Capstone Investment Advisors, LLC holds a focused book of 856 stocks worth $12.1B as of Q1 2026 (disclosed May 15, 2026, a ~45-day 13F lag). This quarter they opened Webster Financial Corp and trimmed Ishares Core S&P 500 ETF. Their largest long position is Amazon.com Inc at 10% of the equity book. They also disclosed $34.9B in put options (a bearish bet) and $10.4B in call options (bullish), shown separately below and excluded from the equity book.
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curl -H "Authorization: Bearer YOUR_API_KEY" \ "https://arkolith.com/api/v1/funds/1426196/holdings"
Use Arkolith to show CAPSTONE INVESTMENT ADVISORS, LLC's latest holdings, largest changes, and filing provenance.
Top-heavy: focused book
Share of the disclosed book in its largest positions. A higher top-5 share means a more concentrated, higher-conviction portfolio.
56% mapped to company sectors
Direct operating-company sectors from our SIC-based security master. ETF/fund and unclassified holdings stay visible separately; this is not ETF look-through exposure.
Estimated $ traded · quarter-end prices, no cost basis
Bars show each stock's share of the portfolio. Click a row for its position history.
| # | Security | Value | Shares | % Port | Last move | History |
|---|---|---|---|---|---|---|
| 1 | Amazon Com Inc COM | $1.2B | 5.77M | 9.9% | ▲+116% Added · +3.1M sh | |
| 2 | Microsoft Corp COM | $1.0B | 2.77M | 8.5% | ▲+284% Added · +2.1M sh | |
| 3 | Ishares TR CORE S&P500 ETF | $1.0B | 1.56M | 8.4% | ▼−13% Reduced · −223K sh | |
| 4 | Lumentum Hldgs Inc NOTE 1.500%12/1 | $752.7M | 74.35M | 6.2% | ▲+33% Added · +18.6M sh | |
| 5 | Nvidia Corporation COM | $700.3M | 4.02M | 5.8% | ▼−53% Reduced · −4.6M sh | |
| 6 | Western Digital Corp NOTE 3.000%11/1 | $576.5M | 80.50M | 4.8% | ▲+36% Added · +21.5M sh | |
| 7 | Tesla Inc COM | $540.6M | 1.45M | 4.5% | ▲+59% Added · +540K sh | |
| 8 | Vanguard Index FDS S&P 500 ETF SHS | $511.1M | 855.3K | 4.2% | ▲+3.1% Added · +25K sh | |
| 9 | State STR SPDR S&P 500 ETF T TR UNIT | $385.9M | 593.3K | 3.2% | ▲+246% Added · +422K sh | |
| 10 | Warner Bros Discovery Inc COM SER A | $280.2M | 10.21M | 2.3% | ▲+172% Added · +6.5M sh | |
| 11 | Apple Inc COM | $250.3M | 986.4K | 2.1% | ▼−3.8% Reduced · −39K sh | |
| 12 | Alphabet Inc CAP STK CL C | $240.6M | 838.6K | 2.0% | ▼−9.9% Reduced · −92K sh | |
| 13 | Alphabet Inc CAP STK CL A | $196.7M | 684.2K | 1.6% | ▼−75% Reduced · −2.1M sh | |
| 14 | Meta Platforms Inc CL A | $194.0M | 339.1K | 1.6% | ▼−31% Reduced · −150K sh | |
| 15 | Echostar Corp NOTE 3.875%11/3 | $187.3M | 52.39M | 1.5% | ▼−99% Reduced · −8.7B sh | |
| 16 | Advanced Micro Devices Inc COM | $145.6M | 715.9K | 1.2% | ▼−71% Reduced · −1.8M sh | |
| 17 | Interdigital Inc NOTE 3.500% 6/0 | $134.8M | 34.53M | 1.1% | ▲+53% Added · +12.0M sh | |
| 18 | Oracle Corp COM | $130.1M | 884.2K | 1.1% | ▲+77% Added · +383K sh | |
| 19 | Broadcom Inc COM | $117.0M | 377.9K | 1.0% | ▼−7.0% Reduced · −28K sh | |
| 20 | Cloudflare Inc NOTE 8/1 | $107.0M | 91.25M | 0.9% | ▲+7.3% Added · +6.2M sh | |
| 21 | Bridgebio Pharma Inc NOTE 2.500% 3/1 | $98.0M | 54.37M | 0.8% | ▲+78% Added · +23.9M sh | |
| 22 | Mirum Pharmaceuticals Inc NOTE 4.000% 5/0 | $80.8M | 27.00M | 0.7% | ▲+13% Added · +3.0M sh | |
