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 | |
|---|---|---|---|---|---|---|---|
1776
Enovis
ENOV
$1.15B
| – | – |
-375
| Closed | -$8.53K | – |
|
1777
CALL
EnerSys
ENS
$5.77B
| – | – |
-17,200
| Closed | -$2.99M | – |
|
1778
Entegris
ENTG
$23.6B
| – | – |
-10,000
| Closed | -$1.17M | – |
|
|
1779
PUT
Entegris
ENTG
$23.6B
| – | – |
-90,000
| Closed | -$10.6M | – |
|
1780
PUT
Equitable Holdings
EQH
$14.7B
| – | – |
-30,000
| Closed | -$1.11M | – |
|
1781
EQT Corp
EQT
$34.6B
| – | – |
-20,300
| Closed | -$1.14M | – |
|
|
1782
PUT
EQT Corp
EQT
$34.6B
| – | – |
-130,000
| Closed | -$8.27M | – |
|
1783
CALL
Eversource Energy
ES
$25.8B
| – | – |
-50,000
| Closed | -$3.46M | – |
|
1784
CALL
DELISTED
Esperion Therapeutics
ESPR
| – | – |
-2,074,000
| Closed | -$5.68M | – |
|
1785
CALL
enCore Energy
EU
$138M
| – | – |
-287,500
| Closed | -$518K | – |
|
1786
Edgewise Therapeutics
EWTX
$4.22B
| – | – |
-38,675
| Closed | -$1.33M | – |
|
1787
CALL
iShares MSCI South Korea ETF
EWY
$22.4B
| – | – |
-30,000
| Closed | -$3.69M | – |
|
1788
PUT
National Vision
EYE
$1.31B
| – | – |
-200,000
| Closed | -$5.18M | – |
|
1789
Freeport-McMoran
FCX
$89.7B
| – | – |
-9,000
| Closed | -$529K | – |
|
|
1790
PUT
Freeport-McMoran
FCX
$89.7B
| – | – |
-117,800
| Closed | -$6.92M | – |
|
1791
FirstEnergy
FE
$27.2B
| – | – |
-30,000
| Closed | -$1.52M | – |
|
1792
PUT
F&G Annuities & Life
FG
$2.77B
| – | – |
-10,000
| Closed | -$253K | – |
|
1793
First Horizon
FHN
$11B
| – | – |
-688
| Closed | -$16.8K | – |
|
1794
CALL
Fair Isaac
FICO
$15.4B
| – | – |
-20,100
| Closed | -$21.5M | – |
|
1795
CALL
FLEX LNG
FLNG
$1.53B
| – | – |
-100,000
| Closed | -$2.97M | – |
|
|
1796
FLEX LNG
FLNG
$1.53B
| – | – |
-16,275
| Closed | -$484K | – |
|
1797
Fluence Energy
FLNC
$819M
| – | – |
-10,000
| Closed | -$186K | – |
|
1798
CALL
FMC
FMC
$964M
| – | – |
-6,500
| Closed | -$112K | – |
|
1799
CALL
Floor & Decor
FND
$4.96B
| – | – |
-84,800
| Closed | -$4.31M | – |
|
1800
CALL
Franco-Nevada
FNV
$43.4B
| – | – |
-15,000
| Closed | -$3.71M | – |
|
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.