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 | |
|---|---|---|---|---|---|---|---|
1426
Vistance Networks Inc
VISN
$1.49B
| $270K | ﹤0.01% |
+21,165
| New | +$299K |
2026 Q2
0 quarters
|
|
1427
Skeena Resources
SKE
$3.42B
| $267K | ﹤0.01% |
+10,000
| New | +$300K |
2026 Q2
0 quarters
|
|
1428
CALL
Invesco Solar ETF
TAN
$912M
| $266K | ﹤0.01% |
4,500
| – | – |
2025 Q2
4 quarters
|
|
|
1429
PUT
Invesco Solar ETF
TAN
$912M
| $266K | ﹤0.01% |
4,500
| – | – |
2024 Q4
6 quarters
|
|
1430
FerroAtlántica
GSM
$723M
| $265K | ﹤0.01% |
83,343
-42,772
| -34% | -$177K |
2025 Q4
2 quarters
|
|
1431
CALL
The Mosaic Company
MOS
$6.01B
| $265K | ﹤0.01% |
12,500
-47,500
| -79% | -$1.1M |
2025 Q4
2 quarters
|
|
1432
CALL
ZoomInfo Technologies
GTM
$1.27B
| $264K | ﹤0.01% |
90,000
| – | – |
2026 Q1
1 quarter
|
|
1433
CALL
SELLAS Life Sciences
SLS
$1.76B
| $263K | ﹤0.01% |
+17,800
| New | +$123K |
2026 Q2
0 quarters
|
|
1434
Corbus Pharmaceuticals
CRBP
$77M
| $261K | ﹤0.01% |
27,852
+21,382
| +330% | +$202K |
2025 Q4
2 quarters
|
|
1435
Interactive Brokers
IBKR
$34.2B
| $261K | ﹤0.01% |
+3,000
| New | +$250K |
2026 Q2
0 quarters
|
|
1436
CALL
Phathom Pharmaceuticals
PHAT
$471M
| $260K | ﹤0.01% |
+24,000
| New | +$274K |
2026 Q2
0 quarters
|
|
|
1437
PUT
Phathom Pharmaceuticals
PHAT
$471M
| $260K | ﹤0.01% |
+24,000
| New | +$274K |
2026 Q2
0 quarters
|
|
1438
CALL
Streamex Corp
STEX
$43.9M
| $255K | ﹤0.01% |
+300,000
| New | +$310K |
2026 Q2
0 quarters
|
|
1439
Yum China
YUMC
$15.8B
| $249K | ﹤0.01% |
+6,103
| New | +$279K |
2026 Q2
0 quarters
|
|
1440
CALL
PAR Technology
PAR
$754M
| $249K | ﹤0.01% |
14,300
-482,800
| -97% | -$6.96M |
2025 Q4
2 quarters
|
|
1441
Agilon Health
AGL
$1.46B
| $248K | ﹤0.01% |
+2,317
| New | +$152K |
2026 Q2
0 quarters
|
|
1442
British American Tobacco
BTI
$133B
| $247K | ﹤0.01% |
4,000
-4,000
| -50% | -$241K |
2026 Q1
1 quarter
|
|
1443
CALL
Digimarc Corp
DMRC
$201M
| $247K | ﹤0.01% |
+30,000
| New | +$282K |
2026 Q2
0 quarters
|
|
1444
CALL
Grupo Supervielle
SUPV
$538M
| $246K | ﹤0.01% |
+25,500
| New | +$236K |
2026 Q2
0 quarters
|
|
1445
CALL
Valens Semiconductor
VLN
$159M
| $242K | ﹤0.01% |
107,100
+77,100
| +257% | +$173K |
2026 Q1
1 quarter
|
|
1446
OraSure Technologies
OSUR
$246M
| $240K | ﹤0.01% |
+53,836
| New | +$190K |
2026 Q2
0 quarters
|
|
1447
Genius Sports
GENI
$1.77B
| $234K | ﹤0.01% |
38,680
-36,320
| -48% | -$188K |
2025 Q4
2 quarters
|
|
1448
Sabre
SABR
$686M
| $228K | ﹤0.01% |
108,868
| – | – |
2025 Q1
5 quarters
|
|
1449
PUT
Hertz
HTZ
$695M
| $226K | ﹤0.01% |
100,000
| – | – |
2025 Q1
5 quarters
|
|
1450
Olema Pharmaceuticals
OLMA
$619M
| $225K | ﹤0.01% |
18,000
-17,000
| -49% | -$228K |
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.