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 | |
|---|---|---|---|---|---|---|---|
976
Peloton Interactive
PTON
$2.33B
| $1.6M | 0.01% |
270,711
+11,761
| +5% | +$63.4K |
2025 Q3
3 quarters
|
|
977
Kiniksa Pharmaceuticals
KNSA
$7.33B
| $1.6M | 0.01% |
+25,000
| New | +$1.3M |
2026 Q2
0 quarters
|
|
978
KKR & Co
KKR
$86.2B
| $1.6M | 0.01% |
+17,400
| New | +$1.69M |
2026 Q2
0 quarters
|
|
979
Visteon
VC
$1.84B
| $1.59M | 0.01% |
+16,000
| New | +$1.75M |
2026 Q2
0 quarters
|
|
980
PUT
BorgWarner
BWA
$10.4B
| $1.59M | 0.01% |
+23,900
| New | +$1.51M |
2026 Q2
0 quarters
|
|
981
Viridian Therapeutics
VRDN
$2.85B
| $1.58M | 0.01% |
86,040
+40,913
| +91% | +$659K |
2026 Q1
1 quarter
|
|
982
PUT
CytomX Therapeutics
CTMX
$475M
| $1.58M | 0.01% |
420,000
| – | – |
2026 Q1
1 quarter
|
|
983
Xeris Biopharma Holdings
XERS
$1.89B
| $1.57M | 0.01% |
197,863
-7,137
| -3% | -$45.6K |
2026 Q1
1 quarter
|
|
984
Cenovus Energy
CVE
$56.7B
| $1.56M | 0.01% |
63,000
+23,500
| +59% | +$649K |
2025 Q4
2 quarters
|
|
985
CALL
Pfizer
PFE
$171B
| $1.56M | 0.01% |
64,700
-285,300
| -82% | -$7.46M |
2023 Q4
10 quarters
|
|
986
Ambarella
AMBA
$2.74B
| $1.54M | 0.01% |
+18,000
| New | +$1.24M |
2026 Q2
0 quarters
|
|
987
Health Catalyst
HCAT
$108M
| $1.54M | 0.01% |
773,650
+1,764
| +0.2% | +$2.55K |
2026 Q1
1 quarter
|
|
988
CALL
Denison Mines
DNN
$1.9B
| $1.53M | 0.01% |
500,000
-500,000
| -50% | -$1.74M |
2025 Q2
4 quarters
|
|
989
PUT
Children's Place
PLCE
$6.05M
| $1.52M | 0.01% |
+500,000
| New | +$1.7M |
2026 Q2
0 quarters
|
|
990
FuelCell Energy
FCEL
$896M
| $1.51M | 0.01% |
+42,000
| New | +$682K |
2026 Q2
0 quarters
|
|
991
Evolus
EOLS
$487M
| $1.5M | 0.01% |
216,316
| – | – |
2026 Q1
1 quarter
|
|
992
Fermi Inc
FRMI
$1.31B
| $1.49M | 0.01% |
+162,500
| New | +$1.03M |
2026 Q2
0 quarters
|
|
993
PUT
Summit Therapeutics
SMMT
$12.6B
| $1.49M | 0.01% |
102,100
+72,100
| +240% | +$1.28M |
2025 Q1
5 quarters
|
|
994
Achieve Life Sciences
ACHV
$694M
| $1.49M | 0.01% |
227,733
+227,595
| +164,924% | +$1.09M |
2025 Q4
2 quarters
|
|
995
PUT
Sociedad Química y Minera de Chile
SQM
$15.3B
| $1.48M | 0.01% |
+20,000
| New | +$1.67M |
2026 Q2
0 quarters
|
|
996
Permian Resources
PR
$20.1B
| $1.48M | 0.01% |
80,200
| – | – |
2025 Q2
4 quarters
|
|
997
CALL
Vale
VALE
$46.7B
| $1.47M | 0.01% |
97,600
-1,465,400
| -94% | -$23.9M |
2025 Q4
2 quarters
|
|
|
998
PUT
Vale
VALE
$46.7B
| $1.47M | 0.01% |
97,600
-1,715,400
| -95% | -$27.9M |
2025 Q4
2 quarters
|
|
999
Dutch Bros
BROS
$6.01B
| $1.46M | 0.01% |
+20,400
| New | +$1.17M |
2026 Q2
0 quarters
|
|
1000
Merck
MRK
$357B
| $1.46M | 0.01% |
11,400
+4,900
| +75% | +$574K |
2025 Q2
4 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.