Top Institutional Investors

Caption Management, LLC — 13F Holdings & Portfolio

CIK 1706766 · latest 13F-HR filed 2026-08-14

Backtest portfolio

Caption Management, LLC manages $21.46B in 13F-reported U.S. long-equity assets across 1,595 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are META (5.14%), WDC (2.96%), NVDA (1.71%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 237 new positions and exited 232; 151 existing positions rose in reported value and 133 fell.

AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.

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AUM
$21.46B

Long-equity book

Holdings
1,595

Distinct positions

Period
2026-06-30

Filed 2026-08-14

Q/Q Activity
+237 / −232 / ↑151 / ↓133

vs 2026-03-31

Portfolio charts

Latest quarter's book, what changed, and how the portfolio has evolved across filings.

Portfolio map

Q2 26
NVDA13.0% · +22%TSM9.5% · newMSFT6.8% · +1932%TSLA5.9% · +33%OWL4.9% · +6%AMZN3.6% · -17%CORZW2.3% · 0%GOOG2.3% · +14551%XLF2.2% · +3329%XLV1.9% · newSNDK1.4% · -6%CGON1.2% · +28%KRE1.0% · newTTWO0.9% · -61%INSM0.9% · newXLB0.9% · +65%XHB0.7% · +2121%ERAS0.7% · newCELC0.6% · newDSGN0.6% · +1190%META0.5% · -76%JNJ0.5% · -32%MDB0.5% · newSMH0.5% · -14%ROST0.5% · newBSX0.5% · -17%UNM0.5% · +1745%SNPS0.5% · +230%DOCN0.5% · +21%CSCO0.4% · +236%GILD0.4% · newDDOG0.4% · +87%PRMB0.4% · +191%BA0.4% · +182%BAC0.4% · newMLYS0.4% · newLLY0.4% · newGEO0.4% · +613%CODI0.4% · +125%CMPS0.4% · -53%CRCL0.4% · newIREN0.4% · newMS0.4% · +349%USB0.3% · +142%XOP0.3% · newCOR0.3% · newXPER0.3% · +13%MTCH0.3% · +58%TEVA0.3% · -8%REPL0.3% · +74%SKY0.3% · newAMPX.WS0.3% · +32%CZR0.3% · +229%XME0.3% · +145%ZM0.3% · +31%OKLO0.3% · +16627%EWT0.3% · newAS0.3% · +241%TARS0.3% · +231%GS0.3% · +544%

Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.

Sector mix

% of 13F value

Sectors from each company's SIC code; funds and ETFs grouped separately.

Biggest buys and sells

Q1 26 → Q2 26

Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.

13F assets and positions

4 quarters

Total reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.

Top positions over time

reported value

The eight largest current positions, valued at each quarter end.

Concentration

top 10 = 52.3%

Cumulative share of the portfolio held in the largest N positions.

Firm Profile & Key People

As of the firm’s regulatory filing dated Oct 30, 2026.

Assets Under Management
$3.41B
Discretionary
$3.41B
Employees
22
Accounts
5
Address
499 W SHERIDAN AVENUE
SUITE 2250
OKLAHOMA CITY, OK 73102
Phone
(347) 797-5101
Website
Name Title / Status Ownership Type
Ballinger, Dylan, Marann ControlCHIEF COMPLIANCE OFFICER AND CHIEF OPERATING OFFICER
since Mar 2019
Less than 5%Individual
COOPER, WILLIAM, LAMBLE ControlMANAGING MEMBER AND CHIEF EXECUTIVE OFFICER
since Feb 2012
25–50%Individual
STRASSER, JASON, SAM BARNATHAN ControlMANAGING MEMBER, CHIEF INVESTMENT OFFICER AND CHIEF RISK OFFICER
since Feb 2012
25–50%Individual
Ownership & leadership changes · 3 filings with changes since Jun 27, 2017

From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.

