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 | |
|---|---|---|---|---|---|---|---|
1401
CALL
Wrap Technologies
WRAP
$72.3M
| $326K | ﹤0.01% |
252,700
-222,300
| -47% | -$314K |
2025 Q4
2 quarters
|
|
1402
Global X MSCI Argentina ETF
ARGT
$612M
| $320K | ﹤0.01% |
+3,500
| New | +$325K |
2026 Q2
0 quarters
|
|
1403
PUT
FerroAtlántica
GSM
$718M
| $318K | ﹤0.01% |
100,000
-35,000
| -26% | -$145K |
2026 Q1
1 quarter
|
|
1404
Permian Basin Royalty Trust
PBT
$1.42B
| $317K | ﹤0.01% |
+12,663
| New | +$320K |
2026 Q2
0 quarters
|
|
1405
PUT
W&T Offshore
WTI
$556M
| $315K | ﹤0.01% |
100,000
-275,000
| -73% | -$1.02M |
2025 Q3
3 quarters
|
|
1406
Groupon
GRPN
$634M
| $313K | ﹤0.01% |
12,991
-575
| -4% | -$9.49K |
2026 Q1
1 quarter
|
|
1407
CALL
LegalZoom.com
LZ
$1.19B
| $306K | ﹤0.01% |
+50,000
| New | +$307K |
2026 Q2
0 quarters
|
|
1408
CALL
Children's Place
PLCE
$9.44M
| $305K | ﹤0.01% |
100,000
| – | – |
2024 Q3
7 quarters
|
|
1409
Owens Corning
OC
$9.9B
| $302K | ﹤0.01% |
+1,900
| New | +$231K |
2026 Q2
0 quarters
|
|
1410
AdvisorShares Pure US Cannabis ETF
MSOS
$779M
| $300K | ﹤0.01% |
59,100
+18,800
| +47% | +$88.1K |
2026 Q1
1 quarter
|
|
|
1411
Planet Labs
PL
$4.72B
| $298K | ﹤0.01% |
+9,000
| New | +$333K |
2026 Q2
0 quarters
|
|
1412
Blaize Holdings Warrants
BZAIW
$640K
| $297K | ﹤0.01% |
898,556
| – | – |
2025 Q3
3 quarters
|
|
1413
Dauch Corp
DCH
$1.1B
| $296K | ﹤0.01% |
54,600
| – | – |
2025 Q1
5 quarters
|
|
1414
Goldman Sachs BDC
GSBD
$1B
| $294K | ﹤0.01% |
31,065
-43,487
| -58% | -$404K |
2025 Q4
2 quarters
|
|
1415
CALL
Cadiz
CDZI
$347M
| $286K | ﹤0.01% |
68,500
-56,500
| -45% | -$252K |
2025 Q3
3 quarters
|
|
1416
Array Digital Infrastructure
AD
$2.91B
| $285K | ﹤0.01% |
+7,870
| New | +$374K |
2026 Q2
0 quarters
|
|
1417
CALL
PDS Biotechnology
PDSB
$99.3M
| $281K | ﹤0.01% |
319,100
| – | – |
2026 Q1
1 quarter
|
|
1418
CALL
Laser Photonics
LASE
$39.6M
| $280K | ﹤0.01% |
+170,000
| New | +$233K |
2026 Q2
0 quarters
|
|
1419
Tidewater
TDW
$3.93B
| $280K | ﹤0.01% |
+4,200
| New | +$333K |
2026 Q2
0 quarters
|
|
1420
CALL
Excelerate Energy
EE
$1.08B
| $277K | ﹤0.01% |
7,300
-29,900
| -80% | -$1.03M |
2025 Q3
3 quarters
|
|
1421
Starbucks
SBUX
$119B
| $276K | ﹤0.01% |
+2,700
| New | +$272K |
2026 Q2
0 quarters
|
|
1422
Scholar Rock
SRRK
$5.23B
| $275K | ﹤0.01% |
+5,000
| New | +$242K |
2026 Q2
0 quarters
|
|
1423
PubMatic
PUBM
$709M
| $275K | ﹤0.01% |
+20,950
| New | +$218K |
2026 Q2
0 quarters
|
|
|
1424
Alphabet (Google) Class A
GOOGL
$3.43T
| $272K | ﹤0.01% |
760
-84,040
| -99% | -$30.3M |
2025 Q4
2 quarters
|
|
1425
FTAI Aviation
FTAI
$20.3B
| $271K | ﹤0.01% |
+1,000
| New | +$252K |
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.