Capstone Investment Advisors Portfolio holdings
Capstone Investment Advisors runs hedge funds that trade derivatives, looking for mispriced volatility across stocks, bonds, currencies and commodities. Paul Britton, its founder and chief executive, controls the firm through a holding company he majority owns. Its flagship multi-strategy fund, Capstone Global Master, trades derivatives across asset classes and regions. A second platform, Capstone Solutions, builds customized single-investor funds and managed accounts for clients. Its investors include pension plans, endowments, foundations, sovereign wealth funds, family offices and high net worth individuals.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Microsoft
MSFT
|
+$619M |
| 2 |
NVIDIA
NVDA
|
+$587M |
| 3 |
Invesco QQQ Trust
QQQ
|
+$272M |
| 4 |
Nokia
NOK
|
+$188M |
| 5 |
Strategy Inc
MSTR
|
+$179M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Amazon
AMZN
|
+$673M |
| 2 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$357M |
| 3 |
Advanced Micro Devices
AMD
|
+$269M |
| 4 |
Alphabet (Google) Class A
GOOGL
|
+$235M |
| 5 |
Alphabet (Google) Class C
GOOG
|
+$203M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 84.6% |
| 2 | Technology | 8.72% |
| 3 | Consumer Discretionary | 2.89% |
| 4 | Communication Services | 1.39% |
| 5 | Industrials | 0.83% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$796B
| $6.97B | 12.91% |
9,339,800
-6,026,600
| -39% | -$4.37B |
2017 Q4
34 quarters
|
|
|
2
PUT
Invesco QQQ Trust
QQQ
$458B
| $5.77B | 10.68% |
7,834,500
-9,024,900
| -54% | -$6.21B |
2017 Q4
34 quarters
|
|
|
3
PUT
NVIDIA
NVDA
$4.08T
| $2.26B | 4.18% |
11,290,900
+3,111,200
| +38% | +$640M |
2018 Q1
33 quarters
|
|
|
4
CALL
Invesco QQQ Trust
QQQ
$458B
| $2.05B | 3.8% |
2,790,400
-6,966,400
| -71% | -$4.79B |
2021 Q3
19 quarters
|
|
|
5
PUT
Microsoft
MSFT
$3.96T
| $1.79B | 3.32% |
4,805,900
+1,385,300
| +40% | +$560M |
2013 Q2
52 quarters
|
|
|
6
Microsoft
MSFT
$3.96T
| $1.61B | 2.97% |
4,303,251
+1,529,354
| +55% | +$619M |
2018 Q1
33 quarters
|
|
|
7
NVIDIA
NVDA
$4.08T
| $1.37B | 2.54% |
6,869,767
+2,854,459
| +71% | +$587M |
2023 Q2
12 quarters
|
|
8
PUT
Apple
AAPL
$5.06T
| $1.21B | 2.24% |
4,189,900
+733,100
| +21% | +$210M |
2013 Q2
52 quarters
|
|
9
iShares Core S&P 500 ETF
IVV
$870B
| $1.17B | 2.16% |
1,562,108
+4,274
| +0.3% | +$3.11M |
2024 Q1
9 quarters
|
|
|
10
PUT
Amazon
AMZN
$2.93T
| $1.06B | 1.96% |
4,448,000
-2,732,600
| -38% | -$686M |
2016 Q2
40 quarters
|
|
11
PUT
Tesla
TSLA
$1.5T
| $885M | 1.64% |
2,103,800
-67,100
| -3% | -$26.7M |
2017 Q2
36 quarters
|
|
|
12
Amazon
AMZN
$2.93T
| $736M | 1.36% |
3,089,477
-2,679,833
| -46% | -$673M |
2018 Q2
32 quarters
|
|
13
PUT
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$32.5B
| $681M | 1.26% |
6,247,500
+1,138,700
| +22% | +$124M |
2022 Q2
16 quarters
|
|
14
CALL
iShares Russell 2000 ETF
IWM
$77.9B
| $673M | 1.25% |
2,240,000
+2,037,100
| +1,004% | +$572M |
2025 Q3
3 quarters
|
|
|
15
CALL
State Street SPDR S&P 500 ETF Trust
SPY
$796B
| $665M | 1.23% |
890,400
-243,400
| -21% | -$176M |
2022 Q1
17 quarters
|
|
16
PUT
Nebius Group N.V.
