CAPSTONE INVESTMENT ADVISORS, LLC

NEW YORK, NY · CIK 1426196 · 13F filing filed 2026-08-17

SEC-registered investment adviser since 2012 · limited liability company

Assets managed$91.5bn
Staff304 · 115 in investment roles
Main clients (by assets)Private funds 100%
Private funds16 (16 hedge) · $91.3bn gross assets
Form ADV · 2026-08-05SEC adviser record

Legal entityCAPSTONE INVESTMENT ADVISORS, LLC (US)

Other 13F filers in this group: Capstone Investment Advisors (UK), LLP files a notice

Kindhedge funds, futures
Others nearbyNew York, NY, London, Stamford, CT, Boston, MA, San Francisco, CA, Los Angeles, CA
FamilyCAPSTONE INVESTMENT ADVISORS, LLC · 2 related pages

As an employer

Staff in the UK1
Offices in1 country
Private fundshedge 16

Where they work

people there (dot area)number not reportedmain officeHover or tap a dot. Australian and UK companies are placed at their business or registered address, with their staff across the whole country.

Offices

From Form ADV: the main office and the other offices where it does advisory work (at most the 25 largest), with the people doing investment work at each. “About” is worked out: the firm's investment staff less its other offices. Each city links to the other managers there.

City	Country	People
New York, NY (main office)United States	United States	about 96
Stamford, CTUnited States	United States	6
Boston, MAUnited States	United States	5
Los Angeles, CAUnited States	United States	3
San Francisco, CAUnited States	United States	3
Houston, TXUnited States	United States	1
Middletown, MDUnited States	United States	1

US visa salary filings

Filings FY2024–202629
Median salary offered$150,000
Middle half$125,000 – $170,000
Job titles22

Job title	Filings	Median	Range
Associate, TraderNew York, NY	3	$150,000
Senior Vice President, Associate Portfolio ManagerNew York, NY	2	$200,000
Associate, Treasury Quant32nd Floor, NY	2	$160,000
Vice President, Quantitative StrategistNew York, NY	2	$155,000	$150,000 – $160,000
Associate, Macro ResearchNew York, NY	2	$120,000
Associate, Data EngineerNew York, NY	2	$115,000
Senior Vice President, Portfolio ManagerNew York, NY	1	$200,000
Vice President, Senior Convertible Bond AnalystNew York, NY	1	$200,000
Vice President, Associate Portfolio ManagerNew York, NY	1	$200,000
Vice President, Treasury QuantNew York, NY	1	$190,000
Associate, Investment Team AnalystNew York, NY	1	$175,000
Associate, Data ScientistNew York, NY	1	$170,000

10 more job titles

Associate, Quantitative DeveloperNew York, NY	1	$165,000
Associate, StructurerNew York, NY	1	$160,000
Vice President, Software EngineerNew York, NY	1	$158,000
Associate, Software EngineerNew York, NY	1	$140,000
Analyst, Quantitative ResearcherNew York, NY	1	$140,000
Analyst, Data EngineerNew York, NY	1	$130,000
Analyst, StrategistNew York, NY	1	$125,000
Analyst, Quantitative Research AnalystNew York, NY	1	$120,000
AnalystNew York, NY	1	$110,000
Analyst, Software EngineerNew York, NY	1	$100,000

Source: US Department of Labor, Labor Condition Application disclosure data (certified, full-time, yearly equivalent). These are the salaries the employer committed to pay the visa roles it filed for, at least the prevailing wage for the job and place; they are not the pay of all its staff. Filed by: Capstone Investment Advisors LLC, Capstone Investment Advisors, LLC.

In the UK

Company	Town	Staff	Pay gap report	FCA register
CAPSTONE INVESTMENT ADVISORS (UK), LLP Limited Liability Partnership · accounts to 2025-12-31	London	1

Sources: Companies House (accounts filed electronically; the largest groups often file on paper, so their staff numbers can be missing), the UK gender pay gap service (employers with 250+ staff) and the FCA's Financial Services Register. Contains public sector information licensed under the Open Government Licence v3.0.

