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 | |
|---|---|---|---|---|---|---|---|
126
CALL
Cloudflare
NET
$94.9B
| $35.7M | 0.17% |
145,700
-14,000
| -9% | -$3.06M |
2025 Q2
4 quarters
|
|
127
PUT
Madrigal Pharmaceuticals
MDGL
$9.25B
| $35.3M | 0.16% |
65,700
+43,200
| +192% | +$22.1M |
2026 Q1
1 quarter
|
|
128
PUT
LyondellBasell Industries
LYB
$21.4B
| $35.3M | 0.16% |
670,000
+325,000
| +94% | +$22.4M |
2026 Q1
1 quarter
|
|
129
PUT
State Street SPDR S&P Homebuilders ETF
XHB
$1.65B
| $34.7M | 0.16% |
+300,000
| New | +$31.4M |
2026 Q2
0 quarters
|
|
130
CALL
ESAB
ESAB
$4.73B
| $34.5M | 0.16% |
+350,000
| New | +$33.8M |
2026 Q2
0 quarters
|
|
|
131
PUT
ESAB
ESAB
$4.73B
| $34.5M | 0.16% |
+350,000
| New | +$33.8M |
2026 Q2
0 quarters
|
|
132
PUT
GSK
GSK
$102B
| $34.5M | 0.16% |
+658,000
| New | +$34.8M |
2026 Q2
0 quarters
|
|
133
CALL
SLB Ltd
SLB
$76.1B
| $34.4M | 0.16% |
740,400
+542,300
| +274% | +$29.1M |
2025 Q4
2 quarters
|
|
134
CG Oncology
CGON
$5.68B
| $34.4M | 0.16% |
484,461
+105,981
| +28% | +$6.93M |
2025 Q4
2 quarters
|
|
135
CALL
Broadcom
AVGO
$1.55T
| $33.1M | 0.15% |
+87,500
| New | +$35.1M |
2026 Q2
0 quarters
|
|
136
CALL
Replimune Group
REPL
$1.96B
| $32.7M | 0.15% |
2,952,800
+2,060,200
| +231% | +$12.6M |
2025 Q1
5 quarters
|
|
137
PUT
Viavi Solutions
VIAV
$7.23B
| $32.1M | 0.15% |
+672,900
| New | +$32.2M |
2026 Q2
0 quarters
|
|
138
CALL
The GEO Group
GEO
$3.69B
| $31.2M | 0.15% |
1,054,700
-24,600
| -2% | -$558K |
2023 Q4
10 quarters
|
|
139
CALL
SoFi Technologies
SOFI
$22.5B
| $30.8M | 0.14% |
1,720,000
+653,700
| +61% | +$11.1M |
2024 Q4
6 quarters
|
|
140
CALL
Akamai
AKAM
$12.3B
| $30.7M | 0.14% |
260,000
+172,800
| +198% | +$21.5M |
2026 Q1
1 quarter
|
|
141
CALL
BrightSpring Health Services
BTSG
$13.9B
| $30.5M | 0.14% |
437,700
+97,700
| +29% | +$5.43M |
2025 Q4
2 quarters
|
|
142
CALL
Rocket Lab Corp
RKLB
$33.5B
| $30.5M | 0.14% |
+300,000
| New | +$29.9M |
2026 Q2
0 quarters
|
|
143
CALL
Flagstar Bank National Association
FLG
$4.55B
| $30.1M | 0.14% |
2,018,000
-544,800
| -21% | -$7.72M |
2025 Q3
3 quarters
|
|
144
PUT
UnitedHealth
UNH
$367B
| $29.8M | 0.14% |
71,800
-346,000
| -83% | -$128M |
2025 Q2
4 quarters
|
|
145
PUT
Vertex Pharmaceuticals
VRTX
$135B
| $29.8M | 0.14% |
60,000
| – | – |
2026 Q1
1 quarter
|
|
146
CALL
Fluor
FLR
$6.42B
| $29.8M | 0.14% |
568,500
-336,800
| -37% | -$16.5M |
2024 Q2
8 quarters
|
|
147
PUT
Domino's
DPZ
$10.6B
| $29.6M | 0.14% |
+100,000
| New | +$32.9M |
2026 Q2
0 quarters
|
|
148
State Street SPDR S&P Regional Banking ETF
KRE
$4.03B
| $29.6M | 0.14% |
+394,944
| New | +$27.6M |
2026 Q2
0 quarters
|
|
149
PUT
Robinhood
HOOD
$78.7B
| $29.3M | 0.14% |
291,700
+44,200
| +18% | +$3.7M |
2026 Q1
1 quarter
|
|
150
CALL
Johnson & Johnson
JNJ
$665B
| $29.2M | 0.14% |
115,000
+15,000
| +15% | +$3.5M |
2025 Q3
3 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.