Hedge fund

Capstone Investment Advisors, LLC

13F for the quarter to June 30, 2026, filed August 17, 2026 · SEC CIK 1426196

Reported value: $10.9bn
Positions we cover: 756
Copy, a year: +14.2%
Copy Sharpe ratio: 0.68

How copying its 13F would have done

CopyS&P 500 $10,000 copying Capstone Investment Advisors, LLC's filed holdings in companies we cover from August 16, 2013, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −32.8% (S&P 500 −31.8%); beta 1.07; alpha −0.3% a year (t = −0.14); last 12 months +13.9% against +12.1%.

Reported value by quarter

Capstone Investment Advisors, LLC: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).

View chart data

Period	Reported value
2013-06-30	$502.2M
2013-09-30	$729.6M
2013-12-31	$1.2B
2014-03-31	$726.9M
2014-06-30	$772M
2014-09-30	$2.4B
2014-12-31	$2.8B
2015-03-31	$2.3B
2015-06-30	$2.3B
2015-09-30	$1.8B
2015-12-31	$1.8B
2016-03-31	$1.8B
2016-06-30	$1.9B
2016-09-30	$1.9B
2016-12-31	$2B
2017-03-31	$2B
2017-06-30	$2.1B
2017-09-30	$779.3M
2017-12-31	$1.4B
2018-03-31	$2B
2018-06-30	$2.3B
2018-09-30	$1.9B
2018-12-31	$1.7B
2019-03-31	$1.5B
2019-06-30	$2.5B
2019-09-30	$2.1B
2019-12-31	$2.1B
2020-03-31	$920.4M
2020-06-30	$1.7B
2020-09-30	$2.3B
2020-12-31	$3.1B
2021-03-31	$3.3B
2021-06-30	$4.2B
2021-09-30	$3.7B
2021-12-31	$3.7B
2022-03-31	$1.9B
2022-06-30	$1.9B
2022-09-30	$2.2B
2022-12-31	$1.5T
2023-03-31	$816.7M
2023-06-30	$1.1B
2023-09-30	$1.8B
2023-12-31	$3B
2024-03-31	$2.9B
2024-06-30	$2.2B
2024-09-30	$2.9B
2024-12-31	$7.9B
2025-03-31	$8.7B
2025-06-30	$9.7B
2025-09-30	$9.4B
2025-12-31	$9.9B
2026-03-31	$9B
2026-06-30	$10.9B

