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 | |
|---|---|---|---|---|---|---|---|
1351
Estee Lauder
EL
$38B
| $437K | ﹤0.01% |
5,540
+1,540
| +39% | +$124K |
2026 Q1
1 quarter
|
|
1352
CALL
Neighborhood Intelligence Inc
NXH
$186M
| $434K | ﹤0.01% |
+75,000
| New | +$411K |
2026 Q2
0 quarters
|
|
1353
CALL
NioCorp Developments
NB
$455M
| $434K | ﹤0.01% |
90,000
-30,000
| -25% | -$164K |
2025 Q3
3 quarters
|
|
1354
Sphere Entertainment
SPHR
$3.77B
| $433K | ﹤0.01% |
+2,500
| New | +$349K |
2026 Q2
0 quarters
|
|
1355
PUT
Lifestance Health
LFST
$5.04B
| $428K | ﹤0.01% |
+40,000
| New | +$309K |
2026 Q2
0 quarters
|
|
1356
Heron Therapeutics
HRTX
$56M
| $427K | ﹤0.01% |
1,000,000
+686,319
| +219% | +$550K |
2026 Q1
1 quarter
|
|
1357
AES
AES
$10.6B
| $427K | ﹤0.01% |
+29,100
| New | +$423K |
2026 Q2
0 quarters
|
|
1358
DexCom
DXCM
$31.6B
| $425K | ﹤0.01% |
6,316
-10,000
| -61% | -$666K |
2025 Q1
5 quarters
|
|
1359
Global X MSCI Colombia ETF
COLO
$175M
| $425K | ﹤0.01% |
+10,200
| New | +$409K |
2026 Q2
0 quarters
|
|
1360
Absci
ABSI
$1.66B
| $423K | ﹤0.01% |
+36,500
| New | +$206K |
2026 Q2
0 quarters
|
|
1361
Hycroft Mining Holding Corp
HYMC
$1.52B
| $421K | ﹤0.01% |
+18,000
| New | +$607K |
2026 Q2
0 quarters
|
|
1362
CALL
Hess Midstream
HESM
$4.16B
| $421K | ﹤0.01% |
+11,200
| New | +$430K |
2026 Q2
0 quarters
|
|
1363
Canadian National Railway
CNI
$76B
| $417K | ﹤0.01% |
+3,500
| New | +$399K |
2026 Q2
0 quarters
|
|
1364
Uniti Group
UNIT
$1.2B
| $407K | ﹤0.01% |
+35,500
| New | +$403K |
2026 Q2
0 quarters
|
|
1365
Evommune Inc
EVMN
$218M
| $406K | ﹤0.01% |
+30,581
| New | +$711K |
2026 Q2
0 quarters
|
|
1366
CALL
Albertsons Companies
ACI
$6.66B
| $406K | ﹤0.01% |
30,000
| – | – |
2023 Q3
11 quarters
|
|
1367
CALL
indie Semiconductor
INDI
$348M
| $404K | ﹤0.01% |
90,000
-160,000
| -64% | -$638K |
2025 Q4
2 quarters
|
|
1368
iShares MSCI South Korea ETF
EWY
$22.2B
| $404K | ﹤0.01% |
2,000
-300
| -13% | -$53K |
2025 Q4
2 quarters
|
|
1369
CALL
Sibanye-Stillwater
SBSW
$6.18B
| $403K | ﹤0.01% |
47,500
-727,900
| -94% | -$8.49M |
2025 Q3
3 quarters
|
|
1370
CALL
Evolus
EOLS
$473M
| $403K | ﹤0.01% |
58,000
| – | – |
2026 Q1
1 quarter
|
|
1371
Forward Air
FWRD
$619M
| $400K | ﹤0.01% |
29,571
+28,086
| +1,891% | +$418K |
2025 Q4
2 quarters
|
|
1372
PUT
Ramaco Resources Class A
METC
$420M
| $397K | ﹤0.01% |
+30,000
| New | +$437K |
2026 Q2
0 quarters
|
|
1373
CAVA Group
CAVA
$7.25B
| $392K | ﹤0.01% |
+5,000
| New | +$419K |
2026 Q2
0 quarters
|
|
1374
Pagaya Technologies
PGY
$1.51B
| $392K | ﹤0.01% |
21,501
+15,595
| +264% | +$221K |
2026 Q1
1 quarter
|
|
1375
Ocular Therapeutix
OCUL
$1.48B
| $391K | ﹤0.01% |
39,800
-342,959
| -90% | -$3.11M |
2026 Q1
1 quarter
|
|
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.