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 | |
|---|---|---|---|---|---|---|---|
1201
PUT
Dyne Therapeutics
DYN
$3.23B
| $791K | ﹤0.01% |
35,600
| – | – |
2025 Q3
3 quarters
|
|
1202
PUT
Hycroft Mining Holding Corp
HYMC
$1.52B
| $784K | ﹤0.01% |
+33,500
| New | +$1.13M |
2026 Q2
0 quarters
|
|
1203
Webull Corp Warrants
BULLW
$47.6M
| $783K | ﹤0.01% |
407,856
| – | – |
2025 Q3
3 quarters
|
|
1204
CALL
Ampco-Pittsburgh
AP
$159M
| $778K | ﹤0.01% |
+90,000
| New | +$913K |
2026 Q2
0 quarters
|
|
1205
PUT
Perion Network
PERI
$449M
| $777K | ﹤0.01% |
80,000
| – | – |
2026 Q1
1 quarter
|
|
1206
CALL
Neumora Therapeutics
NMRA
$93.1M
| $777K | ﹤0.01% |
456,800
+444,800
| +3,707% | +$847K |
2026 Q1
1 quarter
|
|
1207
Ivanhoe Electric
IE
$1.21B
| $773K | ﹤0.01% |
80,390
-59,189
| -42% | -$748K |
2025 Q3
3 quarters
|
|
1208
CALL
Ardelyx
ARDX
$782M
| $765K | ﹤0.01% |
150,000
| – | – |
2025 Q4
2 quarters
|
|
1209
CALL
Kosmos Energy
KOS
$1.47B
| $764K | ﹤0.01% |
+362,200
| New | +$1.01M |
2026 Q2
0 quarters
|
|
1210
CALL
Cameco
CCJ
$32B
| $764K | ﹤0.01% |
7,500
-102,900
| -93% | -$11.5M |
2024 Q2
8 quarters
|
|
1211
CALL
Acadia Pharmaceuticals
ACAD
$3.53B
| $759K | ﹤0.01% |
30,000
-150,000
| -83% | -$3.3M |
2025 Q2
4 quarters
|
|
1212
CALL
DraftKings
DKNG
$10.8B
| $758K | ﹤0.01% |
30,000
-1,015,500
| -97% | -$25M |
2020 Q2
24 quarters
|
|
1213
Magnachip Semiconductor
MX
$184M
| $757K | ﹤0.01% |
+160,090
| New | +$776K |
2026 Q2
0 quarters
|
|
1214
CALL
Burford Capital
BUR
$823M
| $756K | ﹤0.01% |
184,300
| – | – |
2025 Q4
2 quarters
|
|
1215
CALL
State Street SPDR S&P Regional Banking ETF
KRE
$4.01B
| $748K | ﹤0.01% |
10,000
-577,500
| -98% | -$40.4M |
2026 Q1
1 quarter
|
|
|
1216
DraftKings
DKNG
$10.8B
| $747K | ﹤0.01% |
29,580
-649,307
| -96% | -$16M |
2026 Q1
1 quarter
|
|
1217
PayPal
PYPL
$48.8B
| $747K | ﹤0.01% |
+17,300
| New | +$787K |
2026 Q2
0 quarters
|
|
1218
CALL
Canadian Natural Resources
CNQ
$111B
| $743K | ﹤0.01% |
18,800
-16,200
| -46% | -$736K |
2026 Q1
1 quarter
|
|
|
1219
PUT
Canadian Natural Resources
CNQ
$111B
| $743K | ﹤0.01% |
18,800
-16,200
| -46% | -$736K |
2026 Q1
1 quarter
|
|
1220
CALL
PJT Partners
PJT
$3.83B
| $740K | ﹤0.01% |
4,900
| – | – |
2026 Q1
1 quarter
|
|
|
1221
PUT
PJT Partners
PJT
$3.83B
| $740K | ﹤0.01% |
4,900
| – | – |
2026 Q1
1 quarter
|
|
1222
VanEck BDC Income ETF
BIZD
$1.49B
| $740K | ﹤0.01% |
58,418
+20,318
| +53% | +$257K |
2026 Q1
1 quarter
|
|
1223
CALL
Fervo Energy
FRVO
$2.43B
| $731K | ﹤0.01% |
+25,000
| New | +$903K |
2026 Q2
0 quarters
|
|
1224
CALL
PureCycle Technologies
PCT
$653M
| $730K | ﹤0.01% |
+90,000
| New | +$807K |
2026 Q2
0 quarters
|
|
1225
PUT
VeriSign
VRSN
$27.7B
| $730K | ﹤0.01% |
+2,900
| New | +$806K |
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.