CAPSTONE INVESTMENT ADVISORS, LLC Q4 2017 Filing

Filed February 14, 2018

Portfolio Value

$3.5B

Holdings

401

Report Date

Q4 2017

Filing Type

13F-HR

All Holdings (401 positions)

#	Stock	Shares	Value	% Portfolio	Type
1	—GNC HLDGS INC	2,000,000	$881.0M	24.88%
2	SPYSPDR S&P 500 ETF TR	2,070,571	$552.5M	15.61%	Put
3	IWMISHARES TR	1,823,120	$278.0M	7.85%	Put
4	QQQPOWERSHARES QQQ TRUST	1,725,080	$268.7M	7.59%	Put
5	NVAX 3.75 02/01/23NOVAVAX INC	500,000	$236.0M	6.67%
6	EEMISHARES TR	2,400,000	$113.1M	3.19%	Put
7	NXPINXP SEMICONDUCTORS N V	888,300	$104.0M	2.94%	Call
8	INTC 3.25 08/01/39INTEL CORP	40,500,000	$90.0M	2.54%
9	TAT&T INC	2,201,446	$85.6M	2.42%	Put
10	TWXCHFTIME WARNER INC	804,750	$73.6M	2.08%	Call
11	EFAISHARES TR	965,172	$67.9M	1.92%	Put
12	COLROCKWELL COLLINS INC	450,000	$61.0M	1.72%
13	TRVCCITIGROUP INC	815,700	$60.7M	1.71%
14	FXIISHARES TR	1,134,400	$52.4M	1.48%	Put
15	—MONSANTO CO NEW	445,000	$52.0M	1.47%	Call
16	GQ9SPDR GOLD TRUST	418,077	$51.7M	1.46%	Put
17	JNJJOHNSON & JOHNSON	348,318	$48.7M	1.37%	Put
18	—MERCADOLIBRE INC	18,411,000	$46.2M	1.30%
19	—WHITING PETE CORP NEW	42,600,000	$39.4M	1.11%
20	—TESLA INC	35,000,000	$37.9M	1.07%
21	—IMPAX LABORATORIES INC	37,200,000	$36.3M	1.02%
22	—SOLARCITY CORP	33,500,000	$33.3M	0.94%
23	TSLATESLA INC	106,500	$33.2M	0.94%	Put
24	MCDMCDONALDS CORP	192,000	$33.0M	0.93%
25	—CEMEX SAB DE CV	31,748,000	$32.3M	0.91%
26	VGR V2.5 01/15/19VECTOR GROUP LTD	19,000,000	$30.2M	0.85%
27	AETAETNA INC NEW	150,005	$27.1M	0.76%
28	SNISCRIPPS NETWORKS INTERACT IN	312,300	$26.7M	0.75%	Call
29	—NAVISTAR INTL CORP NEW	24,500,000	$26.6M	0.75%
30	—HERBALIFE LTD	24,000,000	$24.2M	0.68%
31	EWYISHARES INC	321,894	$24.1M	0.68%	Put
32	—CEMEX SAB DE CV	22,500,000	$23.3M	0.66%
33	—TESLA INC	22,000,000	$23.3M	0.66%
34	—BROOKDALE SR LIVING INC	22,941,000	$23.0M	0.65%
35	—GRANITE PT MTG TR INC	22,500,000	$22.4M	0.63%
36	—MEDICINES CO	24,215,000	$22.3M	0.63%
37	—CALPINE CORP	1,425,309	$21.6M	0.61%
38	—TWO HBRS INVT CORP	20,000,000	$21.2M	0.60%
39	—PATTERN ENERGY GROUP INC	20,740,000	$21.1M	0.60%
40	—CTRIP COM INTL LTD	20,000,000	$21.1M	0.60%
41	XMESPDR SERIES TRUST	570,001	$20.7M	0.59%	Put
42	—ALON USA ENERGY INC	15,329,000	$20.4M	0.58%
43	XLFISELECT SECTOR SPDR TR	358,470	$20.4M	0.58%	Put
44	RWT 4.75 08/15/23REDWOOD TR INC	20,000,000	$19.4M	0.55%
45	GDXVANECK VECTORS ETF TR	829,100	$19.3M	0.54%	Put
46	—CLOVIS ONCOLOGY INC	14,074,000	$19.0M	0.54%
47	TLTISHARES TR	145,000	$18.4M	0.52%
48	HUNHUNTSMAN CORP	552,000	$18.4M	0.52%	Put
49	CATCATERPILLAR INC DEL	113,900	$17.9M	0.51%	Put