Map: places from GeoNames (CC BY 4.0), outlines from Natural Earth.

$14.4bn reported value +18.7% vs Q1 2026

942positions

57.8%in top 10

352 new 275 added 273 reduced 266 sold out vs Q1 2026

Options: 307 call positions ($8.0bn notional), 392 put positions ($31.6bn notional) – listed below, not included above.

This report includes the holdings of 1 other manager that shares the investment decisions:

Capstone Investment Advisors (UK), LLP – reports through this filing

Shares in two reports are counted once in each security's totals.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	MICROSOFT CORP COM MSFT	MSFT	4,303,251	$1.6bn11.16%	11.16%	Added +1.5m	+1,529,354 55.1%
2	NVIDIA CORPORATION COM NVDA	NVDA	6,869,767	$1.4bn9.56%	9.56%	Added +2.9m	+2,854,459 71.1%
3	WESTERN DIGITAL CORP NOTE 3.000%11/1 · principal WDC 3 11.15.28 · principal	WDC 3 11.15.28	80,500,000	$1.4bn9.43%	9.43%	Unchanged
4	ISHARES TR CORE S&P500 ETF IVV	IVV	1,562,108	$1.2bn8.13%	8.13%	Added +4.3k	+4,274 0.3%
5	AMAZON COM INC COM AMZN	AMZN	3,089,477	$736.3m5.12%	5.12%	Reduced -2.7m	-2,679,833 -46.5%
6	VANGUARD INDEX FDS S&P 500 ETF SHS VOO	VOO	857,924	$589.2m4.10%	4.10%	Added +2.6k	+2,589 0.3%
7	TESLA INC COM TSLA	TSLA	1,322,989	$556.4m3.87%	3.87%	Reduced -131.1k	-131,111 -9.0%
8	META PLATFORMS INC CL A META	META	594,871	$335.1m2.33%	2.33%	Added +255.8k	+255,799 75.4%
9	INVESCO QQQ TR UNIT SER 1 QQQ	QQQ	426,945	$314.4m2.19%	2.19%	Added +395.5k	+395,457 1255.9%
10	APPLE INC COM AAPL	AAPL	934,697	$270.5m1.88%	1.88%	Reduced -51.7k	-51,668 -5.2%
11	MICRON TECHNOLOGY INC COM MU	MU	230,359	$265.9m1.85%	1.85%	Added +177.0k	+176,967 331.4%
12	ECHOSTAR CORP NOTE 3.875%11/3 · principal ECHO 3.875 11.30.30 · principal	ECHO 3.875 11.30.30	65,588,000	$205.0m1.43%	1.43%	Added +13.2m	+13,200,000 25.2%
13	NOKIA CORP SPONSORED ADR NOK	NOK	14,595,379	$193.8m1.35%	1.35%	New
14	ORACLE CORP COM ORCL	ORCL	1,217,291	$178.4m1.24%	1.24%	Added +333.1k	+333,108 37.7%
15	BROADCOM INC COM AVGO	AVGO	448,295	$169.3m1.18%	1.18%	Added +70.4k	+70,400 18.6%
16	SPACE EXPLORATION TECHN CORP CLASS A COM STK SPCX	SPCX	812,500	$138.8m0.97%	0.97%	New
17	INTERDIGITAL INC NOTE 3.500% 6/0 · principal IDCC 3.5 06.01.27 · principal	IDCC 3.5 06.01.27	34,886,000	$127.7m0.89%	0.89%	Added +354.0k	+354,000 1.0%
18	BRIDGEBIO PHARMA INC NOTE 2.500% 3/1 · principal BBIO 2.5 03.15.27 · principal	BBIO 2.5 03.15.27	69,872,000	$124.5m0.87%	0.87%	Added +15.5m	+15,500,000 28.5%
