§ 13F · FUND PROFILE
CAPSTONE INVESTMENT ADVISORS, LLC.
Volatility arbitrage, options strategies
AUM · $54.0B (13F)Positions · 1641Turnover · 64% · Q2Filed · Aug 17, 2026
CONCENTRATION
47%
Top 10 holdings
NEW BUYS
+319
+$1.6B deployed
EXITS
0
No exits
SECTOR SHIFT
RETAIL → SEMICONDUCTORS
-1pp · +6pp
§ 01 · TOP HOLDINGS
The book · Q2 2026
FILED AUG 17, 2026
| # | Ticker | Name | Shares | $ value | % port | Δ Q2 |
|---|---|---|---|---|---|---|
| 1 | SPY | STATE STR SPDR S&P 500 ETF T | 9.34M | $7.0B | 12.9% | −40% |
| 2 | QQQ | INVESCO QQQ TR | 7.83M | $5.8B | 10.7% | −59% |
| 3 | NVDA | NVIDIA CORPORATION | 11.29M | $2.3B | 4.2% | +35% |
| 4 | QQQ | INVESCO QQQ TR | 2.79M | $2.1B | 3.8% | — |
| 5 | MSFT | MICROSOFT CORP | 4.81M | $1.8B | 3.3% | +37% |
| 6 | MSFT | MICROSOFT CORP | 4.30M | $1.6B | 3.0% | — |
| 7 | NVDA | NVIDIA CORPORATION | 6.87M | $1.4B | 2.5% | — |
| 8 | WDC 3 11/15/28 | WESTERN DIGITAL CORP | 80.50M | $1.4B | 2.5% | ±0% |
| 9 | AAPL | APPLE INC | 4.19M | $1.2B | 2.2% | +21% |
| 10 | IVV | ISHARES TR | 1.56M | $1.2B | 2.2% | ±0% |
§ 02 · SECTOR ALLOCATION
Where the money is
Technology14.3% (+5pp)
Semiconductors12.8% (+6pp)
Other10.7% (+2pp)
Media4.8% (−1pp)
Retail4.7% (−1pp)
Automobiles3.1% (±0)
§ 03 · THE CAPSTONE SIGNAL
AC read
CAPSTONE INVESTMENT ADVISORS, LLC is a Systematic / Quant fund managing $54.0 billion in assets. The fund runs a massive portfolio of 1,641 positions, moderate concentration, with the top 10 accounting for 47%. Trading activity is aggressive at 64% quarterly turnover, with 319 new positions and 0 exits last quarter. Top sector allocations: Technology (14%), Semiconductors (13%), Other (11%).
Read the full dossier →§ 04 · FILING HISTORY
Q-by-Q deltas
4 OF 2 FILINGS MEASURED
Q2 2026
Busy quarter
+319 buys · −0 exits · 727 changed
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