Mar 30, 2021 filing
  • No longer listedLECHTENBERGER, TODD, STEPHEN · PORTFOLIO MANAGER OF AMALFI FUND LP · Less than 5% · listed since Jul 2019
Mar 26, 2020 filing
  • AddedLECHTENBERGER, TODD, STEPHEN · PORTFOLIO MANAGER OF AMALFI FUND LP · Less than 5%
  • ChangedBallinger, Dylan, Marann · title CHIEF COMPLIANCE OFFICER → CHIEF COMPLIANCE OFFICER AND CHIEF OPERATING OFFICER
  • ChangedCOOPER, WILLIAM, LAMBLE · title MANAGING MEMBER → MANAGING MEMBER AND CHIEF EXECUTIVE OFFICER
  • ChangedSTRASSER, JASON, SAM BARNATHAN · title MANAGING MEMBER → MANAGING MEMBER, CHIEF INVESTMENT OFFICER AND CHIEF RISK OFFICER
Mar 21, 2019 filing
  • AddedBallinger, Dylan, Marann · CHIEF COMPLIANCE OFFICER · Less than 5% · control person
  • ChangedCOOPER, WILLIAM, LAMBLE · title CHIEF COMPLIANCE OFFICER; MANAGING MEMBER → MANAGING MEMBER
Jun 27, 2017 filing (earliest on record)
  • ListedCOOPER, WILLIAM, LAMBLE · CHIEF COMPLIANCE OFFICER; MANAGING MEMBER · 25–50% · control person
  • ListedSTRASSER, JASON, SAM BARNATHAN · MANAGING MEMBER · 25–50% · control person

Quarter-over-quarter changes

Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.

Caption Management, LLC Holdings (2026-06-30)

Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).

