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 | |
|---|---|---|---|---|---|---|---|
1301
PUT
Core Scientific
CORZ
$4.02B
| $540K | ﹤0.01% |
21,100
-70,000
| -77% | -$1.65M |
2024 Q2
8 quarters
|
|
1302
PUT
Agilon Health
AGL
$1.45B
| $536K | ﹤0.01% |
+5,000
| New | +$327K |
2026 Q2
0 quarters
|
|
1303
CALL
Uranium Energy
UEC
$3.72B
| $533K | ﹤0.01% |
+50,000
| New | +$671K |
2026 Q2
0 quarters
|
|
1304
Neumora Therapeutics
NMRA
$93.1M
| $532K | ﹤0.01% |
313,217
-98,984
| -24% | -$188K |
2026 Q1
1 quarter
|
|
1305
DHT Holdings
DHT
$3.85B
| $531K | ﹤0.01% |
+32,152
| New | +$574K |
2026 Q2
0 quarters
|
|
1306
CALL
Huntsman Corp
HUN
$1.75B
| $531K | ﹤0.01% |
50,000
+18,300
| +58% | +$252K |
2025 Q2
4 quarters
|
|
1307
Talphera
TLPH
$52.4M
| $530K | ﹤0.01% |
514,969
-46,851
| -8% | -$40K |
2026 Q1
1 quarter
|
|
1308
Mayville Engineering Co
MEC
$402M
| $528K | ﹤0.01% |
+14,092
| New | +$377K |
2026 Q2
0 quarters
|
|
1309
Vizsla Silver
VZLA
$1.08B
| $528K | ﹤0.01% |
+159,923
| New | +$556K |
2026 Q2
0 quarters
|
|
1310
Inovio Pharmaceuticals
INO
$195M
| $527K | ﹤0.01% |
+478,950
| New | +$568K |
2026 Q2
0 quarters
|
|
1311
PUT
Nordic American Tanker
NAT
$1.54B
| $526K | ﹤0.01% |
+95,000
| New | +$538K |
2026 Q2
0 quarters
|
|
1312
ARK Innovation ETF
ARKK
$6.14B
| $525K | ﹤0.01% |
6,500
-91,500
| -93% | -$7M |
2026 Q1
1 quarter
|
|
1313
PUT
Tandem Diabetes Care
TNDM
$1.3B
| $525K | ﹤0.01% |
+34,800
| New | +$608K |
2026 Q2
0 quarters
|
|
1314
Alkermes
ALKS
$7.53B
| $524K | ﹤0.01% |
+10,000
| New | +$391K |
2026 Q2
0 quarters
|
|
1315
Oric Pharmaceuticals
ORIC
$940M
| $521K | ﹤0.01% |
+48,130
| New | +$436K |
2026 Q2
0 quarters
|
|
1316
CALL
Rezolute
RZLT
$375M
| $520K | ﹤0.01% |
+100,000
| New | +$371K |
2026 Q2
0 quarters
|
|
1317
Sociedad Química y Minera de Chile
SQM
$15.6B
| $518K | ﹤0.01% |
+7,000
| New | +$586K |
2026 Q2
0 quarters
|
|
1318
CALL
AT&T
T
$144B
| $518K | ﹤0.01% |
+25,000
| New | +$620K |
2026 Q2
0 quarters
|
|
1319
American Eagle Outfitters
AEO
$3.31B
| $516K | ﹤0.01% |
+30,000
| New | +$520K |
2026 Q2
0 quarters
|
|
1320
Unicycive Therapeutics
UNCY
$97.2M
| $516K | ﹤0.01% |
+110,000
| New | +$811K |
2026 Q2
0 quarters
|
|
1321
PUT
Arrowhead Research
ARWR
$8.41B
| $505K | ﹤0.01% |
6,200
-23,800
| -79% | -$1.76M |
2026 Q1
1 quarter
|
|
1322
Sibanye-Stillwater
SBSW
$6.18B
| $504K | ﹤0.01% |
+59,334
| New | +$692K |
2026 Q2
0 quarters
|
|
1323
BellRing Brands
BRBR
$1.1B
| $503K | ﹤0.01% |
+38,845
| New | +$469K |
2026 Q2
0 quarters
|
|
1324
TransAlta
TAC
$4.04B
| $502K | ﹤0.01% |
36,300
+24,055
| +196% | +$318K |
2026 Q1
1 quarter
|
|
1325
PUT
Sabre
SABR
$674M
| $502K | ﹤0.01% |
240,000
| – | – |
2024 Q2
8 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.