Capstone Investment Advisors portfolio

What changed this quarter

1058 positions with a change (315 new, 252 added to, 251 trimmed, 240 sold); also, 4 entered through an IPO, 7 exited through an acquisition or merger. 12 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• Amazon.com−46%fewer sharesReduced
  13.4% → 6.7%
• NVIDIA+71%more sharesIncreased
  7.8% → 12.6%
• Microsoft+55%more sharesIncreased
  11.4% → 14.7%
• Alphabet−3.6 ppof portfolioReduced
  4.9% → 1.0%
• State Str Spdr S&P 500 ETF T−83%fewer sharesReduced
  4.3% → 0.7%
• Invesco QQQ Trust Series 1 ETF+1,256%more sharesIncreased
  0.2% → 2.9%
• Micron Technology+331%more sharesIncreased
  0.2% → 2.4%
• Nokia+1.8 ppof portfolioNew
  — → 1.8%
• Warner Bros. Discovery−67%fewer sharesReduced
  3.1% → 0.8%
• Advanced Micro Devices−91%fewer sharesReduced
  1.6% → 0.3%
• Meta Platforms+75%more sharesIncreased
  2.2% → 3.1%
• Strategy+1,948%more sharesIncreased
  0.1% → 1.0%

The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight?: what it bought or sold, excluding price effects.

Top holdings

• MicrosoftMSFT14.7%
• NVIDIANVDA12.6%
• iShares Core S&P 500 ETFIVV10.7%
• Amazon.comAMZN6.7%
• Vanguard S&P 500 ETFVOO5.4%
• TeslaTSLA5.1%
• Meta PlatformsMETA3.1%
• Invesco QQQ Trust Series 1 ETFQQQ2.9%
• AppleAAPL2.5%
• Micron TechnologyMU2.4%
• NokiaNOK1.8%
• OracleORCL1.6%
• BroadcomAVGO1.6%
• Space Exploration TechnologiesSPCX1.3%
• StrategyMSTR1.0%
• Palantir TechnologiesPLTR1.0%
• AlphabetGOOG · GOOGL1.0%
• Berkshire HathawayBRK/B0.9%
• Warner Bros. DiscoveryWBD0.8%
• Chart Industries0.7%
• State Str Spdr S&P 500 ETF TSPY0.7%
• Alibaba Group HoldingBABA0.7%
• Webster FinancialWBS0.7%
• iShares China Large-cap ETFFXI0.6%
• KenvueKVUE0.6%
• State Street Energy Select Sector ETFXLE0.6%
• Taiwan Semiconductor ManufacturingTSM0.5%
• ETSYETSY0.4%
• Cerebras SystemsCBRS0.4%
• RokuROKU0.4%
• SandiskSNDK0.4%
• iShares Msci Emerging Market ETFEEM0.4%
• AdobeADBE0.4%
• NetflixNFLX0.3%
• Advanced Micro DevicesAMD0.3%
• Ishares TrHYG0.3%
• State Street SPDR BB St HI Yield ETFSJNK0.3%
• State Street SPDR BB High Yield Bond ETFJNK0.2%
• IsharesEWZ0.2%
• iShares 0-5 Yr HY Corp Bond ETFSHYG0.2%
• GlobalstarGSAT0.2%
• UBER TechnologiesUBER0.2%
• GXO LogisticsGXO0.2%
• lululemon athleticaLULU0.2%
• iShares Russell 2000 ETFIWM0.2%
• iShares National Muni Bond E ETFMUB0.2%
• ValarisVAL0.2%
• Axalta Coating SystemsAXTA0.2%
• Constellation EnergyCEG0.2%
• SalesforceCRM0.2%
• Lumentum HoldingsLITE0.2%
• CME GroupCME0.1%
• Apogee Therapeutics0.1%
• InnioINIO0.1%
• Nuvalent0.1%
• BlackstoneBX0.1%
• Bio-techneTECH0.1%
• Vaneck ETF TrustHYD0.1%
• IntuitINTU0.1%
• State Street SPDR BB Conv Sec ETFCWB0.1%
• Liberty BroadbandLBRDK0.1%
• FOXFOX0.1%
• Coinbase GlobalCOIN0.1%
• CoreWeaveCRWV0.1%
• ServiceNowNOW0.1%
• KKRKKR0.1%
• Janus LivingJAN0.1%
• AlcoaAA0.1%
• QXOQXO0.1%
• At&tT0.1%
• NCR AtleosNATL0.1%
• CompassCOMP0.1%
• Exxon MobilXOM0.1%
• Cardinal Infrastructure GroupCDNL0.1%
• AngloGold AshantiAU0.1%
• United RentalsURI0.1%
• Wells FargoWFC0.1%
• CoherentCOHR0.1%
• Forgent Power SolutionsFPS0.1%
• ChevronCVX0.1%
• Celsius HoldingsCELH0.1%
• Neuberger Next GenerationNBXG0.1%
• Vistra OperationsVST0.1%
• Gabelli Divid & Income TrXGDVX0.1%
• RIO TintoRIO0.1%
• NikeNKE0.1%
• Trane TechnologiesTT0.1%
• Vaneck ETF TrustGDX0.1%
• State Street SPDR S&P Regional Bank ETFKRE0.1%
• L3harris TechnologiesLHX0.1%
• CAVA GroupCAVA0.1%
• Jacobs SolutionsJ0.1%
• Liberty Live HoldingsLLYVK0.1%
• ASA Gold and Precious Mtls LASA0.1%
• Firefly AerospaceFLY0.1%
• Super Micro ComputerSMCI0.1%
• State Street SPDR S&P Biotech ETFXBI0.1%
• Apollo Global ManagementAPO0.1%