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 | |
|---|---|---|---|---|---|---|---|
1801
CALL
Finance of America Companies
FOA
$96.8M
| – | – |
-215,700
| Closed | -$3.58M | – |
|
1802
Frontdoor
FTDR
$6.04B
| – | – |
-6,000
| Closed | -$317K | – |
|
1803
PUT
Cedar Fair
FUN
$765M
| – | – |
-46,900
| Closed | -$832K | – |
|
1804
CALL
USA Today Co
TDAY
$907M
| – | – |
-100,000
| Closed | -$705K | – |
|
|
1805
USA Today Co
TDAY
$907M
| – | – |
-6,701
| Closed | -$47.2K | – |
|
|
1806
PUT
USA Today Co
TDAY
$907M
| – | – |
-100,000
| Closed | -$705K | – |
|
1807
CALL
GE Aerospace
GE
$313B
| – | – |
-114,000
| Closed | -$32.3M | – |
|
1808
Greif
GEF
$4.66B
| – | – |
-6,806
| Closed | -$456K | – |
|
|
1809
PUT
Greif
GEF
$4.66B
| – | – |
-20,500
| Closed | -$1.37M | – |
|
1810
PUT
The GEO Group
GEO
$3.75B
| – | – |
-130,000
| Closed | -$2.19M | – |
|
1811
CALL
GlobalFoundries
GFS
$23.4B
| – | – |
-210,000
| Closed | -$9.34M | – |
|
1812
Guardant Health
GH
$24B
| – | – |
-115,183
| Closed | -$10.6M | – |
|
1813
G-III Apparel Group
GIII
$1.3B
| – | – |
-221,225
| Closed | -$6.13M | – |
|
1814
Golar LNG
GLNG
$4.72B
| – | – |
-17,635
| Closed | -$932K | – |
|
1815
CALL
Generac Holdings
GNRC
$11.7B
| – | – |
-36,600
| Closed | -$7.15M | – |
|
|
1816
Generac Holdings
GNRC
$11.7B
| – | – |
-2,000
| Closed | -$391K | – |
|
1817
Genworth Financial
GNW
$3.32B
| – | – |
-203,919
| Closed | -$1.66M | – |
|
1818
CALL
Gossamer Bio
GOSS
$63.5M
| – | – |
-625
| Closed | -$16.4K | – |
|
|
1819
Gossamer Bio
GOSS
$63.5M
| – | – |
-891
| Closed | -$23.4K | – |
|
1820
CALL
Global Payments
GPN
$25.6B
| – | – |
-108,000
| Closed | -$7.27M | – |
|
1821
Grab
GRAB
$11.1B
| – | – |
-581,000
| Closed | -$2.13M | – |
|
1822
CALL
Goldman Sachs
GS
$260B
| – | – |
-10,000
| Closed | -$8.46M | – |
|
1823
CALL
Goldman Sachs BDC
GSBD
$1.01B
| – | – |
-350,000
| Closed | -$3.11M | – |
|
1824
Gates Industrial Corp
GTES
$5.98B
| – | – |
-9,200
| Closed | -$208K | – |
|
1825
GitLab
GTLB
$9.01B
| – | – |
-7,500
| Closed | -$190K | – |
|
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.