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 |
Skechers
SKX
|
+$18.3M |
| 2 |
Regeneron Pharmaceuticals
REGN
|
+$17.4M |
| 3 |
Insmed
INSM
|
+$16.1M |
| 4 |
Gilead Sciences
GILD
|
+$15.8M |
| 5 |
Kellanova
K
|
+$15.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Microsoft
MSFT
|
+$394M |
| 2 |
Amazon
AMZN
|
+$314M |
| 3 |
NVIDIA
NVDA
|
+$255M |
| 4 |
Alphabet (Google) Class A
GOOGL
|
+$121M |
| 5 |
Advanced Micro Devices
AMD
|
+$61.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 88.58% |
| 2 | Healthcare | 3.09% |
| 3 | Consumer Discretionary | 2.5% |
| 4 | Technology | 1.62% |
| 5 | Financials | 1.05% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
PUT
Carvana
CVNA
$75.3B
| $293M | 3.24% |
4,342,000
+3,992,000
| +1,141% | +$219M |
2024 Q1
5 quarters
|
|
|
2
CALL
Carvana
CVNA
$75.3B
| $214M | 2.36% |
3,170,000
+1,670,000
| +111% | +$91.6M |
2024 Q4
2 quarters
|
|
3
PUT
Intuit
INTU
$91.2B
| $214M | 2.36% |
271,200
| – | – |
2025 Q1
1 quarter
|
|
4
CALL
First Solar
FSLR
$18.7B
| $184M | 2.04% |
1,112,100
+1,062,100
| +2,124% | +$157M |
2025 Q1
1 quarter
|
|
|
5
CALL
Intuit
INTU
$91.2B
| $181M | 2.01% |
230,200
+200
| +0.1% | +$135K |
2025 Q1
1 quarter
|
|
6
PUT
DELISTED
Juniper Networks
JNPR
| $149M | 1.65% |
3,742,500
+1,863,300
| +99% | +$66.8M |
2024 Q4
2 quarters
|
|
7
CALL
Applovin
APP
$76.5B
| $117M | 1.3% |
335,000
-5,000
| -1% | -$1.62M |
2023 Q1
9 quarters
|
|
8
CALL
Royal Caribbean
RCL
$82.2B
| $112M | 1.24% |
357,000
| – | – |
2023 Q2
8 quarters
|
|
9
Tesla
TSLA
$1.58T
| $95.3M | 1.05% |
300,000
+4,000
| +1% | +$1.21M |
2024 Q4
2 quarters
|
|
|
10
PUT
Tesla
TSLA
$1.58T
| $95.3M | 1.05% |
300,000
| – | – |
2024 Q3
3 quarters
|
|
11
PUT
CoreWeave
CRWV
$30.3B
| $83.5M | 0.92% |
+512,000
| New | +$47.2M |
2025 Q2
0 quarters
|
|
12
PUT
TSMC
TSM
$2.11T
| $81.2M | 0.9% |
358,300
-36,700
| -9% | -$6.8M |
2025 Q1
1 quarter
|
|
13
CALL
Sunrun
RUN
$1.8B
| $69.8M | 0.77% |
8,533,100
+6,577,100
| +336% | +$51.7M |
2021 Q2
16 quarters
|
|
14
PUT
VeriSign
VRSN
$27.6B
| $68.3M | 0.76% |
236,400
+9,800
| +4% | +$2.66M |
2025 Q1
1 quarter
|
|
15
CALL
Energy Transfer Partners
ET
$72B
| $67.7M | 0.75% |
3,733,800
-1,765,500
| -32% | -$30.8M |
2023 Q2
8 quarters
|
|
16
CALL
Reddit
RDDT
$17.6B
| $60.5M | 0.67% |
401,700
-250,500
| -38% | -$28.4M |
2024 Q4
2 quarters
|
|
17
PUT
Humana
HUM
$49.8B
| $58.1M | 0.64% |
237,700
+180,500
| +316% | +$45M |
2024 Q3
3 quarters
|
|
18
CALL
argenx
ARGX
$56.1B
| $57.1M | 0.63% |
103,600
-9,500
| -8% | -$5.51M |
2024 Q2
4 quarters
|
|
19
CALL
Cloudflare
NET
$100B
| $55.4M | 0.61% |
+283,000
| New | +$41.1M |
2025 Q2
0 quarters
|
|
20
CALL
TKO Group
TKO
$13.2B
| $54.6M | 0.6% |
300,000
+245,700
| +452% | +$39.5M |
2024 Q3
3 quarters
|
|
21
CALL
Airbnb
ABNB
$96.9B
| $53.2M | 0.59% |
402,000
+120,000
| +43% | +$15.2M |
2025 Q1
1 quarter
|
|
|
22
PUT
First Solar
FSLR
$18.7B
| $52.5M | 0.58% |
317,100
+120,000
| +61% | +$17.7M |
2022 Q1
13 quarters
|
|
23
CALL
Cencora
COR
$63.1B
| $50.7M | 0.56% |
169,000
-60,000
| -26% | -$17.3M |
2023 Q3
7 quarters
|
|
24
CALL
Super Micro Computer
SMCI
$21.6B
| $49M | 0.54% |
1,000,000
+970,000
| +3,233% | +$37.4M |
2024 Q4
2 quarters
|
|
25
CALL
Fiserv Inc
FISV
$26.6B
| $47.6M | 0.53% |
276,000
+275,700
| +91,900% | +$50M |
2024 Q4
2 quarters
|
|
Similar funds
Caption Management's Q2 2025 Portfolio in Review
As of Q2 2025, Caption Management held 2,015 positions worth $9.03B, down 13% from $10.4B the previous quarter. Its ten largest holdings account for 18% of the portfolio.
Caption Management withdrew a net $1.22B in Q2 2025, closing 636 positions and reducing 307 holdings. Its most notable exit was Microsoft, an estimated $394M position sold in full.
By sector, the portfolio is most concentrated in Miscellaneous at 89% of assets, up from 79% a quarter earlier, followed by Healthcare and Consumer Discretionary.
Against the trend, Caption Management opened a new position in Skechers worth $20.1M.
- Caption Management's largest Q2 2025 buy was Skechers: 317,932 shares worth $20.1M.
- Caption Management added most to Kellanova in Q2 2025, an estimated $15.3M increase.
- Caption Management's biggest Q2 2025 reduction was Alphabet (Google) Class A, cutting an estimated $121M.
- Caption Management fully exited Microsoft in Q2 2025, selling an estimated $394M.
- Caption Management's ten largest holdings make up 18% of its $9.03B portfolio in Q2 2025.
- Caption Management opened 576 new positions and closed 636 in Q2 2025.
- Caption Management's portfolio value fell 13% quarter-over-quarter to $9.03B.
Based on Caption Management's 13F filing for Q2 2025, filed 14 Aug 2025.