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 | |
|---|---|---|---|---|---|---|---|
1501
Altimmune
ALT
$397M
| $142K | ﹤0.01% |
46,617
-27,821
| -37% | -$83.1K |
2025 Q1
5 quarters
|
|
1502
Kinder Morgan
KMI
$75.5B
| $141K | ﹤0.01% |
+4,400
| New | +$142K |
2026 Q2
0 quarters
|
|
|
TMCWW
1503
DELISTED
TMC The Metals Company Warrants
TMCWW
| $140K | ﹤0.01% |
932,593
| – | – |
2025 Q3
3 quarters
|
|
1504
Ionis Pharmaceuticals
IONS
$7.23B
| $139K | ﹤0.01% |
1,759
-13,832
| -89% | -$1.04M |
2026 Q1
1 quarter
|
|
|
SVC
1505
Service Properties Trust
SVC
$811M
| $134K | ﹤0.01% |
+15,800
| New | +$124K |
2026 Q2
0 quarters
|
|
1506
PUT
Dynex Capital
DX
$2.77B
| $131K | ﹤0.01% |
+10,000
| New | +$132K |
2026 Q2
0 quarters
|
|
1507
CALL
Wave Life Sciences
WVE
$708M
| $131K | ﹤0.01% |
22,500
-485,300
| -96% | -$3.22M |
2025 Q1
5 quarters
|
|
1508
Satellogic Inc Warrant
SATLW
$6.81M
| $129K | ﹤0.01% |
100,037
+87,365
| +689% | +$178K |
2026 Q1
1 quarter
|
|
1509
Falcon's Beyond Global Warrants
FBYDW
| $127K | ﹤0.01% |
48,550
| – | – |
2025 Q4
2 quarters
|
|
1510
PUT
Genius Sports
GENI
$1.7B
| $127K | ﹤0.01% |
+20,900
| New | +$108K |
2026 Q2
0 quarters
|
|
1511
CALL
Ocean Power Technologies
OPTT
$3.67M
| $124K | ﹤0.01% |
+15,833
| New | +$161K |
2026 Q2
0 quarters
|
|
1512
Uranium Energy
UEC
$3.82B
| $123K | ﹤0.01% |
+11,500
| New | +$154K |
2026 Q2
0 quarters
|
|
1513
Hudbay
HBM
$9.6B
| $118K | ﹤0.01% |
+5,000
| New | +$126K |
2026 Q2
0 quarters
|
|
1514
Dell
DELL
$270B
| $118K | ﹤0.01% |
+273
| New | +$79K |
2026 Q2
0 quarters
|
|
1515
Transocean
RIG
$7.75B
| $117K | ﹤0.01% |
+24,000
| New | +$150K |
2026 Q2
0 quarters
|
|
1516
International Money Express
IMXI
$277M
| $116K | ﹤0.01% |
8,000
-8,100
| -50% | -$124K |
2026 Q1
1 quarter
|
|
1517
Albertsons Companies
ACI
$6.35B
| $113K | ﹤0.01% |
8,374
| – | – |
2024 Q3
7 quarters
|
|
1518
FTAI Infrastructure
FIP
$338M
| $113K | ﹤0.01% |
+24,328
| New | +$121K |
2026 Q2
0 quarters
|
|
1519
CALL
OraSure Technologies
OSUR
$272M
| $112K | ﹤0.01% |
+25,000
| New | +$88.4K |
2026 Q2
0 quarters
|
|
1520
Unusual Machines
UMAC
$776M
| $112K | ﹤0.01% |
5,000
-13,000
| -72% | -$241K |
2026 Q1
1 quarter
|
|
1521
DELISTED
Talkspace
TALK
| $104K | ﹤0.01% |
20,000
| – | – |
2026 Q1
1 quarter
|
|
1522
RUM Group Inc
RUM
$2.13B
| $103K | ﹤0.01% |
+16,256
| New | +$115K |
2026 Q2
0 quarters
|
|
1523
Gorilla Technology Group
GRRR
$207M
| $99.4K | ﹤0.01% |
+5,000
| New | +$75.2K |
2026 Q2
0 quarters
|
|
1524
enGene Therapeutics Warrants
ENGNW
| $96.7K | ﹤0.01% |
+333,675
| New | +$347K |
2026 Q2
0 quarters
|
|
1525
GPGI Inc
GPGI
$3.24B
| $95.1K | ﹤0.01% |
+6,000
| New | +$85.9K |
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.