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 | |
|---|---|---|---|---|---|---|---|
1726
CALL
Columbia Banking Systems
COLB
$8.69B
| – | – |
-294,000
| Closed | -$8.06M | – |
|
1727
Compass
COMP
$6.91B
| – | – |
-200
| Closed | -$1.67K | – |
|
1728
Corcept Therapeutics
CORT
$8.77B
| – | – |
-260,000
| Closed | -$15.7M | – |
|
1729
Costco
COST
$449B
| – | – |
-6,300
| Closed | -$6.28M | – |
|
1730
Corebridge Financial
CRBG
$15.5B
| – | – |
-81,900
| Closed | -$2.21M | – |
|
|
1731
PUT
Corebridge Financial
CRBG
$15.5B
| – | – |
-20,000
| Closed | -$477K | – |
|
1732
Comstock Resources
CRK
$4.32B
| – | – |
-22,000
| Closed | -$464K | – |
|
1733
Salesforce
CRM
$189B
| – | – |
-500
| Closed | -$87.9K | – |
|
1734
CALL
CorMedix
CRMD
$444M
| – | – |
-228,600
| Closed | -$1.55M | – |
|
|
1735
PUT
CorMedix
CRMD
$444M
| – | – |
-12,800
| Closed | -$86.9K | – |
|
1736
Cerence
CRNC
$366M
| – | – |
-27,951
| Closed | -$176K | – |
|
1737
PUT
Ceragon Networks
CRNT
$188M
| – | – |
-180,000
| Closed | -$389K | – |
|
1738
Crocs
CROX
$6.88B
| – | – |
-12,000
| Closed | -$996K | – |
|
1739
CALL
DELISTED
Coterra Energy
CTRA
| – | – |
-61,200
| Closed | -$2.15M | – |
|
1740
CVS Health
CVS
$115B
| – | – |
-42,000
| Closed | -$3.75M | – |
|
|
1741
PUT
CVS Health
CVS
$115B
| – | – |
-284,900
| Closed | -$20.5M | – |
|
1742
CALL
DELISTED
Clearwater Analytics
CWAN
| – | – |
-1,455,600
| Closed | -$34.4M | – |
|
|
1743
PUT
DELISTED
Clearwater Analytics
CWAN
| – | – |
-968,200
| Closed | -$22.9M | – |
|
1744
CALL
Cemex
CX
$15.4B
| – | – |
-30,000
| Closed | -$343K | – |
|
|
HELP
1745
CALL
Helus Pharma Inc. Common Stock
HELP
$775M
| – | – |
-165,000
| Closed | -$792K | – |
|
1746
Cytokinetics
CYTK
$8.76B
| – | – |
-245,000
| Closed | -$17.6M | – |
|
|
1747
PUT
Cytokinetics
CYTK
$8.76B
| – | – |
-381,600
| Closed | -$25.2M | – |
|
1748
CALL
Delta Air Lines
DAL
$52.7B
| – | – |
-350,000
| Closed | -$23.3M | – |
|
|
1749
Delta Air Lines
DAL
$52.7B
| – | – |
-142,800
| Closed | -$9.49M | – |
|
|
1750
PUT
Delta Air Lines
DAL
$52.7B
| – | – |
-178,000
| Closed | -$11.8M | – |
|
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.