CIK: 0001426196
Total reported value
$57.4B
Reporting period: 2026-03-31 · Number of holdings: 1558
CAPSTONE INVESTMENT ADVISORS, LLC disclosed 1558 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $57.4B and a quarterly turnover rate of 56.8%.
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Capstone Investment Advisors, LLC's disclosed holdings carry a Herfindahl concentration index of 0.119 — mathematically equivalent to about 8 equally-sized positions, well below its 1558 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 10.90), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 42% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Add QQQ
+258.5% $10.8B
Trim SPY
-18.0% -$3.1B
Trim NVDA
-37.1% -$1.8B
Trim IWM
-75.7% -$1.4B
Trim GOOGL
-60.8% -$1.3B
Add MSFT
+160.9% $1.3B
CAPSTONE is executing a high-conviction momentum rotation: aggressively expanding QQQ from 9% to 27% while shedding the broader market (SPY), small caps (IWM), and individual AI names (NVDA, AMD, GOOGL). The trade is a concentrated bet that the Tech mega-cap theme will continue to expand, rejecting the diversification of SPY for the pure growth of the Nasdaq 100.
This portfolio prices in a regime of persistent discount rate compression and AI-led productivity expansion that sustains the growth premium of large-cap tech. The rotation out of IWM and SPY signals a rejection of a broadening recovery scenario. The opposing thesis is that aggregate macro data likely start showing diminishing returns on AI capex, slowing earnings revisions that compress the P/E premium enjoyed by the QQQ complex. The fully-loaded momentum score (100) makes this a classic reflexivity trade—positioning is the thesis, but a drawdown accelerates as liquidity exit becomes crowded.
The structural vulnerability lies in the chasm between nominal diversification (1002 holdings) and effective factor concentration: a 27% QQQ allocation with zero position-sizing discipline (score 0.0) means no safety valve exists to cap single-bet drift. The vast majority of positions act as noise while the portfolio's alpha hinges entirely on the orderly unwind of a mega-cap momentum trade—a scenario rarely observed gracefully when liquidity tightens or narratives shift.
Produced with AI assistance from publicly disclosed 13F data. Historical only; not a personalized investment recommendation.
Showing top 200 holdings (of 1558 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | QQQ | Invesco Qqq Trust Series 1 | ETF-Tech | 26.79% | +17.85% | +258.47% | |
| 2 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 19.36% | -8.48% | -18.04% | |
| 3 | AMZN | Amazon.com INC | Stock-Consumer Disc | 5.22% | +1.77% | +88.23% | |
| 4 | MSFT | Microsoft CORP | Stock-Tech | 4.48% | +1.96% | +160.86% | |
| 5 | NVDA | Nvidia CORP | Stock-Tech | 4.43% | -4.04% | -37.12% | |
| 6 | TSLA | Tesla INC | Stock-Consumer Disc | 2.78% | — | +20.77% | |
| 7 | AAPL | Apple INC | Stock-Tech | 2.32% | — | +7.09% | |
| 8 | IVV | Ishares Core S&p 500 ETF | ETF-Large Cap & Growth | 1.77% | -0.62% | -12.53% | |
| 9 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 1.62% | -0.60% | -10.51% | |
| 10 | FXI | Ishares China Large-cap ETF | ETF-Emerging Markets | 1.42% | +0.34% | +58.56% | |
| 11 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 1.32% | -2.80% | -60.81% | |
| 12 | LITE 1.5 12-15-29 | Lumentum Holdings INC | Stock-Tech | 1.31% | +0.73% | +33.29% | |
| 13 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.15% | -0.52% | -11.16% | |
| 14 | XLF | Ss Financial Select Sector | ETF-Other | 1.12% | -0.25% | +1.57% | |
| 15 | WDC 3 11-15-28 | Western Digital CORP | Stock-Tech | 1.00% | +0.47% | +36.44% | |
| 16 | LQD | Ishr Ibx Usd Invgd Cb Etf-ui | ETF-Corp Bonds | 0.97% | +0.81% | +568.69% | |
| 17 | WBD | Warner Bros Discovery INC | Stock-Comm Services | 0.93% | +0.50% | +157.65% | |