19	MICROSTRATEGY INC CL A NEW MSTR	MSTR	1,298,361	$112.9m0.78%	0.78%	Added +1.2m	+1,234,967 1948.1%
20	PALANTIR TECHNOLOGIES INC CL A PLTR	PLTR	925,130	$107.9m0.75%	0.75%	Added +604.3k	+604,312 188.4%
21	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	197,358	$98.8m0.69%	0.69%	Added +170.3k	+170,251 628.1%
22	ALPHABET INC CAP STK CL C GOOG	GOOG	271,923	$96.1m0.67%	0.67%	Reduced -566.7k	-566,686 -67.6%
23	WARNER BROS DISCOVERY INC COM SER A WBD	WBD	3,405,000	$90.8m0.63%	0.63%	Reduced -6.8m	-6,800,000 -66.6%
24	CLOUDFLARE INC NOTE 8/1 · principal NET 0 08.15.26 · principal	NET 0 08.15.26	67,000,000	$86.2m0.60%	0.60%	Reduced -24.2m	-24,250,000 -26.6%
25	CHEFS WHSE INC NOTE 2.375%12/1 · principal CHEF 2.375 12.15.28 · principal	CHEF 2.375 12.15.28	35,636,000	$79.8m0.55%	0.55%	Reduced -5.8m	-5,775,000 -13.9%
26	CHART INDS INC COM GTLS	GTLS	370,000	$77.3m0.54%	0.54%	Added +207.0k	+207,000 127.0%
27	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	101,328	$75.7m0.53%	0.53%	Reduced -492.0k	-491,996 -82.9%
28	ALIBABA GROUP HLDG LTD SPONSORED ADS BABA	BABA	773,268	$74.2m0.52%	0.52%	Added +765.3k	+765,306 9612.0%
29	WEBSTER FINL CORP COM WBS	WBS	935,000	$71.5m0.50%	0.50%	Added +85.5k	+85,500 10.1%
30	LIVE NATION ENTERTAINMENT IN NOTE 3.125% 1/1 · principal LYV 3.125 01.15.29 · principal	LYV 3.125 01.15.29	40,000,000	$71.4m0.50%	0.50%	New
31	ISHARES TR CHINA LG-CAP ETF FXI	FXI	2,201,127	$69.5m0.48%	0.48%	Added +1.2m	+1,154,338 110.3%
32	KENVUE INC COM KVUE	KVUE	3,599,857	$68.8m0.48%	0.48%	Added +935.3k	+935,264 35.1%
33	MIRUM PHARMACEUTICALS INC NOTE 4.000% 5/0 · principal MIRM 4 05.01.29 · principal	MIRM 4 05.01.29	18,448,000	$68.3m0.47%	0.47%	Reduced -8.6m	-8,552,000 -31.7%
34	AKAMAI TECHNOLOGIES INC NOTE 0.250% 5/1 · principal AKAM 0.25 05.15.33 · principal	AKAM 0.25 05.15.33	45,000,000	$65.7m0.46%	0.46%	New
35	XERIS BIOPHARMA HOLDINGS INC NOTE 8.000% 7/1 · principal XERS 8 07.15.28 · principal	XERS 8 07.15.28	23,074,000	$62.6m0.44%	0.44%	Unchanged
36	SELECT SECTOR SPDR TR ENERGY XLE	XLE	1,164,746	$61.9m0.43%	0.43%	Added +1.3k	+1,286 0.1%
37	BIOMARIN PHARMACEUTICAL INC NOTE 1.250% 5/1 · principal BMRN 1.25 05.15.27 · principal	BMRN 1.25 05.15.27	62,432,000	$60.8m0.42%	0.42%	Added +8.2m	+8,189,000 15.1%
38	UBER TECHNOLOGIES INC NOTE 0.875%12/0 · principal UBER 0.875 12.01.28 2028 · principal	UBER 0.875 12.01.28 2028	47,871,000	$57.3m0.40%	0.40%	Added +15.0m	+15,000,000 45.6%
