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 | |
|---|---|---|---|---|---|---|---|
2126
Yeti Holdings
YETI
$3.19B
| – | – |
-25,140
| Closed | -$920K | – |
|
|
2127
PUT
Yeti Holdings
YETI
$3.19B
| – | – |
-100,000
| Closed | -$3.66M | – |
|
2128
Yext
YEXT
$712M
| – | – |
-300
| Closed | -$1.15K | – |
|
|
2129
PUT
Yext
YEXT
$712M
| – | – |
-300
| Closed | -$1.15K | – |
|
2130
YPF Sociedad Anonima ADS
YPF
$18.4B
| – | – |
-16,340
| Closed | -$755K | – |
|
2131
CALL
ZIM Integrated Shipping Services
ZIM
$3.42B
| – | – |
-14,000
| Closed | -$369K | – |
|
2132
CALL
Amer Sports
AS
$17.1B
| – | – |
-162,200
| Closed | -$5.34M | – |
|
2133
PUT
Sable Offshore Corp
SOC
$528M
| – | – |
-150,000
| Closed | -$2.48M | – |
|
2134
PUT
GE Vernova
GEV
$227B
| – | – |
-50,000
| Closed | -$43.6M | – |
|
2135
Centuri Holdings
CTRI
$2.17B
| – | – |
-22,500
| Closed | -$657K | – |
|
2136
CALL
Oklo
OKLO
$4.7B
| – | – |
-74,000
| Closed | -$3.67M | – |
|
2137
T1 Energy
TE
$809M
| – | – |
-60,900
| Closed | -$433K | – |
|
2138
Venture Global Inc
VG
$37B
| – | – |
-55,000
| Closed | -$696K | – |
|
2139
CNH Industrial
CNH
$18.9B
| – | – |
-37,200
| Closed | -$396K | – |
|
|
2140
PUT
CNH Industrial
CNH
$18.9B
| – | – |
-72,800
| Closed | -$801K | – |
|
2141
QXO Inc
QXO
$11.5B
| – | – |
-12,200
| Closed | -$227K | – |
|
2142
CALL
Tectonic Therapeutic
TECX
$387M
| – | – |
-25,000
| Closed | -$773K | – |
|
|
2143
Tectonic Therapeutic
TECX
$387M
| – | – |
-1,449
| Closed | -$44.8K | – |
|
2144
CALL
Sunrise Realty Trust
SUNS
$89.3M
| – | – |
-100,000
| Closed | -$767K | – |
|
2145
CALL
The Gap Inc
GAP
$7.84B
| – | – |
-18,000
| Closed | -$436K | – |
|
2146
Bicara Therapeutics
BCAX
$604M
| – | – |
-23,000
| Closed | -$513K | – |
|
2147
PUT
Expand Energy Corp
EXE
$20.9B
| – | – |
-342,100
| Closed | -$37.6M | – |
|
2148
CALL
Magnera Corp
MAGN
$420M
| – | – |
-40,000
| Closed | -$380K | – |
|
|
2149
Magnera Corp
MAGN
$420M
| – | – |
-571
| Closed | -$5.43K | – |
|
2150
PUT
Primo Brands
PRMB
$7.14B
| – | – |
-259,500
| Closed | -$4.89M | – |
|
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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.