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 | |
|---|---|---|---|---|---|---|---|
176
CALL
Arrowhead Research
ARWR
$8.41B
| $25.7M | 0.12% |
315,600
+247,000
| +360% | +$18.2M |
2025 Q4
2 quarters
|
|
|
177
Take-Two Interactive
TTWO
$39.1B
| $25.6M | 0.12% |
102,300
-158,843
| -61% | -$35M |
2026 Q1
1 quarter
|
|
178
CALL
Moderna
MRNA
$103B
| $25.5M | 0.12% |
364,000
-483,800
| -57% | -$25M |
2025 Q1
5 quarters
|
|
179
CALL
MongoDB
MDB
$26.5B
| $25.2M | 0.12% |
+75,000
| New | +$22.5M |
2026 Q2
0 quarters
|
|
180
Insmed
INSM
$22.9B
| $25.2M | 0.12% |
+236,000
| New | +$28.6M |
2026 Q2
0 quarters
|
|
181
CALL
Snowflake
SNOW
$103B
| $25M | 0.12% |
98,300
+73,300
| +293% | +$13.5M |
2025 Q1
5 quarters
|
|
182
CALL
Applied Digital
APLD
$5.02B
| $25M | 0.12% |
670,000
+70,000
| +12% | +$2.7M |
2025 Q3
3 quarters
|
|
183
PUT
Uber
UBER
$143B
| $24.7M | 0.12% |
342,300
-432,300
| -56% | -$31.7M |
2026 Q1
1 quarter
|
|
184
State Street Materials Select Sector SPDR ETF
XLB
$8.52B
| $24.7M | 0.11% |
485,000
+190,574
| +65% | +$9.8M |
2026 Q1
1 quarter
|
|
185
CALL
Mirion Technologies
MIR
$4.41B
| $24.3M | 0.11% |
1,357,800
+800,000
| +143% | +$14.8M |
2026 Q1
1 quarter
|
|
186
CALL
Corning
GLW
$102B
| $24.3M | 0.11% |
+95,000
| New | +$17.3M |
2026 Q2
0 quarters
|
|
187
PUT
MGIC Investment
MTG
$5.87B
| $24.3M | 0.11% |
+860,000
| New | +$22.9M |
2026 Q2
0 quarters
|
|
188
CALL
Expand Energy Corp
EXE
$20.8B
| $24.2M | 0.11% |
265,800
-43,300
| -14% | -$4.11M |
2024 Q4
6 quarters
|
|
189
CALL
Rio Tinto
RIO
$138B
| $24.2M | 0.11% |
255,000
+142,500
| +127% | +$14.4M |
2025 Q2
4 quarters
|
|
190
PUT
TAL Education Group
TAL
$5.5B
| $24.1M | 0.11% |
+2,516,700
| New | +$26.4M |
2026 Q2
0 quarters
|
|
191
PUT
Ultragenyx Pharmaceutical
RARE
$1.64B
| $24M | 0.11% |
718,800
+428,800
| +148% | +$10.7M |
2024 Q3
7 quarters
|
|
192
CALL
Comcast
CMCSA
$88.2B
| $23.8M | 0.11% |
970,000
+320,000
| +49% | +$8.26M |
2025 Q3
3 quarters
|
|
193
CALL
GitLab
GTLB
$8.73B
| $23.7M | 0.11% |
+777,600
| New | +$19.7M |
2026 Q2
0 quarters
|
|
194
PUT
BrightSpring Health Services
BTSG
$13.9B
| $23.7M | 0.11% |
+340,000
| New | +$18.9M |
2026 Q2
0 quarters
|
|
195
CALL
NextNav
NN
$1.66B
| $23.5M | 0.11% |
1,318,100
+115,900
| +10% | +$2.24M |
2023 Q4
10 quarters
|
|
196
PUT
Relay Therapeutics
RLAY
$3.95B
| $23.3M | 0.11% |
1,246,600
+1,186,600
| +1,978% | +$17.2M |
2026 Q1
1 quarter
|
|
197
CALL
Nebius Group N.V.
NBIS
$38.5B
| $23.3M | 0.11% |
+84,200
| New | +$16.7M |
2026 Q2
0 quarters
|
|
198
CALL
Citigroup
C
$206B
| $23.1M | 0.11% |
165,000
| – | – |
2025 Q3
3 quarters
|
|
199
PUT
Mineralys Therapeutics
MLYS
$1.41B
| $23M | 0.11% |
851,600
-899,600
| -51% | -$24.7M |
2025 Q2
4 quarters
|
|
200
PUT
Teva Pharmaceutical Industries Limited
TEVA
$48.8B
| $22.9M | 0.11% |
674,500
| – | – |
2026 Q1
1 quarter
|
|
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.