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 | |
|---|---|---|---|---|---|---|---|
1026
PUT
Optimum Communications Inc
OPTU
$257M
| $1.37M | 0.01% |
+941,400
| New | +$1.17M |
2026 Q2
0 quarters
|
|
1027
Applied Optoelectronics
AAOI
$5.43B
| $1.36M | 0.01% |
9,200
+6,700
| +268% | +$1.09M |
2026 Q1
1 quarter
|
|
1028
CALL
UiPath
PATH
$6.84B
| $1.36M | 0.01% |
+124,800
| New | +$1.33M |
2026 Q2
0 quarters
|
|
1029
DELISTED
Leggett & Platt
LEG
| $1.35M | 0.01% |
+115,600
| New | +$1.22M |
2026 Q2
0 quarters
|
|
1030
PUT
Albertsons Companies
ACI
$6.44B
| $1.35M | 0.01% |
100,000
| – | – |
2026 Q1
1 quarter
|
|
1031
CALL
PENN Entertainment
PENN
$2.29B
| $1.34M | 0.01% |
+62,800
| New | +$1.13M |
2026 Q2
0 quarters
|
|
1032
CALL
KeyCorp
KEY
$22.5B
| $1.33M | 0.01% |
+57,700
| New | +$1.26M |
2026 Q2
0 quarters
|
|
1033
PUT
Intellia Therapeutics
NTLA
$1.66B
| $1.33M | 0.01% |
78,600
-26,400
| -25% | -$370K |
2020 Q4
22 quarters
|
|
1034
CALL
Baldwin Insurance Group
BWIN
$4.5B
| $1.33M | 0.01% |
+50,000
| New | +$1.08M |
2026 Q2
0 quarters
|
|
1035
XPeng
XPEV
$9.26B
| $1.32M | 0.01% |
+100,000
| New | +$1.59M |
2026 Q2
0 quarters
|
|
1036
Amentum Holdings
AMTM
$5.47B
| $1.32M | 0.01% |
64,000
+42,278
| +195% | +$1.02M |
2025 Q3
3 quarters
|
|
1037
CALL
Five Point Holdings
FPH
$324M
| $1.32M | 0.01% |
+250,000
| New | +$1.25M |
2026 Q2
0 quarters
|
|
1038
LiveRamp
RAMP
| $1.32M | 0.01% |
+35,000
| New | +$1.15M |
2026 Q2
0 quarters
|
|
1039
Tempus AI
TEM
$14.2B
| $1.32M | 0.01% |
22,700
| – | – |
2025 Q3
3 quarters
|
|
1040
AGNC Investment
AGNC
$10.9B
| $1.31M | 0.01% |
120,000
-93,700
| -44% | -$987K |
2026 Q1
1 quarter
|
|
1041
CALL
United Microelectronic
UMC
$41.1B
| $1.31M | 0.01% |
+48,000
| New | +$820K |
2026 Q2
0 quarters
|
|
1042
Vale
VALE
$46.7B
| $1.3M | 0.01% |
86,503
-836,555
| -91% | -$13.6M |
2025 Q4
2 quarters
|
|
1043
CALL
Legend Biotech
LEGN
$4.18B
| $1.3M | 0.01% |
45,000
+15,000
| +50% | +$405K |
2025 Q4
2 quarters
|
|
|
1044
PUT
Legend Biotech
LEGN
$4.18B
| $1.3M | 0.01% |
45,000
+15,000
| +50% | +$405K |
2025 Q3
3 quarters
|
|
1045
PUT
Kodiak Sciences
KOD
$6.22B
| $1.3M | 0.01% |
+33,300
| New | +$1.3M |
2026 Q2
0 quarters
|
|
1046
CALL
IMAX
IMAX
$2.77B
| $1.3M | 0.01% |
+32,500
| New | +$1.25M |
2026 Q2
0 quarters
|
|
1047
CALL
PayPal
PYPL
$48.4B
| $1.3M | 0.01% |
30,000
-90,000
| -75% | -$4.09M |
2025 Q1
5 quarters
|
|
1048
CALL
Digital Turbine
APPS
$1.12B
| $1.29M | 0.01% |
+100,000
| New | +$598K |
2026 Q2
0 quarters
|
|
1049
Onterris Inc
ONT
$551M
| $1.29M | 0.01% |
+63,807
| New | +$1.19M |
2026 Q2
0 quarters
|
|
1050
Valaris Ltd Warrants
VAL.WS
$786M
| $1.28M | 0.01% |
152,791
+115,985
| +315% | +$1.82M |
2022 Q3
15 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.