Caption Management, LLC

Caption Management, LLC is a hedge fund based in Oklahoma City, Oklahoma, specializing in multi-manager, multi-strategy investment approaches. The firm primarily focuses on large-cap equities and options, employing both long and short positions to achieve its investment objectives. As of June 30, 2025, Caption Management reported assets under management (AUM) of approximately $10.4 billion, with a portfolio comprising over 1,400 holdings. The firm's investment strategy emphasizes diversification and risk-adjusted returns, with significant allocations to large-cap technology and consumer companies. Notable holdings include Microsoft, Amazon, Nvidia, Alphabet, and Intuit. The firm utilizes a blend of fundamental and quantitative analysis, active portfolio rebalancing, and both directional and hedged exposures to manage its investments. Caption Management's client base includes institutional investors and high-net-worth individuals seeking exposure to large-cap equities and options strategies. The firm's approach is characterized by a commitment to portfolio diversification and a focus on achieving risk-adjusted returns through active management and strategic positioning in large-cap sectors.

Founded in 2012 by Jason Strasser and William Cooper, Caption Management has grown to manage approximately $10.4 billion in assets as of June 30, 2025. The firm's investment philosophy centers on capital appreciation through trading U.S. common stocks and listed vanilla options, with an average holding period of 2-4 months. Clients should be prepared for the speculative nature of investments, as there is a high degree of risk involved. The firm does not accept economic benefits from third parties for advice rendered to clients and does not compensate non-advisory personnel for client referrals. Clients' portfolios are reviewed daily, and performance is analyzed by the firm's investment professionals. The firm has discretionary authority over client accounts, with clients generally unable to place limits on the firm's authority. The firm generally has voting discretion over client securities, with proxy voting decisions made in the best interests of each client.

Caption Management's portfolio is diversified across various sectors, including technology, healthcare, consumer goods, financial services, energy, communication services, consumer defensive, and industrials. The firm's top holdings include Tesla, Inc., Alphabet Inc., Insmed Inc., Skechers U S A Inc., and Gilead Sciences, Inc. The firm's investment strategy focuses on capital appreciation through trading U.S. common stocks and listed vanilla options, with an average holding period of 2-4 months. Clients should be prepared for the speculative nature of investments, as there is a high degree of risk involved. The firm does not accept economic benefits from third parties for advice rendered to clients and does not compensate non-advisory personnel for client referrals. Clients' portfolios are reviewed daily, and performance is analyzed by the firm's investment professionals. The firm has discretionary authority over client accounts, with clients generally unable to place limits on the firm's authority. The firm generally has voting discretion over client securities, with proxy voting decisions made in the best interests of each client.