CAPSTONE INVESTMENT ADVISORS, LLC

Registered adviser

CIK

1426196

Location

NEW YORK, NY

Portfolio Value

Large $50,625,629,816

Diversification

Diversified

Reports for

Capstone Investment Advisors (UK), LLP

Filing Date

Global Rank

#188 / 8,819 ▼ 29

Top Industry

Semiconductors 22.8%

Period ended 4 months ago

Filed Aug 17, 2026 · 2mo

26 quarters · since Mar 2020

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Registered adviser

Form ADV roster, Oct 1, 2026

Form ADV adviser

CRD 155563

Roster of Oct 1, 2026

Regulatory AUM

$91,526,537,087

Main clients

Pooled investment vehicles (100% of AUM)

Private funds

16 funds · Hedge funds

Focus by fund count, roster of Oct 1, 2026

$91,278,750,840 gross assets

LEI

AV7QJSDB1GI2P6FRGL71

Private funds on Schedule D 7.B.(1)

As filed Oct 17, 2024; SEC's bulk Form ADV archive ends with 2024 filings.

$69,036,753,127 gross assets in 19 funds Hedge funds $69,036,753,127 (19)

Form ADV history

Monthly rosters from Dec 2019; each row is a run with the same figures, newest first.

Rosters	Regulatory AUM	Main clients
Apr 2026 to Oct 2026	$91,526,537,087	Pooled investment vehicles (100%)
Dec 2025 to Mar 2026	$91,714,366,931	Pooled investment vehicles (100%)
Apr 2025 to Sep 2025	$91,714,366,931	Pooled investment vehicles (100%)
Apr 2024 to Mar 2025	$69,252,990,610	Pooled investment vehicles (100%)
Dec 2023 to Mar 2024	$43,484,507,920	Pooled investment vehicles (100%)
Jun 2023 to Nov 2023	$43,484,507,920	Pooled investment vehicles (100%)

7 earlier changes not shown.

Portfolio style

Measured from the filed 13F common-share book for Jun 30, 2026, never from the firm's own description.

Style

Concentrated

The top 10 positions are 67.7% of the book (60%+)

Turnover

High turnover

121.9% over the last four quarters (100%+)

Horizon

Long horizon

Value-weighted holding period 14.2 quarters (12+), a floor since 22.4% of the book was already held when coverage starts

Closest benchmark: every 13F filer's combined book, active share 62.5%; sector active share 31.6% against the combined 13F book's sector weights.

Over time 26 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

1,015 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026

Top Position

16.1%

−12.3 pts

Top 5

54.1%

−11.3 pts

Top 10

69.4%

−10.4 pts

HHI

730

Diversified−640

Portfolio Trend

26 quarters · across all stocks

Sector Breakdown

As of Jun 30, 2026

Sector	% Portfolio	Value	Positions
Unclassified	43.1%	$21,804,020,064	51
Technology	29.1%	$14,750,969,664	161
Consumer Cyclical	8.6%	$4,354,668,328	113
Communication Services	6.7%	$3,408,046,789	48
Financial Services	5.2%	$2,651,844,229	163
Industrials	2.3%	$1,155,966,640	143
Healthcare	1.8%	$899,296,240	110
Consumer Defensive	1.3%	$649,488,304	54
Energy	0.9%	$441,240,326	42
Basic Materials	0.4%	$215,248,800	63
Utilities	0.3%	$175,275,753	40
Real Estate	0.2%	$119,564,679	27

