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 | |
|---|---|---|---|---|---|---|---|
1126
PUT
Amentum Holdings
AMTM
$5.46B
| $1.03M | ﹤0.01% |
50,000
-400,000
| -89% | -$9.7M |
2025 Q4
2 quarters
|
|
1127
Shell
SHEL
$296B
| $1.03M | ﹤0.01% |
13,300
+100
| +0.8% | +$8.63K |
2026 Q1
1 quarter
|
|
1128
Cloudflare
NET
$97.4B
| $1.03M | ﹤0.01% |
+4,200
| New | +$919K |
2026 Q2
0 quarters
|
|
1129
PUT
MasterBrand
MBC
$1.41B
| $1.03M | ﹤0.01% |
+100,000
| New | +$854K |
2026 Q2
0 quarters
|
|
1130
PUT
B2Gold
BTG
$6.17B
| $1.03M | ﹤0.01% |
275,000
+175,000
| +175% | +$803K |
2026 Q1
1 quarter
|
|
1131
Jefferies Financial Group
JEF
$11.1B
| $1.02M | ﹤0.01% |
+20,507
| New | +$1.06M |
2026 Q2
0 quarters
|
|
1132
PUT
Ardelyx
ARDX
$785M
| $1.02M | ﹤0.01% |
200,000
| – | – |
2026 Q1
1 quarter
|
|
1133
CALL
American Superconductor
AMSC
$1.34B
| $1.02M | ﹤0.01% |
+24,500
| New | +$1.11M |
2026 Q2
0 quarters
|
|
1134
USA Rare Earth Inc
USAR
$3.26B
| $1.01M | ﹤0.01% |
+47,000
| New | +$1.07M |
2026 Q2
0 quarters
|
|
1135
Atrium Therapeutics
RNA
$150M
| $1.01M | ﹤0.01% |
75,277
-28,315
| -27% | -$370K |
2026 Q1
1 quarter
|
|
1136
Dave Inc Warrants
DAVEW
$7.44M
| $1.01M | ﹤0.01% |
419,774
+38,343
| +10% | +$33.6K |
2025 Q3
3 quarters
|
|
1137
Allot
ALLT
$407M
| $1.01M | ﹤0.01% |
113,809
| – | – |
2022 Q4
14 quarters
|
|
1138
Hims & Hers Health
HIMS
$5.97B
| $1M | ﹤0.01% |
28,900
+25,600
| +776% | +$687K |
2025 Q3
3 quarters
|
|
1139
Ares Management
ARES
$29.4B
| $1M | ﹤0.01% |
9,000
-61,000
| -87% | -$7.32M |
2026 Q1
1 quarter
|
|
1140
News Corp Class A
NWSA
$15.9B
| $993K | ﹤0.01% |
40,000
| – | – |
2026 Q1
1 quarter
|
|
|
OGG
1141
CALL
Osisko Gold Group
OGG
$704M
| $984K | ﹤0.01% |
400,000
| – | – |
2025 Q2
4 quarters
|
|
1142
CALL
Ashland
ASH
$3.38B
| $982K | ﹤0.01% |
+14,900
| New | +$865K |
2026 Q2
0 quarters
|
|
1143
Delcath Systems
DCTH
$501M
| $978K | ﹤0.01% |
77,700
| – | – |
2026 Q1
1 quarter
|
|
1144
PUT
Tenax Therapeutics
TENX
$68.1M
| $975K | ﹤0.01% |
+67,000
| New | +$856K |
2026 Q2
0 quarters
|
|
1145
Walt Disney
DIS
$197B
| $969K | ﹤0.01% |
+10,065
| New | +$1.03M |
2026 Q2
0 quarters
|
|
1146
Coherent
COHR
$40.8B
| $967K | ﹤0.01% |
+2,452
| New | +$867K |
2026 Q2
0 quarters
|
|
1147
CALL
Brookfield
BN
$91B
| $958K | ﹤0.01% |
+22,500
| New | +$1.01M |
2026 Q2
0 quarters
|
|
|
1148
PUT
Brookfield
BN
$91B
| $958K | ﹤0.01% |
+22,500
| New | +$1.01M |
2026 Q2
0 quarters
|
|
1149
Corvus Pharmaceuticals
CRVS
$825M
| $957K | ﹤0.01% |
+64,034
| New | +$889K |
2026 Q2
0 quarters
|
|
1150
Cheniere Energy
LNG
$63.8B
| $956K | ﹤0.01% |
+4,000
| New | +$996K |
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.