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 | |
|---|---|---|---|---|---|---|---|
1551
AirSculpt Technologies
AIRS
$125M
| $49.4K | ﹤0.01% |
+10,988
| New | +$44.5K |
2026 Q2
0 quarters
|
|
1552
PUT
Equinox Gold
EQX
$11.3B
| $48.6K | ﹤0.01% |
5,000
| – | – |
2025 Q2
4 quarters
|
|
1553
Horizon Quantum Holdings Warrant
HQWWW
| $48K | ﹤0.01% |
2,997
| – | – |
2026 Q1
1 quarter
|
|
1554
CALL
Veru
VERU
$37.3M
| $47K | ﹤0.01% |
15,000
| – | – |
2026 Q1
1 quarter
|
|
1555
CALL
Spire Global
SPIR
$347M
| $46.5K | ﹤0.01% |
+2,500
| New | +$46.5K |
2026 Q2
0 quarters
|
|
1556
Spectral AI Warrants
MDAIW
$5.08M
| $46.4K | ﹤0.01% |
83,537
| – | – |
2025 Q3
3 quarters
|
|
1557
CALL
Coty
COTY
$2.99B
| $41.5K | ﹤0.01% |
+19,200
| New | +$41.4K |
2026 Q2
0 quarters
|
|
1558
Dynex Capital
DX
$2.77B
| $39.3K | ﹤0.01% |
+3,000
| New | +$39.5K |
2026 Q2
0 quarters
|
|
1559
CALL
Kartoon Studios
TOON
$31.9M
| $35.5K | ﹤0.01% |
50,000
-177,200
| -78% | -$127K |
2025 Q4
2 quarters
|
|
1560
FMC
FMC
$964M
| $34.5K | ﹤0.01% |
+3,000
| New | +$41.9K |
2026 Q2
0 quarters
|
|
1561
SBC Medical Group Warrants
SBCWW
$4.94M
| $34.5K | ﹤0.01% |
150,000
| – | – |
2026 Q1
1 quarter
|
|
1562
NET Power Inc Warrants
NPWR.WS
$9.23M
| $33.2K | ﹤0.01% |
114,375
| – | – |
2025 Q3
3 quarters
|
|
1563
Bath & Body Works
BBWI
$4.59B
| $32.4K | ﹤0.01% |
+1,400
| New | +$26.8K |
2026 Q2
0 quarters
|
|
1564
DELISTED
Joby Aviation Warrants
JOBY.WS
| $26.5K | ﹤0.01% |
73,090
+40,150
| +122% | +$36.4K |
2025 Q3
3 quarters
|
|
1565
PureCycle Technologies
PCT
$675M
| $25.9K | ﹤0.01% |
3,196
-19,350
| -86% | -$173K |
2025 Q4
2 quarters
|
|
1566
The Generation Essentials Group Warrants
TGE.WS
| $25.2K | ﹤0.01% |
140,127
| – | – |
2025 Q2
4 quarters
|
|
1567
StoneCo
STNE
$1.79B
| $25.1K | ﹤0.01% |
2,318
| – | – |
2026 Q1
1 quarter
|
|
1568
Sonoco
SON
$4.94B
| $23.2K | ﹤0.01% |
+412
| New | +$21.1K |
2026 Q2
0 quarters
|
|
1569
CALL
Defi Technologies
DEFT
$142M
| $23.1K | ﹤0.01% |
45,000
-126,000
| -74% | -$85.4K |
2025 Q4
2 quarters
|
|
1570
Sky Harbour Group Warrants
SKYH.WS
| $23K | ﹤0.01% |
50,000
| – | – |
2025 Q3
3 quarters
|
|
1571
Wealthfront Corp
WLTH
$1.6B
| $22.4K | ﹤0.01% |
2,500
| – | – |
2026 Q1
1 quarter
|
|
1572
Aurora Innovation Warrant
AUROW
$9.16M
| $21.9K | ﹤0.01% |
68,535
| – | – |
2025 Q1
5 quarters
|
|
1573
Manchester United
MANU
$3.63B
| $20.1K | ﹤0.01% |
877
-64,427
| -99% | -$1.28M |
2025 Q3
3 quarters
|
|
1574
Utz Brands
UTZ
$1.26B
| $17.5K | ﹤0.01% |
+2,274
| New | +$17K |
2026 Q2
0 quarters
|
|
1575
PennyMac Financial
PFSI
$3.27B
| $17.4K | ﹤0.01% |
200
-2,860
| -93% | -$249K |
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.