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 | |
|---|---|---|---|---|---|---|---|
1101
CALL
Maravai LifeSciences
MRVI
$1.11B
| $1.1M | 0.01% |
+176,800
| New | +$763K |
2026 Q2
0 quarters
|
|
1102
Oracle
ORCL
$381B
| $1.1M | 0.01% |
7,500
-7,300
| -49% | -$1.32M |
2025 Q3
3 quarters
|
|
1103
AtriCure
ATRC
$3.07B
| $1.1M | 0.01% |
+39,168
| New | +$1.1M |
2026 Q2
0 quarters
|
|
1104
PUT
Dow Inc
DOW
$24.5B
| $1.09M | 0.01% |
40,000
-320,000
| -89% | -$11.6M |
2025 Q4
2 quarters
|
|
1105
CALL
Toronto Dominion Bank
TD
$204B
| $1.09M | 0.01% |
+9,000
| New | +$985K |
2026 Q2
0 quarters
|
|
|
1106
PUT
Toronto Dominion Bank
TD
$204B
| $1.09M | 0.01% |
+9,000
| New | +$985K |
2026 Q2
0 quarters
|
|
1107
CALL
Strive Inc
ASST
$2.63B
| $1.09M | 0.01% |
+100,000
| New | +$1.48M |
2026 Q2
0 quarters
|
|
1108
Abbott
ABT
$189B
| $1.09M | 0.01% |
+12,000
| New | +$1.1M |
2026 Q2
0 quarters
|
|
1109
KeyCorp
KEY
$22.4B
| $1.09M | 0.01% |
+47,200
| New | +$1.03M |
2026 Q2
0 quarters
|
|
1110
CALL
Roblox
RBLX
$32.4B
| $1.09M | 0.01% |
+20,000
| New | +$995K |
2026 Q2
0 quarters
|
|
1111
Intuitive Machines
LUNR
$1.69B
| $1.08M | 0.01% |
50,700
-30,000
| -37% | -$842K |
2025 Q1
5 quarters
|
|
1112
PUT
Oric Pharmaceuticals
ORIC
$1.01B
| $1.08M | 0.01% |
+100,000
| New | +$907K |
2026 Q2
0 quarters
|
|
1113
AirJoule Technologies Warrant
AIRJW
$22.5M
| $1.08M | 0.01% |
832,576
+550,000
| +195% | +$482K |
2025 Q3
3 quarters
|
|
1114
CALL
Sabra Healthcare REIT
SBRA
$5.14B
| $1.07M | 0.01% |
+55,000
| New | +$1.09M |
2026 Q2
0 quarters
|
|
1115
CALL
Caris Life Sciences
CAI
$9.31B
| $1.07M | 0.01% |
+60,000
| New | +$1.07M |
2026 Q2
0 quarters
|
|
1116
Olin
OLN
$2.02B
| $1.07M | 0.01% |
53,816
+37,816
| +236% | +$988K |
2026 Q1
1 quarter
|
|
1117
PUT
Amrize Ltd
AMRZ
$22.4B
| $1.07M | 0.01% |
+20,000
| New | +$1.08M |
2026 Q2
0 quarters
|
|
1118
Stanley Black & Decker
SWK
$15.8B
| $1.06M | 0.01% |
11,310
-269,153
| -96% | -$21.1M |
2026 Q1
1 quarter
|
|
1119
PUT
Roivant Sciences
ROIV
$26.2B
| $1.06M | ﹤0.01% |
+30,000
| New | +$887K |
2026 Q2
0 quarters
|
|
1120
CALL
APi Group
APG
$19.8B
| $1.06M | ﹤0.01% |
25,000
-118,000
| -83% | -$5.15M |
2025 Q3
3 quarters
|
|
1121
PUT
Turtle Beach Corp
TBCH
$282M
| $1.05M | ﹤0.01% |
84,300
+4,300
| +5% | +$51K |
2023 Q1
13 quarters
|
|
1122
Warby Parker
WRBY
$2.72B
| $1.04M | ﹤0.01% |
+34,400
| New | +$852K |
2026 Q2
0 quarters
|
|
1123
Xerox
XRX
$166M
| $1.04M | ﹤0.01% |
331,498
+275,331
| +490% | +$687K |
2026 Q1
1 quarter
|
|
1124
CALL
EyePoint Inc
EYPT
$33.3M
| $1.04M | ﹤0.01% |
72,500
| – | – |
2026 Q1
1 quarter
|
|
1125
PUT
Neumora Therapeutics
NMRA
$109M
| $1.04M | ﹤0.01% |
609,500
-10,500
| -2% | -$20K |
2026 Q1
1 quarter
|
|
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.