SEC 13F Intelligence

Managers / Q3 2025 · view latest →

CAPSTONE INVESTMENT ADVISORS, LLC

CIK 0001426196 · 7 WORLD TRADE CENTER, 250 GREENWICH STREET, 32ND FLOOR, NEW YORK, NY, 10007 · (212) 232-1420

Reported Value
$53.7B
Q3 2025
Positions
1,889
Filings on Record
40
2019–present window
Filed
Nov 14, 2025
original filing

Summary

Capstone Investment Advisors, LLC reported $53.7B in U.S.-listed holdings across 1,889 positions for Q3 2025.

Its largest position, NVDA, represents 2.3% of the portfolio.

Compared with Q2 2025, the fund opened 434 new positions and exited 193.

Portfolio Metrics

Turnover
+7.2%
vs prior filed quarter
Top-10 Concentration
+12.0%
share of reported value
Largest Position
+2.3%
Nvidia Corporation
New / Exited
434 / 193
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $8.1BQ4 ’18Q1 ’19: $10.9BQ2 ’19: $10.9BQ3 ’19: $14.6BQ4 ’19: $18.5BQ4 ’19Q1 ’20: $6.2BQ2 ’20: $15.1BQ3 ’20: $19.6BQ4 ’20: $29.9BQ4 ’20Q1 ’21: $34.1BQ2 ’21: $44.0BQ3 ’21: $50.5BQ4 ’21: $59.8BQ4 ’21Q1 ’22: $36.4BQ2 ’22: $20.5BQ3 ’22: $16.6BQ4 ’22: $13.7BQ4 ’22Q1 ’23: $19.8BQ2 ’23: $20.2BQ3 ’23: $22.2BQ4 ’23: $33.2BQ4 ’23Q1 ’24: $27.8BQ2 ’24: $31.9BQ3 ’24: $32.9BQ4 ’24: $41.4BQ4 ’24Q1 ’25: $37.8BQ2 ’25: $40.4BQ3 ’25: $53.7BQ4 ’25: $51.1BQ4 ’25Q1 ’26: $57.4Bfilingsflow.com

Portfolio Composition

By security type
Common Stock: 48.4%ETP: 46.7%US DOMESTIC: 3.8%Other: 0.6%ADR: 0.2%Other: 0.3%
  • Common Stock · 48.4% · $26.0B
  • ETP · 46.7% · $25.1B
  • US DOMESTIC · 3.8% · $2.0B
  • Other · 0.6% · $318M
  • ADR · 0.2% · $131M
  • Other · 0.3% · $178M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
WESTERN DIGITAL CORPNEW+54.50M54.50M+$175M$175M
LUMENTUM HLDGS INCNEW+26.77M26.77M+$65M$65M
MIRUM PHARMACEUTICALS INCNEW+19.00M19.00M+$46M$46M
VRNAVERONA PHARMA PLCNEW+375.0K375.0K+$40M$40M
BRIDGEBIO PHARMA INCNEW+24.00M24.00M+$34M$34M
STRATEGY INCNEW+15.00M15.00M+$34M$34M
K6BKBR INCNEW+651.7K651.7K+$31M$31M
MARA HOLDINGS INCNEW+22.90M22.90M+$28M$28M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q3 2025

12 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1NVDANVIDIA CORPORATIONhistory →COM2.33%$1.3B6.70M
2MSFTMICROSOFT CORPhistory →COM2.06%$1.1B2.14M
3AMZNAMAZON COM INChistory →COM1.94%$1.0B4.74M
4TSLATESLA INChistory →COM1.59%$853M1.92M
5ISHARES TRCORE S&P500 ETF1.20%$644M962.3K
6AMDADVANCED MICRO DEVICES INChistory →COM0.81%$434M2.68M
7VANGUARD INDEX FDSS&P 500 ETF SHS0.70%$376M614.0K
8GOOGLALPHABET INChistory →CAP STK CL A0.58%$312M1.28M
9AAPLAPPLE INChistory →COM0.46%$248M974.1K
10WESTERN DIGITAL CORPNOTE 3.000%11/10.33%$175M54.50M
11METAMETA PLATFORMS INChistory →CL A0.32%$174M236.8K
12SPDR S&P 500 ETF TRTR UNIT0.28%$149M224.2K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$57.4B1,558May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$51.1B1,530Feb 17, 202613F-HRchanges · EDGAR ↗
Q3 2025$53.7B1,889Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$40.4B1,556Aug 14, 202513F-HRchanges · EDGAR ↗
Q1 2025$37.8B1,317May 15, 202513F-HRchanges · EDGAR ↗
Q4 2024$41.4B1,824Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$32.9B1,886Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$31.9B2,031Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$27.8B2,306May 1, 202413F-HRchanges · EDGAR ↗
Q4 2023$33.2B2,073Feb 12, 202413F-HRchanges · EDGAR ↗
Q3 2023$22.2B2,081Nov 13, 202313F-HRchanges · EDGAR ↗
Q2 2023$20.2B1,824Aug 10, 202313F-HRchanges · EDGAR ↗
Q1 2023$19.8B1,542May 9, 202313F-HRchanges · EDGAR ↗
Q4 2022$13.7B1,493Feb 10, 202313F-HRchanges · EDGAR ↗
Q3 2022$16.6B1,642Nov 10, 202213F-HRchanges · EDGAR ↗
Q2 2022$20.5B1,805Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$36.4B2,076May 13, 202213F-HRchanges · EDGAR ↗
Q4 2021$59.8B1,848Feb 11, 202213F-HRchanges · EDGAR ↗
Q3 2021$50.5B1,999Nov 15, 202113F-HRchanges · EDGAR ↗
Q2 2021$44.0B1,599Aug 16, 202113F-HRchanges · EDGAR ↗
Q1 2021$34.1B1,616May 17, 202113F-HRchanges · EDGAR ↗
Q4 2020$29.9B1,658Feb 16, 202113F-HRchanges · EDGAR ↗
Q3 2020$19.6B1,384Nov 16, 202013F-HRchanges · EDGAR ↗
Q2 2020$15.1B1,306Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$6.2B1,107May 15, 202013F-HRchanges · EDGAR ↗
Q4 2019$18.5B1,375Feb 14, 202013F-HRchanges · EDGAR ↗
Q3 2019$14.6B1,342Nov 14, 201913F-HRchanges · EDGAR ↗
Q2 2019$10.9B1,282Aug 15, 2019RESTATEMENTchanges · EDGAR ↗
Q1 2019$10.9B1,146May 15, 201913F-HRchanges · EDGAR ↗
Q4 2018$8.1B1,239Feb 14, 201913F-HRchanges · EDGAR ↗

Other Included Managers

This filing reports holdings on behalf of 1 additional manager.

  • Capstone Investment Advisors (UK), LLP028-25734

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.