Holdings and moves

Company	Share of portfolio	Value	Shares	Change in shares
MSFTMicrosoft Corporation	14.69%	$1.6bn	4.30M	+55.1% Added
NVDANVIDIA Corporation	12.58%	$1.4bn	6.87M	+71.1% Added
AMZNAmazon	6.74%	$736.3m	3.09M	−46.4% Reduced
TSLATesla, Inc.	5.09%	$556.4m	1.32M	−9.0% Reduced
METAMeta Platforms	3.07%	$335.1m	594.9K	+75.4% Added
AAPLApple Inc.	2.48%	$270.5m	934.7K	−5.2% Reduced
MUMicron Technology	2.43%	$265.9m	230.4K	+331.4% Added
ORCLOracle Corporation	1.63%	$178.4m	1.22M	+37.7% Added
AVGOBroadcom	1.55%	$169.3m	448.3K	+18.6% Added
SPCXSpace Exploration Technologies Corp	1.27%	$138.8m	812.5K	New
MSTRStrategy Inc	1.03%	$112.9m	1.30M	+1948.1% Added
PLTRPalantir Technologies Inc.	0.99%	$107.9m	925.1K	+188.4% Added
BABAAlibaba Group Holding Ltd	0.68%	$74.2m	773.3K	+9612.0% Added
KVUEKenvue	0.63%	$68.8m	3.60M	+35.1% Added
TSMTaiwan Semiconductor Manufacturing Co LTD	0.48%	$52.7m	110.4K	+131.7% Added
ETSYEtsy Inc	0.44%	$48.3m	640.7K	New
CBRSCerebras Systems Inc.	0.41%	$44.7m	202.1K	New
ROKURoku, Inc	0.41%	$44.2m	320.0K	+1651.7% Added
SNDKSandisk	0.40%	$44.2m	19.4K	+421.3% Added
ADBEAdobe Inc.	0.37%	$40.0m	195.2K	+130.4% Added
NFLXNetflix	0.35%	$37.8m	529.6K	+417.2% Added
AMDAdvanced Micro Devices	0.32%	$35.4m	61.0K	−91.5% Reduced
GSATGlobalstar, Inc.	0.22%	$24.4m	300.0K	New
UBERUber	0.21%	$22.8m	316.5K	+2.1% Added
GXOGXO Logistics, Inc.	0.21%	$22.7m	448.0K	−53.6% Reduced
LULULululemon Athletica	0.20%	$21.6m	188.9K	+30.9% Added
VALValaris Ltd	0.16%	$17.4m	240.0K	+140.9% Added
AXTAAxalta Coating Systems Ltd.	0.16%	$17.1m	500.0K	New
CEGConstellation Energy	0.16%	$17.1m	68.7K	+13.6% Added
CRMSalesforce	0.16%	$17.0m	108.5K	+532.8% Added
LITELumentum	0.15%	$16.5m	19.2K	+2091.5% Added
CMECME Group	0.15%	$16.3m	74.0K	+22.0% Added
INIOInnio N.V.	0.14%	$15.8m	400.0K	New
BXBlackstone Inc.	0.14%	$15.5m	132.1K	+4.9% Added
TECHBio-Techne	0.14%	$14.8m	210.0K	New
INTUIntuit	0.13%	$14.1m	54.1K	+185.3% Added
COINCoinbase	0.12%	$13.2m	90.2K	+59.7% Added
CRWVCoreweave, Inc.	0.11%	$12.2m	122.2K	−46.2% Reduced
GOOGLAlphabet Inc. (Class A)	0.10%	$11.5m	32.2K	−95.3% Reduced
NOWServiceNow	0.10%	$11.4m	114.8K	+22.0% Added
KKRKKR & Co.	0.10%	$10.8m	117.9K	−14.8% Reduced
JANJanus Living, Inc.	0.10%	$10.8m	375.0K	New
AAAlcoa Corp	0.10%	$10.5m	201.3K	−63.0% Reduced
QXOQXO, Inc.	0.10%	$10.4m	600.0K	New
TAT&T	0.09%	$10.1m	487.1K	+2912.4% Added
NATLNCR Atleos Corp	0.09%	$10.0m	230.3K	New
COMPCompass, Inc.	0.09%	$9.7m	789.2K	New
CDNLCardinal Infrastructure Group Inc.	0.09%	$9.4m	100.0K	New
AUAnglogold Ashanti PLC	0.08%	$9.1m	112.8K	+123.6% Added
