Skip to main content
Livermore
Livermore
ZHEN

Capstone Investment Advisors, LLC

SEC CIK
0001426196
Latest filing
Aug 17, 2026

The latest 13F from Capstone Investment Advisors, LLC covers Q2 2026 (filed Aug 17, 2026): 942 long positions worth $14.4B. The top 10 holdings make up 57.8% of the portfolio, and the largest is Microsoft Corp (MSFT) at 11.2%. Livermore has 26 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
351
Est. +$1.67B
Added
256
Est. +$2.78B
Reduced
256
Est. −$2.78B
Sold out
265
Est. −$1.46B

Top 5 holdings

Share of this quarter's portfolio value

  1. MSFTMicrosoft Corp
    11.2%$1.61BHistory
  2. NVDANVIDIA Corp
    9.6%$1.37BHistory
  3. Western Digital Corp958102AT2
    9.4%$1.36B
  4. iShares Core S&P 500 ETF464287200
    8.1%$1.17B
  5. AMZNAmazon Com Inc
    5.1%$736.3MHistory

Share of portfolio

Top 5 holdings and the other 937 positions, by share of portfolio value

  1. MSFT11.2%
  2. NVDA9.6%
  3. Western Digital Corp9.4%
  4. iShares Core S&P 500 ETF8.1%
  5. AMZN5.1%
  6. Other 937 positions56.6%

Biggest buys

New and added positions, by estimated amount bought

  1. NVDANVIDIA Corp
    +$571.1MAddedHistory
  2. MSFTMicrosoft Corp
    +$570.5MAddedHistory
  3. Invesco QQQ Trust Series I46090E103
    +$291.2MAdded
  4. MUMicron Technology Inc
    +$204.3MAddedHistory
  5. NOKNokia Corp
    +$193.8MNewHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. NVDANVIDIA Corp
    +3.78 pp5.8% → 9.6%History
  2. MSFTMicrosoft Corp
    +2.69 pp8.5% → 11.2%History
  3. Invesco QQQ Trust Series I46090E103
    +2.04 pp0.1% → 2.2%
  4. MUMicron Technology Inc
    +1.70 pp0.1% → 1.8%History
  5. NOKNokia Corp
    +1.35 pp0.0% → 1.3%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. Lumentum Hldgs Inc55024UAH2
    −$752.7MSold out
  2. AMZNAmazon Com Inc
    −$638.7MReducedHistory
  3. AMDAdvanced Micro Devices Inc
    −$380.5MReducedHistory
  4. SPYSPDR S&P 500 ETF Trust
    −$367.4MReducedHistory
  5. GOOGLAlphabet Inc.
    −$233.0MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. Lumentum Hldgs Inc55024UAH2
    −6.21 pp6.2% → 0.0%
  2. AMZNAmazon Com Inc
    −4.80 pp9.9% → 5.1%History
  3. SPYSPDR S&P 500 ETF Trust
    −2.66 pp3.2% → 0.5%History
  4. WBDWarner Bros. Discovery, Inc.
    −1.68 pp2.3% → 0.6%History
  5. GOOGLAlphabet Inc.
    −1.54 pp1.6% → 0.1%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$14.4B
+$2.26B (+18.7%) vs. prior quarter
Positions
942
+86 vs. prior quarter
Top 10 concentration
57.8%
Top 10 as share of value
Turnover
32.0%
Q2 2026, one quarter
Average holding period
11.1 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $14.4B (Q2 2026)

Q1 2021: $3.32BQ2 2021: $4.21BQ3 2021: $5.65BQ4 2021: $6.26BQ1 2022: $4.63BQ2 2022: $4.32BQ3 2022: $4.62BQ4 2022: $3.80BQ1 2023: $3.23BQ2 2023: $3.39BQ3 2023: $3.78BQ4 2023: $5.79BQ1 2024: $5.40BQ2 2024: $4.58BQ3 2024: $5.24BQ4 2024: $10.1BQ1 2025: $10.9BQ2 2025: $11.7BQ3 2025: $11.4BQ4 2025: $12.3BQ1 2026: $12.1BQ2 2026: $14.4B
Q1 2021Q2 2026
13F filings of Capstone Investment Advisors, LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 17, 2026942$14.4BMSFTNVDAWestern Digital Corpvs. Q1 2026SEC
Q1 2026May 15, 2026856$12.1BAMZNMSFTiShares Core S&P 500 ETFvs. Q4 2025SEC
Q4 2025Feb 17, 2026808$12.3BNVDAiShares Core S&P 500 ETFGOOGLvs. Q3 2025SEC
Q3 2025Nov 14, 20251,091$11.4BNVDAMSFTAMZNvs. Q2 2025SEC
Q2 2025Aug 14, 2025837$11.7BNVDATSLAAMZNvs. Q1 2025SEC
Q1 2025May 15, 2025535$10.9BTSLAAMZNNVDAvs. Q4 2024SEC
Q4 2024Feb 14, 2025745$10.1BMSFTVanguard S&P 500 ETFAMZNvs. Q3 2024SEC
Q3 2024Nov 14, 2024833$5.24BSPYVanguard S&P 500 ETFiShares Core S&P 500 ETFvs. Q2 2024SEC
Q2 2024Aug 14, 20241,009$4.58BSPYiShares Core S&P 500 ETFNova Ltd.vs. Q1 2024SEC
Q1 2024May 1, 20241,305$5.40BSPYiShares Core S&P 500 ETFNova Ltd.vs. Q4 2023SEC
Q4 2023Feb 12, 20241,051$5.79BSPYAMZNInsight Enterprises Incvs. Q3 2023SEC
Q3 2023Nov 13, 20231,088$3.78BInsight Enterprises IncNova Ltd.MongoDB, Inc.vs. Q2 2023SEC
Q2 2023Aug 10, 2023856$3.39BInsight Enterprises IncInvesco QQQ Trust Series IiShares MSCI USA Min Vol Factor ETFvs. Q1 2023SEC
Q1 2023May 9, 2023624$3.23BInsight Enterprises IncWorld Wrestling Entmt IncPalo Alto Networks Incvs. Q4 2022SEC
Q4 2022Feb 10, 2023642$3.80BSPYKBR, Inc.Insight Enterprises Incvs. Q3 2022SEC
Q3 2022Nov 10, 2022709$4.62BSPYMSFTAMZNvs. Q2 2022SEC
Q2 2022Aug 15, 2022908$4.32BAMZNiShares MSCI USA Min Vol Factor ETFAAPLvs. Q1 2022SEC
Q1 2022May 13, 2022978$4.63BCONMED CorpMSFTMongoDB, Inc.vs. Q4 2021SEC
Q4 2021Feb 11, 2022800$6.26BSPYXLNXINFOvs. Q3 2021SEC
Q3 2021Nov 15, 2021921$5.65BINFOXLNXNUANvs. Q2 2021SEC
Q2 2021Feb 11, 2022Amended662$4.21BINFOWORKALXNvs. Q1 2021SECSEC
Q1 2021Feb 11, 2022Amended557$3.32BWORKALXNINFO–SECSEC