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 | |
|---|---|---|---|---|---|---|---|
1051
Dow Inc
DOW
$24.5B
| $1.27M | 0.01% |
46,600
-107,700
| -70% | -$3.91M |
2025 Q4
2 quarters
|
|
1052
Septerna Inc
SEPN
$2.04B
| $1.27M | 0.01% |
+38,006
| New | +$1.08M |
2026 Q2
0 quarters
|
|
1053
Steven Madden
SHOO
$3.22B
| $1.26M | 0.01% |
30,000
-194,969
| -87% | -$7.89M |
2026 Q1
1 quarter
|
|
1054
CALL
Delcath Systems
DCTH
$500M
| $1.26M | 0.01% |
100,000
| – | – |
2026 Q1
1 quarter
|
|
1055
PUT
Olin
OLN
$2B
| $1.26M | 0.01% |
+63,500
| New | +$1.66M |
2026 Q2
0 quarters
|
|
1056
Aeva Technologies
AEVA
$623M
| $1.25M | 0.01% |
43,548
-963
| -2% | -$19K |
2025 Q4
2 quarters
|
|
1057
CALL
Cenovus Energy
CVE
$56.7B
| $1.24M | 0.01% |
+50,000
| New | +$1.38M |
2026 Q2
0 quarters
|
|
|
1058
PUT
Cenovus Energy
CVE
$56.7B
| $1.24M | 0.01% |
+50,000
| New | +$1.38M |
2026 Q2
0 quarters
|
|
1059
Rockwell Automation
ROK
$49.6B
| $1.24M | 0.01% |
+2,500
| New | +$1.09M |
2026 Q2
0 quarters
|
|
1060
Omeros
OMER
$1.32B
| $1.24M | 0.01% |
+130,000
| New | +$1.55M |
2026 Q2
0 quarters
|
|
1061
BioMarin Pharmaceuticals
BMRN
$10.8B
| $1.22M | 0.01% |
21,400
-33,900
| -61% | -$1.86M |
2025 Q4
2 quarters
|
|
1062
SI-BONE Inc
SIBN
$1.07B
| $1.22M | 0.01% |
75,000
| – | – |
2025 Q4
2 quarters
|
|
1063
Qualcomm
QCOM
$176B
| $1.22M | 0.01% |
+6,620
| New | +$1.24M |
2026 Q2
0 quarters
|
|
1064
CALL
Crown Castle
CCI
$36.8B
| $1.22M | 0.01% |
+16,100
| New | +$1.41M |
2026 Q2
0 quarters
|
|
1065
NuScale Power
SMR
$2.2B
| $1.21M | 0.01% |
121,000
+59,000
| +95% | +$666K |
2026 Q1
1 quarter
|
|
1066
Howmet Aerospace
HWM
$88.7B
| $1.21M | 0.01% |
4,500
+500
| +13% | +$128K |
2026 Q1
1 quarter
|
|
1067
VF Corp
VFC
$7.89B
| $1.2M | 0.01% |
72,201
-35,100
| -33% | -$627K |
2025 Q2
4 quarters
|
|
1068
CALL
Groupon
GRPN
$630M
| $1.2M | 0.01% |
+50,000
| New | +$825K |
2026 Q2
0 quarters
|
|
1069
Corteva
CTVA
$7.93B
| $1.2M | 0.01% |
14,200
| – | – |
2026 Q1
1 quarter
|
|
1070
O-I Glass
OI
$788M
| $1.2M | 0.01% |
+124,737
| New | +$1.17M |
2026 Q2
0 quarters
|
|
1071
PUT
Amphenol
APH
$208B
| $1.2M | 0.01% |
13,600
-186,400
| -93% | -$13.4M |
2026 Q1
1 quarter
|
|
1072
CALL
Regenxbio
RGNX
$504M
| $1.2M | 0.01% |
+100,000
| New | +$830K |
2026 Q2
0 quarters
|
|
1073
Elastic
ESTC
$9.5B
| $1.2M | 0.01% |
21,000
+6,000
| +40% | +$322K |
2026 Q1
1 quarter
|
|
1074
CALL
National Energy Services Reunited Corp
NESR
$2.09B
| $1.2M | 0.01% |
40,000
-155,000
| -79% | -$3.84M |
2026 Q1
1 quarter
|
|
1075
Rivian
RIVN
$19.4B
| $1.2M | 0.01% |
+69,000
| New | +$1.08M |
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.