URIUnited Rentals	0.08%	$8.9m	7.8K	+2309.8% Added
WFCWells Fargo	0.08%	$8.9m	107.2K	−7.9% Reduced
COHRCoherent Corp.	0.08%	$8.7m	22.2K	+1173.4% Added
FPSForgent Power Solutions, Inc.	0.08%	$8.4m	150.0K	−50.0% Reduced
CVXChevron Corporation	0.07%	$8.1m	49.0K	New
CELHCelsius Holdings, Inc.	0.07%	$8.1m	276.5K	+1454.9% Added
VSTVistra Corp.	0.07%	$8.0m	50.4K	−51.8% Reduced
NKENike, Inc.	0.07%	$7.4m	179.9K	+112.7% Added
TTTrane Technologies	0.07%	$7.4m	15.0K	+723.4% Added
LHXL3Harris	0.07%	$7.1m	24.5K	+60.9% Added
CAVACAVA Group, Inc.	0.06%	$7.0m	89.5K	+94.8% Added
JJacobs Solutions	0.06%	$7.0m	55.6K	−77.8% Reduced
LLYVKLiberty Live Holdings, Inc.	0.06%	$6.9m	65.6K	New
FLYFirefly Aerospace Inc.	0.06%	$6.6m	224.9K	New
SMCISupermicro	0.06%	$6.6m	223.6K	+11.0% Added
APOApollo Global Management	0.06%	$6.3m	53.1K	−42.8% Reduced
CWCurtiss Wright Corp	0.06%	$6.3m	8.3K	New
LIONLionsgate Studios Corp.	0.06%	$6.2m	407.0K	New
CMGChipotle Mexican Grill	0.06%	$6.2m	182.6K	−0.6% Reduced
DPCDPC Holdings PLC	0.06%	$6.1m	125.0K	New
INTCIntel	0.06%	$6.0m	43.2K	−80.5% Reduced
NEMNewmont	0.05%	$5.9m	62.9K	+208.6% Added
BABoeing	0.05%	$5.8m	26.8K	−62.3% Reduced
FCXFreeport-McMoRan	0.05%	$5.7m	90.3K	+1735.9% Added
IBMIBM	0.05%	$5.6m	20.1K	−86.8% Reduced
DISThe Walt Disney Company	0.05%	$5.5m	57.0K	+11.4% Added
PYPLPayPal	0.05%	$5.5m	126.4K	+13.3% Added
PEPPepsiCo	0.05%	$5.4m	39.8K	+212.9% Added
CMCSAComcast	0.05%	$5.2m	213.6K	+106.6% Added
MCDMcDonald's	0.05%	$5.2m	19.2K	+440.6% Added
VZVerizon	0.05%	$5.2m	122.5K	+535.2% Added
BSXBoston Scientific	0.05%	$5.2m	121.1K	+54.8% Added
BUDAnheuser-busch Inbev SA	0.05%	$5.2m	62.5K	−15.5% Reduced
SBUXStarbucks	0.04%	$4.9m	48.2K	−56.2% Reduced
AMATApplied Materials	0.04%	$4.8m	6.7K	+323.6% Added
GISGeneral Mills	0.04%	$4.8m	137.0K	+76.8% Added
ISRGIntuitive Surgical	0.04%	$4.7m	11.8K	+38.6% Added
WULFTerawulf Inc.	0.04%	$4.7m	188.5K	+17.1% Added
ABTAbbott Laboratories	0.04%	$4.6m	51.1K	−36.4% Reduced
ONON Semiconductor Corp	0.04%	$4.6m	49.0K	+257.2% Added
LPXLouisiana-pacific Corp	0.04%	$4.6m	58.3K	New
MDLZMondelez International	0.04%	$4.5m	77.5K	+38.3% Added
PMPhilip Morris International	0.04%	$4.5m	24.6K	−55.7% Reduced
GEVGE Vernova	0.04%	$4.2m	3.6K	+1.4% Added
BBarrick Mining Corp	0.04%	$4.2m	114.9K	+102.0% Added
VRTVertiv	0.04%	$4.2m	12.4K	+89.6% Added
HDThe Home Depot	0.04%	$4.2m	11.8K	−35.8% Reduced
HOODRobinhood Markets	0.04%	$4.1m	41.1K	−83.9% Reduced
DDOGDatadog, Inc.	0.04%	$4.1m	15.8K	−57.0% Reduced
KOThe Coca-Cola Company	0.04%	$4.0m	49.5K	+39.3% Added
