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 | |
|---|---|---|---|---|---|---|---|
1476
Sarepta Therapeutics
SRPT
$1.92B
| $179K | ﹤0.01% |
9,957
-47,933
| -83% | -$907K |
2025 Q3
3 quarters
|
|
1477
CALL
Janux Therapeutics
JANX
$1.07B
| $178K | ﹤0.01% |
11,600
+1,600
| +16% | +$23.2K |
2025 Q3
3 quarters
|
|
1478
PBF Energy
PBF
$8.98B
| $178K | ﹤0.01% |
+3,912
| New | +$163K |
2026 Q2
0 quarters
|
|
1479
Dyne Therapeutics
DYN
$3.17B
| $175K | ﹤0.01% |
7,894
| – | – |
2025 Q4
2 quarters
|
|
1480
Invesco Solar ETF
TAN
$910M
| $175K | ﹤0.01% |
2,955
| – | – |
2024 Q4
6 quarters
|
|
1481
ReNew
RNW
$2.5B
| $175K | ﹤0.01% |
+27,939
| New | +$157K |
2026 Q2
0 quarters
|
|
1482
CALL
UWM Holdings
UWMC
$542M
| $172K | ﹤0.01% |
+75,000
| New | +$233K |
2026 Q2
0 quarters
|
|
1483
CALL
Microvision
MVIS
$44.3M
| $171K | ﹤0.01% |
34,933
| – | – |
2025 Q1
5 quarters
|
|
1484
Zillow
Z
$7.43B
| $170K | ﹤0.01% |
+5,400
| New | +$208K |
2026 Q2
0 quarters
|
|
1485
Nu Holdings
NU
$56.9B
| $170K | ﹤0.01% |
+12,700
| New | +$171K |
2026 Q2
0 quarters
|
|
1486
Gen Digital Inc Contingent Value Rights
GENVR
| $167K | ﹤0.01% |
131,827
+72,881
| +124% | +$75.9K |
2025 Q2
4 quarters
|
|
1487
C4 Therapeutics
CCCC
$392M
| $163K | ﹤0.01% |
+35,000
| New | +$120K |
2026 Q2
0 quarters
|
|
1488
CALL
Embecta
EMBC
$352M
| $163K | ﹤0.01% |
+50,000
| New | +$273K |
2026 Q2
0 quarters
|
|
1489
Marten Transport
MRTN
$987M
| $161K | ﹤0.01% |
+9,252
| New | +$147K |
2026 Q2
0 quarters
|
|
1490
CALL
W&T Offshore
WTI
$565M
| $160K | ﹤0.01% |
50,800
| – | – |
2026 Q1
1 quarter
|
|
1491
CALL
Lifecore Biomedical
LFCR
$242M
| $158K | ﹤0.01% |
+30,000
| New | +$151K |
2026 Q2
0 quarters
|
|
1492
Cadiz
CDZI
$366M
| $154K | ﹤0.01% |
36,960
-18,040
| -33% | -$80.4K |
2025 Q3
3 quarters
|
|
1493
Navient Holdings, Inc. Common Stock
NAVI
$844M
| $153K | ﹤0.01% |
18,000
| – | – |
2026 Q1
1 quarter
|
|
1494
CALL
Niagen Bioscience
NAGE
$190M
| $153K | ﹤0.01% |
48,000
| – | – |
2025 Q4
2 quarters
|
|
1495
B2Gold
BTG
$6.28B
| $152K | ﹤0.01% |
40,700
+15,700
| +63% | +$72K |
2025 Q1
5 quarters
|
|
1496
CALL
Chegg
CHGG
$78.3M
| $151K | ﹤0.01% |
+149,700
| New | +$164K |
2026 Q2
0 quarters
|
|
1497
Pinterest
PINS
$11.5B
| $147K | ﹤0.01% |
+7,000
| New | +$141K |
2026 Q2
0 quarters
|
|
1498
CALL
Verastem
VSTM
$1.18B
| $146K | ﹤0.01% |
38,300
-174,200
| -82% | -$843K |
2025 Q4
2 quarters
|
|
1499
PUT
Virgin Galactic
SPCE
$376M
| $144K | ﹤0.01% |
+50,000
| New | +$163K |
2026 Q2
0 quarters
|
|
1500
Clearwater Paper
CLW
$220M
| $143K | ﹤0.01% |
+9,112
| New | +$137K |
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.