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 |
Microsoft
MSFT
|
+$428M |
| 2 |
Amazon
AMZN
|
+$239M |
| 3 |
Cisco
CSCO
|
+$61.6M |
| 4 |
Dell
DELL
|
+$26.4M |
| 5 |
Walt Disney
DIS
|
+$23.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Tesla
TSLA
|
+$235M |
| 2 |
NVIDIA
NVDA
|
+$217M |
| 3 |
Citigroup
C
|
+$113M |
| 4 |
Alphabet (Google) Class C
GOOG
|
+$70.5M |
| 5 |
Apple
AAPL
|
+$50.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 79.49% |
| 2 | Technology | 8.72% |
| 3 | Consumer Discretionary | 4.74% |
| 4 | Communication Services | 2.52% |
| 5 | Healthcare | 1.51% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Microsoft
MSFT
$3.88T
| $394M | 3.79% |
+1,050,000
| New | +$428M |
2025 Q1
0 quarters
|
|
|
2
PUT
Microsoft
MSFT
$3.88T
| $394M | 3.79% |
+1,050,000
| New | +$428M |
2025 Q1
0 quarters
|
|
|
3
Amazon
AMZN
$2.6T
| $314M | 3.02% |
1,650,000
+1,100,000
| +200% | +$239M |
2024 Q4
1 quarter
|
|
|
4
PUT
Amazon
AMZN
$2.6T
| $314M | 3.02% |
1,650,000
+1,100,000
| +200% | +$239M |
2024 Q4
1 quarter
|
|
|
5
NVIDIA
NVDA
$4.94T
| $255M | 2.45% |
2,350,000
-1,710,000
| -42% | -$217M |
2024 Q4
1 quarter
|
|
|
6
PUT
NVIDIA
NVDA
$4.94T
| $255M | 2.45% |
2,350,000
-1,710,000
| -42% | -$217M |
2024 Q4
1 quarter
|
|
7
PUT
Intuit
INTU
$91.2B
| $167M | 1.6% |
+271,200
| New | +$163M |
2025 Q1
0 quarters
|
|
8
PUT
Alphabet (Google) Class A
GOOGL
$3.44T
| $145M | 1.4% |
940,000
+190,000
| +25% | +$34.5M |
2024 Q4
1 quarter
|
|
|
9
CALL
Intuit
INTU
$91.2B
| $141M | 1.36% |
+230,000
| New | +$138M |
2025 Q1
0 quarters
|
|
|
10
PUT
Alphabet (Google) Class C
GOOG
$3.42T
| $137M | 1.32% |
878,700
-35,000
| -4% | -$6.41M |
2024 Q2
3 quarters
|
|
|
11
Alphabet (Google) Class A
GOOGL
$3.44T
| $116M | 1.12% |
751,650
+1,650
| +0.2% | +$299K |
2024 Q4
1 quarter
|
|
12
CALL
Energy Transfer Partners
ET
$72B
| $102M | 0.98% |
5,499,300
+4,960,000
| +920% | +$96.6M |
2023 Q2
7 quarters
|
|
13
CALL
DELISTED
US Steel
X
| $100M | 0.96% |
2,366,300
-632,400
| -21% | -$23.9M |
2023 Q3
6 quarters
|
|
14
CALL
Applovin
APP
$76.5B
| $90.1M | 0.87% |
340,000
-76,200
| -18% | -$26.3M |
2023 Q1
8 quarters
|
|
|
15
Alphabet (Google) Class C
GOOG
$3.42T
| $83.3M | 0.8% |
533,425
-384,875
| -42% | -$70.5M |
2024 Q2
3 quarters
|
|
|
16
PUT
Tesla
TSLA
$1.58T
| $77.7M | 0.75% |
300,000
-700,000
| -70% | -$233M |
2024 Q3
2 quarters
|
|
|
17
Tesla
TSLA
$1.58T
| $76.7M | 0.74% |
296,000
-704,000
| -70% | -$235M |
2024 Q4
1 quarter
|
|
18
CALL
Intel
INTC
$350B
| $76.2M | 0.73% |
3,354,900
+2,454,900
| +273% | +$53.7M |
2024 Q4
1 quarter
|
|
19
CALL
Royal Caribbean
RCL
$82.2B
| $73.3M | 0.71% |
357,000
| – | – |
2023 Q2
7 quarters
|
|
20
PUT
Corcept Therapeutics
CORT
$8.77B
| $70.1M | 0.67% |
613,300
+508,300
| +484% | +$30.9M |
2023 Q3
6 quarters
|
|
21
PUT
Booking.com
BKNG
$111B
| $69.1M | 0.66% |
+375,000
| New | +$71.7M |
2025 Q1
0 quarters
|
|
22
CALL
Reddit
RDDT
$17.7B
| $68.4M | 0.66% |
652,200
-36,500
| -5% | -$6.03M |
2024 Q4
1 quarter
|
|
23
PUT
DELISTED
Juniper Networks
JNPR
| $68M | 0.65% |
1,879,200
+1,529,200
| +437% | +$56M |
2024 Q4
1 quarter
|
|
24
CALL
argenx
ARGX
$56.1B
| $66.9M | 0.64% |
113,100
+9,500
| +9% | +$6M |
2024 Q2
3 quarters
|
|
25
CALL
Alibaba
BABA
$244B
| $66.1M | 0.64% |
499,900
+259,900
| +108% | +$30M |
2024 Q4
1 quarter
|
|
Similar funds
Caption Management's Q1 2025 Portfolio in Review
As of Q1 2025, Caption Management held 2,175 positions worth $10.4B, down 1.7% from $10.6B the previous quarter. Its ten largest holdings account for 24% of the portfolio.
Caption Management's Q1 2025 filing shows 757 new, 285 increased, 305 reduced and 736 closed positions. Its largest new stake was Microsoft: 1,050,000 shares worth $394M. The largest sale was Tesla, an estimated $235M.
By sector, the portfolio is most concentrated in Miscellaneous at 79% of assets, up from 78% a quarter earlier, followed by Technology and Consumer Discretionary.
- Caption Management's largest Q1 2025 buy was Microsoft: 1,050,000 shares worth $394M.
- Caption Management added most to Amazon in Q1 2025, an estimated $239M increase.
- Caption Management's biggest Q1 2025 reduction was Tesla, cutting an estimated $235M.
- Caption Management fully exited Citigroup in Q1 2025, selling an estimated $113M.
- Caption Management's ten largest holdings make up 24% of its $10.4B portfolio in Q1 2025.
- Caption Management opened 757 new positions and closed 736 in Q1 2025.
- Caption Management's portfolio value fell 1.7% quarter-over-quarter to $10.4B.
Based on Caption Management's 13F filing for Q1 2025, filed 15 May 2025.