NBIS
$36.4B
| $623M | 1.15% |
2,255,500
+94,500
| +4% | +$18.7M |
2025 Q4
2 quarters
|
|
17
PUT
Micron Technology
MU
$820B
| $602M | 1.11% |
521,200
+103,100
| +25% | +$77.3M |
2018 Q2
32 quarters
|
|
18
Vanguard S&P 500 ETF
VOO
$1.04T
| $589M | 1.09% |
857,924
+2,589
| +0.3% | +$1.73M |
2024 Q3
7 quarters
|
|
|
19
Tesla
TSLA
$1.5T
| $556M | 1.03% |
1,322,989
-131,111
| -9% | -$52.1M |
2020 Q3
23 quarters
|
|
20
CALL
State Street Financial Select Sector SPDR ETF
XLF
$55.2B
| $532M | 0.99% |
9,931,500
+4,058,100
| +69% | +$211M |
2026 Q1
1 quarter
|
|
|
21
PUT
Alphabet (Google) Class C
GOOG
$3.5T
| $522M | 0.97% |
1,477,300
-371,800
| -20% | -$133M |
2017 Q4
34 quarters
|
|
|
22
PUT
Alphabet (Google) Class A
GOOGL
$3.53T
| $473M | 0.88% |
1,323,100
-380,100
| -22% | -$137M |
2016 Q3
39 quarters
|
|
23
PUT
iShares China Large-Cap ETF
FXI
$3.94B
| $424M | 0.79% |
13,429,700
+1,736,900
| +15% | +$61.9M |
2014 Q3
47 quarters
|
|
24
PUT
Meta Platforms (Facebook)
META
$1.64T
| $385M | 0.71% |
682,600
+181,600
| +36% | +$111M |
2016 Q3
39 quarters
|
|
|
25
CALL
iShares China Large-Cap ETF
FXI
$3.94B
| $366M | 0.68% |
11,572,200
+1,522,600
| +15% | +$54.3M |
2025 Q2
4 quarters
|
|
Similar funds
Capstone Investment Advisors's Q2 2026 Portfolio in Review
As of Q2 2026, Capstone Investment Advisors held 1,954 positions worth $54B, down 5.9% from $57.4B the previous quarter. Its ten largest holdings account for 47% of the portfolio.
Capstone Investment Advisors's Q2 2026 filing shows 382 new, 600 increased, 524 reduced and 313 closed positions. Its largest new stake was Nokia: 14,595,379 shares worth $194M. The largest sale was Amazon, an estimated $673M.
By sector, the portfolio is most concentrated in Miscellaneous at 85% of assets, down from 88% a quarter earlier, followed by Technology and Consumer Discretionary.
- Capstone Investment Advisors's largest Q2 2026 buy was Nokia: 14,595,379 shares worth $194M.
- Capstone Investment Advisors added most to Microsoft in Q2 2026, an estimated $619M increase.
- Capstone Investment Advisors's biggest Q2 2026 reduction was Amazon, cutting an estimated $673M.
- Capstone Investment Advisors fully exited Electronic Arts in Q2 2026, selling an estimated $47.6M.
- Capstone Investment Advisors's ten largest holdings make up 47% of its $54B portfolio in Q2 2026.
- Capstone Investment Advisors opened 382 new positions and closed 313 in Q2 2026.
- Capstone Investment Advisors's portfolio value fell 5.9% quarter-over-quarter to $54B.
Based on Capstone Investment Advisors's 13F filing for Q2 2026, filed 17 Aug 2026.