# CAPSTONE INVESTMENT ADVISORS, LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1426196. Source: https://holderbook.com/funds/1426196-capstone-investment-advisors-llc/

- Reported value: $54.0B
- Positions: 1,097
- Weight of the ten largest: 59.8%
- Filed: 2026-08-17

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $8.1B | 426,945 | 15.1% | 31 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $7.7B | 101,328 | 14.3% | 31 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $4.0B | 6,869,767 | 7.3% | 31 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $3.6B | 4,303,251 | 6.6% | 31 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $2.0B | 3,089,477 | 3.7% | 31 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $1.8B | 934,697 | 3.4% | 31 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $1.7B | 1,322,989 | 3.1% | 31 |
| WESTERN DIGITAL CORP | - | $1.4B | 80,500,000 | 2.5% | 4 |
| ISHARES TR | [IVV](https://holderbook.com/stocks/IVV/) | $1.2B | 1,562,108 | 2.2% | 10 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $911.8M | 230,359 | 1.7% | 31 |
| ISHARES TR | [IWM](https://holderbook.com/stocks/IWM/) | $865.0M | 68,994 | 1.6% | 31 |
| ISHARES TR | [FXI](https://holderbook.com/stocks/FXI/) | $859.3M | 2,201,127 | 1.6% | 31 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $841.7M | 594,871 | 1.6% | 31 |
| SELECT SECTOR SPDR TR | [XLF](https://holderbook.com/stocks/XLF/) | $820.7M | 0 | 1.5% | 20 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $742.0M | 271,923 | 1.4% | 31 |
| ISHARES TR | [LQD](https://holderbook.com/stocks/LQD/) | $681.4M | 0 | 1.3% | 17 |
| NEBIUS GROUP N.V. | [NBIS](https://holderbook.com/stocks/NBIS/) | $623.4M | 1,849 | 1.2% | 3 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $591.6M | 448,295 | 1.1% | 31 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $590.5M | 32,227 | 1.1% | 31 |
| VANGUARD INDEX FDS | [VOO](https://holderbook.com/stocks/VOO/) | $589.2M | 857,924 | 1.1% | 8 |
| ADVANCED MICRO DEVICES INC | [AMD](https://holderbook.com/stocks/AMD/) | $430.1M | 60,963 | 0.8% | 31 |
| SPDR SERIES TRUST | [KRE](https://holderbook.com/stocks/KRE/) | $392.6M | 97,629 | 0.7% | 21 |
| NOKIA CORP | [NOK](https://holderbook.com/stocks/NOK/) | $387.1M | 14,595,379 | 0.7% | 1 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $374.0M | 197,358 | 0.7% | 31 |
| INTEL CORP | [INTC](https://holderbook.com/stocks/INTC/) | $316.9M | 43,215 | 0.6% | 31 |
| ISHARES TR | [HYG](https://holderbook.com/stocks/HYG/) | $313.9M | 372,550 | 0.6% | 31 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $280.2M | 1,217,291 | 0.5% | 31 |
| ISHARES TR | [EEM](https://holderbook.com/stocks/EEM/) | $273.2M | 605,065 | 0.5% | 31 |
| VANECK ETF TRUST | [SMH](https://holderbook.com/stocks/SMH/) | $244.0M | 0 | 0.5% | 6 |
| STRATEGY INC | [MSTR](https://holderbook.com/stocks/MSTR/) | $233.0M | 1,298,361 | 0.4% | 15 |
| PALANTIR TECHNOLOGIES INC | [PLTR](https://holderbook.com/stocks/PLTR/) | $215.8M | 925,130 | 0.4% | 8 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $205.7M | 11,844 | 0.4% | 31 |
