Capstone Investment Advisors, LLC Top Holdings and 13F Report (2025)

About Capstone Investment Advisors, LLC

Investment Activity

Capstone Investment Advisors, LLC has $57.41 billion in total holdings as of December 31, 2024.
Capstone Investment Advisors, LLC owns shares of 1,002 different stocks, but just 20 companies or ETFs make up 80% of its holdings.
Approximately 33.40% of the portfolio was purchased this quarter.
About 72.72% of the portfolio was sold this quarter.
This quarter, Capstone Investment Advisors, LLC has purchased 939 new stocks and bought additional shares in 387 stocks.
Capstone Investment Advisors, LLC sold shares of 269 stocks and completely divested from 238 stocks this quarter.

Largest Holdings

Invesco QQQ: $15,380,512,556
SPDR S&P 500 ETF Trust: $11,116,602,398
Amazon.com: $2,994,445,662
Microsoft: $2,570,718,488
NVIDIA: $2,544,479,955

Largest New Holdings this Quarter

947890109 - Webster Financial: $58,972,290 Holding
013872106 - Alcoa: $36,061,299 Holding
16115Q308 - Chart Industries: $33,700,250 Holding
983793100 - XPO: $20,972,490 Holding
02081GAD4 - ALPHATEC HLDGS INC: $19,339,560 Holding

Largest Purchases this Quarter

Invesco QQQ: 19,214,016 shares (about $11.09B)
Microsoft: 4,282,465 shares (about $1.59B)
Amazon.com: 6,739,142 shares (about $1.40B)
iShares iBoxx $ Investment Grade Corporate Bond ETF: 4,344,799 shares (about $473.54M)
Warner Bros. Discovery: 11,918,300 shares (about $327.28M)

Largest Sales this Quarter

ECHOSTAR CORP: 8,656,612,000 shares (about $30.94B)
SPDR S&P 500 ETF Trust: 3,762,556 shares (about $2.45B)
NVIDIA: 8,612,793 shares (about $1.50B)
iShares Russell 2000 ETF: 5,644,860 shares (about $1.40B)
Alphabet: 4,093,700 shares (about $1.18B)