| 18 | VOO | Vanguard S&p 500 ETF | ETF-Large Cap & Growth | 0.89% | -0.39% | -18.06% | |
| 19 | IWM | Ishares Russell 2000 ETF | ETF-Small Cap | 0.78% | -2.81% | -75.69% | |
| 20 | AVGO | Broadcom INC | Stock-Tech | 0.77% | -0.46% | -21.54% | |
| 21 | AMD | Advanced Micro Devices | Stock-Tech | 0.62% | -1.55% | -66.11% | |
| 22 | HYG | Ishr Ibx Usd Hiyld Cb Etf-ui | ETF-High Yield | 0.62% | +0.04% | +22.03% | |
| 23 | EEM | Ishares Msci Emerging Market | ETF-Emerging Markets | 0.53% | -0.36% | -36.04% | |
| 24 | NBIS | Nebius Group NV | Stock-Other | 0.39% | +0.09% | +19.33% | |
| 25 | ORCL | Oracle CORP | Stock-Tech | 0.36% | — | +22.09% | |
| 26 | EFA | Ishares Msci Eafe ETF | ETF-Other | 0.36% | +0.36% | +8355.24% | |
| 27 | EWZ | Ishares Msci Brazil ETF | ETF-Other | 0.36% | +0.08% | +17.50% | |
| 28 | ECHO 3.875 11-30-30 | Echostar CORP | Stock-Comm Services | 0.33% | +0.27% | -99.40% | |
| 29 | MU | Micron Technology INC | Stock-Tech | 0.31% | +0.10% | +38.61% | |
| 30 | XOM | Exxon Mobil CORP | Stock-Energy | 0.31% | +0.24% | +269.94% | |
| 31 | PLTR | Palantir Technologies Inc-a | Stock-Tech | 0.30% | +0.12% | +122.86% | |
| 32 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.29% | — | +48.65% | |
| 33 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.27% | +0.08% | +63.97% | |
| 34 | IBIT | Ishares Bitcoin Trust ETF | ETF-Crypto | 0.24% | — | +3.48% | |
| 35 | IDCC 3.5 06-01-27 | Interdigital INC | Stock-Tech | 0.23% | — | +53.26% | |
| 36 | XOP | Ss Spdr S&p Og Exp & Prod | ETF-Other | 0.23% | -0.18% | -55.86% | |
| 37 | V | Visa Inc-class A Shares | Stock-Financials | 0.20% | — | +28.96% | |
| 38 | WMT | Walmart INC | Stock-Consumer Staples | 0.19% | — | +21.55% | |
| 39 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.19% | — | +84.44% | |
| 40 | BAC | Bank Of America CORP | Stock-Financials | 0.19% | — | +90.08% | |
| 41 | NET 0 08-15-26 | Cloudflare INC | Stock-Tech | 0.19% | — | +7.28% | |
| 42 | NFLX | Netflix INC | Stock-Comm Services | 0.19% | — | -23.91% | |
| 43 | IBM | Intl Business Machines CORP | Stock-Tech | 0.18% | -0.15% | -23.40% | |
| 44 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.18% | — | +39.71% | |
| 45 | BBIO 2.5 03-15-27 | Bridgebio Pharma INC | Stock-Healthcare | 0.17% | — | +78.27% | |
| 46 | INTC | Intel CORP | Stock-Tech | 0.17% | — | -39.42% | |
| 47 | CVX | Chevron CORP | Stock-Energy | 0.15% | +0.10% | +162.72% | |
| 48 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.14% | — | +14.43% | |
| 49 | MA | Mastercard INC - A | Stock-Financials | 0.14% | — | +17.44% | |
| 50 | MIRM 4 05-01-29 | Mirum Pharmaceuticals | Stock-Other | 0.14% | — | +12.50% |
Performance for Q3 2026
+2.9%
Performance Last 4 Quarters
+27.8%
Based on 79% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 1558 | $57.4B | 57 | |
| 2025-12-31 | 1530 | $51.1B | 40 | |
| 2025-09-30 | 1889 | $53.7B | 51 | |
| 2025-06-30 | 1556 | $40.4B | 0 | |
| 2025-03-31 | 1317 | $37.8B | 100 | |
| 2024-12-31 | 1824 | $41.4B | 0 | |
| 2024-09-30 | 1886 | $32.9B | 0 | |
| 2024-06-30 | 2031 | $31.9B | 0 | |
| 2024-03-31 | 2306 | $27.8B | 0 | |
| 2023-12-31 | 2073 | $33.2B | 0 | |
| 2023-09-30 | 2081 | $22.2B | 0 | |
| 2023-06-30 | 1824 | $20.2B | 0 | |
| 2023-03-31 | 1542 | $19.8B | 0 | |
| 2022-12-31 | 1493 | $13.7B | 0 | |
| 2022-09-30 | 1642 | $16.6B | 0 | |
| 2022-06-30 | 1805 | $20.5B | 0 | |
| 2022-03-31 | 2076 | $36.4B | 0 | |
| 2021-12-31 | 1848 | $59.8B | 0 | |
| 2021-09-30 | 1999 | $50.5B | 0 | |
| 2021-06-30 | 1597 | $44.1B | 0 | |
| 2021-03-31 | 1616 | $33.9B | 0 | |
| 2020-12-31 | 1658 | $29.9B | 50 | |
| 2020-09-30 | 1384 | $19.6B | 40 | |
| 2020-06-30 | 1306 | $15.1B | 92 | |
| 2020-03-31 | 1107 | $6.2B | 100 | |
| 2019-12-31 | 1375 | $18.5B | 48 | |
| 2019-09-30 | 1342 | $14.6B | 36 | |
| 2019-06-30 | 1385 | $13.8B | 43 | |
