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 | |
|---|---|---|---|---|---|---|---|
1276
CALL
Spok Holdings
SPOK
$253M
| $614K | ﹤0.01% |
+60,000
| New | +$653K |
2026 Q2
0 quarters
|
|
1277
Xerox Holdings Corp Warrants
XRXDW
$9.9M
| $613K | ﹤0.01% |
2,228,313
+631,145
| +40% | +$172K |
2026 Q1
1 quarter
|
|
1278
Arista Networks
ANET
$207B
| $612K | ﹤0.01% |
3,600
-17,000
| -83% | -$2.67M |
2024 Q4
6 quarters
|
|
1279
Opendoor Technologies Inc Series K Warrants
OPENW
$2.65M
| $605K | ﹤0.01% |
1,222,477
-114,541
| -9% | -$68.8K |
2025 Q4
2 quarters
|
|
1280
CALL
Cedar Fair
FUN
$791M
| $596K | ﹤0.01% |
28,000
+4,000
| +17% | +$81.7K |
2025 Q1
5 quarters
|
|
1281
Greenland Energy Company Warrant
GLNDW
$5.91M
| $595K | ﹤0.01% |
+700,000
| New | +$764K |
2026 Q2
0 quarters
|
|
1282
PUT
Scholar Rock
SRRK
$5.23B
| $594K | ﹤0.01% |
10,800
-199,200
| -95% | -$9.6M |
2025 Q2
4 quarters
|
|
1283
CALL
Teladoc Health
TDOC
$1.57B
| $594K | ﹤0.01% |
70,000
-30,000
| -30% | -$200K |
2025 Q4
2 quarters
|
|
1284
CALL
Pinterest
PINS
$11.6B
| $589K | ﹤0.01% |
28,000
-1,172,000
| -98% | -$23.5M |
2025 Q4
2 quarters
|
|
1285
NexGen Energy
NXE
$5.29B
| $589K | ﹤0.01% |
+62,705
| New | +$713K |
2026 Q2
0 quarters
|
|
1286
Sunrun
RUN
$1.99B
| $589K | ﹤0.01% |
44,000
-192,885
| -81% | -$2.6M |
2026 Q1
1 quarter
|
|
1287
Larimar Therapeutics
LRMR
$246M
| $589K | ﹤0.01% |
193,018
-442,006
| -70% | -$1.76M |
2025 Q2
4 quarters
|
|
1288
ServiceNow
NOW
$110B
| $586K | ﹤0.01% |
+5,905
| New | +$585K |
2026 Q2
0 quarters
|
|
|
TGB
1289
CALL
Trekor Metals
TGB
$2.71B
| $585K | ﹤0.01% |
85,000
-586,700
| -87% | -$4.19M |
2025 Q2
4 quarters
|
|
1290
Kyivstar Group Warrant
KYIVW
$35.2M
| $581K | ﹤0.01% |
90,650
+32,166
| +55% | +$162K |
2025 Q3
3 quarters
|
|
1291
Compass Therapeutics
CMPX
$138M
| $577K | ﹤0.01% |
+263,577
| New | +$778K |
2026 Q2
0 quarters
|
|
1292
BioAge Labs
BIOA
$266M
| $570K | ﹤0.01% |
+23,240
| New | +$420K |
2026 Q2
0 quarters
|
|
1293
Stryker
SYK
$118B
| $567K | ﹤0.01% |
+1,800
| New | +$567K |
2026 Q2
0 quarters
|
|
1294
Walmart Inc
WMT
$1.01T
| $566K | ﹤0.01% |
5,000
-135,000
| -96% | -$16.8M |
2026 Q1
1 quarter
|
|
1295
TPG RE Finance Trust
TRTX
$518M
| $563K | ﹤0.01% |
67,247
-33,021
| -33% | -$276K |
2025 Q4
2 quarters
|
|
1296
PUT
Alight
ALIT
$261M
| $560K | ﹤0.01% |
50,000
-50,000
| -50% | -$708K |
2025 Q4
2 quarters
|
|
1297
PUT
Chime Financial
CHYM
$10.8B
| $557K | ﹤0.01% |
27,200
-7,400
| -21% | -$144K |
2026 Q1
1 quarter
|
|
1298
ArriVent BioPharma
AVBP
$658M
| $555K | ﹤0.01% |
15,967
| – | – |
2026 Q1
1 quarter
|
|
1299
Canadian Solar
CSIQ
$639M
| $553K | ﹤0.01% |
+34,500
| New | +$553K |
2026 Q2
0 quarters
|
|
1300
Hertz Global Holdings Warrants
HTZWW
$78.2M
| $545K | ﹤0.01% |
499,998
| – | – |
2025 Q2
4 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.