13F value (AUM)
$54.0B
Capstone Investment Advisors
CAPSTONE INVESTMENT ADVISORS, LLC
$54.0B
13F long value · 2026-Q2Positions1641
CategoryAsset Manager
Quarters tracked9
▲ #177 of 581 by 13F value
Size rank 7/10
41 NEW102 ADD115 2×+144 TRIM51 NEAR EXIT18 EXIT
Snapshot
Capstone Investment Advisors's 13F portfolio at a glance — size, concentration and this quarter's activity.
Positions
1641 (164 unmapped)
Top 100 weight
84.7%
Quarters tracked
9
Latest 13F filed
Aug 17, 2026
New positions
41
Exits / near-exits
69
13F value by quarter
Total reported long value each quarter — fund flows plus market moves.
Top holdings — 2026-Q2
The fund's largest reported positions (PUT/CALL rows are option positions, reported separately). The 100 shown cover 84.7% of the portfolio.
| Ticker | Issuer | Weight | Value | Shares | Since 2026-Q2 |
|---|---|---|---|---|---|
| SPY PUT | STATE STR SPDR S&P 500 ETF T | 12.9% | $7.0B | 9.3M | — |
| QQQ PUT | INVESCO QQQ TR | 10.7% | $5.8B | 7.8M | — |
| NVDA PUT | NVIDIA CORPORATION | 4.2% | $2.3B | 11.3M | — |
| QQQ CALL | INVESCO QQQ TR | 3.8% | $2.1B | 2.8M | — |
| MSFT PUT | MICROSOFT CORP | 3.3% | $1.8B | 4.8M | — |
| MSFT | MICROSOFT CORP | 3.0% | $1.6B | 4.3M | +37.9% |
| NVDA | NVIDIA CORPORATION | 2.5% | $1.4B | 6.9M | +17.2% |
| — | WESTERN DIGITAL CORP | 2.5% | $1.4B | 80.5M | — |
| AAPL PUT | APPLE INC | 2.2% | $1.2B | 4.2M | — |
| IVV | ISHARES TR | 2.2% | $1.2B | 1.6M | — |
| AMZN PUT | AMAZON COM INC | 2.0% | $1.1B | 4.4M | — |
| TSLA PUT | TESLA INC | 1.6% | $884.9M | 2.1M | — |
| AMZN | AMAZON COM INC | 1.4% | $736.3M | 3.1M | +5.4% |
| LQD PUT | ISHARES TR | 1.3% | $681.4M | 6.2M | — |
| IWM CALL | ISHARES TR | 1.2% | $673.0M | 2.2M | — |
Option positions — 2026-Q2
$31.6B across 392 put positions vs $8.0B across 307 call positions — put/call ratio 3.95. Values are notional — the market value of the shares the options reference.
| Type | Ticker | Issuer | Underlying shares | Notional value | % of 13F value |
|---|---|---|---|---|---|
| PUT | SPY | STATE STR SPDR S&P 500 ETF T | 9.3M | $7.0B | 12.9% |
| PUT | QQQ | INVESCO QQQ TR | 7.8M | $5.8B | 10.7% |
| PUT | NVDA | NVIDIA CORPORATION | 11.3M | $2.3B | 4.2% |
| CALL | QQQ | INVESCO QQQ TR | 2.8M | $2.1B | 3.8% |
| PUT | MSFT | MICROSOFT CORP | 4.8M | $1.8B | 3.3% |
| PUT | AAPL | APPLE INC | 4.2M | $1.2B | 2.2% |
| PUT | AMZN | AMAZON COM INC | 4.4M | $1.1B | 2.0% |
| PUT | TSLA | TESLA INC | 2.1M | $884.9M | 1.6% |
| PUT | — | TRANE TECHNOLOGIES PLC | 3.2M | $794.1M | 1.5% |
| PUT | LQD | ISHARES TR | 6.2M | $681.4M | 1.3% |
Quarterly changes — 2026-Q2
What Capstone Investment Advisors opened, added, trimmed and exited this quarter, largest dollar moves first.
| Action | Ticker | Issuer | Prev shares | Curr shares | Change | Value Δ |
|---|---|---|---|---|---|---|
| EXIT | — | LUMENTUM HLDGS INC | 74.3M | 0 | -100.0% | -$752.7M |
| ADD | NVDA | NVIDIA CORPORATION | 4.0M | 6.9M | +71.1% | +$674.3M |
| ADD | MSFT | MICROSOFT CORP | 2.8M | 4.3M | +55.1% | +$578.4M |
| TRIM | AMZN | AMAZON COM INC | 5.8M | 3.1M | -46.4% | -$465.2M |
| NEAR EXIT | SPY | STATE STR SPDR S&P 500 ETF T | 593.3K | 101.3K | -82.9% | -$310.2M |
| 2×+ | QQQ | INVESCO QQQ TR | 31.5K | 426.9K | +1255.9% | +$296.2M |
| 2×+ | MU | MICRON TECHNOLOGY INC | 53.4K | 230.4K | +331.4% | +$247.9M |
| NEW | NOK | NOKIA CORP | — | 14.6M | — | +$193.8M |
| TRIM | WBD | WARNER BROS DISCOVERY INC | 10.2M | 3.4M | -66.6% | -$189.5M |
| NEAR EXIT | GOOGL | ALPHABET INC | 684.2K | 32.2K | -95.3% | -$185.2M |
Conviction over time
Portfolio weight of the current top long holdings, quarter by quarter — rising weight = growing conviction.