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 |
Amazon
AMZN
|
+$130M |
| 2 |
NVIDIA
NVDA
|
+$87.2M |
| 3 |
Sable Offshore Corp
SOC
|
+$34.9M |
| 4 |
Core Scientific Inc Tranche 1 Warrants
CORZW
|
+$23.1M |
| 5 |
Viasat
VSAT
|
+$21.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Insmed
INSM
|
+$25.8M |
| 2 |
Skechers
SKX
|
+$20.1M |
| 3 |
Regeneron Pharmaceuticals
REGN
|
+$17.6M |
| 4 |
Cidara Therapeutics
CDTX
|
+$15.2M |
| 5 |
Kellanova
K
|
+$15M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 87.6% |
| 2 | Consumer Discretionary | 3.1% |
| 3 | Technology | 2.68% |
| 4 | Healthcare | 2.33% |
| 5 | Communication Services | 1.06% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
CALL
Carvana
CVNA
$65B
| $265M | 2.07% |
3,515,000
+345,000
| +11% | +$24.7M |
2024 Q4
3 quarters
|
|
2
CALL
Applovin
APP
$87B
| $241M | 1.88% |
335,000
| – | – |
2023 Q1
10 quarters
|
|
3
PUT
CoreWeave
CRWV
$35.3B
| $237M | 1.85% |
1,732,000
+1,220,000
| +238% | +$144M |
2025 Q2
1 quarter
|
|
|
4
PUT
Carvana
CVNA
$65B
| $223M | 1.74% |
2,959,500
-1,382,500
| -32% | -$98.9M |
2024 Q1
6 quarters
|
|
5
PUT
Intuit
INTU
$87.7B
| $202M | 1.57% |
295,300
+24,100
| +9% | +$17.4M |
2025 Q1
2 quarters
|
|
|
6
CALL
CoreWeave
CRWV
$35.3B
| $198M | 1.55% |
+1,450,000
| New | +$172M |
2025 Q3
0 quarters
|
|
7
CALL
Reddit
RDDT
$25.9B
| $165M | 1.29% |
717,700
+316,000
| +79% | +$64.5M |
2024 Q4
3 quarters
|
|
|
8
CALL
Intuit
INTU
$87.7B
| $157M | 1.22% |
229,700
-500
| -0.2% | -$360K |
2025 Q1
2 quarters
|
|
9
Tesla
TSLA
$1.6T
| $156M | 1.21% |
350,000
+50,000
| +17% | +$17.3M |
2024 Q4
3 quarters
|
|
|
10
PUT
Tesla
TSLA
$1.6T
| $156M | 1.21% |
350,000
+50,000
| +17% | +$17.3M |
2024 Q3
4 quarters
|
|
11
PUT
United Therapeutics
UTHR
$25.2B
| $130M | 1.01% |
309,800
+246,600
| +390% | +$82.9M |
2024 Q4
3 quarters
|
|
|
12
Amazon
AMZN
$2.75T
| $126M | 0.98% |
+575,000
| New | +$130M |
2025 Q3
0 quarters
|
|
|
13
PUT
Amazon
AMZN
$2.75T
| $126M | 0.98% |
+575,000
| New | +$130M |
2025 Q3
0 quarters
|
|
14
CALL
Royal Caribbean
RCL
$79.8B
| $116M | 0.9% |
357,000
| – | – |
2023 Q2
9 quarters
|
|
15
CALL
Sunrun
RUN
$1.79B
| $110M | 0.86% |
6,354,900
-2,178,200
| -26% | -$29.2M |
2021 Q2
17 quarters
|
|
16
CALL
DoorDash
DASH
$73.4B
| $109M | 0.85% |
+400,000
| New | +$100M |
2025 Q3
0 quarters
|
|
|
17
CALL
United Therapeutics
UTHR
$25.2B
| $106M | 0.83% |
253,600
+203,500
| +406% | +$68.4M |
2024 Q4
3 quarters
|
|
18
PUT
TSMC
TSM
$2.28T
| $106M | 0.83% |
379,000
+20,700
| +6% | +$5.06M |
2025 Q1
2 quarters
|
|
19
CALL
Chevron
CVX
$450B
| $98M | 0.76% |
+631,000
| New | +$97.7M |
2025 Q3
0 quarters
|
|
|
20
PUT
DELISTED
Kellanova
K
| $96.5M | 0.75% |
1,176,300
+794,900
| +208% | +$63.2M |
2025 Q1
2 quarters
|
|
21
CALL
Coinbase
COIN
$42.8B
| $94.5M | 0.74% |
+280,000
| New | +$94.9M |
2025 Q3
0 quarters
|
|
|
22
NVIDIA
NVDA
$5.2T
| $93.3M | 0.73% |
+500,000
| New | +$87.2M |
2025 Q3
0 quarters
|
|
|
23
PUT
NVIDIA
NVDA
$5.2T
| $93.3M | 0.73% |
+500,000
| New | +$87.2M |
2025 Q3
0 quarters
|
|
|
24
CALL
Core Scientific
CORZ
$4.82B
| $84.4M | 0.66% |
4,702,100
+2,690,800
| +134% | +$39.5M |
2024 Q2
5 quarters
|
|
|
25
PUT
Reddit
RDDT
$25.9B
| $82.7M | 0.64% |
359,400
+259,200
| +259% | +$52.9M |
2025 Q1
2 quarters
|
|
Similar funds
Caption Management's Q3 2025 Portfolio in Review
As of Q3 2025, Caption Management held 2,120 positions worth $12.8B, up 42% from $9.03B the previous quarter. Its ten largest holdings account for 16% of the portfolio.
Caption Management deployed $419M of net new capital in Q3 2025, opening 741 new positions and adding to 362 existing holdings. Its largest new stake was Amazon: 575,000 shares worth $126M.
By sector, the portfolio is most concentrated in Miscellaneous at 88% of assets, down from 89% a quarter earlier, followed by Consumer Discretionary and Technology.
On the sell side, the largest reduction was Insmed, an estimated $25.8M trimmed.
- Caption Management's largest Q3 2025 buy was Amazon: 575,000 shares worth $126M.
- Caption Management added most to Sable Offshore Corp in Q3 2025, an estimated $34.9M increase.
- Caption Management's biggest Q3 2025 reduction was Insmed, cutting an estimated $25.8M.
- Caption Management fully exited Skechers in Q3 2025, selling an estimated $20.1M.
- Caption Management's ten largest holdings make up 16% of its $12.8B portfolio in Q3 2025.
- Caption Management opened 741 new positions and closed 513 in Q3 2025.
- Caption Management's portfolio value rose 42% quarter-over-quarter to $12.8B.
Based on Caption Management's 13F filing for Q3 2025, filed 14 Nov 2025.