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 | |
|---|---|---|---|---|---|---|---|
1076
CALL
Huntington Bancshares
HBAN
$32B
| $1.2M | 0.01% |
67,500
-115,500
| -63% | -$1.91M |
2026 Q1
1 quarter
|
|
1077
CALL
Oric Pharmaceuticals
ORIC
$994M
| $1.19M | 0.01% |
+110,000
| New | +$997K |
2026 Q2
0 quarters
|
|
1078
Vishay Intertechnology
VSH
$4.17B
| $1.18M | 0.01% |
+22,000
| New | +$900K |
2026 Q2
0 quarters
|
|
1079
PUT
PubMatic
PUBM
$736M
| $1.18M | 0.01% |
+90,000
| New | +$935K |
2026 Q2
0 quarters
|
|
1080
CALL
X4 Pharmaceuticals
XFOR
$314M
| $1.17M | 0.01% |
+250,000
| New | +$1.03M |
2026 Q2
0 quarters
|
|
1081
Halliburton
HAL
$28.2B
| $1.16M | 0.01% |
+34,237
| New | +$1.34M |
2026 Q2
0 quarters
|
|
1082
Natera
NTRA
$56B
| $1.16M | 0.01% |
+4,275
| New | +$912K |
2026 Q2
0 quarters
|
|
1083
NextDecade
NEXT
$1.8B
| $1.16M | 0.01% |
153,894
-338,028
| -69% | -$2.67M |
2026 Q1
1 quarter
|
|
1084
CALL
Canadian Imperial Bank of Commerce
CM
$106B
| $1.15M | 0.01% |
+10,000
| New | +$1.1M |
2026 Q2
0 quarters
|
|
|
1085
PUT
Canadian Imperial Bank of Commerce
CM
$106B
| $1.15M | 0.01% |
+10,000
| New | +$1.1M |
2026 Q2
0 quarters
|
|
1086
PUT
iShares Silver Trust
SLV
$24.1B
| $1.15M | 0.01% |
21,500
| – | – |
2025 Q4
2 quarters
|
|
1087
CALL
Forward Air
FWRD
$622M
| $1.15M | 0.01% |
+85,000
| New | +$1.27M |
2026 Q2
0 quarters
|
|
1088
Cheesecake Factory
CAKE
$5.48B
| $1.15M | 0.01% |
+14,400
| New | +$933K |
2026 Q2
0 quarters
|
|
1089
CALL
Omeros
OMER
$1.32B
| $1.15M | 0.01% |
+120,400
| New | +$1.43M |
2026 Q2
0 quarters
|
|
1090
CALL
Elastic
ESTC
$9.5B
| $1.14M | 0.01% |
+20,000
| New | +$1.07M |
2026 Q2
0 quarters
|
|
1091
IDEAYA Biosciences
IDYA
$3.02B
| $1.14M | 0.01% |
+30,529
| New | +$935K |
2026 Q2
0 quarters
|
|
1092
Liberty Global Class A
LBTYA
$2.91B
| $1.14M | 0.01% |
100,000
| – | – |
2026 Q1
1 quarter
|
|
1093
State Street Utilities Select Sector SPDR ETF
XLU
$24.3B
| $1.13M | 0.01% |
25,000
-4,700
| -16% | -$213K |
2026 Q1
1 quarter
|
|
1094
CytomX Therapeutics
CTMX
$475M
| $1.12M | 0.01% |
300,000
-273,224
| -48% | -$1.04M |
2026 Q1
1 quarter
|
|
1095
Comstock
LODE
$106M
| $1.11M | 0.01% |
267,927
+32,928
| +14% | +$120K |
2025 Q3
3 quarters
|
|
1096
CALL
AdvisorShares Pure US Cannabis ETF
MSOS
$832M
| $1.11M | 0.01% |
219,100
-22,500
| -9% | -$105K |
2025 Q3
3 quarters
|
|
1097
PUT
Venture Global Inc
VG
$32.5B
| $1.11M | 0.01% |
100,000
| – | – |
2025 Q3
3 quarters
|
|
1098
CALL
Energy Vault
NRGV
$584M
| $1.11M | 0.01% |
+236,200
| New | +$1.06M |
2026 Q2
0 quarters
|
|
1099
BioNTech
BNTX
$21.8B
| $1.11M | 0.01% |
11,946
+7,446
| +165% | +$701K |
2025 Q4
2 quarters
|
|
1100
Solaris Energy Infrastructure
SEI
$4.57B
| $1.11M | 0.01% |
13,791
-19,209
| -58% | -$1.37M |
2025 Q4
2 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.