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 | |
|---|---|---|---|---|---|---|---|
1901
CALL
Magna International
MGA
$16.6B
| – | – |
-15,400
| Closed | -$859K | – |
|
1902
CALL
Mirum Pharmaceuticals
MIRM
$5.52B
| – | – |
-100,000
| Closed | -$9.24M | – |
|
1903
CALL
MakeMyTrip
MMYT
$4.01B
| – | – |
-50,000
| Closed | -$1.86M | – |
|
|
1904
MakeMyTrip
MMYT
$4.01B
| – | – |
-13,000
| Closed | -$485K | – |
|
1905
CALL
Altria Group
MO
$130B
| – | – |
-60,000
| Closed | -$3.96M | – |
|
1906
CALL
MPLX
MPLX
$61B
| – | – |
-41,900
| Closed | -$2.39M | – |
|
1907
Mereo BioPharma
MREO
$46.2M
| – | – |
-64,064
| Closed | -$21.1K | – |
|
1908
ArcelorMittal
MT
$45B
| – | – |
-28,241
| Closed | -$1.47M | – |
|
|
1909
PUT
ArcelorMittal
MT
$45B
| – | – |
-72,100
| Closed | -$3.75M | – |
|
1910
Matador Resources
MTDR
$7.53B
| – | – |
-19,800
| Closed | -$1.25M | – |
|
1911
Murphy Oil
MUR
$6.3B
| – | – |
-8,000
| Closed | -$330K | – |
|
1912
CALL
McEwen Inc
MUX
$861M
| – | – |
-125,000
| Closed | -$2.55M | – |
|
1913
NewAmsterdam Pharma
NAMS
$2.4B
| – | – |
-19,507
| Closed | -$643K | – |
|
1914
CALL
NCR Atleos
NATL
$3.39B
| – | – |
-60,900
| Closed | -$2.65M | – |
|
1915
CALL
Neurocrine Biosciences
NBIX
$14.9B
| – | – |
-30,000
| Closed | -$3.95M | – |
|
|
1916
PUT
Neurocrine Biosciences
NBIX
$14.9B
| – | – |
-30,000
| Closed | -$3.95M | – |
|
1917
Nike
NKE
$57.4B
| – | – |
-25,000
| Closed | -$1.1M | – |
|
1918
Annaly Capital Management
NLY
$14.4B
| – | – |
-89,000
| Closed | -$1.88M | – |
|
1919
CALL
Navios Maritime Partners
NMM
$2.6B
| – | – |
-20,000
| Closed | -$1.35M | – |
|
|
NNAVW
1920
DELISTED
NextNav Inc Warrant
NNAVW
| – | – |
-1,341,250
| Closed | -$8.49M | – |
|
1921
Nokia
NOK
$47.9B
| – | – |
-165,000
| Closed | -$2.12M | – |
|
|
1922
PUT
Nokia
NOK
$47.9B
| – | – |
-150,000
| Closed | -$1.21M | – |
|
1923
CALL
NRG Energy
NRG
$20.2B
| – | – |
-90,000
| Closed | -$13.2M | – |
|
1924
CALL
Nutanix
NTNX
$18.2B
| – | – |
-25,000
| Closed | -$950K | – |
|
|
1925
Nutanix
NTNX
$18.2B
| – | – |
-31,000
| Closed | -$1.18M | – |
|
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.