Last Quarter's Activity

Export CSV

Jun 30, 2026 vs Mar 31, 2026

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
NVDA	Nvidia Corp	+2,854,459	6,869,767	$1,374,571,679
MSFT	Microsoft Corp	+1,529,354	4,303,251	$1,605,198,688
MSTR	Strategy Inc	+1,234,967	1,298,361	$112,866,521
FXI	iShares China Large-Cap ETF	+1,154,338	2,201,127	$69,533,601
KVUE	Kenvue Inc.	+935,264	3,599,857	$68,793,267
BABA	Alibaba Group Holding Ltd	+765,306	773,268	$74,218,262
EWZ	iShares MSCI Brazil ETF	+692,044	748,291	$25,816,039
PLTR	Palantir Technologies Inc.	+604,312	925,130	$107,934,917
T	At&T Inc.	+470,884	487,052	$10,081,976
NFLX	Netflix Inc	+427,174	529,559	$37,810,512
QQQ	Invesco Qqq Trust, Series 1	+395,457	426,945	$314,402,298
ORCL	Oracle Corp	+333,108	1,217,291	$178,393,996
ROKU	Roku, Inc	+301,732	320,000	$44,204,800
CELH	Celsius Holdings, Inc.	+258,674	276,454	$8,094,573
META	Meta Platforms, Inc.	+255,799	594,871	$335,084,885
—		+207,000	370,000	$77,307,800
OWL	Blue Owl Capital Inc.	+183,478	237,747	$2,080,286
MU	Micron Technology Inc	+176,967	230,359	$265,901,090
RXRX	Recursion Pharmaceuticals, Inc.	+175,897	222,378	$816,127
BRK-B	Berkshire Hathaway Inc	+170,251	197,358	$98,755,969
VAL	Valaris Ltd	+140,357	240,000	$17,424,000
BMNR	Bitmine Immersion Technologies, Inc.	+130,256	228,822	$3,045,620
DOW	Dow Inc.	+121,548	127,178	$3,479,590
ADBE	Adobe Inc.	+110,475	195,190	$40,017,853
CMCSA	Comcast Corp	+110,208	213,597	$5,243,806
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
WBD	Warner Bros. Discovery, Inc.	−6,800,000	3,405,000	$90,777,300
AMZN	Amazon Com Inc	−2,679,833	3,089,477	$736,345,948
KBR	Kbr, Inc.	−664,786	54,627	$1,886,270
AMD	Advanced Micro Devices Inc	−654,966	60,963	$35,414,016
GOOGL	Alphabet Inc.	−651,944	32,227	$11,516,962
GOOG	Alphabet Inc.	−566,686	271,923	$96,078,553
GXO	GXO Logistics, Inc.	−516,508	447,959	$22,711,521
SPY	Spdr S&P 500 ETF Trust	−491,996	101,328	$75,668,710
FLR	Fluor Corp	−452,259	19,678	$1,030,930
UMC	United Microelectronics Corp	−353,339	10,830	$294,684
AA	Alcoa Corp	−342,316	201,349	$10,498,336
F	Ford Motor Co	−297,864	21,119	$293,554
KRE	State Street(R) SPDR(R) S&P(R) Regional Banking ETF	−283,414	97,629	$7,307,530
NFJ	Virtus Dividend, Interest & Premium Strategy Fund	−273,003	253,669	$3,853,232
KEX	Kirby Corp	−257,728	5,881	$799,639
HOOD	Robinhood Markets, Inc.	−214,950	41,104	$4,121,909
BAC	Bank Of America Corp	−211,954	30,943	$1,763,132
J	Jacobs Solutions Inc.	−194,359	55,609	$7,006,734
INTC	Intel Corp	−178,540	43,215	$6,034,110
CL	Colgate Palmolive Co	−157,270	7,805	$715,562
DBRHP	DigitalBridge Group, Inc.	−150,906	174,094	$2,595,741
FPS	Forgent Power Solutions, Inc.	−150,000	150,000	$8,379,000
EFA	iShares MSCI EAFE ETF	−135,338	14,572	$1,513,739
IBM	International Business Machines Corp	−131,638	20,079	$5,646,415
TSLA	Tesla, Inc.	−131,111	1,322,989	$556,449,173
No positions match the current search.

