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 | |
|---|---|---|---|---|---|---|---|
1251
CALL
Cogent Communications
CCOI
$310M
| $659K | ﹤0.01% |
47,500
-212,500
| -82% | -$3.92M |
2025 Q4
2 quarters
|
|
1252
PUT
Utz Brands
UTZ
$1.27B
| $656K | ﹤0.01% |
+85,200
| New | +$635K |
2026 Q2
0 quarters
|
|
1253
Southwest Airlines
LUV
$21.5B
| $653K | ﹤0.01% |
12,700
-109,200
| -90% | -$4.59M |
2025 Q1
5 quarters
|
|
1254
CALL
Rogers Communications
RCI
$18.1B
| $650K | ﹤0.01% |
+20,000
| New | +$722K |
2026 Q2
0 quarters
|
|
1255
PUT
Elicio Therapeutics
ELTX
$43.1M
| $648K | ﹤0.01% |
+165,700
| New | +$1.66M |
2026 Q2
0 quarters
|
|
1256
PUT
Fastly Inc
FSLY
$3.28B
| $643K | ﹤0.01% |
35,000
-5,000
| -13% | -$109K |
2026 Q1
1 quarter
|
|
1257
CALL
Kinder Morgan
KMI
$72.9B
| $639K | ﹤0.01% |
20,000
-187,800
| -90% | -$6.05M |
2024 Q3
7 quarters
|
|
1258
Western Digital
WDC
$127B
| $639K | ﹤0.01% |
1,000
-3,000
| -75% | -$1.46M |
2025 Q3
3 quarters
|
|
1259
PUT
Evommune Inc
EVMN
$218M
| $638K | ﹤0.01% |
+48,000
| New | +$1.12M |
2026 Q2
0 quarters
|
|
1260
PUT
Turning Point Brands
TPB
$1.33B
| $636K | ﹤0.01% |
7,500
-35,000
| -82% | -$2.91M |
2025 Q3
3 quarters
|
|
1261
CALL
Kodiak AI
KDK
$225M
| $635K | ﹤0.01% |
+125,000
| New | +$935K |
2026 Q2
0 quarters
|
|
1262
CALL
NewAmsterdam Pharma
NAMS
$2.34B
| $634K | ﹤0.01% |
+18,700
| New | +$616K |
2026 Q2
0 quarters
|
|
1263
IAMGOLD
IAG
$9.14B
| $634K | ﹤0.01% |
+40,000
| New | +$699K |
2026 Q2
0 quarters
|
|
1264
PUT
Five Point Holdings
FPH
$306M
| $632K | ﹤0.01% |
120,000
| – | – |
2025 Q4
2 quarters
|
|
1265
Opendoor Technologies Inc Series A Warrants
OPENL
$2.17M
| $629K | ﹤0.01% |
2,225,397
-66,232
| -3% | -$20.3K |
2025 Q4
2 quarters
|
|
1266
Assembly Biosciences
ASMB
$397M
| $627K | ﹤0.01% |
22,829
-59,012
| -72% | -$1.61M |
2025 Q4
2 quarters
|
|
1267
PUT
NexGen Energy
NXE
$5.29B
| $626K | ﹤0.01% |
+66,700
| New | +$758K |
2026 Q2
0 quarters
|
|
1268
ResMed
RMD
$32.8B
| $624K | ﹤0.01% |
+3,200
| New | +$663K |
2026 Q2
0 quarters
|
|
1269
PUT
Payoneer
PAYO
$2.43B
| $623K | ﹤0.01% |
87,500
-156,000
| -64% | -$854K |
2026 Q1
1 quarter
|
|
1270
Array Technologies
ARRY
$585M
| $622K | ﹤0.01% |
+84,000
| New | +$669K |
2026 Q2
0 quarters
|
|
1271
CALL
Eldorado Gold
EGO
$8.42B
| $622K | ﹤0.01% |
20,000
| – | – |
2025 Q1
5 quarters
|
|
1272
Cognizant
CTSH
$29.1B
| $620K | ﹤0.01% |
+16,000
| New | +$843K |
2026 Q2
0 quarters
|
|
|
TGB
1273
Trekor Metals
TGB
$2.71B
| $618K | ﹤0.01% |
+89,825
| New | +$642K |
2026 Q2
0 quarters
|
|
1274
CALL
Hims & Hers Health
HIMS
$5.89B
| $617K | ﹤0.01% |
+17,800
| New | +$478K |
2026 Q2
0 quarters
|
|
1275
Solstice Advanced Materials
SOLS
$9.36B
| $615K | ﹤0.01% |
+6,946
| New | +$573K |
2026 Q2
0 quarters
|
|
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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.