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 | |
|---|---|---|---|---|---|---|---|
1676
CALL
BlackLine
BL
$1.97B
| – | – |
-50,000
| Closed | -$1.85M | – |
|
|
1677
BlackLine
BL
$1.97B
| – | – |
-7,761
| Closed | -$287K | – |
|
|
1678
PUT
BlackLine
BL
$1.97B
| – | – |
-35,000
| Closed | -$1.3M | – |
|
1679
Badger Meter
BMI
$4.3B
| – | – |
-5,500
| Closed | -$720K | – |
|
|
1680
PUT
Badger Meter
BMI
$4.3B
| – | – |
-20,000
| Closed | -$3.05M | – |
|
1681
CALL
BP
BP
$130B
| – | – |
-400,000
| Closed | -$18.8M | – |
|
|
1682
BP
BP
$130B
| – | – |
-9,200
| Closed | -$432K | – |
|
1683
BrightSpire Capital
BRSP
$426M
| – | – |
-70,567
| Closed | -$395K | – |
|
|
1684
PUT
BrightSpire Capital
BRSP
$426M
| – | – |
-175,000
| Closed | -$980K | – |
|
1685
Bitdeer Technologies
BTDR
$1.82B
| – | – |
-101,736
| Closed | -$1.46M | – |
|
|
BTMWW
1686
DELISTED
Bitcoin Depot Inc Warrant
BTMWW
| – | – |
-1,590,677
| Closed | -$34K | – |
|
1687
CALL
Peabody Energy
BTU
$2.7B
| – | – |
-235,400
| Closed | -$7.76M | – |
|
|
1688
Peabody Energy
BTU
$2.7B
| – | – |
-159,000
| Closed | -$5.24M | – |
|
1689
Global X Cybersecurity ETF
BUG
$2.2B
| – | – |
-854,400
| Closed | -$21.5M | – |
|
1690
Burford Capital
BUR
$747M
| – | – |
-130,000
| Closed | -$594K | – |
|
|
1691
PUT
Burford Capital
BUR
$747M
| – | – |
-150,000
| Closed | -$678K | – |
|
1692
CALL
Babcock & Wilcox
BW
$636M
| – | – |
-100,000
| Closed | -$1.47M | – |
|
1693
PUT
Blackstone
BX
$94.6B
| – | – |
-88,000
| Closed | -$10.1M | – |
|
1694
PUT
Carrier Global
CARR
$43.9B
| – | – |
-320,000
| Closed | -$18M | – |
|
1695
Cars.com
CARS
$602M
| – | – |
-13,290
| Closed | -$135K | – |
|
1696
Caterpillar
CAT
$286B
| – | – |
-4,400
| Closed | -$3.87M | – |
|
1697
Chemours
CC
$2.04B
| – | – |
-270,800
| Closed | -$6.2M | – |
|
1698
Carnival Corporation Ltd
CCL
$38.8B
| – | – |
-19,000
| Closed | -$492K | – |
|
1699
Crown Holdings
CCK
$12.9B
| – | – |
-6,800
| Closed | -$682K | – |
|
1700
Cogent Communications
CCOI
$345M
| – | – |
-55,000
| Closed | -$1.01M | – |
|
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.