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 | |
|---|---|---|---|---|---|---|---|
1151
CSX Corp
CSX
$94.6B
| $951K | ﹤0.01% |
20,000
-115,000
| -85% | -$5.19M |
2026 Q1
1 quarter
|
|
1152
Forgent Power Solutions
FPS
$7.34B
| $950K | ﹤0.01% |
+17,000
| New | +$776K |
2026 Q2
0 quarters
|
|
1153
PUT
iShares Global Clean Energy ETF
ICLN
$2.04B
| $947K | ﹤0.01% |
+46,200
| New | +$958K |
2026 Q2
0 quarters
|
|
1154
PUT
Novavax
NVAX
$1.62B
| $942K | ﹤0.01% |
100,000
-350,000
| -78% | -$3.14M |
2025 Q4
2 quarters
|
|
1155
NioCorp Developments Ltd Warrant
NIOBW
$19.6M
| $936K | ﹤0.01% |
668,553
| – | – |
2025 Q3
3 quarters
|
|
1156
CALL
4D Molecular Therapeutics
FDMT
$655M
| $931K | ﹤0.01% |
+70,000
| New | +$682K |
2026 Q2
0 quarters
|
|
1157
argenx
ARGX
$55.5B
| $928K | ﹤0.01% |
+1,000
| New | +$825K |
2026 Q2
0 quarters
|
|
1158
PUT
Rocket Companies
RKT
$39.5B
| $906K | ﹤0.01% |
57,500
-133,000
| -70% | -$1.92M |
2025 Q2
4 quarters
|
|
1159
CALL
Arbor Realty Trust
ABR
$326M
| $905K | ﹤0.01% |
166,900
+33,500
| +25% | +$218K |
2025 Q4
2 quarters
|
|
1160
PUT
Karyopharm Therapeutics
KPTI
$2M
| $904K | ﹤0.01% |
92,500
-2,500
| -3% | -$21.7K |
2026 Q1
1 quarter
|
|
1161
CALL
Nike
NKE
$57.1B
| $903K | ﹤0.01% |
22,000
-3,000
| -12% | -$132K |
2024 Q2
8 quarters
|
|
1162
CALL
FuelCell Energy
FCEL
$899M
| $900K | ﹤0.01% |
+25,000
| New | +$406K |
2026 Q2
0 quarters
|
|
1163
PUT
Sarepta Therapeutics
SRPT
$1.97B
| $898K | ﹤0.01% |
50,000
| – | – |
2025 Q2
4 quarters
|
|
1164
CALL
Celanese
CE
$5.52B
| $897K | ﹤0.01% |
19,500
+7,000
| +56% | +$405K |
2025 Q3
3 quarters
|
|
1165
PUT
Heron Therapeutics
HRTX
$56M
| $896K | ﹤0.01% |
2,100,000
| – | – |
2026 Q1
1 quarter
|
|
1166
PUT
T1 Energy
TE
$854M
| $891K | ﹤0.01% |
94,000
-50,000
| -35% | -$355K |
2026 Q1
1 quarter
|
|
1167
PUT
Caris Life Sciences
CAI
$9.49B
| $891K | ﹤0.01% |
50,000
-50,000
| -50% | -$895K |
2025 Q4
2 quarters
|
|
1168
CALL
Bicara Therapeutics
BCAX
$615M
| $891K | ﹤0.01% |
+30,000
| New | +$670K |
2026 Q2
0 quarters
|
|
|
1169
PUT
Bicara Therapeutics
BCAX
$615M
| $891K | ﹤0.01% |
30,000
-14,600
| -33% | -$326K |
2025 Q4
2 quarters
|
|
1170
DoubleVerify
DV
$2.12B
| $890K | ﹤0.01% |
82,059
| – | – |
2025 Q4
2 quarters
|
|
1171
Optimum Communications Inc
OPTU
$256M
| $886K | ﹤0.01% |
+611,170
| New | +$760K |
2026 Q2
0 quarters
|
|
1172
Upstart Holdings
UPST
$2.1B
| $886K | ﹤0.01% |
25,000
-5,000
| -17% | -$154K |
2024 Q4
6 quarters
|
|
1173
CALL
Annovis Bio
ANVS
$48.2M
| $883K | ﹤0.01% |
+474,900
| New | +$924K |
2026 Q2
0 quarters
|
|
1174
CALL
Nutrien
NTR
$33.2B
| $881K | ﹤0.01% |
14,000
-15,100
| -52% | -$1.06M |
2026 Q1
1 quarter
|
|
1175
Kimberly-Clark
KMB
$35.6B
| $878K | ﹤0.01% |
8,000
+2,000
| +33% | +$198K |
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.