50	—IRONWOOD PHARMACEUTICALS INC	14,500,000	$16.9M	0.48%
51	—NAVISTAR INTL CORP NEW	15,000,000	$15.5M	0.44%
52	—MEDICINES CO	14,435,000	$15.3M	0.43%
53	—CALATLANTIC GROUP INC	262,400	$14.8M	0.42%
54	—REDWOOD TR INC	14,500,000	$14.6M	0.41%
55	—COMMUNITY HEALTH SYS INC NEW	2,000,000	$14.0M	0.40%
56	—AKORN INC	428,500	$13.8M	0.39%	Put
57	GECBLE 4.5 11/15/29GENERAL CABLE CORP DEL NEW	13,000,000	$13.8M	0.39%
58	AAPLAPPLE INC	81,018	$13.7M	0.39%	Put
59	SLBSCHLUMBERGER LTD	201,110	$13.6M	0.38%	Put
60	VXXBARCLAYS BK PLC	472,224	$13.2M	0.37%	Put
61	METAFACEBOOK INC	70,900	$12.5M	0.35%	Put
62	—PRICELINE GRP INC	9,000,000	$12.4M	0.35%
63	HYGISHARES TR	141,200	$12.3M	0.35%	Put
64	—UNISYS CORP	10,500,000	$11.9M	0.34%
65	—MEDIDATA SOLUTIONS INC	10,000,000	$11.6M	0.33%
66	SMHVANECK VECTORS ETF TR	115,001	$11.2M	0.32%	Put
67	—BLACKSTONE MTG TR INC	11,000,000	$11.2M	0.32%
68	MSFTMICROSOFT CORP	129,700	$11.1M	0.31%	Put
69	—CALGON CARBON CORP	489,400	$10.4M	0.29%	Call
70	CTXSEURCITRIX SYS INC	117,000	$10.3M	0.29%	Call
71	TRCOTRIBUNE MEDIA CO	241,969	$10.3M	0.29%
72	—CTRIP COM INTL LTD	8,500,000	$10.0M	0.28%
73	JEF 3.875 11/01/29JEFFERIES GROUP INC NEW	10,000,000	$10.0M	0.28%
74	—CORNERSTONE ONDEMAND INC	10,000,000	$10.0M	0.28%
75	—ORBITAL ATK INC	74,972	$9.9M	0.28%
76	QCOMQUALCOMM INC	153,409	$9.8M	0.28%	Call
77	—LIVE NATION ENTERTAINMENT IN	7,500,000	$9.7M	0.27%
78	—TRONOX LTD	467,800	$9.6M	0.27%	Put
79	DPZDOMINOS PIZZA INC	50,400	$9.5M	0.27%	Put
80	MIC2EURMACQUARIE INFRASTRUCTURE COR	148,000	$9.5M	0.27%	Put
81	FEZSPDR INDEX SHS FDS	231,633	$9.4M	0.27%
82	—CIENA CORP	7,500,000	$8.7M	0.25%
83	MCHP 1.625 02/15/25MICROCHIP TECHNOLOGY INC	5,000,000	$8.5M	0.24%
84	—DYNEGY INC NEW DEL	683,300	$8.1M	0.23%	Put
85	—BROADSOFT INC	142,283	$7.8M	0.22%	Call
86	—ACORDA THERAPEUTICS INC	8,873,000	$7.6M	0.21%
87	HLFHERBALIFE LTD	104,300	$7.1M	0.20%	Put
88	—VIPSHOP HLDGS LTD	7,000,000	$7.0M	0.20%
89	SHYISHARES TR	82,680	$6.9M	0.20%
90	—TWENTY FIRST CENTY FOX INC	197,341	$6.8M	0.19%
91	—RADIUS HEALTH INC	7,000,000	$6.6M	0.19%
92	DISHDISH NETWORK CORP	131,410	$6.3M	0.18%	Call
93	—NUVASIVE INC	5,000,000	$5.9M	0.17%
94	STWD 4.375 04/01/23STARWOOD PPTY TR INC	5,500,000	$5.6M	0.16%
95	RHRH	63,200	$5.4M	0.15%	Put
96	—GLOBAL PARTNER ACQUISITION C	515,300	$5.2M	0.15%
97	NFXNEWFIELD EXPL CO	152,272	$4.8M	0.14%
98	IBMINTERNATIONAL BUSINESS MACHS	30,284	$4.6M	0.13%	Put
99	JPMJPMORGAN CHASE & CO	42,600	$4.6M	0.13%	Put
100	EWGISHARES INC	136,153	$4.5M	0.13%

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