| ECHOSTAR CORP | - | $205.0M | 65,588,000 | 0.4% | 3 |
| SPACE EXPLORATION TECHN CORP | [SPCX](https://holderbook.com/stocks/SPCX/) | $194.4M | 812,500 | 0.4% | 1 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $185.9M | 6,676 | 0.3% | 31 |
| SANDISK CORP | [SNDK](https://holderbook.com/stocks/SNDK/) | $178.3M | 19,435 | 0.3% | 6 |
| LAM RESEARCH CORP | [LRCX](https://holderbook.com/stocks/LRCX/) | $169.3M | 1,103 | 0.3% | 7 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $163.6M | 1,477 | 0.3% | 31 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $161.0M | 69,773 | 0.3% | 31 |
| WARNER BROS DISCOVERY INC | [WBD](https://holderbook.com/stocks/WBD/) | $150.1M | 3,405,000 | 0.3% | 17 |
| ALIBABA GROUP HLDG LTD | [BABA](https://holderbook.com/stocks/BABA/) | $147.2M | 773,268 | 0.3% | 20 |
| INTERDIGITAL INC | - | $127.7M | 34,886,000 | 0.2% | 13 |
| BRIDGEBIO PHARMA INC | - | $124.5M | 69,872,000 | 0.2% | 4 |
| NETFLIX INC | [NFLX](https://holderbook.com/stocks/NFLX/) | $123.6M | 529,559 | 0.2% | 31 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $117.5M | 2,248 | 0.2% | 31 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $108.7M | 30,943 | 0.2% | 31 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $106.6M | 1,026 | 0.2% | 31 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $105.7M | 2,792 | 0.2% | 31 |
| WALMART INC | [WMT](https://holderbook.com/stocks/WMT/) | $104.0M | 0 | 0.2% | 31 |
| ISHARES BITCOIN TRUST ETF | [IBIT](https://holderbook.com/stocks/IBIT/) | $100.5M | 0 | 0.2% | 8 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $94.2M | 17,752 | 0.2% | 31 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $93.7M | 0 | 0.2% | 31 |
| ADOBE INC | [ADBE](https://holderbook.com/stocks/ADBE/) | $89.6M | 195,190 | 0.2% | 31 |
| PALO ALTO NETWORKS INC | [PANW](https://holderbook.com/stocks/PANW/) | $89.2M | 0 | 0.2% | 13 |
| GOLDMAN SACHS GROUP INC | [GS](https://holderbook.com/stocks/GS/) | $86.7M | 2,303 | 0.2% | 31 |
| CLOUDFLARE INC | - | $86.2M | 67,000,000 | 0.2% | 12 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $85.3M | 49,041 | 0.2% | 31 |
| CITIGROUP INC | [C](https://holderbook.com/stocks/C/) | $81.2M | 3,349 | 0.2% | 31 |
| CHEFS WHSE INC | - | $79.8M | 35,636,000 | 0.1% | 6 |
| GE VERNOVA INC | [GEV](https://holderbook.com/stocks/GEV/) | $79.1M | 3,596 | 0.1% | 9 |
| CHART INDS INC | [GTLS](https://holderbook.com/stocks/GTLS/) | $77.3M | 370,000 | 0.1% | 2 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $76.8M | 4,218 | 0.1% | 31 |
| SELECT SECTOR SPDR TR | [XLE](https://holderbook.com/stocks/XLE/) | $76.5M | 1,164,746 | 0.1% | 9 |
| SALESFORCE INC | [CRM](https://holderbook.com/stocks/CRM/) | $76.2M | 108,524 | 0.1% | 31 |
| QUALCOMM INC | [QCOM](https://holderbook.com/stocks/QCOM/) | $74.4M | 20,979 | 0.1% | 31 |
| KENVUE INC | [KVUE](https://holderbook.com/stocks/KVUE/) | $72.5M | 3,599,857 | 0.1% | 13 |
| WEBSTER FINL CORP | [WBS](https://holderbook.com/stocks/WBS/) | $71.5M | 935,000 | 0.1% | 2 |
