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 | |
|---|---|---|---|---|---|---|---|
1226
SELLAS Life Sciences
SLS
$1.73B
| $729K | ﹤0.01% |
+49,373
| New | +$341K |
2026 Q2
0 quarters
|
|
1227
CALL
American Airlines Group
AAL
$8.67B
| $723K | ﹤0.01% |
+40,000
| New | +$535K |
2026 Q2
0 quarters
|
|
1228
CALL
Ralliant Corp
RAL
$7.34B
| $722K | ﹤0.01% |
+9,800
| New | +$546K |
2026 Q2
0 quarters
|
|
1229
CALL
Canadian Solar
CSIQ
$639M
| $721K | ﹤0.01% |
45,000
-80,000
| -64% | -$1.28M |
2025 Q4
2 quarters
|
|
1230
CALL
Arbutus Biopharma
ABUS
$792M
| $720K | ﹤0.01% |
+150,000
| New | +$659K |
2026 Q2
0 quarters
|
|
|
1231
PUT
Arbutus Biopharma
ABUS
$792M
| $720K | ﹤0.01% |
+150,000
| New | +$659K |
2026 Q2
0 quarters
|
|
1232
Belden
BDC
$4.2B
| $719K | ﹤0.01% |
+6,000
| New | +$700K |
2026 Q2
0 quarters
|
|
1233
Mirion Technologies
MIR
$4.59B
| $717K | ﹤0.01% |
+40,000
| New | +$742K |
2026 Q2
0 quarters
|
|
1234
PUT
MGM Resorts International
MGM
$7.73B
| $703K | ﹤0.01% |
+14,700
| New | +$611K |
2026 Q2
0 quarters
|
|
1235
Empire State Realty Trust
ESRT
$864M
| $699K | ﹤0.01% |
129,280
+29,280
| +29% | +$159K |
2026 Q1
1 quarter
|
|
1236
CALL
Black Stone Minerals
BSM
$3.16B
| $698K | ﹤0.01% |
+50,000
| New | +$696K |
2026 Q2
0 quarters
|
|
1237
CALL
Ford
F
$50.3B
| $695K | ﹤0.01% |
+50,000
| New | +$675K |
2026 Q2
0 quarters
|
|
1238
CALL
TOYO Co
TOYO
$202M
| $695K | ﹤0.01% |
+100,000
| New | +$1.23M |
2026 Q2
0 quarters
|
|
1239
CALL
Rivian
RIVN
$19.3B
| $694K | ﹤0.01% |
40,000
| – | – |
2025 Q4
2 quarters
|
|
1240
uniQure
QURE
$1.59B
| $691K | ﹤0.01% |
15,000
-288,231
| -95% | -$7.55M |
2025 Q1
5 quarters
|
|
1241
Nano Dimension
NNDM
$285M
| $689K | ﹤0.01% |
+475,000
| New | +$776K |
2026 Q2
0 quarters
|
|
1242
Airship AI Holdings Warrants
AISPW
$14.4M
| $688K | ﹤0.01% |
905,481
| – | – |
2025 Q3
3 quarters
|
|
1243
CALL
Virtu Financial
VIRT
$4.75B
| $685K | ﹤0.01% |
+11,500
| New | +$605K |
2026 Q2
0 quarters
|
|
1244
Albemarle
ALB
$10.7B
| $675K | ﹤0.01% |
5,000
-9,050
| -64% | -$1.6M |
2026 Q1
1 quarter
|
|
1245
CALL
Alight
ALIT
$261M
| $671K | ﹤0.01% |
59,930
| – | – |
2024 Q4
6 quarters
|
|
1246
CALL
Nokia
NOK
$46.5B
| $664K | ﹤0.01% |
+50,000
| New | +$644K |
2026 Q2
0 quarters
|
|
1247
Hafnia
HAFN
$5.46B
| $664K | ﹤0.01% |
+100,000
| New | +$810K |
2026 Q2
0 quarters
|
|
1248
Ardelyx
ARDX
$782M
| $663K | ﹤0.01% |
130,000
+25,800
| +25% | +$157K |
2025 Q4
2 quarters
|
|
1249
CME Group
CME
$110B
| $662K | ﹤0.01% |
+3,000
| New | +$830K |
2026 Q2
0 quarters
|
|
1250
CALL
Ramaco Resources Class A
METC
$420M
| $662K | ﹤0.01% |
+50,000
| New | +$729K |
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.