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 | |
|---|---|---|---|---|---|---|---|
2001
CALL
Schrodinger
SDGR
$2.03B
| – | – |
-60,000
| Closed | -$682K | – |
|
|
2002
PUT
Schrodinger
SDGR
$2.03B
| – | – |
-60,000
| Closed | -$682K | – |
|
2003
PUT
SolarEdge
SEDG
$1.85B
| – | – |
-150,000
| Closed | -$7.66M | – |
|
2004
CALL
Sigma Lithium
SGML
$788M
| – | – |
-325,000
| Closed | -$4.01M | – |
|
2005
CALL
Shell
SHEL
$309B
| – | – |
-48,700
| Closed | -$4.53M | – |
|
2006
CALL
Steven Madden
SHOO
$3.18B
| – | – |
-434,000
| Closed | -$14.7M | – |
|
2007
CALL
Signet Jewelers
SIG
$4.51B
| – | – |
-407,000
| Closed | -$34.4M | – |
|
|
2008
Signet Jewelers
SIG
$4.51B
| – | – |
-123,357
| Closed | -$10.4M | – |
|
2009
SLB Ltd
SLB
$79.3B
| – | – |
-108,736
| Closed | -$5.83M | – |
|
2010
SL Green Realty
SLG
$3.57B
| – | – |
-7,500
| Closed | -$335K | – |
|
2011
DELISTED
Soleno Therapeutics
SLNO
| – | – |
-420,143
| Closed | -$14.1M | – |
|
|
2012
PUT
DELISTED
Soleno Therapeutics
SLNO
| – | – |
-1,169,200
| Closed | -$39.1M | – |
|
2013
CALL
SelectQuote
SLQT
$64M
| – | – |
-862,300
| Closed | -$543K | – |
|
2014
iShares Silver Trust
SLV
$24B
| – | – |
-107,506
| Closed | -$7.13M | – |
|
2015
CALL
NuScale Power
SMR
$2.31B
| – | – |
-55,000
| Closed | -$596K | – |
|
2016
SharkNinja
SN
$29.3B
| – | – |
-5,000
| Closed | -$530K | – |
|
2017
CALL
DELISTED
Sleep Number
SNBR
| – | – |
-20,900
| Closed | -$37.5K | – |
|
2018
Snowflake
SNOW
$108B
| – | – |
-4,700
| Closed | -$865K | – |
|
2019
SoFi Technologies
SOFI
$21.7B
| – | – |
-165,900
| Closed | -$2.81M | – |
|
|
2020
PUT
SoFi Technologies
SOFI
$21.7B
| – | – |
-300,000
| Closed | -$4.76M | – |
|
2021
Sprout Social
SPT
$730M
| – | – |
-39,088
| Closed | -$223K | – |
|
|
2022
PUT
Sprout Social
SPT
$730M
| – | – |
-575,500
| Closed | -$3.28M | – |
|
2023
CALL
Scholar Rock
SRRK
$5.35B
| – | – |
-30,000
| Closed | -$1.47M | – |
|
2024
CALL
SSR Mining
SSRM
$5.4B
| – | – |
-115,000
| Closed | -$3.38M | – |
|
|
2025
SSR Mining
SSRM
$5.4B
| – | – |
-19
| Closed | -$559 | – |
|
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.