| LIVE NATION ENTERTAINMENT IN | - | $71.4M | 40,000,000 | 0.1% | 1 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $70.6M | 110,383 | 0.1% | 22 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $69.6M | 49,535 | 0.1% | 31 |
| MARVELL TECHNOLOGY INC | [MRVL](https://holderbook.com/stocks/MRVL/) | $68.6M | 6,898 | 0.1% | 10 |
| MIRUM PHARMACEUTICALS INC | - | $68.3M | 18,448,000 | 0.1% | 4 |
| AKAMAI TECHNOLOGIES INC | - | $65.7M | 45,000,000 | 0.1% | 1 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $64.3M | 11,784 | 0.1% | 31 |
| XERIS BIOPHARMA HOLDINGS INC | - | $62.6M | 23,074,000 | 0.1% | 6 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $61.3M | 711 | 0.1% | 31 |
| UBER TECHNOLOGIES INC | [UBER](https://holderbook.com/stocks/UBER/) | $60.9M | 316,531 | 0.1% | 11 |
| BIOMARIN PHARMACEUTICAL INC | - | $60.8M | 62,432,000 | 0.1% | 5 |
| UBER TECHNOLOGIES INC | - | $57.3M | 47,871,000 | 0.1% | 7 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $56.8M | 1,273 | 0.1% | 31 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $56.1M | 4,009 | 0.1% | 31 |
| WELLS FARGO & CO | [WFC](https://holderbook.com/stocks/WFC/) | $55.7M | 107,169 | 0.1% | 31 |
| CROWDSTRIKE HLDGS INC | [CRWD](https://holderbook.com/stocks/CRWD/) | $55.6M | 0 | 0.1% | 10 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $54.9M | 7,370 | 0.1% | 25 |
| MORGAN STANLEY | [MS](https://holderbook.com/stocks/MS/) | $54.5M | 15,683 | 0.1% | 31 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $54.4M | 20,079 | 0.1% | 31 |
| GE AEROSPACE | [GE](https://holderbook.com/stocks/GE/) | $54.0M | 1,165 | 0.1% | 20 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $51.4M | 4,738 | 0.1% | 31 |
| SEAGATE TECHNOLOGY HLDNGS PL | [STX](https://holderbook.com/stocks/STX/) | $50.8M | 949 | 0.1% | 21 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $49.2M | 122,532 | 0.1% | 31 |
| MCDONALDS CORP | [MCD](https://holderbook.com/stocks/MCD/) | $48.5M | 19,219 | 0.1% | 31 |
| ETSY INC | [ETSY](https://holderbook.com/stocks/ETSY/) | $48.3M | 640,706 | 0.1% | 1 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $46.7M | 57,044 | 0.1% | 31 |
| DELL TECHNOLOGIES INC | [DELL](https://holderbook.com/stocks/DELL/) | $45.8M | 2,212 | 0.1% | 8 |
| CEREBRAS SYSTEMS INC | [CBRS](https://holderbook.com/stocks/CBRS/) | $44.7M | 202,100 | 0.1% | 1 |
| ETSY INC | - | $44.6M | 47,000,000 | 0.1% | 1 |
| BLACKROCK INC | [BLK](https://holderbook.com/stocks/BLK/) | $44.3M | 3,210 | 0.1% | 7 |
| ROKU INC | [ROKU](https://holderbook.com/stocks/ROKU/) | $44.2M | 320,000 | 0.1% | 4 |
| SERVICENOW INC | [NOW](https://holderbook.com/stocks/NOW/) | $44.2M | 114,841 | 0.1% | 27 |
| ETSY INC | - | $43.9M | 37,750,000 | 0.1% | 1 |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $54.0B | 1,097 |
| Q1 2026 | $57.4B | 1,002 |
| Q4 2025 | $51.1B | 939 |
| Q3 2025 | $53.7B | 1,205 |
| Q2 2025 | $40.4B | 964 |
| Q1 2025 | $37.8B | 701 |
| Q4 2024 | $41.4B | 794 |
| Q3 2024 | $32.9B | 867 |
| Q2 2024 | $31.9B | 1,057 |
| Q1 2024 | $27.8B | 1,371 |
| Q4 2023 | $33.2B | 1,189 |
| Q3 2023 | $22.2B | 1,153 |