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 | |
|---|---|---|---|---|---|---|---|
1926
Nutrien
NTR
$33.1B
| – | – |
-8,600
| Closed | -$601K | – |
|
|
1927
PUT
Nutrien
NTR
$33.1B
| – | – |
-63,000
| Closed | -$4.75M | – |
|
1928
CALL
Nu Holdings
NU
$56.1B
| – | – |
-614,200
| Closed | -$8.83M | – |
|
1929
CALL
Nuvation Bio
NUVB
$1.67B
| – | – |
-800,000
| Closed | -$3.43M | – |
|
1930
Novavax
NVAX
$1.66B
| – | – |
-148,155
| Closed | -$1.33M | – |
|
1931
CALL
Novo Nordisk
NVO
$176B
| – | – |
-100,000
| Closed | -$3.68M | – |
|
1932
CALL
nVent Electric
NVT
$20.4B
| – | – |
-110,900
| Closed | -$13.1M | – |
|
1933
Newell Brands
NWL
$2.21B
| – | – |
-101,959
| Closed | -$431K | – |
|
1934
CALL
NexGen Energy
NXE
$5.55B
| – | – |
-853,500
| Closed | -$9.9M | – |
|
1935
Blue Owl Capital
OBDC
$5.12B
| – | – |
-27,200
| Closed | -$304K | – |
|
1936
CALL
Ocular Therapeutix
OCUL
$1.53B
| – | – |
-66,800
| Closed | -$566K | – |
|
|
1937
PUT
Ocular Therapeutix
OCUL
$1.53B
| – | – |
-1,175,700
| Closed | -$10M | – |
|
1938
Orthofix Medical
OFIX
$369M
| – | – |
-4,337
| Closed | -$49.7K | – |
|
|
1939
PUT
Orthofix Medical
OFIX
$369M
| – | – |
-117,900
| Closed | -$1.35M | – |
|
1940
CALL
Oneok
OKE
$61.2B
| – | – |
-824,800
| Closed | -$74.6M | – |
|
|
1941
Oneok
OKE
$61.2B
| – | – |
-1,549
| Closed | -$140K | – |
|
1942
CALL
Olin
OLN
$2.01B
| – | – |
-50,000
| Closed | -$1.49M | – |
|
1943
CALL
Omnicom Group
OMC
$22.3B
| – | – |
-300,000
| Closed | -$22.6M | – |
|
1944
On Holding
ONON
$11.3B
| – | – |
-29,543
| Closed | -$1.08M | – |
|
1945
CALL
OR Royalties Inc
OR
$5.96B
| – | – |
-10,600
| Closed | -$403K | – |
|
|
1946
OR Royalties Inc
OR
$5.96B
| – | – |
-18,709
| Closed | -$711K | – |
|
1947
Oscar Health
OSCR
$9.37B
| – | – |
-18,107
| Closed | -$390K | – |
|
1948
Ouster
OUST
$2.14B
| – | – |
-37,157
| Closed | -$683K | – |
|
1949
CALL
Plains GP Holdings
PAGP
$5.62B
| – | – |
-30,000
| Closed | -$728K | – |
|
1950
PagSeguro Digital
PAGS
$2.19B
| – | – |
-67,500
| Closed | -$676K | – |
|
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.