| 2019-03-31 | 1282 | $10.9B | 74 | |
| 2018-12-31 | 1239 | $8.1B | 54 | |
| 2018-09-30 | 1282 | $8.8B | 69 | |
| 2018-06-30 | 685 | $6.5B | 94 | |
| 2018-03-31 | 344 | $5.2B | 90 | |
| 2017-12-31 | 479 | $3.5B | 100 | |
| 2017-09-30 | 527 | $2.8B | 91 | |
| 2017-06-30 | 611 | $3.7B | 100 | |
| 2017-03-31 | 837 | $4.0B | 100 | |
| 2016-12-31 | 889 | $3.2B | 100 | |
| 2016-09-30 | 716 | $4.6B | 100 | |
| 2016-06-30 | 665 | $5.2B | 100 | |
| 2016-03-31 | 626 | $3.3B | 100 | |
| 2015-12-31 | 458 | $3.7B | 72 | |
| 2015-09-30 | 395 | $4.3B | 83 | |
| 2015-06-30 | 286 | $7.1B | 83 | |
| 2015-03-31 | 273 | $6.1B | 94 | |
| 2014-12-31 | 323 | $7.0B | 66 | |
| 2014-09-30 | 426 | $8.9B | 59 | |
| 2014-06-30 | 395 | $7.6B | 67 | |
| 2014-03-31 | 362 | $7.8B | 84 | |
| 2013-12-31 | 473 | $9.2B | 45 | |
| 2013-09-30 | 509 | $9.9B | 36 | |
| 2013-06-30 | 430 | $9.4B | 0 |
Capstone Investment Advisors, LLC's most significant position changes for 2026-03-31: Sold out: Ionis Pharmaceuticals In (IONS 0 04-01-26); Sold out: Airbnb INC (ABNB 0 03-15-26); Sold out: Frontier Communications Pare (FYBR); Sold out: Dayforce INC (DAY); Sold out: Spotify USA INC (SPOT 0 03-15-26).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | QQQ | Invesco Qqq Trust Series 1 | +17.9% | +258.47% | Add |
| 2 | MSFT | Microsoft CORP | +2% | +160.86% | Add |
| 3 | AMZN | Amazon.com INC | +1.8% | +88.23% | Add |
| 4 | LQD | Ishr Ibx Usd Invgd Cb Etf-ui | +0.8% | +568.69% | Add |
| 5 | LITE 1.5 12-15-29 | Lumentum Holdings INC | +0.7% | +33.29% | Add |
| 6 | WBD | Warner Bros Discovery INC | +0.5% | +157.65% | Add |
| 7 | WDC 3 11-15-28 | Western Digital CORP | +0.5% | +36.44% | Add |
| 8 | EFA | Ishares Msci Eafe ETF | +0.4% | +8355.24% | Add |
| 9 | FXI | Ishares China Large-cap ETF | +0.3% | +58.56% | Add |
| 10 | ECHO 3.875 11-30-30 | Echostar CORP | +0.3% | -99.40% | Trim |
| 11 | XOM | Exxon Mobil CORP | +0.2% | +269.94% | Add |
| 12 | PLTR | Palantir Technologies Inc-a | +0.1% | +122.86% | Add |
| 13 | MU | Micron Technology INC | +0.1% | +38.61% | Add |
| 14 | CVX | Chevron CORP | +0.1% | +162.72% | Add |
| 15 | NBIS | Nebius Group NV | +0.1% | +19.33% | Add |
| 16 | CRM | Salesforce INC | +0.1% | +434.68% | Add |
| 17 | EWZ | Ishares Msci Brazil ETF | +0.1% | +17.50% | Add |
| 18 | BRK-B | Berkshire Hathaway Inc-cl B | +0.1% | +63.97% | Add |
| 19 | EA | Electronic Arts INC | +0.1% | +559.74% | Add |
| 20 | HYG | Ishr Ibx Usd Hiyld Cb Etf-ui | 0% | +22.03% | Add |
| 21 | FOX | Fox CORP - Class B | -0.1% | -81.82% | Trim |
| 22 | CSCO | Cisco Systems INC | -0.1% | -54.91% | Trim |
| 23 | CORZ | Core Scientific INC | -0.1% | -98.76% | Trim |
| 24 | IBM | Intl Business Machines CORP | -0.2% | -23.40% | Trim |
| 25 | XOP | Ss Spdr S&p Og Exp & Prod | -0.2% | -55.86% | Trim |
| 26 | TSM | Taiwan Semiconductor-sp Adr | -0.2% | -87.11% | Trim |
| 27 | XLE | Ss Energy Select Sector | -0.2% | -69.02% | Trim |
| 28 | XLF | Ss Financial Select Sector | -0.3% | +1.57% | Add |
| 29 | KVUE | Kenvue INC | -0.3% | -71.81% | Trim |
| 30 | EEM | Ishares Msci Emerging Market | -0.4% | -36.04% | Trim |
| 31 | VOO | Vanguard S&p 500 ETF | -0.4% | -18.06% | Trim |
| 32 | AVGO | Broadcom INC | -0.5% | -21.54% | Trim |
| 33 | META | Meta Platforms Inc-class A | -0.5% | -11.16% | Trim |
| 34 | GOOG | Alphabet Inc-cl C | -0.6% | -10.51% | Trim |
| 35 | IVV | Ishares Core S&p 500 ETF | -0.6% | -12.53% | Trim |
| 36 | AMD | Advanced Micro Devices | -1.6% | -66.11% | Trim |
| 37 | GOOGL | Alphabet Inc-cl A | -2.8% | -60.81% | Trim |
| 38 | IWM | Ishares Russell 2000 ETF | -2.8% | -75.69% | Trim |
| 39 | NVDA | Nvidia CORP | -4% | -37.12% | Trim |
| 40 | SPY | Ss Spdr S&p 500 ETF Trust-us | -8.5% | -18.04% | Trim |
| 41 | IONS 0 04-01-26 | Ionis Pharmaceuticals In | — | EXIT | Sold out |
| 42 | ABNB 0 03-15-26 | Airbnb INC | — | EXIT | Sold out |
