 quarters
|
|
967
CALL
Weyerhaeuser
WY
$14.8B
| $1.66M | 0.01% |
+69,400
| New | +$1.69M |
2026 Q2
0 quarters
|
|
968
Blackstone
BX
$94.3B
| $1.65M | 0.01% |
14,000
-51,200
| -79% | -$6.15M |
2026 Q1
1 quarter
|
|
969
PUT
American Tower
AMT
$86.9B
| $1.64M | 0.01% |
+10,000
| New | +$1.8M |
2026 Q2
0 quarters
|
|
970
CALL
Elicio Therapeutics
ELTX
$41.2M
| $1.63M | 0.01% |
+418,100
| New | +$4.2M |
2026 Q2
0 quarters
|
|
971
Shopify
SHOP
$183B
| $1.63M | 0.01% |
+14,300
| New | +$1.63M |
2026 Q2
0 quarters
|
|
972
Green Dot
GDOT
$709M
| $1.63M | 0.01% |
120,826
+65,270
| +117% | +$817K |
2026 Q1
1 quarter
|
|
973
CALL
SI-BONE Inc
SIBN
$1.07B
| $1.63M | 0.01% |
100,000
| – | – |
2025 Q4
2 quarters
|
|
974
Tronox
TROX
$543M
| $1.61M | 0.01% |
256,200
-831,448
| -76% | -$7.05M |
2025 Q1
5 quarters
|
|
975
Cleveland-Cliffs
CLF
$8.07B
| $1.61M | 0.01% |
171,180
+109,930
| +179% | +$1.21M |
2026 Q1
1 quarter
|
|
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.