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 | |
|---|---|---|---|---|---|---|---|
1176
Gildan
GIL
$7.67B
| $877K | ﹤0.01% |
+17,000
| New | +$976K |
2026 Q2
0 quarters
|
|
1177
CALL
Clover Health Investments
CLOV
$2.26B
| $876K | ﹤0.01% |
167,200
| – | – |
2025 Q4
2 quarters
|
|
1178
CALL
BWX Technologies
BWXT
$12.3B
| $876K | ﹤0.01% |
4,500
-9,500
| -68% | -$1.98M |
2026 Q1
1 quarter
|
|
1179
Hyperliquid Strategies Inc
PURR
$2.01B
| $866K | ﹤0.01% |
+110,000
| New | +$814K |
2026 Q2
0 quarters
|
|
1180
CALL
Hayward Holdings
HAYW
$3.51B
| $866K | ﹤0.01% |
+50,000
| New | +$730K |
2026 Q2
0 quarters
|
|
|
1181
PUT
Hayward Holdings
HAYW
$3.51B
| $866K | ﹤0.01% |
+50,000
| New | +$730K |
2026 Q2
0 quarters
|
|
1182
CALL
Itron
ITRI
$4.34B
| $865K | ﹤0.01% |
+10,000
| New | +$854K |
2026 Q2
0 quarters
|
|
1183
CALL
OneSpan
OSPN
$898M
| $861K | ﹤0.01% |
+60,000
| New | +$758K |
2026 Q2
0 quarters
|
|
|
TGB
1184
PUT
Trekor Metals
TGB
$2.69B
| $860K | ﹤0.01% |
+125,000
| New | +$893K |
2026 Q2
0 quarters
|
|
1185
PUT
Inseego
INSG
$81.2M
| $854K | ﹤0.01% |
82,700
-27,300
| -25% | -$366K |
2024 Q3
7 quarters
|
|
1186
Excelerate Energy
EE
$1.12B
| $836K | ﹤0.01% |
22,000
-8,590
| -28% | -$296K |
2026 Q1
1 quarter
|
|
1187
Eos Energy Enterprises
EOSE
$681M
| $830K | ﹤0.01% |
141,184
-35,216
| -20% | -$245K |
2025 Q3
3 quarters
|
|
1188
CALL
Knowles
KN
$2.92B
| $830K | ﹤0.01% |
+20,000
| New | +$694K |
2026 Q2
0 quarters
|
|
1189
PUT
Bausch Health
BHC
$2.98B
| $828K | ﹤0.01% |
+167,900
| New | +$901K |
2026 Q2
0 quarters
|
|
1190
PUT
DHT Holdings
DHT
$3.8B
| $826K | ﹤0.01% |
+50,000
| New | +$893K |
2026 Q2
0 quarters
|
|
1191
CALL
C4 Therapeutics
CCCC
$411M
| $826K | ﹤0.01% |
+176,800
| New | +$605K |
2026 Q2
0 quarters
|
|
1192
Apyx Medical
APYX
$111M
| $822K | ﹤0.01% |
183,003
-2,748
| -1% | -$10.9K |
2023 Q3
11 quarters
|
|
1193
PUT
CRISPR Therapeutics
CRSP
$4.92B
| $818K | ﹤0.01% |
15,000
+1,500
| +11% | +$79.1K |
2024 Q4
6 quarters
|
|
1194
CALL
Atrium Therapeutics
RNA
$150M
| $818K | ﹤0.01% |
60,800
| – | – |
2026 Q1
1 quarter
|
|
1195
PUT
Nice
NICE
$6.07B
| $818K | ﹤0.01% |
+9,000
| New | +$873K |
2026 Q2
0 quarters
|
|
1196
JetBlue
JBLU
$1.21B
| $813K | ﹤0.01% |
+141,802
| New | +$722K |
2026 Q2
0 quarters
|
|
1197
Sony
SONY
$149B
| $812K | ﹤0.01% |
+40,500
| New | +$854K |
2026 Q2
0 quarters
|
|
1198
CALL
Magnachip Semiconductor
MX
$192M
| $804K | ﹤0.01% |
+170,000
| New | +$824K |
2026 Q2
0 quarters
|
|
1199
CALL
Amrize Ltd
AMRZ
$22.8B
| $800K | ﹤0.01% |
+15,000
| New | +$812K |
2026 Q2
0 quarters
|
|
1200
Cronos Group
CRON
$1.25B
| $798K | ﹤0.01% |
286,947
-84,114
| -23% | -$226K |
2024 Q2
8 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.