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 | |
|---|---|---|---|---|---|---|---|
2076
UWM Holdings
UWMC
$542M
| – | – |
-21,500
| Closed | -$66.8K | – |
|
|
2077
PUT
UWM Holdings
UWMC
$542M
| – | – |
-8,800
| Closed | -$31.9K | – |
|
2078
Visa
V
$773B
| – | – |
-46,650
| Closed | -$15M | – |
|
2079
CALL
Vericel Corp
VCEL
$2.06B
| – | – |
-187,500
| Closed | -$6.03M | – |
|
|
2080
PUT
Vericel Corp
VCEL
$2.06B
| – | – |
-187,500
| Closed | -$6.03M | – |
|
2081
CALL
Vera Therapeutics
VERA
$2.23B
| – | – |
-600,000
| Closed | -$24.1M | – |
|
2082
Empery Digital
EMPD
$80.2M
| – | – |
-110,000
| Closed | -$492K | – |
|
2083
Vulcan Materials
VMC
$36.1B
| – | – |
-8,500
| Closed | -$2.31M | – |
|
|
2084
PUT
Vulcan Materials
VMC
$36.1B
| – | – |
-28,900
| Closed | -$7.87M | – |
|
2085
VNET Group
VNET
$918M
| – | – |
-19,700
| Closed | -$165K | – |
|
2086
PUT
Vox Royalty Corp
VOXR
$318M
| – | – |
-98,000
| Closed | -$514K | – |
|
2087
CALL
Verisk Analytics
VRSK
$25.5B
| – | – |
-300,000
| Closed | -$56.9M | – |
|
2088
Victoria's Secret
VSXY
$7.71B
| – | – |
-30,000
| Closed | -$1.39M | – |
|
2089
Vistra
VST
$46.4B
| – | – |
-21,000
| Closed | -$3.26M | – |
|
2090
VistaGen Therapeutics
VTGN
$7.47M
| – | – |
-14,664
| Closed | -$8.38K | – |
|
2091
Wayfair
W
$15.9B
| – | – |
-35,300
| Closed | -$2.6M | – |
|
2092
CALL
Waters Corp
WAT
$45.5B
| – | – |
-37,700
| Closed | -$11.2M | – |
|
2093
Woodside Energy
WDS
$44.8B
| – | – |
-10,000
| Closed | -$239K | – |
|
2094
Teucrium Wheat Fund
WEAT
$242M
| – | – |
-50,000
| Closed | -$1.18M | – |
|
2095
CALL
Welltower
WELL
$172B
| – | – |
-85,500
| Closed | -$16.9M | – |
|
2096
Wendy's
WEN
$1.37B
| – | – |
-402,239
| Closed | -$2.88M | – |
|
2097
PUT
WEX
WEX
$6.07B
| – | – |
-40,000
| Closed | -$6.12M | – |
|
2098
CALL
Weatherford International
WFRD
$6.57B
| – | – |
-67,000
| Closed | -$6.34M | – |
|
2099
Winnebago Industries
WGO
$871M
| – | – |
-10,717
| Closed | -$327K | – |
|
|
2100
PUT
Winnebago Industries
WGO
$871M
| – | – |
-42,400
| Closed | -$1.31M | – |
|
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.