Top Institutional Investors

CAPSTONE INVESTMENT ADVISORS, LLC — 13F Holdings & Portfolio

CIK 1426196 · latest 13F-HR filed 2026-05-15

Backtest portfolio

CAPSTONE INVESTMENT ADVISORS, LLC manages $57.41B in 13F-reported U.S. long-equity assets across 1,558 reported positions as of its 2026-03-31 13F-HR filing. Its largest disclosed positions are SPY (17.41%), QQQ (16.95%), QQQ (9.81%). Quarter over quarter (versus its 2025-12-31 filing) the fund opened 327 new positions, exited 279, added to 263, and trimmed 218.

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

$57.41B

Long-equity book

Holdings

1,558

Distinct positions

Period

2026-03-31

Filed 2026-05-15

Q/Q Activity

+327 / −279 / ↑263 / ↓218

vs 2025-12-31

Firm Profile & Key People
Name Title / Status Ownership Type

Top Adds (vs prior quarter)

  • MICROSOFT CORP$677.5M +193.9%
  • AMAZON COM INC$585.5M +95.0%
  • LUMENTUM HLDGS INC$456.3M +153.9%
  • WESTERN DIGITAL CORP$305.9M +113.1%
  • STATE STR SPDR S&P 500 ETF T$268.8M +229.6%
Show all 263 →

Top Trims

  • NVIDIA CORPORATION-$899.5M -56.2%
  • ALPHABET INC-$667.3M -77.2%
  • ADVANCED MICRO DEVICES INC-$382.8M -72.4%
  • ISHARES TR-$202.2M -16.6%
  • META PLATFORMS INC-$128.9M -39.9%
Show all 218 →

New Positions

  • WEBSTER FINL CORP$59.0M
  • ELECTRONIC ARTS INC$47.9M
  • ALCOA CORP$36.1M
  • CHART INDS INC$33.7M
  • ALPHATEC HLDGS INC$19.3M
Show all 327 →

Exited Positions

  • SELECT SECTOR SPDR TR$141.9M
  • IONIS PHARMACEUTICALS INC$116.7M
  • AIRBNB INC$75.1M
  • FRONTIER COMMUNICATIONS PARE$73.8M
  • DAYFORCE INC$69.5M
Show all 279 →
All Holdings

