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 | |
|---|---|---|---|---|---|---|---|
101
CALL
Xenon Pharmaceuticals
XENE
$3.8B
| $43.9M | 0.2% |
728,000
-254,200
| -26% | -$14.1M |
2025 Q1
5 quarters
|
|
102
PUT
Eli Lilly
LLY
$1.26T
| $43.8M | 0.2% |
+36,500
| New | +$37.3M |
2026 Q2
0 quarters
|
|
103
CALL
Celestica
CLS
$29.8B
| $43.8M | 0.2% |
120,000
-221,000
| -65% | -$82.9M |
2023 Q3
11 quarters
|
|
104
CALL
Cytokinetics
CYTK
$8.84B
| $43.7M | 0.2% |
512,400
-717,600
| -58% | -$51.5M |
2023 Q3
11 quarters
|
|
105
CALL
Hut 8
HUT
$6.03B
| $43.4M | 0.2% |
375,700
-214,400
| -36% | -$20.8M |
2023 Q3
11 quarters
|
|
106
CALL
Teva Pharmaceutical Industries Limited
TEVA
$48.8B
| $43.3M | 0.2% |
1,279,500
+190,000
| +17% | +$6.33M |
2025 Q3
3 quarters
|
|
107
CALL
Solaris Energy Infrastructure
SEI
$3.79B
| $43.3M | 0.2% |
538,000
-17,000
| -3% | -$1.21M |
2024 Q4
6 quarters
|
|
|
108
CALL
Alphabet (Google) Class A
GOOGL
$3.55T
| $42.9M | 0.2% |
120,000
+100,000
| +500% | +$36M |
2025 Q1
5 quarters
|
|
109
PUT
Burlington
BURL
$16.2B
| $41.2M | 0.19% |
130,200
-86,800
| -40% | -$28M |
2025 Q3
3 quarters
|
|
110
CALL
Union Pacific
UNP
$183B
| $40.8M | 0.19% |
+150,000
| New | +$39.4M |
2026 Q2
0 quarters
|
|
|
111
PUT
State Street Financial Select Sector SPDR ETF
XLF
$55.2B
| $40.5M | 0.19% |
756,200
+405,300
| +116% | +$21.1M |
2026 Q1
1 quarter
|
|
112
CALL
Visa
V
$816B
| $40.1M | 0.19% |
117,000
+97,000
| +485% | +$31.1M |
2026 Q1
1 quarter
|
|
113
CALL
Lam Research
LRCX
$277B
| $39.6M | 0.18% |
+91,300
| New | +$27.7M |
2026 Q2
0 quarters
|
|
114
PUT
Cipher Digital
CIFR
$2.7B
| $39.3M | 0.18% |
1,603,500
+1,003,500
| +167% | +$21.2M |
2025 Q3
3 quarters
|
|
115
CALL
Flex
FLEX
$28.5B
| $38.9M | 0.18% |
+240,100
| New | +$29.1M |
2026 Q2
0 quarters
|
|
116
Sandisk
SNDK
$148B
| $38.9M | 0.18% |
17,100
-1,180
| -6% | -$1.68M |
2026 Q1
1 quarter
|
|
117
CALL
DigitalOcean
DOCN
$9.9B
| $38.1M | 0.18% |
242,500
+90,000
| +59% | +$12.2M |
2025 Q4
2 quarters
|
|
118
CALL
Natera
NTRA
$56.4B
| $38M | 0.18% |
+140,000
| New | +$29.9M |
2026 Q2
0 quarters
|
|
119
CALL
Vaxcyte
PCVX
$10.3B
| $37.8M | 0.18% |
649,700
+346,700
| +114% | +$18.8M |
2025 Q3
3 quarters
|
|
120
PUT
Revolution Medicines
RVMD
$42.8B
| $37.3M | 0.17% |
199,200
-1,027,700
| -84% | -$150M |
2026 Q1
1 quarter
|
|
121
PUT
CSX Corp
CSX
$96.4B
| $37.1M | 0.17% |
780,000
-305,800
| -28% | -$13.8M |
2026 Q1
1 quarter
|
|
122
CALL
Best Buy
BBY
$21.3B
| $37M | 0.17% |
+487,500
| New | +$32.4M |
2026 Q2
0 quarters
|
|
123
PUT
Ross Stores
ROST
$78.5B
| $36.2M | 0.17% |
+170,000
| New | +$38.3M |
2026 Q2
0 quarters
|
|
124
PUT
Iris Energy
IREN
$8.56B
| $36.1M | 0.17% |
789,800
+489,800
| +163% | +$25.5M |
2023 Q3
11 quarters
|
|
125
CALL
ExxonMobil
XOM
$690B
| $36M | 0.17% |
263,400
-7,500
| -3% | -$1.12M |
2024 Q1
9 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.