CAPSTONE INVESTMENT ADVISORS, LLC
CIK: 0001426196Latest portfolio: $51.1B · Q4 2025
Holdings
939
Total Value
$51.1B
New Positions
204
Closed Positions
467
Top Holdings
View All 939 Holdings →| # | Stock | Shares | Value | % Portfolio | Change | Type |
|---|---|---|---|---|---|---|
| 1 | SPYSPDR S&P 500 ETF TR | 20,856,080 | $14.2B | 27.84% | -5,160,622 | Put |
| 2 | NDQINVESCO QQQ TR | 7,433,672 | $4.6B | 8.94% | +4.8M | Put |
| 3 | NVDANVIDIA CORPORATION | 23,202,701 | $4.3B | 8.47% | +198K | Put |
| 4 | GOOGLALPHABET INC | 6,731,571 | $2.1B | 4.12% | +2.7M | Put |
| 5 | IWMISHARES TR | 7,457,760 | $1.8B | 3.59% | -1,312,069 | Put |
| 6 | AMZNAMAZON COM INC | 7,638,568 | $1.8B | 3.45% | -3,892,032 | Put |
| 7 | TSLATESLA INC | 3,553,787 | $1.6B | 3.12% | -2,485,006 | Put |
| 8 | AAPLAPPLE INC | 4,898,889 | $1.3B | 2.60% | -776,238 | Put |
| 9 | MSFTMICROSOFT CORP | 2,662,232 | $1.3B | 2.52% | -3,016,489 | Put |
| 10 | IVVISHARES TR | 1,780,940 | $1.2B | 2.39% | +819K | |
| 11 | GOOGALPHABET INC | 3,612,513 | $1.1B | 2.22% | +2.0M | Put |
| 12 | AMDADVANCED MICRO DEVICES INC | 5,185,936 | $1.1B | 2.17% | -1,013,923 | Put |
| 13 | METAMETA PLATFORMS INC | 1,293,595 | $852.0M | 1.67% | +267K | Put |
| 14 | XLFSELECT SECTOR SPDR TR | 12,796,378 | $699.0M | 1.37% | +4.2M | Put |
| 15 | VOOVANGUARD INDEX FDS | 1,043,795 | $654.0M | 1.28% | NEW | Put |
| 16 | AVGOBROADCOM INC | 1,819,995 | $629.0M | 1.23% | +472K | Put |
| 17 | FXIISHARES TR | 14,372,224 | $549.0M | 1.07% | +6.7M | Put |
| 18 | EEMISHARES TR | 8,300,863 | $453.0M | 0.89% | -1,471,881 | Put |
| 19 | LITE 1.5 12/15/29LUMENTUM HLDGS INC | 55,778,000 | $296.0M | 0.58% | +29.0M | |
| 20 | HYGISHARES TR | 3,660,770 | $294.0M | 0.58% | +64K | Put |
| 21 | WDC 3 11/15/28WESTERN DIGITAL CORP | 59,000,000 | $270.0M | 0.53% | +4.5M | |
| 22 | ORCLORACLE CORP | 1,150,118 | $222.0M | 0.43% | +379K | Put |
| 23 | WBDWARNER BROS DISCOVERY INC | 7,559,900 | $217.0M | 0.42% | +7.2M | Put |
| 24 | XOPSPDR SERIES TRUST | 1,647,378 | $207.0M | 0.41% | -434,522 | Put |
| 25 | KVUEKENVUE INC | 10,259,465 | $175.0M | 0.34% | +9.9M | Put |
Quarterly Changes
New Positions
Closed Positions
- VOOCLOSED$376.0B
- XMECLOSED$196.8B
- DXCM 0.25 11/15/25CLOSED$80.9B
- CORZCLOSED$79.6B
- FOUR 0 12/15/25CLOSED$58.0B
- FLSCLOSED$54.9B
- 07WACLOSED$44.7B
- IMAX 0.5 04/01/26CLOSED$40.7B
- VRNACLOSED$40.0B
- CMCSACLOSED$36.3B
Increased Positions
| Name | Shares | Change |
|---|---|---|
| LITE 1.5 12/15/29 | 55.8M | +29.0M |
| NET 0 08/15/26 | 85.1M | +15.1M |
| IONS 0 04/01/26 | 84.9M | +15.0M |
| BSY 0.375 07/01/27 | 33.8M | +9.5M |
| ASND 2.25 04/01/28 | 25.8M | +8.0M |
| WBD | 7.6M | +7.2M |
| CHEF 2.375 12/15/28 | 33.0M | +6.8M |
| BBIO 2.5 03/15/27 | 30.5M | +6.5M |
| ABNB 0 03/15/26 | 75.7M | +5.6M |
| MIRM 4 05/01/29 | 24.0M | +5.0M |
Decreased Positions
| Name | Shares | Change |
|---|---|---|
| SPY | 20.9M | -5160622 |
| MSFT | 2.7M | -3016489 |
| AKAM 0.375 09/01/27 | 32.6M | -2500000 |
| UBER 0.875 12/01/28 2028 | 23.9M | -2500000 |
| MSTR | 12.5M | -2500000 |
| MCHP 0.75 06/01/30 | 2.5M | -2500000 |
