§ 13F · FUND PROFILE
CAPSTONE INVESTMENT ADVISORS, LLC.
Volatility arbitrage, options strategies
AUM · $53.7B (13F)Positions · 1889Turnover · 61% · Q1Filed · May 15, 2026
CONCENTRATION
59%
Top 10 holdings
NEW BUYS
+301
+$508M deployed
EXITS
0
No exits
SECTOR SHIFT
SEMICONDUCTORS → RETAIL
-6pp · +2pp
3YR HIT RATE
—
Top-5 overlap
§ 01 · TOP HOLDINGS
The book · Q1 2026
FILED MAY 15, 2026
| # | Ticker | Name | Shares | $ value | % port | Δ Q1 |
|---|---|---|---|---|---|---|
| 1 | SPY | STATE STR SPDR S&P 500 ETF T | 15.37M | $10.0B | 17.4% | −18% |
| 2 | QQQ | INVESCO QQQ TR | 16.86M | $9.7B | 16.9% | +258% |
| 3 | QQQ | INVESCO QQQ TR | 9.76M | $5.6B | 9.8% | — |
| 4 | AMZN | AMAZON COM INC | 7.18M | $1.5B | 2.6% | +88% |
| 5 | NVDA | NVIDIA CORPORATION | 8.18M | $1.4B | 2.5% | −37% |
| 6 | MSFT | MICROSOFT CORP | 3.42M | $1.3B | 2.2% | +161% |
| 7 | AMZN | AMAZON COM INC | 5.77M | $1.2B | 2.1% | — |
| 8 | MSFT | MICROSOFT CORP | 2.77M | $1.0B | 1.8% | — |
| 9 | IVV | ISHARES TR | 1.56M | $1.0B | 1.8% | −13% |
| 10 | AAPL | APPLE INC | 3.46M | $877M | 1.5% | +7% |
§ 02 · SECTOR ALLOCATION
Where the money is
Technology9.1% (+2pp)
Other8.3% (±0)
Semiconductors6.8% (−6pp)
Retail5.9% (+2pp)
Media5.4% (−4pp)
Automobiles2.8% (±0)
§ 03 · THE CAPSTONE SIGNAL
AC read
CAPSTONE INVESTMENT ADVISORS, LLC is a Systematic / Quant fund managing $53.7 billion in assets. The fund runs a massive portfolio of 1,889 positions, moderate concentration, with the top 10 positions making up 59% of the portfolio. Trading activity is aggressive at 61% quarterly turnover, with 301 new positions and 0 exits last quarter. Top sector allocations: Technology (9%), Other (8%), Semiconductors (7%).
Read the full dossier →§ 04 · FILING HISTORY
Q-by-Q deltas
2 FILINGS
Q1 2026
Busy quarter
+301 buys · −0 exits · 656 changed
Q4 2025
Busy quarter
+207 buys · −0 exits · 665 changed
Q3 2025
Busy quarter
+1205 buys · −0 exits · 0 changed