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 | |
|---|---|---|---|---|---|---|---|
1976
QuidelOrtho
QDEL
$909M
| – | – |
-9,920
| Closed | -$163K | – |
|
1977
CALL
Qiagen
QGEN
$10.4B
| – | – |
-203,900
| Closed | -$8.16M | – |
|
|
1978
Qiagen
QGEN
$10.4B
| – | – |
-160,101
| Closed | -$6.41M | – |
|
|
1979
PUT
Qiagen
QGEN
$10.4B
| – | – |
-93,000
| Closed | -$3.72M | – |
|
1980
CALL
Red Cat Holdings
RCAT
$707M
| – | – |
-55,000
| Closed | -$720K | – |
|
1981
CALL
Arcus Biosciences
RCUS
$2.32B
| – | – |
-30,000
| Closed | -$648K | – |
|
|
1982
PUT
Arcus Biosciences
RCUS
$2.32B
| – | – |
-30,000
| Closed | -$648K | – |
|
1983
CALL
RadNet
RDNT
$5.78B
| – | – |
-72,900
| Closed | -$4.07M | – |
|
1984
CALL
The RealReal
REAL
$1.49B
| – | – |
-50,000
| Closed | -$454K | – |
|
|
1985
The RealReal
REAL
$1.49B
| – | – |
-10,000
| Closed | -$90.8K | – |
|
1986
Repligen
RGEN
$11.2B
| – | – |
-27,500
| Closed | -$3.38M | – |
|
1987
Riot Platforms
RIOT
$4.81B
| – | – |
-40,954
| Closed | -$923K | – |
|
1988
Rocket Lab Corp
RKLB
$35B
| – | – |
-33,398
| Closed | -$3.33M | – |
|
1989
PUT
ResMed
RMD
$32.3B
| – | – |
-25,500
| Closed | -$5.72M | – |
|
1990
Roku
ROKU
$23B
| – | – |
-47,200
| Closed | -$4.47M | – |
|
1991
CALL
Root
ROOT
$802M
| – | – |
-15,000
| Closed | -$663K | – |
|
1992
RTX Corp
RTX
$270B
| – | – |
-20,000
| Closed | -$3.86M | – |
|
|
1993
PUT
RTX Corp
RTX
$270B
| – | – |
-100,000
| Closed | -$19.3M | – |
|
1994
PUT
Revvity
RVTY
$17.5B
| – | – |
-150,000
| Closed | -$13.1M | – |
|
|
SA
1995
Seabridge Gold
SA
$2.61B
| – | – |
-4,200
| Closed | -$119K | – |
|
1996
CALL
Sanmina
SANM
$8.87B
| – | – |
-75,000
| Closed | -$9.7M | – |
|
1997
CALL
Satellogic
SATL
$510M
| – | – |
-45,000
| Closed | -$245K | – |
|
1998
EchoStar
ECHO
$28.2B
| – | – |
-10,600
| Closed | -$1.3M | – |
|
1999
Sharplink Inc
SBET
$1.46B
| – | – |
-60,000
| Closed | -$387K | – |
|
2000
PUT
Starbucks
SBUX
$118B
| – | – |
-55,000
| Closed | -$4.93M | – |
|
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.