MCKMcKesson	0.04%	$3.9m	5.2K	+282.9% Added
VIKViking Holdings Ltd	0.04%	$3.9m	37.5K	New
JPMJPMorgan Chase	0.04%	$3.9m	11.8K	−76.5% Reduced
QCOMQualcomm	0.04%	$3.9m	21.0K	−81.8% Reduced
BTIBritish American Tobacco P.l.c.	0.04%	$3.9m	62.7K	−34.7% Reduced
ELThe Estée Lauder Companies	0.04%	$3.8m	48.5K	+649.6% Added
TMUST-Mobile US	0.04%	$3.8m	22.5K	+933.9% Added
ACNAccenture	0.04%	$3.8m	30.3K	+1814.8% Added
COPConocoPhillips	0.03%	$3.8m	36.2K	New
HWMHowmet Aerospace	0.03%	$3.8m	13.9K	−40.6% Reduced
ARMARM Holdings PLC	0.03%	$3.7m	10.5K	+125.1% Added
DOWDow Inc.	0.03%	$3.5m	127.2K	+2158.9% Added
NVTnVent Electric plc	0.03%	$3.5m	20.4K	New
KMBKimberly-Clark	0.03%	$3.3m	30.5K	+299.5% Added
TXRHTexas Roadhouse, Inc.	0.03%	$3.3m	17.1K	+163.8% Added
MSMorgan Stanley	0.03%	$3.3m	15.7K	−44.4% Reduced
TDWTidewater Inc	0.03%	$3.3m	49.1K	New
ROSTRoss Stores	0.03%	$3.3m	15.4K	+58.2% Added
BLKBlackRock	0.03%	$3.1m	3.2K	+73.6% Added
EQHEquitable Holdings, Inc.	0.03%	$3.1m	70.0K	New
EXPOExponent Inc	0.03%	$3.1m	52.2K	+391.7% Added
MNSTMonster Beverage	0.03%	$3.1m	31.7K	−67.4% Reduced
PFEPfizer	0.03%	$3.0m	126.5K	New
BMNRBitmine Immersion Technologies, Inc.	0.03%	$3.0m	228.8K	+132.2% Added
SWXSouthwest Gas Holdings, Inc.	0.03%	$3.0m	34.0K	New
LIILennox International	0.03%	$3.0m	5.2K	New
REYNReynolds Consumer Products Inc.	0.03%	$2.9m	109.5K	+2.2% Added
SPOTSpotify Technology S.a.	0.03%	$2.9m	6.3K	+42.3% Added
PBRPetrobras - Petroleo Brasileiro SA	0.03%	$2.9m	178.9K	New
SESea Ltd	0.03%	$2.8m	29.4K	−5.2% Reduced
HRIHerc Holdings Inc	0.02%	$2.7m	18.5K	New
PGProcter & Gamble	0.02%	$2.6m	17.8K	−63.3% Reduced
FDXFedEx	0.02%	$2.6m	8.3K	+388.6% Added
FIXComfort Systems USA	0.02%	$2.6m	1.3K	+247.6% Added
DASHDoorDash	0.02%	$2.5m	13.7K	−51.3% Reduced
ZTSZoetis	0.02%	$2.5m	35.2K	+214.8% Added
MARMarriott International	0.02%	$2.5m	6.7K	+178.8% Added
COLMColumbia Sportswear Co	0.02%	$2.5m	39.9K	+153.4% Added
KTOSKratos Defense & Security Solutions, Inc.	0.02%	$2.4m	49.1K	+139.8% Added
COFCapital One	0.02%	$2.4m	12.2K	−76.5% Reduced
MAMastercard	0.02%	$2.4m	4.7K	−88.3% Reduced
LOWLowe's	0.02%	$2.4m	10.8K	New
FWONKLiberty Media Corp	0.02%	$2.4m	24.9K	New
GSGoldman Sachs	0.02%	$2.3m	2.3K	−64.3% Reduced
ULTAUlta Beauty	0.02%	$2.3m	5.1K	New
CRSCarpenter Technology Corp	0.02%	$2.3m	3.7K	New
NVONovo Nordisk A S	0.02%	$2.3m	47.8K	−51.5% Reduced
FIVEFive Below, Inc	0.02%	$2.2m	12.0K	+27.5% Added
ATIATI Inc	0.02%	$2.1m	10.8K	−56.6% Reduced
SPGIS&P Global	0.02%	$2.1m	5.2K	−57.8% Reduced
CASYCasey's	0.02%	$2.1m	2.6K	−43.3% Reduced

