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 | |
|---|---|---|---|---|---|---|---|
1001
CALL
Celsius Holdings
CELH
$7.59B
| $1.46M | 0.01% |
+50,000
| New | +$1.58M |
2026 Q2
0 quarters
|
|
1002
PUT
Bowman Consulting
BWMN
$713M
| $1.46M | 0.01% |
+50,000
| New | +$1.57M |
2026 Q2
0 quarters
|
|
1003
Grocery Outlet
GO
$1.27B
| $1.46M | 0.01% |
+146,000
| New | +$1.2M |
2026 Q2
0 quarters
|
|
1004
Summit Therapeutics
SMMT
$12.6B
| $1.46M | 0.01% |
+100,000
| New | +$1.77M |
2026 Q2
0 quarters
|
|
1005
Agios Pharmaceuticals
AGIO
$1.86B
| $1.46M | 0.01% |
39,249
+26,900
| +218% | +$816K |
2024 Q3
7 quarters
|
|
1006
PUT
CleanSpark
CLSK
$2.09B
| $1.46M | 0.01% |
+100,000
| New | +$1.41M |
2026 Q2
0 quarters
|
|
1007
PUT
Sea Limited
SE
$47B
| $1.44M | 0.01% |
15,000
| – | – |
2026 Q1
1 quarter
|
|
1008
CALL
Zevra Therapeutics
ZVRA
$609M
| $1.43M | 0.01% |
100,000
+4,900
| +5% | +$54.5K |
2025 Q2
4 quarters
|
|
1009
Intellia Therapeutics
NTLA
$1.66B
| $1.43M | 0.01% |
+84,700
| New | +$1.19M |
2026 Q2
0 quarters
|
|
1010
Alignment Healthcare
ALHC
$1.55B
| $1.43M | 0.01% |
+60,000
| New | +$1.15M |
2026 Q2
0 quarters
|
|
1011
CALL
Enphase Energy
ENPH
$4.03B
| $1.43M | 0.01% |
29,000
-48,500
| -63% | -$2.21M |
2026 Q1
1 quarter
|
|
1012
PUT
PAR Technology
PAR
$750M
| $1.43M | 0.01% |
81,900
-29,600
| -27% | -$427K |
2025 Q4
2 quarters
|
|
1013
CALL
Skydance Corporation
SKYD
$40.7B
| $1.42M | 0.01% |
+144,000
| New | +$1.52M |
2026 Q2
0 quarters
|
|
1014
MannKind Corp
MNKD
$1.2B
| $1.41M | 0.01% |
331,979
-78,021
| -19% | -$253K |
2026 Q1
1 quarter
|
|
1015
CALL
Omnicell
OMCL
$1.62B
| $1.41M | 0.01% |
+34,000
| New | +$1.37M |
2026 Q2
0 quarters
|
|
1016
PUT
Mayville Engineering Co
MEC
$410M
| $1.4M | 0.01% |
+37,500
| New | +$1M |
2026 Q2
0 quarters
|
|
1017
PUT
ZIM Integrated Shipping Services
ZIM
$3.53B
| $1.4M | 0.01% |
54,000
+40,000
| +286% | +$1.03M |
2026 Q1
1 quarter
|
|
1018
Labcorp
LH
$28.7B
| $1.4M | 0.01% |
+5,000
| New | +$1.31M |
2026 Q2
0 quarters
|
|
1019
CALL
Keel Infrastructure Corp
KEEL
$1.35B
| $1.4M | 0.01% |
+243,700
| New | +$1.05M |
2026 Q2
0 quarters
|
|
1020
FIVE9
FIVN
$2.67B
| $1.39M | 0.01% |
65,395
+10,000
| +18% | +$197K |
2025 Q3
3 quarters
|
|
1021
PUT
Evolus
EOLS
$487M
| $1.39M | 0.01% |
200,000
| – | – |
2026 Q1
1 quarter
|
|
1022
CALL
Shattuck Labs
STTK
$549M
| $1.39M | 0.01% |
+200,000
| New | +$1.25M |
2026 Q2
0 quarters
|
|
1023
CBRE Group
CBRE
$39.1B
| $1.38M | 0.01% |
+10,280
| New | +$1.42M |
2026 Q2
0 quarters
|
|
1024
Ares Capital
ARCC
$13.7B
| $1.38M | 0.01% |
+74,700
| New | +$1.39M |
2026 Q2
0 quarters
|
|
1025
Molina Healthcare
MOH
$10.8B
| $1.37M | 0.01% |
+6,000
| New | +$1.09M |
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.