New Positions

Positions the filer opened this quarter

25 positions

Ticker	Company	Shares	Value
NOK	Nokia Corp	14,595,379	$193,826,633
SPCX	Space Exploration Technologies Corp	812,500	$138,823,750
ETSY	Etsy Inc	640,706	$48,264,382
CBRS	Cerebras Systems Inc.	202,100	$44,664,100
HYG	iShares iBoxx $ High Yield Corporate Bond ETF	372,550	$29,792,823
—		1,110,001	$27,783,325
JNK	State Street(R) SPDR(R) Bloomberg High Yield Bond ETF	277,601	$26,752,408
SHYG	iShares 0-5 Year High Yield Corporate Bond ETF	598,401	$25,378,186
GSAT	Globalstar, Inc.	300,000	$24,387,000
IWM	iShares Russell 2000 ETF	68,994	$20,729,247
MUB	iShares National Muni Bond ETF	187,001	$20,125,047
AXTA	Axalta Coating Systems Ltd.	500,000	$17,110,000
—		120,000	$15,927,600
INIO	Innio N.V.	400,000	$15,820,000
—		126,303	$15,598,421
TECH	BIO-TECHNE Corp	210,000	$14,836,500
HYD	VanEck High Yield Muni ETF	280,101	$14,428,002
CWB	State Street(R) SPDR(R) Bloomberg Convertible Securities ETF	130,601	$14,081,399
JAN	Janus Living, Inc.	375,000	$10,777,500
QXO	QXO, Inc.	600,000	$10,368,000
NATL	NCR Atleos Corp	230,300	$9,997,323
COMP	Compass, Inc.	789,152	$9,730,244
CDNL	Cardinal Infrastructure Group Inc.	100,000	$9,420,000
CVX	Chevron Corp	49,041	$8,129,036
RIO	Rio Tinto PLC	80,006	$7,594,969
No positions match the current search.

Sold Out

Positions the filer fully exited

25 positions

Ticker	Company	Shares	Value
—		235,000	$47,909,450
PANW	Palo Alto Networks Inc	103,791	$16,639,773
—		700,000	$16,555,000
FLS	Flowserve Corp	196,075	$14,413,473
—		389,819	$13,698,240
V	Visa Inc.	41,189	$12,448,963
LYB	LyondellBasell Industries N.V.	125,400	$10,102,224
—		250,000	$10,057,500
ACM	Aecom	100,146	$8,494,383
—		108,000	$8,163,720
—		236,000	$5,059,840
UNP	Union Pacific Corp	20,314	$4,928,582
CRWD	CrowdStrike Holdings, Inc.	10,854	$4,237,510
SLV	iShares Silver Trust	59,860	$4,078,860
CSX	Csx Corp	97,212	$3,990,552
—		265,730	$3,842,456
LYV	Live Nation Entertainment, Inc.	24,952	$3,805,429
—		290,000	$3,137,800
HSY	Hershey Co	14,726	$3,061,388
TXN	Texas Instruments Inc	14,273	$2,770,960
WMT	Walmart Inc.	20,345	$2,528,476
GAP	Gap Inc	85,709	$2,074,157
FNV	FRANCO NEVADA Corp	8,226	$2,032,233
BRBR	Bellring Brands, Inc.	119,675	$1,925,570
VTRS	Viatris Inc	141,236	$1,908,098
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

1,015 tracked positions · $50,625,629,816 total · filing declares 1,641 positions · $54,040,010,271 · as of Jun 30, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Showing 1–50 of 1,015 positions by value · page 1 of 21

