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 | |
|---|---|---|---|---|---|---|---|
2101
Whirlpool
WHR
$1.97B
| – | – |
-17,500
| Closed | -$820K | – |
|
2102
Wingstop
WING
$4.05B
| – | – |
-1,100
| Closed | -$170K | – |
|
|
2103
PUT
Wingstop
WING
$4.05B
| – | – |
-5,000
| Closed | -$775K | – |
|
2104
Workiva
WK
$4.55B
| – | – |
-8,046
| Closed | -$480K | – |
|
|
2105
PUT
Workiva
WK
$4.55B
| – | – |
-44,700
| Closed | -$2.67M | – |
|
2106
PUT
Walmart Inc
WMT
$980B
| – | – |
-495,000
| Closed | -$61.5M | – |
|
2107
Wolfspeed
WOLF
$1.16B
| – | – |
-68,600
| Closed | -$2.99M | – |
|
|
2108
PUT
Wolfspeed
WOLF
$1.16B
| – | – |
-108,700
| Closed | -$1.77M | – |
|
2109
Petco
WOOF
$748M
| – | – |
-16,600
| Closed | -$46.1K | – |
|
2110
Worthington Enterprises
WOR
$3.09B
| – | – |
-6,800
| Closed | -$355K | – |
|
2111
PUT
Watsco Inc
WSO
$12.6B
| – | – |
-45,000
| Closed | -$16.4M | – |
|
2112
WisdomTree
WT
$3.13B
| – | – |
-41,575
| Closed | -$736K | – |
|
2113
CALL
Western Union
WU
$1.92B
| – | – |
-7,000
| Closed | -$61.1K | – |
|
|
2114
Western Union
WU
$1.92B
| – | – |
-23,500
| Closed | -$205K | – |
|
|
2115
PUT
Western Union
WU
$1.92B
| – | – |
-144,400
| Closed | -$1.26M | – |
|
2116
PUT
Wave Life Sciences
WVE
$708M
| – | – |
-160,000
| Closed | -$1.16M | – |
|
2117
PUT
Xenon Pharmaceuticals
XENE
$3.62B
| – | – |
-355,700
| Closed | -$20.7M | – |
|
2118
CALL
State Street Industrial Select Sector SPDR ETF
XLI
$30.8B
| – | – |
-266,500
| Closed | -$43.1M | – |
|
2119
State Street Technology Select Sector SPDR ETF
XLK
$118B
| – | – |
-85,000
| Closed | -$11.3M | – |
|
2120
DELISTED
Xoma
XOMA
| – | – |
-7,433
| Closed | -$233K | – |
|
2121
PUT
ExxonMobil
XOM
$764B
| – | – |
-100,000
| Closed | -$17M | – |
|
2122
CALL
Xponential Fitness
XPOF
$188M
| – | – |
-42,200
| Closed | -$254K | – |
|
2123
Dentsply Sirona
XRAY
$1.9B
| – | – |
-50,000
| Closed | -$580K | – |
|
|
2124
PUT
Dentsply Sirona
XRAY
$1.9B
| – | – |
-97,500
| Closed | -$1.13M | – |
|
2125
CALL
Xerox
XRX
$195M
| – | – |
-300,000
| Closed | -$387K | – |
|
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.