| 23 | CNX Res Corp NOTE 2.250% 5/0 | $72.2M | 23.60M | 0.6% | —Held | |
| 24 | Select Sector SPDR TR STATE STREET ENE | $71.3M | 1.16M | 0.6% | ▼−2.8% Reduced · −34K sh | |
| 25 | Chefs Whse Inc NOTE 2.375%12/1 | $61.2M | 41.41M | 0.5% | ▲+25% Added · +8.4M sh | |
| 26 | Webster Finl Corp COM | $59.0M | 849.5K | 0.5% | ▲New New position | |
| 27 | Progress Software Corp NOTE 1.000% 4/1 | $54.0M | 54.02M | 0.4% | —Held | |
| 28 | Cytokinetics Inc NOTE 4.000%11/1 | $53.9M | 8.63M | 0.4% | —Held | |
| 29 | Biomarin Pharmaceutical Inc NOTE 1.250% 5/1 | $52.3M | 54.24M | 0.4% | ▲+55% Added · +19.2M sh | |
| 30 | Ascendis Pharma A/s NOTE 2.250% 4/0 | $51.0M | 34.66M | 0.4% | ▲+35% Added · +8.9M sh | |
| 31 | Conmed Corp NOTE 2.250% 6/1 | $51.0M | 52.50M | 0.4% | ▲+28% Added · +11.5M sh | |
| 32 | Rapid7 Inc NOTE 0.250% 3/1 | $50.4M | 53.39M | 0.4% | ▲+37% Added · +14.4M sh | |
| 33 | Gxo Logistics Incorporated COMMON STOCK | $50.0M | 964.5K | 0.4% | ▼−1.1% Reduced · −11K sh | |
| 34 | Electronic Arts Inc COM | $47.9M | 235.0K | 0.4% | ▲New New position | |
| 35 | Xeris Biopharma Holdings Inc NOTE 8.000% 7/1 | $47.2M | 23.07M | 0.4% | —Held | |
| 36 | Palantir Technologies Inc CL A | $46.9M | 320.8K | 0.4% | ▲+472% Added · +265K sh | |
| 37 | Kenvue Inc COM | $45.9M | 2.66M | 0.4% | ▼−48% Reduced · −2.4M sh | |
| 38 | PTC Therapeutics Inc NOTE 1.500% 9/1 | $41.6M | 31.20M | 0.3% | ▲+25% Added · +6.2M sh | |
| 39 | Ishares TR MSCI EMG MKT ETF | $41.4M | 729.0K | 0.3% | ▼−5.5% Reduced · −42K sh | |
| 40 | Evergy Inc NOTE 4.500%12/1 | $40.5M | 30.00M | 0.3% | ▲+43% Added · +9.0M sh | |
| 41 | Bentley Sys Inc NOTE 0.375% 7/0 | $39.7M | 41.76M | 0.3% | ▲+24% Added · +8.0M sh | |
| 42 | Uber Technologies Inc NOTE 0.875%12/0 | $39.6M | 32.87M | 0.3% | ▲+38% Added · +9.0M sh | |
| 43 | Ishares TR CHINA LG-CAP ETF | $37.6M | 1.05M | 0.3% | ▲25× Added · +1.0M sh | |
| 44 | International Business Machs COM | $36.8M | 151.7K | 0.3% | ▲36× Added · +148K sh | |
| 45 | Alcoa Corp COM | $36.1M | 543.7K | 0.3% | ▲New New position | |
| 46 | Kirby Corp COM | $35.0M | 263.6K | 0.3% | ▼−26% Reduced · −95K sh | |
| 47 | Chart Inds Inc COM | $33.7M | 163.0K | 0.3% | ▲New New position | |
| 48 | Jacobs Solutions Inc COM | $31.8M | 250.0K | 0.3% | ▼−0.3% Reduced · −682 sh | |
| 49 | Akamai Technologies Inc NOTE 1.125% 2/1 | $30.9M | 26.98M | 0.3% | ▼−39% Reduced · −17.0M sh | |
| 50 | Sea Ltd NOTE 0.250% 9/1 | $30.4M | 31.00M | 0.3% | ▲+82% Added · +14.0M sh |
Put / call positions from the 13F — totals include every disclosed option leg
| Type | Underlying | Notional value | Underlying shares |
|---|---|---|---|
| PUT · bearish | SS SPDR S&P 500 ETF TRUST-USSPY | $10.0B | 15.4M |
| PUT · bearish | INVESCO QQQ TRUST SERIES 1QQQ | $9.7B | 16.9M |
| CALL · bullish | INVESCO QQQ TRUST SERIES 1QQQ | $5.6B | 9.8M |
| PUT · bearish | AMAZON.COM INCAMZN | $1.5B | 7.2M |
| PUT · bearish | NVIDIA CORPNVDA | $1.4B | 8.2M |
| PUT · bearish | MICROSOFT CORPMSFT | $1.3B | 3.4M |
| PUT · bearish | APPLE INCAAPL | $877.3M | 3.5M |
| PUT · bearish | TESLA INCTSLA | $807.0M | 2.2M |
| CALL · bullish | SS SPDR S&P 500 ETF TRUST-USSPY | $737.4M | 1.1M |
| PUT · bearish | ISHR IBX USD INVGD CB ETF-UILQD | $556.8M | 5.1M |