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Held (qtrs)	Est. cost/share	% of Portfolio
QQQ	Invesco Qqq Trust, Series 1 PUT CALL + SHARES	Reduced	11,051,845	-15,595,843	$8,138,578,658	−47.1%	16	$681.20	16.08%
SPY	Spdr S&P 500 ETF Trust PUT CALL + SHARES	Reduced	10,331,528	-6,761,996	$7,715,275,164	−30.6%	12	$656.72	15.24%
NVDA	Nvidia Corp PUT CALL + SHARES Technology	Added	19,741,167	+5,151,259	$3,950,010,105	+55.2%	13	unpriced	7.80%
MSFT	Microsoft Corp PUT CALL + SHARES Technology	Added	9,532,651	+2,587,954	$3,555,869,476	+38.3%	26+	before history	7.02%
AMZN	Amazon Com Inc PUT CALL + SHARES Consumer Cyclical	Reduced	8,319,277	-6,058,433	$1,982,816,480	−33.8%	26+	before history	3.92%
AAPL	Apple Inc. PUT CALL + SHARES Technology	Added	6,349,297	+1,103,232	$1,837,232,579	+38.0%	20	$216.60	3.63%
TSLA	Tesla, Inc. PUT CALL + SHARES Consumer Cyclical	Reduced	3,978,889	-312,911	$1,673,520,713	+4.9%	24	unpriced	3.31%
IVV	iShares Core S&P 500 ETF	Added	1,562,108	+4,274	$1,169,847,060	+15.0%	10	unpriced	2.31%
MU	Micron Technology Inc PUT CALL + SHARES Technology	Added	789,959	+261,967	$911,841,774	+411.2%	22	$659.21	1.80%
IWM	iShares Russell 2000 ETF PUT CALL + SHARES	Added	2,878,994	+1,066,094	$864,993,747	+92.4%	1	unpriced	1.71%
FXI	iShares China Large-Cap ETF PUT CALL + SHARES	Added	27,203,027	+4,413,838	$859,343,622	+5.0%	3	unpriced	1.70%
META	Meta Platforms, Inc. PUT CALL + SHARES Communication Services	Added	1,494,271	+344,999	$841,707,911	+28.0%	13	$655.69	1.66%
XLF	State Street Corp PUT CALL Financial Services	Added	15,309,400	+2,312,200	$820,736,934	+27.9%	—	—	1.62%
GOOG	Alphabet Inc. PUT CALL + SHARES Communication Services	Reduced	2,100,123	-1,132,686	$742,036,459	−20.0%	26+	before history	1.47%
LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF PUT	Added	6,247,500	+1,138,700	$681,414,825	+22.4%	—	—	1.35%
NBIS	Nebius Group N.V. PUT + SHARES Communication Services	Added	2,257,349	+96,349	$623,412,073	+178.0%	1	$198.04	1.23%
AVGO	Broadcom Inc. PUT CALL + SHARES Technology	Added	1,566,095	+138,200	$591,592,386	+33.9%	24	unpriced	1.17%
GOOGL	Alphabet Inc. PUT CALL + SHARES Communication Services	Reduced	1,652,427	-985,444	$590,527,836	−22.2%	23	unpriced	1.17%
VOO	VANGUARD 500 INDEX FUND	Added	857,924	+2,589	$589,230,782	+15.3%	8	unpriced	1.16%
AMD	Advanced Micro Devices Inc PUT CALL + SHARES Technology	Reduced	740,463	-1,016,866	$430,142,361	+20.3%	20	$114.11	0.85%
KRE	State Street(R) SPDR(R) S&P(R) Regional Banking ETF PUT CALL + SHARES	Added	5,244,729	+4,590,886	$392,567,965	+821.6%	21	unpriced	0.78%
NOK	Nokia Corp PUT + SHARES Technology	NEW	29,145,379	NEW	$387,050,633	NEW	1	$12.87	0.76%
BRK-B	Berkshire Hathaway Inc PUT CALL + SHARES Financial Services	Added	747,458	+429,351	$374,020,508	+145.4%	2	$482.14	0.74%
INTC	Intel Corp PUT CALL + SHARES Technology	Added	2,269,715	+61,260	$316,920,305	+225.2%	23	$39.97	0.63%
HYG	iShares iBoxx $ High Yield Corporate Bond ETF PUT + SHARES	Reduced	3,924,950	-542,250	$313,878,251	−11.7%	1	unpriced	0.62%
