§ 13F · FUND PROFILE
CAPSTONE INVESTMENT ADVISORS, LLC.
Volatility arbitrage, options strategies
AUM · $53723.2T (13F)Positions · 1889Turnover · 95% · Q4Filed · Feb 17, 2026
CONCENTRATION
54%
Top 10 holdings
NEW BUYS
+208
+$613.3T deployed
EXITS
0
No exits
SECTOR SHIFT
TECHNOLOGY → MEDIA
-3pp · +4pp
3YR HIT RATE
—
Top-5 overlap
§ 01 · TOP HOLDINGS
The book · Q4 2025
FILED FEB 17, 2026
| # | Ticker | Name | Shares | $ value | % port | Δ Q4 |
|---|---|---|---|---|---|---|
| 1 | SPY | SPDR S&P 500 ETF TR | 19.55M | $13334.5T | 26.1% | −19% |
| 2 | QQQ | INVESCO QQQ TR | 5.10M | $3133.7T | 6.1% | +669% |
| 3 | NVDA | NVIDIA CORPORATION | 12.10M | $2256.7T | 4.4% | +81% |
| 4 | IWM | ISHARES TR | 7.15M | $1760.2T | 3.4% | −17% |
| 5 | NVDA | NVIDIA CORPORATION | 8.58M | $1599.7T | 3.1% | +28% |
| 6 | QQQ | INVESCO QQQ TR | 2.33M | $1431.3T | 2.8% | +251% |
| 7 | IVV | ISHARES TR | 1.78M | $1219.8T | 2.4% | +85% |
| 8 | GOOGL | ALPHABET INC | 3.74M | $1171.6T | 2.3% | — |
| 9 | AMZN | AMAZON COM INC | 3.92M | $904.8T | 1.8% | −17% |
| 10 | GOOGL | ALPHABET INC | 2.76M | $864.0T | 1.7% | — |
§ 02 · SECTOR ALLOCATION
Where the money is
Semiconductors13.2% (+2pp)
Media9.1% (+4pp)
Other7.9% (−3pp)
Technology7.5% (−3pp)
Retail4.1% (−2pp)
Automobiles3.2% (−2pp)
§ 03 · THE CAPSTONE SIGNAL
AC read
CAPSTONE INVESTMENT ADVISORS, LLC is a Systematic / Quant fund managing $53723208.1 trillion in assets. The fund runs a massive portfolio of 1,889 positions, moderate concentration, with the top 10 positions making up 54% of the portfolio. Trading activity is aggressive at 95% quarterly turnover, with 208 new positions and 0 exits last quarter. Top sector allocations: Semiconductors (13%), Media (9%), Other (8%).
Read the full dossier →§ 04 · FILING HISTORY
Q-by-Q deltas
2 FILINGS
Q4 2025
Busy quarter
+208 buys · −0 exits · 1243 changed
Q3 2025
Steady book
+0 buys · −0 exits · 0 changed