CAPSTONE INVESTMENT ADVISORS, LLC
Hedge FundCIKLocation
Long U.S. equity positions disclosed to the SEC on Form 13F-HR.
Latest filingQ2 2026Quarter ended30 Jun 2026Filed17 Aug 2026
Firm profile · Form ADV
SEC adviser registrationCapstone Investment Advisors, LLC is a Delaware limited liability company founded by Paul Britton that trades globally across equities, fixed income, foreign exchange, and commodities. As a multi-strategy investment manager, the firm employs a model-driven, quantitative approach with a qualitative overlay, focusing on relative value trading with a volatility bias. Operating through its Capstone Global Master and Capstone Solutions platforms, it seeks to capitalize on perceived pricing inefficiencies of volatility in target derivative markets.Summarised from the firm’s Form ADV Part 2A brochure.
Portfolio Turnover
29%
Of book traded, QoQ
Positions
1,641
Long U.S. equities
Top 10 Concentration
47%
Of reported value
QoQ Change
$-3.4B
Value change
Assets under management
Form ADV RAUM · client mix · 13F over timeRegulatory AUM
$91.5B
Form ADV, as of Apr 2026
● 100% discretionary ($91.5B)
By client type
13F AUM over time
$54.0B
Q2 ’26 · 13F AUM
▲ 1549%
42 quarters
Loading position history…
| Security⇅ | Shares⇅ | Market Value▼ | Est. Cost⇅ | Last Px⇅ | Est. Return⇅ | % Portfolio⇅ | Δ Shares⇅ | Action⇅ |
|---|---|---|---|---|---|---|---|---|
| 9.34MPut | $7.0B | — | $766.48 | — | 12.9% | ▼ 39.2% | Reduced | |
| 7.83MPut | $5.8B | — | $718.36 | — | 10.7% | ▼ 53.5% | Reduced | |
| 11.29MPut | $2.3B | — | $217.09 | — | 4.2% | ▲ 38.0% | Added | |
| 2.79MCall | $2.1B | — | $718.36 | — | 3.8% | ▼ 83.4% | Reduced | |
| 4.81MPut | $1.8B | — | $533.52 | — | 3.3% | ▲ 40.5% | Added | |
| 4.30MSH | $1.6B | ~$373.02 | $533.52 | ▲43.0% | 3.0% | ▲ 25.8% | Added | |
| 6.87MSH | $1.4B | ~$200.09 | $217.09 | ▲8.5% | 2.5% | ▼ 16.0% | Reduced | |
| 80.50MPRN | $1.4B | — | — | — | 2.5% | — | Unchanged | |
| 4.19MPut | $1.2B | — | $342.94 | — | 2.2% | ▲ 21.2% | Added | |
| 1.56MSH | $1.2B | ~$748.89 | $770.01 | ▲2.8% | 2.2% | ▲ 0.3% | Added |
SPYReduced
$7.0B· 12.9%· 9.34M Put· ▼ 39.2%· last $766.48
QQQReduced
$5.8B· 10.7%· 7.83M Put· ▼ 53.5%· last $718.36
NVDAAdded
$2.3B· 4.2%· 11.29M Put· ▲ 38.0%· last $217.09
QQQReduced
$2.1B· 3.8%· 2.79M Call· ▼ 83.4%· last $718.36
MSFTAdded
$1.8B· 3.3%· 4.81M Put· ▲ 40.5%· last $533.52
MSFTAdded
$1.6B· 3.0%· 4.30M SH· ▲ 25.8%· cost $373.02· last $533.52· ▲43.0%
NVDAReduced
$1.4B· 2.5%· 6.87M SH· ▼ 16.0%· cost $200.09· last $217.09· ▲8.5%
Unchanged
$1.4B· 2.5%· 80.50M PRN· —
AAPLAdded
$1.2B· 2.2%· 4.19M Put· ▲ 21.2%· last $342.94
IVVAdded
$1.2B· 2.2%· 1.56M SH· ▲ 0.3%· cost $748.89· last $770.01· ▲2.8%
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Sector Breakdown
Q2 2026Unclassified51.0% · $27.6B
Information Technology26.9% · $14.6B
Consumer Discretionary8.0% · $4.3B
Communication Services5.1% · $2.8B
Financials3.2% · $1.7B
Health Care1.6% · $870.6M
Industrials1.5% · $812.0M
Other2.6% · $1.4B