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 | |
|---|---|---|---|---|---|---|---|
1326
CALL
Community Health Systems
CYH
$296M
| $501K | ﹤0.01% |
+150,000
| New | +$441K |
2026 Q2
0 quarters
|
|
1327
HawkEye 360 Inc
HAWK
$1.34B
| $499K | ﹤0.01% |
+24,700
| New | +$682K |
2026 Q2
0 quarters
|
|
1328
CALL
Ceragon Networks
CRNT
$183M
| $497K | ﹤0.01% |
+192,000
| New | +$502K |
2026 Q2
0 quarters
|
|
1329
CALL
Gorilla Technology Group
GRRR
$202M
| $493K | ﹤0.01% |
+24,800
| New | +$373K |
2026 Q2
0 quarters
|
|
1330
CALL
Anteris Technologies
AVR
$563M
| $492K | ﹤0.01% |
+50,000
| New | +$380K |
2026 Q2
0 quarters
|
|
1331
PUT
Cars.com
CARS
$625M
| $492K | ﹤0.01% |
45,000
-45,000
| -50% | -$457K |
2026 Q1
1 quarter
|
|
1332
CALL
Mama's Creations
MAMA
$607M
| $484K | ﹤0.01% |
+27,100
| New | +$411K |
2026 Q2
0 quarters
|
|
1333
CALL
Unusual Machines
UMAC
$713M
| $482K | ﹤0.01% |
+21,600
| New | +$400K |
2026 Q2
0 quarters
|
|
|
1334
PUT
Unusual Machines
UMAC
$713M
| $482K | ﹤0.01% |
+21,600
| New | +$400K |
2026 Q2
0 quarters
|
|
1335
PUT
Hess Midstream
HESM
$4.16B
| $481K | ﹤0.01% |
+12,800
| New | +$492K |
2026 Q2
0 quarters
|
|
1336
CALL
Macerich
MAC
$7.04B
| $474K | ﹤0.01% |
18,800
| – | – |
2026 Q1
1 quarter
|
|
1337
Vertex
VERX
$2.57B
| $473K | ﹤0.01% |
41,159
| – | – |
2025 Q3
3 quarters
|
|
1338
CALL
Waystar Holding Corp
WAY
$5.4B
| $472K | ﹤0.01% |
23,000
-77,000
| -77% | -$1.62M |
2026 Q1
1 quarter
|
|
1339
MediaAlpha
MAX
$875M
| $472K | ﹤0.01% |
37,515
-111,533
| -75% | -$1.05M |
2026 Q1
1 quarter
|
|
1340
Companhia Siderúrgica Nacional
SID
$957M
| $468K | ﹤0.01% |
511,519
-151,907
| -23% | -$190K |
2026 Q1
1 quarter
|
|
1341
PUT
FTAI Infrastructure
FIP
$336M
| $464K | ﹤0.01% |
+100,000
| New | +$498K |
2026 Q2
0 quarters
|
|
1342
CALL
Elanco Animal Health
ELAN
$12B
| $463K | ﹤0.01% |
+18,800
| New | +$435K |
2026 Q2
0 quarters
|
|
1343
Five Point Holdings
FPH
$306M
| $459K | ﹤0.01% |
87,051
-1,949
| -2% | -$9.8K |
2025 Q4
2 quarters
|
|
1344
PUT
Consensus Cloud Solutions
CCSI
$659M
| $458K | ﹤0.01% |
12,000
-12,000
| -50% | -$359K |
2026 Q1
1 quarter
|
|
1345
iShares US Medical Devices ETF
IHI
$3.79B
| $456K | ﹤0.01% |
+9,220
| New | +$468K |
2026 Q2
0 quarters
|
|
1346
CALL
CNH Industrial
CNH
$19B
| $449K | ﹤0.01% |
+40,000
| New | +$426K |
2026 Q2
0 quarters
|
|
1347
CALL
Wealthfront Corp
WLTH
$1.63B
| $447K | ﹤0.01% |
50,000
| – | – |
2026 Q1
1 quarter
|
|
|
1348
PUT
Wealthfront Corp
WLTH
$1.63B
| $447K | ﹤0.01% |
50,000
| – | – |
2026 Q1
1 quarter
|
|
1349
PUT
Sportradar
SRAD
$3.81B
| $446K | ﹤0.01% |
+29,800
| New | +$433K |
2026 Q2
0 quarters
|
|
1350
CALL
Inovio Pharmaceuticals
INO
$195M
| $440K | ﹤0.01% |
+400,000
| New | +$475K |
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.