Sector Allocation Over Time

Selling

Neutral

Buying

Latest 13F Holdings and Changes Since Previous Quarterly Filing

Issuer Name	Holdings Value	Approximate Purchase/Sale	Change in Shares	Shares Held	% of Portfolio	Sector
QQQ Invesco QQQ	$15,380,512,556	$11,089,945,752 â–²	258.5%	26,647,688	26.8%	ETF
SPY SPDR S&P 500 ETF Trust	$11,116,602,398	$2,446,940,669 â–¼	-18.0%	17,093,524	19.4%	ETF
AMZN Amazon.com	$2,994,445,662	$1,403,561,104 â–²	88.2%	14,377,710	5.2%	Consumer Discretionary
MSFT Microsoft	$2,570,718,488	$1,585,240,069 â–²	160.9%	6,944,697	4.5%	Technology
NVDA NVIDIA	$2,544,479,955	$1,502,071,099 â–¼	-37.1%	14,589,908	4.4%	Technology
TSLA Tesla	$1,595,476,650	$274,356,333 â–²	20.8%	4,291,800	2.8%	Consumer Discretionary
AAPL Apple	$1,331,398,836	$88,109,797 â–²	7.1%	5,246,065	2.3%	Technology
IVV iShares Core S&P 500 ETF	$1,017,592,747	$145,735,070 â–¼	-12.5%	1,557,834	1.8%	ETF
GOOG Alphabet	$927,363,590	$108,921,889 â–¼	-10.5%	3,232,809	1.6%	Communication Services
FXI iShares China Large-Cap ETF	$818,131,901	$302,169,049 â–²	58.6%	22,789,189	1.4%	ETF
GOOGL Alphabet	$758,546,185	$1,177,184,372 â–¼	-60.8%	2,637,871	1.3%	Communication Services
LUMENTUM HLDGS INC	$752,698,547	$187,994,933 â–²	33.3%	74,347,000	1.3%	NOTE 1.500%12/1
META Meta Platforms	$657,532,989	$82,571,518 â–¼	-11.2%	1,149,272	1.1%	Communication Services
XLF Financial Select Sector SPDR Fund	$641,671,759	$9,914,582 â–²	1.6%	12,997,200	1.1%	ETF
WESTERN DIGITAL CORP	$576,536,978	$153,981,926 â–²	36.4%	80,500,000	1.0%	NOTE 3.000%11/1
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF	$556,808,112	$473,539,643 â–²	568.7%	5,108,800	1.0%	ETF
WBD Warner Bros. Discovery	$534,871,372	$327,276,518 â–²	157.7%	19,478,200	0.9%	Communication Services
VOO Vanguard S&P 500 ETF	$511,105,429	$112,614,273 â–¼	-18.1%	855,335	0.9%	ETF
IWM iShares Russell 2000 ETF	$449,599,200	$1,399,925,280 â–¼	-75.7%	1,812,900	0.8%	ETF
AVGO Broadcom	$441,947,781	$121,358,871 â–¼	-21.5%	1,427,895	0.8%	Technology
AMD Advanced Micro Devices	$357,493,438	$697,481,521 â–¼	-66.1%	1,757,329	0.6%	Technology
HYG iShares iBoxx $ High Yield Corporate Bond ETF	$355,410,432	$64,159,571 â–²	22.0%	4,467,200	0.6%	ETF
EEM iShares MSCI Emerging Markets ETF	$301,507,593	$169,898,415 â–¼	-36.0%	5,309,167	0.5%	ETF
YNDX Yandex	$224,225,360	$36,316,000 â–²	19.3%	2,161,000	0.4%	Technology
ORCL Oracle	$206,569,361	$37,375,502 â–²	22.1%	1,404,183	0.4%	Technology
EFA iShares MSCI EAFE ETF	$205,314,365	$202,886,115 â–²	8,355.2%	2,113,810	0.4%	ETF
EWZ iShares MSCI Brazil ETF	$205,058,149	$30,534,216 â–²	17.5%	5,341,447	0.4%	ETF
ECHOSTAR CORP	$187,266,145	$30,943,925,288 â–¼	-99.4%	52,388,000	0.3%	NOTE 3.875%11/3
MU Micron Technology	$178,376,817	$49,687,480 â–²	38.6%	527,992	0.3%	Technology
XOM ExxonMobil	$177,095,858	$129,224,762 â–²	269.9%	1,043,828	0.3%	Energy
PALANTIR TECHNOLOGIES INC	$171,398,909	$94,491,321 â–²	122.9%	1,171,718	0.3%	CL A
JPM JPMorgan Chase & Co.	$167,331,151	$54,763,473 â–²	48.6%	568,844	0.3%	Finance
BRK.B Berkshire Hathaway	$152,436,874	$59,472,074 â–²	64.0%	318,107	0.3%	Finance
ISHARES BITCOIN TRUST ETF	$137,159,400	$4,614,242 â–²	3.5%	3,570,000	0.2%	SHS BEN INT
