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 | |
|---|---|---|---|---|---|---|---|
1576
DELISTED
Archer Aviation Redeemable Warrants
ACHR.WS
| $16K | ﹤0.01% |
133,572
| – | – |
2025 Q3
3 quarters
|
|
1577
Chime Financial
CHYM
$10.6B
| $15.7K | ﹤0.01% |
+766
| New | +$14.9K |
2026 Q2
0 quarters
|
|
1578
Denison Mines
DNN
$2B
| $15.3K | ﹤0.01% |
+5,000
| New | +$17.4K |
2026 Q2
0 quarters
|
|
1579
ZoomInfo Technologies
GTM
$1.27B
| $14.6K | ﹤0.01% |
5,000
| – | – |
2025 Q3
3 quarters
|
|
1580
PUT
Amylyx Pharmaceuticals
AMLX
$3.62B
| $14.4K | ﹤0.01% |
+800
| New | +$12.4K |
2026 Q2
0 quarters
|
|
1581
Fusemachines Inc Warrants
FUSEW
| $11.4K | ﹤0.01% |
189,939
| – | – |
2026 Q1
1 quarter
|
|
1582
WIX.com
WIX
$3.23B
| $9.07K | ﹤0.01% |
200
-79,282
| -100% | -$4.9M |
2026 Q1
1 quarter
|
|
1583
Payoneer
PAYO
$2.42B
| $8.54K | ﹤0.01% |
1,200
-87,300
| -99% | -$478K |
2025 Q3
3 quarters
|
|
1584
Defi Technologies
DEFT
$142M
| $8.02K | ﹤0.01% |
+15,600
| New | +$10.6K |
2026 Q2
0 quarters
|
|
1585
DELISTED
Palladyne AI Corp Warrants
PDYNW
| $5.73K | ﹤0.01% |
178,604
| – | – |
2025 Q3
3 quarters
|
|
1586
DELISTED
Evolv Technologies Warrant
EVLVW
| $4.53K | ﹤0.01% |
780,601
| – | – |
2025 Q3
3 quarters
|
|
1587
DELISTED
OppFi Inc Warrants
OPFI.WS
| $4.19K | ﹤0.01% |
139,522
| – | – |
2025 Q2
4 quarters
|
|
1588
Trevi Therapeutics
TRVI
$1.93B
| $3.9K | ﹤0.01% |
+209
| New | +$3.04K |
2026 Q2
0 quarters
|
|
1589
CALL
Presidio Production Co
FTW
$304M
| $3.65K | ﹤0.01% |
+300
| New | +$3.43K |
2026 Q2
0 quarters
|
|
|
1590
Amylyx Pharmaceuticals
AMLX
$3.62B
| $3.12K | ﹤0.01% |
+174
| New | +$2.69K |
2026 Q2
0 quarters
|
|
|
1591
CALL
Amylyx Pharmaceuticals
AMLX
$3.62B
| $1.8K | ﹤0.01% |
+100
| New | +$1.55K |
2026 Q2
0 quarters
|
|
1592
Plug Power
PLUG
$1.9B
| $1.42K | ﹤0.01% |
+522
| New | +$1.64K |
2026 Q2
0 quarters
|
|
|
ASTLW
1593
DELISTED
Algoma Steel Group Warrant
ASTLW
| $1.34K | ﹤0.01% |
44,550
| – | – |
2025 Q3
3 quarters
|
|
1594
DELISTED
GDEV Inc Warrant
GDEVW
| $1.26K | ﹤0.01% |
170,635
| – | – |
2021 Q3
19 quarters
|
|
1595
Caris Life Sciences
CAI
$9.7B
| $339 | ﹤0.01% |
19
-33,313
| -100% | -$596K |
2025 Q4
2 quarters
|
|
1596
CALL
Applied Optoelectronics
AAOI
$5.86B
| – | – |
-200,000
| Closed | -$16.9M | – |
|
1597
CALL
Advance Auto Parts
AAP
$2.72B
| – | – |
-150,000
| Closed | -$7.91M | – |
|
|
1598
Advance Auto Parts
AAP
$2.72B
| – | – |
-68,740
| Closed | -$3.63M | – |
|
1599
AbbVie
ABBV
$521B
| – | – |
-33,700
| Closed | -$7.25M | – |
|
|
1600
PUT
AbbVie
ABBV
$521B
| – | – |
-100,000
| Closed | -$21.7M | – |
|
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.