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 STATE STR SPDR S&P 500 ETF T Put SPY 78462F103 $9.99B 17.41% 15,366,400 SH
2 INVESCO QQQ TR Put QQQ 46090E103 $9.73B 16.95% 16,859,400 SH
3 INVESCO QQQ TR Call QQQ 46090E103 $5.63B 9.81% 9,756,800 SH
4 AMAZON COM INC Put AMZN 023135106 $1.50B 2.60% 7,180,600 SH
5 NVIDIA CORPORATION Put NVDA 67066G104 $1.43B 2.48% 8,179,700 SH
6 MICROSOFT CORP Put MSFT 594918104 $1.27B 2.21% 3,420,600 SH
7 AMAZON COM INC AMZN 023135106 $1.20B 2.09% 5,769,310 SH
8 MICROSOFT CORP MSFT 594918104 $1.03B 1.79% 2,773,897 SH
9 ISHARES TR IVV 464287200 $1.02B 1.77% 1,557,834 SH
10 APPLE INC Put AAPL 037833100 $877.3M 1.53% 3,456,800 SH
11 TESLA INC Put TSLA 88160R101 $807.0M 1.41% 2,170,900 SH
12 LUMENTUM HLDGS INC LITE 55024UAH2 $752.7M 1.31% 74,347,000 PRN
13 STATE STR SPDR S&P 500 ETF T Call SPY 78462F103 $737.4M 1.28% 1,133,800 SH
14 NVIDIA CORPORATION NVDA 67066G104 $700.3M 1.22% 4,015,308 SH
15 WESTERN DIGITAL CORP WDC 958102AT2 $576.5M 1.00% 80,500,000 PRN
16 ISHARES TR Put LQD 464287242 $556.8M 0.97% 5,108,800 SH
17 TESLA INC TSLA 88160R101 $540.6M 0.94% 1,454,100 SH
18 ALPHABET INC Put GOOG 02079K107 $530.4M 0.92% 1,849,100 SH
19 VANGUARD INDEX FDS VOO 922908363 $511.1M 0.89% 855,335 SH
20 ALPHABET INC Put GOOGL 02079K305 $489.8M 0.85% 1,703,200 SH
21 ISHARES TR Put FXI 464287184 $419.8M 0.73% 11,692,800 SH
22 NVIDIA CORPORATION Call NVDA 67066G104 $417.7M 0.73% 2,394,900 SH
23 ISHARES TR Put IWM 464287655 $399.3M 0.70% 1,610,000 SH
24 STATE STR SPDR S&P 500 ETF T SPY 78462F103 $385.9M 0.67% 593,324 SH
25 ISHARES TR Call FXI 464287184 $360.8M 0.63% 10,049,600 SH
26 ISHARES TR Put HYG 464288513 $355.4M 0.62% 4,467,200 SH
27 SELECT SECTOR SPDR TR Put XLF 81369Y605 $351.7M 0.61% 7,123,800 SH
28 AMAZON COM INC Call AMZN 023135106 $297.4M 0.52% 1,427,800 SH
29 SELECT SECTOR SPDR TR Call XLF 81369Y605 $290.0M 0.51% 5,873,400 SH
30 META PLATFORMS INC Put META 30303M102 $286.6M 0.50% 501,000 SH
31 WARNER BROS DISCOVERY INC WBD 934423104 $280.2M 0.49% 10,205,000 SH
32 MICROSOFT CORP Call MSFT 594918104 $277.7M 0.48% 750,200 SH
33 WARNER BROS DISCOVERY INC Put WBD 934423104 $253.1M 0.44% 9,218,800 SH
34 ISHARES TR Put EEM 464287234 $252.9M 0.44% 4,453,100 SH
35 APPLE INC AAPL 037833100 $250.3M 0.44% 986,365 SH
36 TESLA INC Call TSLA 88160R101 $247.9M 0.43% 666,800 SH
37 ALPHABET INC GOOG 02079K107 $240.6M 0.42% 838,609 SH
38 BROADCOM INC Put AVGO 11135F101 $229.6M 0.40% 741,700 SH
39 NEBIUS GROUP N.V. Put NBIS N97284108 $224.2M 0.39% 2,161,000 SH
40 APPLE INC Call AAPL 037833100 $203.8M 0.35% 802,900 SH
41 ISHARES INC Put EWZ 464286400 $202.9M 0.35% 5,285,200 SH
42 ADVANCED MICRO DEVICES INC Put AMD 007903107 $198.1M 0.35% 973,900 SH
43 ALPHABET INC GOOGL 02079K305 $196.7M 0.34% 684,171 SH
44 META PLATFORMS INC META 30303M102 $194.0M 0.34% 339,072 SH
45 ECHOSTAR CORP — 278768AB2 $187.3M 0.33% 52,388,000 PRN
46 META PLATFORMS INC Call META 30303M102 $176.9M 0.31% 309,200 SH
47 ALPHABET INC Call GOOG 02079K107 $156.4M 0.27% 545,100 SH
48 EXXON MOBIL CORP Put XOM 30231G102 $148.2M 0.26% 873,500 SH
49 ADVANCED MICRO DEVICES INC AMD 007903107 $145.6M 0.25% 715,929 SH
50 MICRON TECHNOLOGY INC Put MU 595112103 $141.3M 0.25% 418,100 SH
Filing History
Period Filed AUM Holdings Accession
2026-03-31 2026-05-15 $57.41B 1,558 0001426196-26-000003
2025-12-31 2026-02-17 $51.09B 1,530 0001426196-26-000001
2025-09-30 2025-11-14 $53.72B 1,889 0001426196-25-000006