| 43 | FYBR | Frontier Communications Pare | — | EXIT | Sold out |
| 44 | DAY | Dayforce INC | — | EXIT | Sold out |
| 45 | SPOT 0 03-15-26 | Spotify USA INC | — | EXIT | Sold out |
| 46 | WBS | Webster Financial CORP | — | NEW | New buy |
| 47 | ✓ | Cyberark Software LTD | — | EXIT | Sold out |
| 48 | EXAS 0.375 03-15-27 | Exact Sciences CORP | — | EXIT | Sold out |
| 49 | DAY 0.25 03-15-26 | Dayforce INC | — | EXIT | Sold out |
| 50 | ALRM 0 01-15-26 | Alarm.com Hldgs INC | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-17 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-15 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-01 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-12 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-13 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-10 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-09 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-10 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-10 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-15 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-13 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-11 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-15 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2022-02-11 | Amendment | View on EDGAR |
| 2021-06-30 | 2022-02-11 | Amendment | View on EDGAR |
| 2021-06-30 | 2021-08-16 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2022-02-11 | Amendment | View on EDGAR |
| 2021-03-31 | 2022-02-11 | Amendment | View on EDGAR |
| 2021-03-31 | 2021-05-17 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-06-21 | Amendment | View on EDGAR |
| 2020-12-31 | 2021-02-16 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2021-06-21 | Amendment | View on EDGAR |
| 2020-09-30 | 2020-11-16 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2021-06-21 | Amendment | View on EDGAR |
| 2020-06-30 | 2020-08-14 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2021-06-21 | Amendment | View on EDGAR |
| 2020-03-31 | 2020-05-15 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2021-06-21 | Amendment | View on EDGAR |
| 2019-12-31 | 2020-02-14 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-14 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-14 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-08-15 | Amendment | View on EDGAR |
| 2019-03-31 | 2019-05-15 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-14 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-14 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-13 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-15 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-14 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-14 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-14 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-15 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-14 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-14 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-15 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-16 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-16 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-16 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-14 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-15 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-13 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-14 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-18 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-04-17 | Amendment | View on EDGAR |
| 2014-03-31 | 2014-04-14 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-14 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-14 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-14 | 13F-HR | View on EDGAR |
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