| PUT · bearish | ALPHABET INC-CL CGOOG | $530.4M | 1.8M |
| PUT · bearish | ALPHABET INC-CL AGOOGL | $489.8M | 1.7M |
| PUT · bearish | ISHARES CHINA LARGE-CAP ETFFXI | $419.8M | 11.7M |
| CALL · bullish | NVIDIA CORPNVDA | $417.7M | 2.4M |
| PUT · bearish | ISHARES RUSSELL 2000 ETFIWM | $399.3M | 1.6M |
| CALL · bullish | ISHARES CHINA LARGE-CAP ETFFXI | $360.8M | 10.0M |
| PUT · bearish | ISHR IBX USD HIYLD CB ETF-UIHYG | $355.4M | 4.5M |
| PUT · bearish | SS FINANCIAL SELECT SECTORXLF | $351.7M | 7.1M |
| CALL · bullish | AMAZON.COM INCAMZN | $297.4M | 1.4M |
| CALL · bullish | SS FINANCIAL SELECT SECTORXLF | $290.0M | 5.9M |
| PUT · bearish | META PLATFORMS INC-CLASS AMETA | $286.6M | 501K |
| CALL · bullish | MICROSOFT CORPMSFT | $277.7M | 750K |
| PUT · bearish | WARNER BROS DISCOVERY INCWBD | $253.1M | 9.2M |
| PUT · bearish | ISHARES MSCI EMERGING MARKETEEM | $252.9M | 4.5M |
| CALL · bullish | TESLA INCTSLA | $247.9M | 667K |
13F filers disclose option positions at the market value of the underlying the contracts reference, not the premium paid. A put is a bearish bet (it gains if the stock falls); a call is bullish. “Underlying shares” is the share count the contracts control, not a share holding. These legs are excluded from the equity book, weighting, concentration and sector figures above. Showing the largest 25 of 702 option legs.
As-of date vs the date the SEC received each filing
| Quarter | As of | Filed | Positions | Value | Form |
|---|---|---|---|---|---|
| Q1 2026 | Mar 31, 2026 | May 15, 2026 | 1,558 | $57.4B | 13F-HR |
| Q4 2025 | Dec 31, 2025 | Feb 17, 2026 | 1,530 | $51.1B | 13F-HR |
| Q3 2025 | Sep 30, 2025 | Nov 14, 2025 | 1,889 | $53.7B | 13F-HR |
| Q2 2025 | Jun 30, 2025 | Aug 14, 2025 | 1,556 | $40.4B | 13F-HR |
| Q1 2025 | Mar 31, 2025 | May 15, 2025 | 1,317 | $37.8B | 13F-HR |
| Q4 2024 | Dec 31, 2024 | Feb 14, 2025 | 1,824 | $41.4B | 13F-HR |
| Q3 2024 | Sep 30, 2024 | Nov 14, 2024 | 1,886 | $32.9B | 13F-HR |
| Q2 2024 | Jun 30, 2024 | Aug 14, 2024 | 2,031 | $31.9B | 13F-HR |
| Q1 2024 | Mar 31, 2024 | May 1, 2024 | 2,306 | $27.8B | 13F-HR |
| Q4 2023 | Dec 31, 2023 | Feb 12, 2024 | 2,073 | $33.2B | 13F-HR |
| Q3 2023 | Sep 30, 2023 | Nov 13, 2023 | 2,081 | $22.2B | 13F-HR |
| Q2 2023 | Jun 30, 2023 | Aug 10, 2023 | 1,824 | $20.2B | 13F-HR |
| Q1 2023 | Mar 31, 2023 | May 9, 2023 | 1,542 | $19.8B | 13F-HR |
| Q4 2022 | Dec 31, 2022 | Feb 10, 2023 | 1,493 | $13.7B | 13F-HR |
| Q3 2022 | Sep 30, 2022 | Nov 10, 2022 | 1,642 | $16.6B | 13F-HR |
| Q2 2022 | Jun 30, 2022 | Aug 15, 2022 | 1,805 | $20.5B | 13F-HR |
| Q1 2022 | Mar 31, 2022 | May 13, 2022 | 2,076 | $36.4B | 13F-HR |
| Q4 2021 | Dec 31, 2021 | Feb 11, 2022 | 1,848 | $59.8B | 13F-HR |
| Q3 2021 | Sep 30, 2021 | Nov 15, 2021 | 1,999 | $50.5B | 13F-HR |
| Q2 2021 | Jun 30, 2021 | Feb 11, 2022 | 1,697 | $44.2B | 13F-HR/A |
| Q1 2021 | Mar 31, 2021 | Feb 11, 2022 | 1,638 | $33.9B | 13F-HR/A |
Holdings from SEC EDGAR 13F-HR filings, updated quarterly ~45 days after quarter-end. Public domain. The book and weighting are long equity only; disclosed put/call options are listed separately and excluded from those totals. Price-derived performance is withheld until the price-source policy and freshness gate are green.