# Issuer Symbol CUSIP Value Weight Shares Type
1 META PLATFORMS INC Call META 30303M102 $1.10B 5.14% 1,957,500 SH
2 WESTERN DIGITAL CORP Put WDC 958102105 $636.2M 2.96% 996,000 SH
3 NVIDIA CORPORATION NVDA 67066G104 $367.9M 1.71% 1,838,800 SH
4 AMAZON COM INC Call AMZN 023135106 $312.9M 1.46% 1,313,000 SH
5 WARNER BROS DISCOVERY INC Put WBD 934423104 $307.2M 1.43% 11,521,600 SH
6 NVIDIA CORPORATION Put NVDA 67066G104 $296.1M 1.38% 1,480,000 SH
7 MICROSOFT CORP Call MSFT 594918104 $280.5M 1.31% 752,000 SH
8 TAIWAN SEMICONDUCTOR MANUFAC Put TSM 874039100 $278.4M 1.30% 583,000 SH
9 TAIWAN SEMICONDUCTOR MANUFAC TSM 874039100 $270.2M 1.26% 565,700 SH
10 TAKE-TWO INTERACTIVE SOFTWAR Put TTWO 874054109 $260.7M 1.21% 1,042,900 SH
11 CARVANA CO Put CVNA 146869102 $249.9M 1.16% 3,797,300 SH
12 BLUE OWL CAPITAL INC Put OWL 09581B103 $209.3M 0.98% 23,915,000 SH
13 UNITED THERAPEUTICS CORP DEL Put UTHR 91307C102 $204.9M 0.95% 378,200 SH
14 UNITED THERAPEUTICS CORP DEL Call UTHR 91307C102 $198.6M 0.93% 366,600 SH
15 CARVANA CO Call CVNA 146869102 $195.8M 0.91% 2,975,000 SH
16 MICROSOFT CORP MSFT 594918104 $192.1M 0.90% 515,000 SH
17 MICROSOFT CORP Put MSFT 594918104 $186.5M 0.87% 500,000 SH
18 VANECK ETF TRUST Put SMH 92189F676 $173.8M 0.81% 265,000 SH
19 GILEAD SCIENCES INC Call GILD 375558103 $170.3M 0.79% 1,347,600 SH
20 TESLA INC Put TSLA 88160R101 $168.2M 0.78% 400,000 SH
21 SPDR SERIES TRUST Put KRE 78464A698 $168.2M 0.78% 2,247,000 SH
22 TESLA INC TSLA 88160R101 $167.3M 0.78% 397,700 SH
23 LUMENTUM HLDGS INC Call LITE 55024U109 $150.2M 0.70% 175,000 SH
24 ELECTRONIC ARTS INC Put EA 285512109 $143.5M 0.67% 700,000 SH
25 BLUE OWL CAPITAL INC OWL 09581B103 $140.0M 0.65% 15,995,905 SH
26 ROYAL CARIBBEAN GROUP Call RCL V7780T103 $132.6M 0.62% 417,500 SH
27 REVOLUTION MEDICINES INC Call RVMD 76155X100 $126.9M 0.59% 677,800 SH
28 CG ONCOLOGY INC Call CGON 156944100 $126.4M 0.59% 1,779,200 SH
29 TERAWULF INC Call WULF 88080T104 $122.0M 0.57% 4,938,500 SH
30 ALPHABET INC Put GOOG 02079K107 $120.1M 0.56% 340,000 SH
31 SYNOPSYS INC Put SNPS 871607107 $119.8M 0.56% 268,500 SH
32 WARNER BROS DISCOVERY INC Call WBD 934423104 $119.0M 0.55% 4,462,700 SH
33 SPACE EXPLORATION TECHN CORP Call SPCX 84615Q103 $115.3M 0.54% 675,000 SH
34 NVIDIA CORPORATION Call NVDA 67066G104 $112.5M 0.52% 562,000 SH
35 MP MATERIALS CORP Call MP 553368101 $111.2M 0.52% 1,985,000 SH
36 AMAZON COM INC Put AMZN 023135106 $108.8M 0.51% 456,600 SH
37 ISHARES TR Put SOXX 464287523 $107.6M 0.50% 168,000 SH
38 REDDIT INC Call RDDT 75734B100 $106.8M 0.50% 615,400 SH
39 ISHARES INC Put EWC 464286509 $103.4M 0.48% 1,794,300 SH
40 AMAZON COM INC AMZN 023135106 $102.0M 0.48% 428,000 SH
41 CORE SCIENTIFIC INC NEW Call CORZ 21874A106 $98.5M 0.46% 3,850,100 SH
42 SEAGATE TECHNOLOGY HLDNGS PL Put STX G7997R103 $96.5M 0.45% 100,000 SH
43 DATADOG INC Call DDOG 23804L103 $95.0M 0.44% 364,700 SH
44 BITDEER TECHNOLOGIES GROUP Call BTDR G11448100 $93.1M 0.43% 5,866,800 SH
45 SEZZLE INC Put SEZL 78435P105 $92.7M 0.43% 540,100 SH
46 AST SPACEMOBILE INC Call ASTS 00217D100 $92.4M 0.43% 1,040,000 SH
47 WAYFAIR INC Call W 94419L101 $91.5M 0.43% 990,000 SH
48 DATADOG INC Put DDOG 23804L103 $88.5M 0.41% 340,000 SH
49 CG ONCOLOGY INC Put CGON 156944100 $84.9M 0.40% 1,195,200 SH
50 SPDR SERIES TRUST Put XBI 78464A870 $82.7M 0.39% 522,700 SH
Filing History
Period Filed AUM Holdings Accession
2026-06-30 2026-08-14 $21.46B 1,595 0001706766-26-000005
2026-03-31 2026-05-15 $17.12B 1,484 0001706766-26-000004
2025-12-31 2026-02-17 $14.58B 1,512 0001706766-26-000002
2025-09-30 2025-11-14 $12.82B 1,607 0001706766-25-000009
Filer Information
Address
499 W SHERIDAN AVE
SUITE 2250
OKLAHOMA CITY, OK 73102
Phone
(347) 797-5104
Filing Manager
Caption Management, LLC
OKLAHOMA CITY, OK
Signatory
Dylan Ballinger
Chief Compliance & Chief Operating Officer