ORCL	Oracle Corp PUT CALL + SHARES Technology	Added	1,912,091	+507,908	$280,216,936	+35.7%	4	$199.76	0.55%
EEM	iShares MSCI Emerging Markets ETF PUT CALL + SHARES	Reduced	3,992,965	-1,316,202	$273,158,735	−9.4%	12	$48.31	0.54%
SMH	VanEck Semiconductor ETF PUT CALL	Added	372,000	+358,320	$243,991,080	+4552.0%	—	—	0.48%
MSTR	Strategy Inc PUT CALL + SHARES Technology	Added	2,680,261	+2,560,967	$232,995,088	+1465.0%	5	$150.07	0.46%
PLTR	Palantir Technologies Inc. PUT CALL + SHARES Technology	Added	1,849,530	+677,812	$215,784,665	+25.9%	8	$137.59	0.43%
JPM	Jpmorgan Chase & Co PUT CALL + SHARES Financial Services	Added	628,344	+59,500	$205,675,841	+22.9%	13	$302.62	0.41%
SPCX	Space Exploration Technologies Corp CALL + SHARES Industrials	NEW	1,137,500	NEW	$194,353,250	NEW	1	unpriced	0.38%
AMAT	Applied Materials Inc PUT CALL + SHARES Technology	Added	257,076	+54,500	$185,865,948	+168.4%	18	$404.45	0.37%
SNDK	Sandisk Corp PUT CALL + SHARES Technology	Added	78,435	+39,307	$178,340,012	+617.4%	6	$1,231.81	0.35%
LRCX	Lam Research Corp PUT CALL + SHARES Technology	Added	390,603	+131,013	$169,259,997	+205.2%	2	$223.59	0.33%
LLY	ELI LILLY & Co PUT CALL + SHARES Healthcare	Added	136,377	+17,670	$163,574,677	+49.8%	10	$958.29	0.32%
XOM	ExxonMobil Holdings Corp PUT CALL + SHARES Energy	Added	1,177,873	+134,045	$161,038,796	−9.1%	9	$148.35	0.32%
WBD	Warner Bros. Discovery, Inc. PUT CALL + SHARES Communication Services	Reduced	5,629,400	-13,848,800	$150,079,804	−71.9%	3	$26.30	0.30%
BABA	Alibaba Group Holding Ltd PUT CALL + SHARES Consumer Cyclical	Added	1,534,168	+1,344,706	$147,249,444	+519.5%	20	$125.14	0.29%
NFLX	Netflix Inc PUT CALL + SHARES Communication Services	Added	1,731,059	+620,774	$123,597,612	+15.8%	23	unpriced	0.24%
CSCO	Cisco Systems, Inc. PUT CALL + SHARES Technology	Added	1,000,348	+394,907	$117,500,876	+150.1%	2	$78.28	0.23%
BAC	Bank Of America Corp PUT CALL + SHARES Financial Services	Reduced	1,907,943	-307,454	$108,714,592	+0.7%	25	$50.80	0.21%
CAT	Caterpillar Inc PUT CALL + SHARES Industrials	Added	100,126	+10,313	$106,624,177	+67.6%	2	$713.08	0.21%
JNJ	Johnson & Johnson PUT CALL + SHARES Healthcare	Reduced	416,192	-2,941	$105,700,282	+3.2%	2	$232.92	0.21%
WMT	Walmart Inc. PUT CALL Consumer Defensive	Added	918,100	+33,955	$103,984,006	−5.4%	—	—	0.21%
IBIT	iShares Bitcoin Trust ETF PUT	Reduced	3,020,000	-550,000	$100,535,800	−26.7%	—	—	0.20%
PG	PROCTER & GAMBLE Co PUT CALL + SHARES Consumer Defensive	Added	642,152	+207,197	$94,165,169	+49.9%	8	$153.48	0.19%
V	Visa Inc. PUT CALL Financial Services	Reduced	273,100	-112,089	$93,697,879	−19.5%	—	—	0.19%
ADBE	Adobe Inc. PUT CALL + SHARES Technology	Added	436,890	+165,075	$89,571,187	+35.6%	22	$283.99	0.18%
PANW	Palo Alto Networks Inc PUT CALL Technology	Reduced	261,700	-159,491	$89,244,934	+32.2%	—	—	0.18%

Showing the top 50 of 1,015 positions. Create a free account to see every position, past quarters, search, filters and CSV export.

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.