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 | |
|---|---|---|---|---|---|---|---|
1376
Alight
ALIT
$261M
| $390K | ﹤0.01% |
34,850
-50,000
| -59% | -$708K |
2025 Q1
5 quarters
|
|
1377
CALL
Lifestance Health
LFST
$5.04B
| $382K | ﹤0.01% |
+35,700
| New | +$276K |
2026 Q2
0 quarters
|
|
1378
Rapid7
RPD
$1B
| $377K | ﹤0.01% |
+46,527
| New | +$308K |
2026 Q2
0 quarters
|
|
1379
CALL
Olema Pharmaceuticals
OLMA
$619M
| $375K | ﹤0.01% |
30,000
-173,100
| -85% | -$2.32M |
2026 Q1
1 quarter
|
|
|
1380
PUT
Olema Pharmaceuticals
OLMA
$619M
| $375K | ﹤0.01% |
30,000
-46,000
| -61% | -$616K |
2026 Q1
1 quarter
|
|
1381
CALL
Apyx Medical
APYX
$110M
| $373K | ﹤0.01% |
83,100
-3,700
| -4% | -$14.7K |
2025 Q3
3 quarters
|
|
1382
Range Resources
RRC
$12.7B
| $372K | ﹤0.01% |
10,000
| – | – |
2026 Q1
1 quarter
|
|
1383
Kopin
KOPN
$621M
| $367K | ﹤0.01% |
81,958
+8,909
| +12% | +$38.8K |
2023 Q2
12 quarters
|
|
1384
CALL
Huckleberry.ai, Inc. Class B Common Stock
HUCK
$142M
| $367K | ﹤0.01% |
+117,300
| New | +$392K |
2026 Q2
0 quarters
|
|
1385
Bowman Consulting
BWMN
$712M
| $364K | ﹤0.01% |
+12,477
| New | +$393K |
2026 Q2
0 quarters
|
|
1386
Toronto Dominion Bank
TD
$204B
| $364K | ﹤0.01% |
+3,000
| New | +$328K |
2026 Q2
0 quarters
|
|
1387
GrabAGun Digital Holdings Warrants
PEW.WS
| $359K | ﹤0.01% |
1,196,644
+430,504
| +56% | +$180K |
2025 Q3
3 quarters
|
|
1388
X-Energy Inc
XE
$2.98B
| $356K | ﹤0.01% |
+19,400
| New | +$502K |
2026 Q2
0 quarters
|
|
1389
Aldeyra Therapeutics
ALDX
$35.2M
| $351K | ﹤0.01% |
165,000
| – | – |
2025 Q4
2 quarters
|
|
1390
Celsius Holdings
CELH
$7.58B
| $347K | ﹤0.01% |
11,843
-59,257
| -83% | -$1.87M |
2025 Q1
5 quarters
|
|
1391
Coursera
COUR
$1B
| $346K | ﹤0.01% |
61,400
-13,600
| -18% | -$77.3K |
2026 Q1
1 quarter
|
|
1392
CALL
Ocugen
OCGN
$246M
| $344K | ﹤0.01% |
+225,000
| New | +$342K |
2026 Q2
0 quarters
|
|
1393
MP Materials
MP
$6.83B
| $342K | ﹤0.01% |
6,100
-175,560
| -97% | -$10.7M |
2025 Q4
2 quarters
|
|
1394
Lifezone Metals Ltd Warrants
LZM.WS
$5.01M
| $336K | ﹤0.01% |
819,481
+25,000
| +3% | +$15.6K |
2025 Q3
3 quarters
|
|
1395
Etsy
ETSY
$7.97B
| $334K | ﹤0.01% |
4,430
-18,000
| -80% | -$1.16M |
2025 Q1
5 quarters
|
|
1396
CALL
Genius Sports
GENI
$1.74B
| $333K | ﹤0.01% |
54,900
-379,100
| -87% | -$1.96M |
2026 Q1
1 quarter
|
|
1397
CALL
Recursion Pharmaceuticals
RXRX
$2.29B
| $330K | ﹤0.01% |
+90,000
| New | +$300K |
2026 Q2
0 quarters
|
|
1398
Claros Mortgage Trust
CMTG
$161M
| $329K | ﹤0.01% |
140,207
-195,555
| -58% | -$480K |
2025 Q1
5 quarters
|
|
1399
Strive Inc
ASST
$2.65B
| $327K | ﹤0.01% |
30,000
-3,749
| -11% | -$55.5K |
2026 Q1
1 quarter
|
|
1400
PUT
EyePoint Inc
EYPT
$32.3M
| $326K | ﹤0.01% |
+22,800
| New | +$305K |
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.