| TSLA | 3.6M | -2485006 |
| MARA 2.125 09/01/31 | 20.6M | -2312000 |
| GH 0 11/15/27 | 2.7M | -2000000 |
| EEM | 8.3M | -1471881 |
Sector Breakdown
Financial ServicesNaN% ($InfinityT)
UnknownNaN% ($InfinityT)
TechnologyNaN% ($InfinityT)
Consumer Cyclical0.0% ($1.7620001596000563e+275T)
Industrials0.0% ($9.900055000510005e+264T)
Healthcare0.0% ($7.100068000610007e+209T)
Consumer Defensive0.0% ($1.7500080000610003e+136T)
Communication Services0.0% ($2.106000113200085e+110T)
Energy0.0% ($3.2000220002100017e+92T)
Basic Materials0.0% ($2.200018000120001e+83T)
Utilities0.0% ($2.900017000140001e+65T)
Real Estate0.0% ($1.3000900070003999e+50T)
Filing History
| Quarter | Filing Date | Portfolio Value | Holdings |
|---|---|---|---|
| Q4 2025 | Feb 17, 2026 | $51.1B | 1,530 |
| Q3 2025 | Nov 14, 2025 | $53.7T | 1,889 |
| Q2 2025 | Aug 14, 2025 | $40.4T | 1,556 |
| Q1 2025 | May 15, 2025 | $37.8T | 1,317 |
| Q4 2024 | Feb 14, 2025 | $41.4T | 1,824 |
| Q3 2024 | Nov 14, 2024 | $32860.2T | 1,886 |
| Q2 2024 | Aug 14, 2024 | $31918.2T | 2,031 |
| Q1 2024 | May 1, 2024 | $27760.8T | 2,306 |
| Q4 2023 | Feb 12, 2024 | $33221.6T | 2,073 |
| Q3 2023 | Nov 13, 2023 | $22218.1T | 2,081 |
| Q2 2023 | Aug 10, 2023 | $20237.1T | 1,824 |
| Q1 2023 | May 9, 2023 | $19776.9T | 1,542 |
| Q4 2022 | Feb 10, 2023 | $13735.6T | 1,493 |
| Q3 2022 | Nov 10, 2022 | $16.6T | 1,642 |
| Q2 2022 | Aug 15, 2022 | $20.5T | 1,805 |
| Q1 2022 | May 13, 2022 | $36.4T | 2,076 |
| Q4 2021 | Feb 11, 2022 | $59.8T | 1,848 |
| Q3 2021 | Nov 15, 2021 | $50.5T | 1,999 |
| Q2 2021 | Aug 16, 2021 | $44.0T | 1,599 |
| Q1 2021 | May 17, 2021 | $34.1T | 1,616 |
| Q4 2020 | Feb 16, 2021 | $29.9T | 1,658 |
| Q3 2020 | Nov 16, 2020 | $19.6T | 1,384 |
| Q2 2020 | Aug 14, 2020 | $15.1T | 1,306 |
| Q1 2020 | May 15, 2020 | $6.2T | 1,107 |
| Q4 2019 | Feb 14, 2020 | $18.5T | 1,375 |
| Q3 2019 | Nov 14, 2019 | $14.6T | 1,342 |
| Q2 2019 | Aug 14, 2019 | $13.8T | 1,385 |
| Q1 2019 | May 15, 2019 | $10.9T | 1,146 |
| Q4 2018 | Feb 14, 2019 | $8.1T | 1,239 |
| Q3 2018 | Nov 14, 2018 | $8.8T | 1,282 |
| Q2 2018 | Aug 13, 2018 | $6.5T | 685 |
| Q1 2018 | May 15, 2018 | $5.2T | 344 |
| Q4 2017 | Feb 14, 2018 | $3.5T | 479 |
| Q3 2017 | Nov 14, 2017 | $2.8T | 527 |
| Q2 2017 | Aug 14, 2017 | $3.7T | 611 |
| Q1 2017 | May 15, 2017 | $4.0T | 837 |
| Q4 2016 | Feb 14, 2017 | $3.2T | 889 |
| Q3 2016 | Nov 14, 2016 | $4.6T | 716 |
| Q2 2016 | Aug 15, 2016 | $5.2T | 665 |
| Q1 2016 | May 16, 2016 | $3.3T | 626 |
Fund Information
CAPSTONE INVESTMENT ADVISORS, LLC is an institutional investment manager that files 13F reports with the SEC. As of the Q4 2025 filing, the fund reported a portfolio valued at $51.1B across 939 holdings. The largest position is SPDR S&P 500 ETF TR (SPY), representing 27.8% of the portfolio. Compared to the previous quarter, the fund opened 251 new positions and closed 517 positions. 13F filings are required quarterly disclosures that provide transparency into the holdings of institutional investment managers with at least $100 million in qualifying assets.