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 | |
|---|---|---|---|---|---|---|---|
201
PUT
Global Payments
GPN
$25.9B
| $22.8M | 0.11% |
+314,400
| New | +$21.6M |
2026 Q2
0 quarters
|
|
202
PUT
Sandisk
SNDK
$148B
| $22.7M | 0.11% |
10,000
-4,000
| -29% | -$5.71M |
2026 Q1
1 quarter
|
|
203
CALL
Viavi Solutions
VIAV
$7.23B
| $22.6M | 0.11% |
473,400
+73,900
| +18% | +$3.54M |
2026 Q1
1 quarter
|
|
204
CALL
CVS Health
CVS
$102B
| $22.3M | 0.1% |
215,700
-540,900
| -71% | -$48.3M |
2026 Q1
1 quarter
|
|
205
CALL
Intuitive Machines
LUNR
$1.6B
| $22.2M | 0.1% |
1,040,000
| – | – |
2025 Q3
3 quarters
|
|
206
CALL
Primo Brands
PRMB
$7.45B
| $22.2M | 0.1% |
909,000
+619,500
| +214% | +$13.7M |
2026 Q1
1 quarter
|
|
207
PUT
SpaceX
SPCX
$1.85T
| $22.2M | 0.1% |
+130,000
| New | +$22.1M |
2026 Q2
0 quarters
|
|
208
PUT
Nebius Group N.V.
NBIS
$38.5B
| $22.1M | 0.1% |
+80,000
| New | +$15.8M |
2026 Q2
0 quarters
|
|
209
PUT
Moderna
MRNA
$103B
| $21.9M | 0.1% |
312,500
-781,800
| -71% | -$40.4M |
2025 Q3
3 quarters
|
|
210
CALL
Okta
OKTA
$33.4B
| $21.8M | 0.1% |
+160,000
| New | +$15M |
2026 Q2
0 quarters
|
|
211
CALL
Design Therapeutics
DSGN
$647M
| $21.7M | 0.1% |
+1,500,000
| New | +$18.7M |
2026 Q2
0 quarters
|
|
212
PUT
Procore
PCOR
$11.5B
| $21.5M | 0.1% |
+529,700
| New | +$26.2M |
2026 Q2
0 quarters
|
|
|
213
CALL
Procore
PCOR
$11.5B
| $21.4M | 0.1% |
+527,700
| New | +$26.1M |
2026 Q2
0 quarters
|
|
214
PUT
Palvella Therapeutics
PVLA
$2.2B
| $21.4M | 0.1% |
140,000
+72,900
| +109% | +$8.85M |
2025 Q4
2 quarters
|
|
215
CALL
Triumph Financial Inc
TFIN
$1.51B
| $21.4M | 0.1% |
+280,000
| New | +$19M |
2026 Q2
0 quarters
|
|
216
CALL
Enterprise Products Partners
EPD
$81B
| $21.3M | 0.1% |
580,000
+2,600
| +0.5% | +$98.1K |
2025 Q3
3 quarters
|
|
217
PUT
Visa
V
$816B
| $21.3M | 0.1% |
62,000
-13,000
| -17% | -$4.17M |
2026 Q1
1 quarter
|
|
218
PUT
Wendy's
WEN
$1.46B
| $21.1M | 0.1% |
2,549,600
+49,600
| +2% | +$355K |
2026 Q1
1 quarter
|
|
219
PUT
KLA
KLAC
$195B
| $21.1M | 0.1% |
+70,000
| New | +$13.9M |
2026 Q2
0 quarters
|
|
220
PUT
Vertiv
VRT
$79.1B
| $21.1M | 0.1% |
63,000
-49,000
| -44% | -$15.5M |
2025 Q1
5 quarters
|
|
221
CALL
Morgan Stanley
MS
$304B
| $20.9M | 0.1% |
100,000
| – | – |
2026 Q1
1 quarter
|
|
222
CALL
Viking Therapeutics
VKTX
$3.57B
| $20.5M | 0.1% |
525,800
+220,800
| +72% | +$7.13M |
2023 Q1
13 quarters
|
|
223
CALL
QXO Inc
QXO
$13.1B
| $20.5M | 0.1% |
+1,184,400
| New | +$22M |
2026 Q2
0 quarters
|
|
|
224
CALL
Vertiv
VRT
$79.1B
| $20.4M | 0.1% |
61,000
-107,200
| -64% | -$34M |
2025 Q1
5 quarters
|
|
225
CALL
ON Semiconductor
ON
$27.7B
| $20M | 0.09% |
212,000
+50,000
| +31% | +$5.13M |
2021 Q4
18 quarters
|
|
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.