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 | |
|---|---|---|---|---|---|---|---|
1651
CALL
Aurinia Pharmaceuticals
AUPH
$2.23B
| – | – |
-40,000
| Closed | -$593K | – |
|
1652
PUT
Aurora
AUR
$8.81B
| – | – |
-91,200
| Closed | -$376K | – |
|
1653
AeroVironment
AVAV
$6.41B
| – | – |
-37,844
| Closed | -$6.93M | – |
|
|
1654
PUT
AeroVironment
AVAV
$6.41B
| – | – |
-99,500
| Closed | -$18.2M | – |
|
1655
Broadcom
AVGO
$1.56T
| – | – |
-4,500
| Closed | -$1.8M | – |
|
|
1656
PUT
Broadcom
AVGO
$1.56T
| – | – |
-75,000
| Closed | -$23.2M | – |
|
1657
Mission Produce
AVO
$1.01B
| – | – |
-108,528
| Closed | -$1.49M | – |
|
1658
CALL
Avalo Therapeutics
AVTX
$385M
| – | – |
-631,700
| Closed | -$9.43M | – |
|
1659
American Express
AXP
$214B
| – | – |
-24
| Closed | -$7.68K | – |
|
1660
CALL
Boeing
BA
$136B
| – | – |
-200,000
| Closed | -$39.8M | – |
|
1661
CALL
Alibaba
BABA
$244B
| – | – |
-150,000
| Closed | -$18.8M | – |
|
|
1662
Alibaba
BABA
$244B
| – | – |
-24,500
| Closed | -$3.07M | – |
|
|
1663
PUT
Alibaba
BABA
$244B
| – | – |
-50,000
| Closed | -$6.27M | – |
|
1664
PUT
Bank of America
BAC
$346B
| – | – |
-45,000
| Closed | -$2.19M | – |
|
1665
PUT
Brookfield Asset Management
BAM
$77.1B
| – | – |
-90,000
| Closed | -$4M | – |
|
1666
Baxter International
BAX
$11.9B
| – | – |
-9,000
| Closed | -$151K | – |
|
|
1667
PUT
Baxter International
BAX
$11.9B
| – | – |
-21,400
| Closed | -$360K | – |
|
1668
BridgeBio Pharma
BBIO
$14.6B
| – | – |
-431
| Closed | -$30.2K | – |
|
1669
CALL
Boise Cascade
BCC
$2.75B
| – | – |
-15,000
| Closed | -$1.14M | – |
|
|
1670
PUT
Boise Cascade
BCC
$2.75B
| – | – |
-15,000
| Closed | -$1.14M | – |
|
1671
Bloom Energy
BE
$60B
| – | – |
-19,877
| Closed | -$5.09M | – |
|
1672
CALL
Beam Therapeutics
BEAM
$2.81B
| – | – |
-5,600
| Closed | -$133K | – |
|
|
1673
PUT
Beam Therapeutics
BEAM
$2.81B
| – | – |
-8,000
| Closed | -$191K | – |
|
1674
PUT
BILL Holdings
BILL
$4.15B
| – | – |
-164,400
| Closed | -$6.3M | – |
|
1675
CALL
Birkenstock
BIRK
$5.52B
| – | – |
-50,000
| Closed | -$1.79M | – |
|
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.