Company	Bought (value)	Shares
NVDANVIDIA Corporation	$571.1m	2.85M
MSFTMicrosoft Corporation	$570.5m	1.53M
MUMicron Technology	$204.3m	177.0K
METAMeta Platforms	$144.1m	255.8K
SPCXSpace Exploration Technologies Corp	$138.8m	812.5K
MSTRStrategy Inc	$107.4m	1.23M
BABAAlibaba Group Holding Ltd	$73.5m	765.3K
PLTRPalantir Technologies Inc.	$70.5m	604.3K
ORCLOracle Corporation	$48.8m	333.1K
ETSYEtsy Inc	$48.3m	640.7K
CBRSCerebras Systems Inc.	$44.7m	202.1K
ROKURoku, Inc	$41.7m	301.7K
SNDKSandisk	$35.7m	15.7K
NFLXNetflix	$30.5m	427.2K
TSMTaiwan Semiconductor Manufacturing Co LTD	$30.0m	62.7K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

Company	Sold (value)	Shares
AMZNAmazon	−$638.7m	−2.68M
AMDAdvanced Micro Devices	−$380.5m	−655.0K
GOOGLAlphabet Inc. (Class A)	−$233.0m	−651.9K
TSLATesla, Inc.	−$55.1m	−131.1K
IBMIBM	−$37.0m	−131.6K
KEXKirby Corp	−$35.0m	−257.7K
GXOGXO Logistics, Inc.	−$26.2m	−516.5K
INTCIntel	−$24.9m	−178.5K
JJacobs Solutions	−$24.5m	−194.4K
FLRFluor Corp	−$23.7m	−452.3K
KBRKBR, Inc.	−$23.0m	−664.8K
RSReliance, Inc.	−$22.8m	−61.0K
HOODRobinhood Markets	−$21.6m	−214.9K
MRVLMarvell Technology	−$20.6m	−69.3K
MAMastercard	−$18.3m	−35.6K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

Company	Value last quarter	Shares
PANWPalo Alto Networks	$16.6m	103.8K
FLSFlowserve Corp	$14.4m	196.1K
VVisa Inc.	$12.4m	41.2K
LYBLyondellBasell	$10.1m	125.4K
ACMAecom	$8.5m	100.1K
UNPUnion Pacific Corporation	$4.9m	20.3K
CRWDCrowdStrike	$4.2m	10.9K
CSXCSX Corporation	$4.0m	97.2K
LYVLive Nation Entertainment	$3.8m	25.0K
HSYThe Hershey Company	$3.1m	14.7K
TXNTexas Instruments	$2.8m	14.3K
WMTWalmart	$2.5m	20.3K
GAPGAP Inc	$2.1m	85.7K
FNVFranco Nevada Corp	$2.0m	8.2K
BRBRBellring Brands, Inc.	$1.9m	119.7K
VTRSViatris	$1.9m	141.2K
ANETArista Networks	$1.8m	15.0K
AALAmerican Airlines Group Inc.	$1.6m	145.4K
ETREntergy	$1.5m	13.4K
LFUSLittelfuse Inc	$1.5m	4.4K
NTESNetease, Inc.	$1.5m	13.2K
UALUnited Airlines Holdings	$1.5m	16.0K
MIRMirion Technologies, Inc.	$1.4m	75.7K
DLTRDollar Tree	$1.4m	12.5K
BKNGBooking Holdings	$1.3m	309
NTNXNutanix, Inc.	$1.2m	31.8K
ORIOLD Republic International Corp	$1.2m	29.5K
HLTHilton Worldwide	$1.2m	3.9K
MARAMara Holdings, Inc.	$1.2m	144.0K
KTBKontoor Brands, Inc.	$1.2m	16.5K

Technology59.4%
Consumer Discretionary20.5%
Communication Services6.8%
Industrials5.1%
Financials2.4%
Consumer Staples2.0%
Health Care1.2%
Materials1.1%
Energy0.6%
Utilities0.6%
Real Estate0.3%

Share of the value held in companies we cover, by sector.

Period	Copy, a year	S&P 500	Sharpe	S&P 500	Biggest drop	Beta
Whole backtestAugust 16, 2013 to November 2, 2026	+14.2%	+14.1%	0.68	0.76	−32.8%	1.07
2018 onwardsJanuary 5, 2018 to November 2, 2026	+13.4%	+13.9%	0.56	0.64	−32.8%	1.07
Last three yearsNovember 3, 2023 to November 2, 2026	+28.8%	+21.8%	1.15	1.16	−19.3%	1.26
Last yearNovember 7, 2025 to November 2, 2026	+18.8%	+14.2%	0.70	0.84	−14.8%	1.64

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.