INTERDIGITAL INC	$134,847,459	$46,860,000 â–²	53.3%	34,532,000	0.2%	NOTE 3.500% 6/0
XOP SPDR S&P Oil & Gas Exploration & Production ETF	$132,208,593	$167,334,149 â–¼	-55.9%	727,100	0.2%	ETF
V Visa	$116,419,523	$26,140,435 â–²	29.0%	385,189	0.2%	Finance
WALMART INC	$109,881,541	$19,480,269 â–²	21.5%	884,145	0.2%	COM
LLY Eli Lilly and Company	$109,183,137	$49,985,820 â–²	84.4%	118,707	0.2%	Healthcare
BAC Bank of America	$108,000,604	$51,181,504 â–²	90.1%	2,215,397	0.2%	Finance
CLOUDFLARE INC	$106,995,994	$7,261,657 â–²	7.3%	91,250,000	0.2%	NOTE 8/1
NFLX Netflix	$106,753,903	$33,551,831 â–¼	-23.9%	1,110,285	0.2%	Communication Services
IBM International Business Machines	$106,195,180	$32,449,719 â–¼	-23.4%	438,117	0.2%	Technology
JNJ Johnson & Johnson	$102,452,871	$29,120,871 â–²	39.7%	419,133	0.2%	Healthcare
BRIDGEBIO PHARMA INC	$97,964,751	$43,011,376 â–²	78.3%	54,372,000	0.2%	NOTE 2.500% 3/1
INTC Intel	$97,459,119	$63,407,087 â–¼	-39.4%	2,208,455	0.2%	Technology
CVX Chevron	$83,918,640	$51,976,797 â–²	162.7%	405,600	0.1%	Energy
COST Costco Wholesale	$82,927,887	$10,454,544 â–²	14.4%	83,225	0.1%	Consumer Staples
MA Mastercard	$81,015,872	$12,030,314 â–²	17.4%	162,142	0.1%	Finance
MIRUM PHARMACEUTICALS INC	$80,784,001	$8,976,000 â–²	12.5%	27,000,000	0.1%	NOTE 4.000% 5/0
CRM Salesforce	$72,530,442	$58,965,133 â–²	434.7%	388,549	0.1%	Technology
CNX RES CORP	$72,190,474		0.0%	23,604,000	0.1%	NOTE 2.250% 5/0
XLE Energy Select Sector SPDR Fund	$71,273,560	$158,768,033 â–¼	-69.0%	1,163,460	0.1%	ETF
AMAT Applied Materials	$69,238,451	$56,123,627 â–¼	-44.8%	202,576	0.1%	Technology
PANW Palo Alto Networks	$67,525,341	$13,216,941 â–²	24.3%	421,191	0.1%	Technology
ADBE Adobe	$66,072,790	$26,925,972 â–²	68.8%	271,815	0.1%	Technology
C Citigroup	$64,204,123	$34,167,031 â–²	113.7%	566,124	0.1%	Finance
CAT Caterpillar	$63,628,918	$59,784,814 â–¼	-48.4%	89,813	0.1%	Industrials
PG Procter & Gamble	$62,824,900	$29,430,950 â–²	88.1%	434,955	0.1%	Consumer Staples
WFC Wells Fargo & Company	$61,877,430	$25,966,155 â–²	72.3%	777,257	0.1%	Finance
CHEFS WHSE INC	$61,246,868	$12,423,600 â–²	25.4%	41,411,000	0.1%	NOTE 2.375%12/1
BMY Bristol Myers Squibb	$61,131,682	$3,450,500 â–²	6.0%	1,007,942	0.1%	Healthcare
WBS Webster Financial	$58,972,290	$58,972,290 â–²	New Holding	849,500	0.1%	Finance
MRK Merck & Co., Inc.	$55,895,395	$4,639,345 â–²	9.1%	464,672	0.1%	Healthcare
RTX RTX	$55,787,259	$26,343,389 â–²	89.5%	289,203	0.1%	Industrials
LAM RESEARCH CORP	$55,463,999	$11,492,771 â–²	26.1%	259,590	0.1%	COM NEW
UBER Uber Technologies	$55,107,803	$21,644,313 â–²	64.7%	766,131	0.1%	Industrials
GS The Goldman Sachs Group	$54,433,535	$7,306,816 â–²	15.5%	64,343	0.1%	Finance
PROGRESS SOFTWARE CORP	$53,953,502		0.0%	54,019,000	0.1%	NOTE 1.000% 4/1
CYTOKINETICS INC	$53,926,488		0.0%	8,631,000	0.1%	NOTE 4.000%11/1
ABBV AbbVie	$53,102,576	$15,152,963 â–¼	-22.2%	244,161	0.1%	Healthcare
EA Electronic Arts	$52,455,751	$44,504,821 â–²	559.7%	257,300	0.1%	Communication Services
BIOMARIN PHARMACEUTICAL INC	$52,343,138	$18,569,014 â–²	55.0%	54,243,000	0.1%	NOTE 1.250% 5/1
HD Home Depot	$51,591,330	$14,317,897 â–²	38.4%	156,865	0.1%	Consumer Discretionary
