13F filings
Capstone Investment Advisors
Where the disclosed book sits
by disclosed valueOption contracts are 73% of the disclosed value and are excluded from the sectors above: a put is a position against a company, so counting its notional as sector weight would report the reverse of what the fund holds.
Largest holdings
20 of 1,641 positions| Holding | Type | Value | Shares | Share of book |
|---|---|---|---|---|
| SPYState Str Spdr S&P 500 Etf T | Put | $7.0B | 9,339,800 | 12.9% |
| QQQInvesco Qqq Tr | Put | $5.8B | 7,834,500 | 10.7% |
| NVDANvidia Corporation | Put | $2.3B | 11,290,900 | 4.2% |
| QQQInvesco Qqq Tr | Call | $2.1B | 2,790,400 | 3.8% |
| MSFTMicrosoft Corp | Put | $1.8B | 4,805,900 | 3.3% |
| MSFTMicrosoft Corp | Shares | $1.6B | 4,303,251 | 3% |
| NVDANvidia Corporation | Shares | $1.4B | 6,869,767 | 2.5% |
| Western Digital CorpWestern Digital Corp | Shares | $1.4B | n/a | 2.5% |
| AAPLApple Inc | Put | $1.2B | 4,189,900 | 2.2% |
| IVVIshares Tr | Shares | $1.2B | 1,562,108 | 2.2% |
| AMZNAmazon Com Inc | Put | $1.1B | 4,448,000 | 2% |
| TSLATesla Inc | Put | $884.9M | 2,103,800 | 1.6% |
| AMZNAmazon Com Inc | Shares | $736.3M | 3,089,477 | 1.4% |
| LQDIshares Tr | Put | $681.4M | 6,247,500 | 1.3% |
| IWMIshares Tr | Call | $673.0M | 2,240,000 | 1.2% |
| SPYState Str Spdr S&P 500 Etf T | Call | $664.9M | 890,400 | 1.2% |
| NBISNebius Group N.V. | Put | $622.9M | 2,255,500 | 1.2% |
| MUMicron Technology Inc | Put | $601.6M | 521,200 | 1.1% |
| VOOVanguard Index Fds | Shares | $589.2M | 857,924 | 1.1% |
| TSLATesla Inc | Shares | $556.4M | 1,322,989 | 1% |
Share of book is the position's value against the whole disclosed 13F value, so the rows shown here do not sum to 100% unless every position is listed.
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What changed last quarter
15 largest moves| Holding | Move | Share change | Value change | Value after |
|---|---|---|---|---|
| QQQINVESCO QQQ TR | Trimmed | -53.5% | -$6.6B | $5.8B |
| QQQINVESCO QQQ TR | Trimmed | -71.4% | -$5.1B | $2.1B |
| SPYSTATE STR SPDR S&P 500 ETF T | Trimmed | -39.2% | -$4.5B | $7.0B |
| LUMENTUM HLDGS INCLUMENTUM HLDGS INC | Exited | n/a | -$752.7M | $0 |
| AMZNAMAZON COM INC | Trimmed | -38.1% | -$651.3M | $1.1B |
| AMZNAMAZON COM INC | Trimmed | -46.4% | -$638.7M | $736.3M |
| NVDANVIDIA CORPORATION | Added | +38.0% | $622.5M | $2.3B |
| IWMISHARES TR | Added | +1004.0% | $612.0M | $673.0M |
| NVDANVIDIA CORPORATION | Added | +71.1% | $571.1M | $1.4B |
| MSFTMICROSOFT CORP | Added | +55.1% | $570.5M | $1.6B |
| MSFTMICROSOFT CORP | Added | +40.5% | $516.7M | $1.8B |
| AMDADVANCED MICRO DEVICES INC | Trimmed | -91.5% | -$380.5M | $35.4M |
| SPYSTATE STR SPDR S&P 500 ETF T | Trimmed | -82.9% | -$367.4M | $75.7M |
| IWMISHARES TR | Trimmed | -64.6% | -$312.5M | $171.3M |
| QQQINVESCO QQQ TR | Added | +1255.9% | $291.2M | $314.4M |
A change is this filing measured against the one before it. A 13F does not disclose trades, so the price paid and the day it happened are not in the record.
Questions
What does Capstone Investment Advisors hold?
Capstone Investment Advisors disclosed 1,641 positions worth $54.0B in the Q2 2026 13F filing. The largest is SPY at 12.9% of the disclosed book. A 13F lists long US equity positions only.
What did Capstone Investment Advisors buy and sell last quarter?
Comparing the Q2 2026 filing with the quarter before, the largest moves were Trimmed QQQ, Trimmed QQQ, Trimmed SPY, Exited LUMENTUM HLDGS INC. Changes are measured against the previous filing, not against trades, because a 13F does not disclose trades.
How current is this?
This is the Q2 2026 filing, covering positions held on Jun 30, 2026. A 13F is due 45 days after the quarter ends, so the most recent filing is always at least six weeks behind the market, and the manager may have changed the book since.
How to read a 13F
WHAT THE FILING COVERS
Positions are as disclosed to the SEC on Form 13F and are not investment advice. How this data is sourced, and what it cannot tell you, is on the methodology page.
Data as of Sep 10, 2026.