CAPSTONE INVESTMENT ADVISORS, LLC
SEC Form 13F institutional filer · CIK 0001426196
13F-HR · 283 reported holdings · 2026-03-31
Investment advisor.
Reported long-US-equity value
$8.03B
Top-10 concentration
76.6%
CAPSTONE INVESTMENT ADVISORS, LLC — $8.03B AUM allocation strategy
CAPSTONE INVESTMENT ADVISORS, LLC files SEC Form 13F and reports $8.03B of long US equity value across 283 reported holdings for 2026-03-31.
Its largest sector bet is Information Technology 30.5%, followed by Consumer Discretionary 21.7% and Communication Services 11.3%.
The top 10 holdings account for 77% of reported value — a conviction-weighted book concentrated in its best ideas. The sector and industry splits below are of the same reported value. Track quarter-over-quarter adds, trims, new positions and exits below — sourced from SEC 13F filings, public domain.
CAPSTONE INVESTMENT ADVISORS, LLC — latest SEC 13F insights
Reported long-US-equity value (13F AUM)
$8.03B
total across 283 reported holdings · 2026-03-31 · excludes shorts, cash, non-US
Top-10 concentration
77% of value
higher = narrower conviction; lower = spread / hedging
Biggest adds (shares)
+$WBD +6.46M sh · +$172M+$AMZN +3.1M sh · +$585M+$MSFT +2.05M sh · +$677M
Biggest trims (shares)
−$NVDA −4.56M sh · −$899M−$KVUE −2.42M sh · −$41.8M−$GOOG −2.08M sh · −$667M
Exited to nil (held last quarter, gone now)
$XLF ($142M last qtr)$IWM ($46.7M last qtr)$ECHO ($16.3M last qtr)$LOW ($4.84M last qtr)$SLB ($2.55M last qtr)
Sector allocation (share of reported value)
each slice is a share of the reported long-US-equity value — smaller sectors and the rest of the book roll into “Other holdings”
Qtr shift = share-point change vs the prior quarter's filing — first period tracked for this filer; the column fills in with the next quarterly refresh.
Industry allocation (share of reported value)
- Broadline Retail15.0%—
- Systems Software12.8%—
- Semiconductors12.0%—
- Interactive Media & Services7.9%—
- Automobile Manufacturers6.7%—
- Broadcasting3.5%—
- Technology Hardware, Storage & Peripherals3.1%—
- Application Software2.2%—
- Other holdings36.9%—
the finer GICS cut of the same book — same denominator — smaller industries roll into “Other holdings”
Qtr shift = share-point change vs the prior quarter's filing — first period tracked for this filer; the column fills in with the next quarterly refresh.
Top S&P 500 holdings
7 of 7 rows · sorted by Value ↓
| Ticker | Holding | Shares | Value | Δ QoQ | Weight |
|---|---|---|---|---|---|
| $AMZN | Amazon.com Inc | 5.77M | $1.2B | +3.1M | 15.0% |
| $MSFT | Microsoft Corporation | 2.77M | $1.03B | +2.05M | 12.8% |
| $NVDA | NVIDIA Corporation | 4.02M | $700M | -4.56M | 8.7% |
| $TSLA | Tesla Inc | 1.45M | $541M | +540K | 6.7% |
| $WBD | Warner Bros. Discovery Inc. Series A | 10.2M | $280M | +6.46M | 3.5% |
| $AAPL | Apple Inc | 986K | $250M | -38.5K | 3.1% |
| $GOOGL | Alphabet Inc | 839K | $241M | -92.3K | 3.0% |
…and 276 more holdings in the full 13F filing (top positions only shown).
SEC Form 13F data sets · public domain · 45-day filing lag · >$100M AUM managers · as reported
← All 13F filers·← QuantOrb.pro
How to read Δ QoQ — the five insight categories, and the caveats
The categories. Analysts, quants and retail traders look past total portfolio value to isolate actionable signals. Five categories matter.
Conviction & concentration shifts
New positions vs complete exits — a brand-new stock signals high conviction; a full liquidation suggests a broken thesis or tax-loss harvesting. Aggressive sizing — look at share count, not dollars: a 20% share increase during a drawdown is strong dip-buying. Concentration — a narrowing top-5/10 means conviction; spreading capital across more names means hedging.
Sector & macro allocation rotations
Aggregating Δ QoQ moves across sectors shows where smart money is leaning in or sneaking out — rotating out of growth into defensives or energy, for example. The fund's total long equity exposure quarter-over-quarter is a proxy for overall institutional risk appetite.
Crowding & smart-money consensus
When several managers initiate or expand the same stock in the same quarter, that is institutional consensus. Contrarian reads: top pickers buying hard into a beaten-down name the market is selling.
Derivative & option overlays
Reported call/put changes indicate whether managers are adding downside hedges or leveraging upside exposure. Note: a long increase may be half of a market-neutral pair trade.
Who reads this
| Retail "cloners" | High-conviction ideas to replicate ~45 days after quarter-end. |
| Corporate IR | Which funds bought or dumped the stock, before the next call. |
| Quant / algo traders | Cross-sectional factor inputs: flow, momentum, ownership. |
Four caveats before you trade on it
- 45-day lag — holdings are quarter-end; positions may already be closed.
- Long-only — 13Fs miss shorts, pair trades and cash.
- No non-US / fixed income — the picture is US equities plus options.
- Corporate actions — splits and spinoffs distort raw share deltas.
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