CAPSTONE INVESTMENT ADVISORS, LLC

CIK 0001426196 · Q2 2026

13F Equity AUM

$54.0B

-5.9% QoQ

Positions

1,094

+95 QoQ

AUM Rank

#622

Top 5%

Skill Alpha (FF)

+1.9%/yr^ns

No Clear Edge

Rank #1,411 · Top 17%

vs S&P +2.2%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 46.9%Top 10: 59.8%Top 20: 73.1%

NDQ15.1%

SPY14.3%

NVDA7.3%

MSFT6.6%

AMZN3.7%

AAPL3.4%

TSLA3.1%

WDC 3 11/15/282.5%

IVV2.2%

MU1.7%

Others (1084)40.2%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services45.1%

Technology30.8%

Consumer Cyclical8.2%

Communication Services6.3%

Healthcare2.6%

Other7.1%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 1094Median: 0.00%Avg: 0.09%

0–0.5%

1066(21.8%)

0.5–1%

8(5.1%)

1–3%

13(19.7%)

3–5%

3(10.2%)

5%+

4(43.2%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 1,094vs 20 funds

0%Low

1,094

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

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Position Changes This Quarter

New319Increased405Decreased322Exited224

New Positions

NOK0.7%

+29.1M

SPACE EXPLORATION TE…0.4%

+1.1M

LYV 3.125 01/15/290.1%

+40.0M

AKAMAI TECHNOLOGIES …0.1%

+45.0M

ETSY0.1%

+641K

GVA 3.25 06/15/300.1%

+19.5M

ETSY 0.125 09/01/270.1%

+47.0M

CEREBRAS SYSTEMS INC0.1%

+202K

ETSY INC0.1%

+37.8M

ALLIANT ENERGY CORP0.1%

+27.5M

Increased

BBIO 2.5 03/15/270.2%

+15.5M(+29%)

UBER 0.875 12/01/28 0.1%

+15.0M(+46%)

XYZ 0.25 11/01/270.0%

+13.5M(+127%)

SATS 3.875 11/30/300.4%

+13.2M(+25%)

INTEGER HLDGS CORP0.0%

+12.5M(+250%)

ATEC 0.75 08/01/260.1%

+12.3M(+59%)

LRN 1.125 09/01/270.1%

+10.0M(+87%)

BMRN 1.25 05/15/270.1%

+8.2M(+15%)

POST 2.5 08/15/270.1%

+7.2M(+39%)

CELC 2.75 08/01/310.0%

+6.0M(+600%)

Decreased

RPD 0.25 03/15/270.0%

-34,500,000(-65%)

NET 0 08/15/260.2%

-24,250,000(-27%)

PTCT 1.5 09/15/260.0%

-23,000,000(-74%)

AKAM 1.125 02/15/290.0%

-22,500,000(-83%)

MSTR 2.25 06/15/320.0%

-16,500,000(-80%)

NDQ15.1%

-15,595,843(-59%)

WBD0.3%

-13,848,800(-71%)

MARA 2.125 09/01/310.0%

-13,000,000(-49%)

EVRG 4.5 12/15/270.1%

-10,000,000(-33%)

CLSK 0 06/15/300.0%

-10,000,000(-79%)

Exited

-74,347,000

-23,604,000

-52,500,000

-34,659,000

-8,631,000

-54,019,000

-16,000,000

-700,000

-196,075

-16,000,000

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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