MS Morgan Stanley	$51,296,963	$7,307,237 â–²	16.6%	311,703	0.1%	Finance
ASCENDIS PHARMA A/S	$50,974,724	$13,102,912 â–²	34.6%	34,659,000	0.1%	NOTE 2.250% 4/0
CONMED CORP	$50,951,250	$11,160,750 â–²	28.0%	52,500,000	0.1%	NOTE 2.250% 6/1
LULU lululemon athletica	$50,923,663	$9,042,545 â–²	21.6%	332,617	0.1%	Consumer Discretionary
RAPID7 INC	$50,400,168	$13,593,602 â–²	36.9%	53,390,000	0.1%	NOTE 0.250% 3/1
GXO GXO Logistics	$50,007,614	$561,432 â–¼	-1.1%	964,467	0.1%	Industrials
GE VERNOVA INC	$49,881,871	$30,253,841 â–²	154.1%	57,145	0.1%	COM
KVUE Kenvue	$49,863,131	$127,010,044 â–¼	-71.8%	2,892,293	0.1%	Consumer Staples
XERIS BIOPHARMA HOLDINGS INC	$47,177,100		0.0%	23,074,000	0.1%	NOTE 8.000% 7/1
CSCO Cisco Systems	$46,976,167	$57,196,167 â–¼	-54.9%	605,441	0.1%	Technology
NOW ServiceNow	$46,077,171	$39,856,028 â–²	640.7%	440,719	0.1%	Technology
QCOM Qualcomm	$45,624,307	$6,993,269 â–²	18.1%	354,281	0.1%	Technology
PM Philip Morris International	$43,073,219	$8,397,122 â–¼	-16.3%	260,513	0.1%	Consumer Staples
KRE SPDR S&P Regional Banking ETF	$42,597,871	$24,069,146 â–²	129.9%	653,843	0.1%	ETF
KO CocaCola	$42,045,687	$9,141,514 â–²	27.8%	552,869	0.1%	Consumer Staples
UNH UnitedHealth Group	$41,984,474	$15,083,228 â–²	56.1%	155,159	0.1%	Healthcare
PTC THERAPEUTICS INC	$41,632,500	$8,273,125 â–²	24.8%	31,200,000	0.1%	NOTE 1.500% 9/1
GE GE Aerospace	$41,455,959	$5,224,206 â–¼	-11.2%	146,090	0.1%	Industrials
EVERGY INC	$40,507,500	$12,152,250 â–²	42.9%	30,000,000	0.1%	NOTE 4.500%12/1
BENTLEY SYS INC	$39,715,662	$7,608,000 â–²	23.7%	41,762,000	0.1%	NOTE 0.375% 7/0
UBER TECHNOLOGIES INC	$39,584,902	$10,838,250 â–²	37.7%	32,871,000	0.1%	NOTE 0.875%12/0
PEP PepsiCo	$39,246,908	$7,133,091 â–²	22.2%	252,733	0.1%	Consumer Staples
BA Boeing	$38,911,559	$23,255,262 â–²	148.5%	195,506	0.1%	Industrials
NEE NextEra Energy	$38,805,264	$3,820,247 â–²	10.9%	417,800	0.1%	Utilities
VZ Verizon Communications	$37,895,528	$4,056,562 â–¼	-9.7%	754,891	0.1%	Communication Services
DIS Walt Disney	$37,828,283	$13,980,112 â–²	58.6%	392,491	0.1%	Communication Services

Showing largest 100 holdings. View all holdings.

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Capstone Investment Advisors, LLC Top Holdings and 13F Report (2025)

About Capstone Investment Advisors, LLC

Investment Activity

Largest Holdings

Largest New Holdings this Quarter

Largest Purchases this Quarter

Largest Sales this Quarter

Sector Allocation Over Time

Latest 13F Holdings and Changes Since Previous Quarterly Filing

More Institutional Buying and Selling Information

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

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Capstone Investment Advisors, LLC Top Holdings and 13F Report (2025)

About Capstone Investment Advisors, LLC

Investment Activity

Largest Holdings

Largest New Holdings this Quarter

Largest Purchases this Quarter

Largest Sales this Quarter

Sector Allocation Over Time

Map of 500 Largest Holdings ofCapstone Investment Advisors, LLC

Latest 13F Holdings and Changes Since Previous Quarterly Filing

More Institutional Buying and Selling Information

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools