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 | |
|---|---|---|---|---|---|---|---|
1451
PUT
FS KKR Capital
FSK
$3.16B
| $225K | ﹤0.01% |
21,400
-12,500
| -37% | -$134K |
2025 Q3
3 quarters
|
|
1452
Inseego
INSG
$78.4M
| $221K | ﹤0.01% |
21,396
-45,476
| -68% | -$609K |
2025 Q3
3 quarters
|
|
1453
PUT
iShares Mortgage Real Estate ETF
REM
$455M
| $220K | ﹤0.01% |
+10,000
| New | +$221K |
2026 Q2
0 quarters
|
|
1454
Fervo Energy
FRVO
$2.41B
| $219K | ﹤0.01% |
+7,500
| New | +$271K |
2026 Q2
0 quarters
|
|
1455
CALL
ImmunityBio
IBRX
$8.51B
| $219K | ﹤0.01% |
25,000
-9,000
| -26% | -$68.1K |
2026 Q1
1 quarter
|
|
|
1456
PUT
ImmunityBio
IBRX
$8.51B
| $219K | ﹤0.01% |
25,000
-16,000
| -39% | -$121K |
2026 Q1
1 quarter
|
|
1457
CALL
Blue Owl Capital
OBDC
$5.2B
| $217K | ﹤0.01% |
20,000
-374,000
| -95% | -$4.18M |
2025 Q4
2 quarters
|
|
1458
Kartoon Studios
TOON
$32.4M
| $216K | ﹤0.01% |
304,538
| – | – |
2025 Q1
5 quarters
|
|
1459
ZIM Integrated Shipping Services
ZIM
$3.43B
| $213K | ﹤0.01% |
+8,211
| New | +$212K |
2026 Q2
0 quarters
|
|
1460
Acadia Pharmaceuticals
ACAD
$3.53B
| $213K | ﹤0.01% |
8,419
-112,458
| -93% | -$2.47M |
2026 Q1
1 quarter
|
|
1461
Cedar Fair
FUN
$796M
| $213K | ﹤0.01% |
+10,000
| New | +$204K |
2026 Q2
0 quarters
|
|
1462
Hallador Energy
HNRG
$506M
| $207K | ﹤0.01% |
11,900
+8,480
| +248% | +$146K |
2026 Q1
1 quarter
|
|
1463
Perspective Therapeutics
CATX
$120M
| $205K | ﹤0.01% |
60,000
| – | – |
2026 Q1
1 quarter
|
|
1464
NET Power
NPWR
$76.1M
| $204K | ﹤0.01% |
122,452
+102,574
| +516% | +$186K |
2025 Q1
5 quarters
|
|
1465
Ceragon Networks
CRNT
$184M
| $199K | ﹤0.01% |
76,759
-23,620
| -24% | -$61.8K |
2023 Q3
11 quarters
|
|
1466
Invesco Mortgage Capital
IVR
$580M
| $198K | ﹤0.01% |
25,000
| – | – |
2025 Q4
2 quarters
|
|
1467
Kodiak AI Warrants
KDKRW
| $195K | ﹤0.01% |
263,013
+56,743
| +28% | +$71.1K |
2026 Q1
1 quarter
|
|
1468
iShares Global Clean Energy ETF
ICLN
$2B
| $195K | ﹤0.01% |
9,500
-134,600
| -93% | -$2.79M |
2025 Q1
5 quarters
|
|
1469
CALL
Remitly
RELY
$5.39B
| $193K | ﹤0.01% |
+8,600
| New | +$176K |
2026 Q2
0 quarters
|
|
1470
Citigroup
C
$204B
| $192K | ﹤0.01% |
1,369
-331
| -19% | -$43.1K |
2026 Q1
1 quarter
|
|
1471
Barron's 400 ETF
BFOR
$242M
| $191K | ﹤0.01% |
+8,000
| New | +$179K |
2026 Q2
0 quarters
|
|
1472
Rocket Companies
RKT
$39B
| $191K | ﹤0.01% |
12,138
-147,862
| -92% | -$2.13M |
2026 Q1
1 quarter
|
|
1473
Wrap Technologies
WRAP
$74.7M
| $190K | ﹤0.01% |
147,637
-439
| -0.3% | -$619 |
2024 Q2
8 quarters
|
|
1474
CALL
Dauch Corp
DCH
$1.12B
| $190K | ﹤0.01% |
35,000
| – | – |
2026 Q1
1 quarter
|
|
1475
CALL
Galectin Therapeutics
GALT
$338M
| $186K | ﹤0.01% |
40,000
| – | – |
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.