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 | |
|---|---|---|---|---|---|---|---|
1526
ImmunityBio
IBRX
$8.79B
| $93.7K | ﹤0.01% |
10,698
+9,698
| +970% | +$73.4K |
2026 Q1
1 quarter
|
|
1527
Tandem Diabetes Care
TNDM
$1.33B
| $93.6K | ﹤0.01% |
+6,200
| New | +$108K |
2026 Q2
0 quarters
|
|
1528
Nice
NICE
$6.53B
| $90.8K | ﹤0.01% |
+1,000
| New | +$97K |
2026 Q2
0 quarters
|
|
1529
Perion Network
PERI
$342M
| $89.9K | ﹤0.01% |
9,262
| – | – |
2026 Q1
1 quarter
|
|
1530
PUT
Kopin
KOPN
$685M
| $89.6K | ﹤0.01% |
+20,000
| New | +$87.1K |
2026 Q2
0 quarters
|
|
1531
Vivmark Residential
VMRK
$47.9B
| $88.3K | ﹤0.01% |
1,300
-14,700
| -92% | -$952K |
2026 Q1
1 quarter
|
|
1532
Kosmos Energy
KOS
$1.7B
| $84.4K | ﹤0.01% |
+40,000
| New | +$111K |
2026 Q2
0 quarters
|
|
1533
Diversified Healthcare Trust
DHC
$1.88B
| $82.8K | ﹤0.01% |
8,900
-23,800
| -73% | -$195K |
2025 Q1
5 quarters
|
|
1534
CALL
Veritone
VERI
$65.9M
| $82.2K | ﹤0.01% |
60,000
| – | – |
2026 Q1
1 quarter
|
|
1535
Vox Royalty Corp
VOXR
$318M
| $78.4K | ﹤0.01% |
16,584
-44,715
| -73% | -$246K |
2026 Q1
1 quarter
|
|
1536
Virgin Galactic
SPCE
$391M
| $72.2K | ﹤0.01% |
+25,000
| New | +$81.7K |
2026 Q2
0 quarters
|
|
1537
CALL
Bit Digital
BTBT
$289M
| $72K | ﹤0.01% |
40,000
| – | – |
2025 Q3
3 quarters
|
|
1538
PUT
Critical Metals Corp
CRML
$1.06B
| $70.7K | ﹤0.01% |
+6,900
| New | +$73.8K |
2026 Q2
0 quarters
|
|
1539
CALL
Cronos Group
CRON
$1.22B
| $69.5K | ﹤0.01% |
+25,000
| New | +$67.1K |
2026 Q2
0 quarters
|
|
1540
Huntsman Corp
HUN
$1.69B
| $67.4K | ﹤0.01% |
6,351
-315,842
| -98% | -$4.35M |
2024 Q4
6 quarters
|
|
1541
Americas Gold and Silver
USAS
$971M
| $64.7K | ﹤0.01% |
13,700
-11,300
| -45% | -$65.2K |
2026 Q1
1 quarter
|
|
1542
Presidio Production Co Warrants
FTW.WS
| $64.3K | ﹤0.01% |
46,615
| – | – |
2025 Q3
3 quarters
|
|
1543
FS KKR Capital
FSK
$3.05B
| $64.1K | ﹤0.01% |
6,104
-1,605
| -21% | -$17.3K |
2025 Q3
3 quarters
|
|
1544
Coty
COTY
$2.99B
| $60.5K | ﹤0.01% |
+28,000
| New | +$60.4K |
2026 Q2
0 quarters
|
|
1545
Consensus Cloud Solutions
CCSI
$684M
| $59K | ﹤0.01% |
1,546
-2,154
| -58% | -$64.5K |
2026 Q1
1 quarter
|
|
1546
CALL
Hertz
HTZ
$684M
| $56.6K | ﹤0.01% |
+25,000
| New | +$136K |
2026 Q2
0 quarters
|
|
1547
Nordic American Tanker
NAT
$1.67B
| $55.4K | ﹤0.01% |
+10,000
| New | +$56.6K |
2026 Q2
0 quarters
|
|
1548
Wave Life Sciences
WVE
$708M
| $52.3K | ﹤0.01% |
9,000
-34,200
| -79% | -$227K |
2026 Q1
1 quarter
|
|
1549
Valens Semiconductor
VLN
$164M
| $52K | ﹤0.01% |
+23,002
| New | +$51.6K |
2026 Q2
0 quarters
|
|
1550
CorMedix
CRMD
$444M
| $50.1K | ﹤0.01% |
+6,380
| New | +$50.4K |
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.