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 | |
|---|---|---|---|---|---|---|---|
151
CALL
Compass Diversified
CODI
$904M
| $29.1M | 0.14% |
2,731,900
+1,378,800
| +102% | +$15M |
2026 Q1
1 quarter
|
|
152
CALL
Krystal Biotech
KRYS
$9.03B
| $29M | 0.14% |
78,000
-92,000
| -54% | -$27.5M |
2023 Q2
12 quarters
|
|
153
CALL
Seagate
STX
$128B
| $29M | 0.13% |
30,000
| – | – |
2025 Q3
3 quarters
|
|
154
PUT
Micron Technology
MU
$900B
| $28.9M | 0.13% |
+25,000
| New | +$18.7M |
2026 Q2
0 quarters
|
|
155
CALL
Bristol-Myers Squibb
BMY
$131B
| $28.8M | 0.13% |
500,500
+175,500
| +54% | +$10.1M |
2024 Q3
7 quarters
|
|
156
PUT
Zevra Therapeutics
ZVRA
$609M
| $28.7M | 0.13% |
2,002,800
| – | – |
2025 Q1
5 quarters
|
|
157
CALL
Coupang
CPNG
$30.6B
| $28.7M | 0.13% |
1,650,000
+1,440,000
| +686% | +$26M |
2024 Q4
6 quarters
|
|
158
PUT
Palantir
PLTR
$413B
| $28.6M | 0.13% |
245,000
+122,500
| +100% | +$16.7M |
2026 Q1
1 quarter
|
|
159
CALL
Fluence Energy
FLNC
$868M
| $28.6M | 0.13% |
1,437,500
+1,082,500
| +305% | +$20.1M |
2025 Q3
3 quarters
|
|
160
PUT
Magnite
MGNI
$3.27B
| $28.5M | 0.13% |
1,500,000
| – | – |
2025 Q3
3 quarters
|
|
161
PUT
Celcuity
CELC
$3.39B
| $28.5M | 0.13% |
+272,100
| New | +$31.4M |
2026 Q2
0 quarters
|
|
162
PUT
DigitalOcean
DOCN
$10.6B
| $28.3M | 0.13% |
180,000
+80,000
| +80% | +$10.8M |
2026 Q1
1 quarter
|
|
163
CALL
Eos Energy Enterprises
EOSE
$779M
| $27.8M | 0.13% |
4,734,700
+544,300
| +13% | +$3.78M |
2023 Q2
12 quarters
|
|
164
PUT
Medline Inc
MDLN
$29.9B
| $27.6M | 0.13% |
+700,000
| New | +$28.2M |
2026 Q2
0 quarters
|
|
165
CALL
Compass Pathways
CMPS
$1.19B
| $27.5M | 0.13% |
+1,946,600
| New | +$19.8M |
2026 Q2
0 quarters
|
|
166
PUT
Ionis Pharmaceuticals
IONS
$6.72B
| $27.4M | 0.13% |
+345,900
| New | +$26M |
2026 Q2
0 quarters
|
|
167
PUT
Circle Internet Group
CRCL
$19.3B
| $27.1M | 0.13% |
+433,300
| New | +$42.2M |
2026 Q2
0 quarters
|
|
168
CALL
Golar LNG
GLNG
$4.58B
| $26.9M | 0.13% |
540,300
+490,300
| +981% | +$25.9M |
2024 Q1
9 quarters
|
|
169
CALL
Caterpillar
CAT
$272B
| $26.6M | 0.12% |
+25,000
| New | +$22M |
2026 Q2
0 quarters
|
|
170
CALL
Iron Mountain
IRM
$34.7B
| $26.4M | 0.12% |
209,400
+132,400
| +172% | +$16.2M |
2026 Q1
1 quarter
|
|
171
PUT
Reddit
RDDT
$19.7B
| $26.4M | 0.12% |
151,900
-235,100
| -61% | -$37.7M |
2025 Q1
5 quarters
|
|
172
CALL
State Street SPDR S&P Metals & Mining ETF
XME
$3.64B
| $26.2M | 0.12% |
245,000
+101,000
| +70% | +$11.9M |
2025 Q3
3 quarters
|
|
173
CALL
Robinhood
HOOD
$78.7B
| $26.1M | 0.12% |
260,000
+172,500
| +197% | +$14.4M |
2026 Q1
1 quarter
|
|
174
CALL
Sunrun
RUN
$2.12B
| $25.8M | 0.12% |
1,931,100
+1,099,800
| +132% | +$14.8M |
2021 Q2
20 quarters
|
|
175
PUT
Tarsus Pharmaceuticals
TARS
$3.4B
| $25.8M | 0.12% |
410,000
+210,000
| +105% | +$13.4M |
2026 Q1
1 quarter
|
|
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.