39	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	110,383	$52.7m0.37%	0.37%	Added +62.7k	+62,735 131.7%
40	ETSY INC COM ETSY	ETSY	640,706	$48.3m0.34%	0.34%	New
41	CEREBRAS SYSTEMS INC COM CL A CBRS	CBRS	202,100	$44.7m0.31%	0.31%	New
42	ETSY INC NOTE 0.125% 9/0 · principal ETSY 0.125 09.01.27 · principal	ETSY 0.125 09.01.27	47,000,000	$44.6m0.31%	0.31%	New
43	ROKU INC COM CL A ROKU	ROKU	320,000	$44.2m0.31%	0.31%	Added +301.7k	+301,732 1651.7%
44	SANDISK CORP COM SNDK	SNDK	19,435	$44.2m0.31%	0.31%	Added +15.7k	+15,707 421.3%
45	ETSY INC NOTE 1.000% 6/1 · principal ETSY 1 06.15.30 · principal	ETSY 1 06.15.30	37,750,000	$43.9m0.30%	0.30%	New
46	BENTLEY SYS INC NOTE 0.375% 7/0 · principal BSY 0.375 07.01.27 · principal	BSY 0.375 07.01.27	45,543,000	$43.8m0.30%	0.30%	Added +3.8m	+3,781,000 9.1%
47	ISHARES TR MSCI EMG MKT ETF EEM	EEM	605,065	$41.4m0.29%	0.29%	Reduced -123.9k	-123,902 -17.0%
48	GRANITE CONSTR INC NOTE 3.250% 6/1 · principal GVA 3.25 06.15.30 · principal	GVA 3.25 06.15.30	19,500,000	$40.9m0.28%	0.28%	New
49	ADOBE INC COM ADBE	ADBE	195,190	$40.0m0.28%	0.28%	Added +110.5k	+110,475 130.4%
50	NETFLIX INC COM NFLX	NFLX	529,559	$37.8m0.26%	0.26%	Added +427.2k	+427,174 417.2%
51	STRIDE INC NOTE 1.125% 9/0 · principal LRN 1.125 09.01.27 · principal	LRN 1.125 09.01.27	21,500,000	$36.4m0.25%	0.25%	Added +10.0m	+10,000,000 87.0%
52	ADVANCED MICRO DEVICES INC COM AMD	AMD	60,963	$35.4m0.25%	0.25%	Reduced -655.0k	-654,966 -91.5%
53	DEXCOM INC NOTE 0.375% 5/1 · principal DXCM 0.375 05.15.28 · principal	DXCM 0.375 05.15.28	37,338,000	$34.9m0.24%	0.24%	New
54	ALPHATEC HLDGS INC NOTE 0.750% 8/0 · principal ATEC 0.75 08.01.26 · principal	ATEC 0.75 08.01.26	33,247,000	$33.1m0.23%	0.23%	Added +12.3m	+12,343,000 59.0%
55	SEA LTD NOTE 0.250% 9/1 · principal SEALTD 0.25 09.15.26 · principal	SEALTD 0.25 09.15.26	31,000,000	$30.7m0.21%	0.21%	Unchanged
56	XOMETRY INC NOTE 0.750% 6/1 · principal XMTR 0.75 06.15.30 · principal	XMTR 0.75 06.15.30	13,700,000	$30.5m0.21%	0.21%	New
57	ALLIANT ENERGY CORP NOTE 3.250% 5/3 · principal LNT 3.25 05.30.28 · principal	LNT 3.25 05.30.28	27,500,000	$30.3m0.21%	0.21%	New
58	ISHARES TR IBOXX HI YD ETF HYG	HYG	372,550	$29.8m0.21%	0.21%	New
59	EVERGY INC NOTE 4.500%12/1 · principal EVRG 4.5 12.15.27 · principal	EVRG 4.5 12.15.27	20,000,000	$28.5m0.20%	0.20%	Reduced -10.0m	-10,000,000 -33.3%
60	SPDR SER TR BLOOMBERG SHT TE SJNK	SJNK	1,110,001	$27.8m0.19%	0.19%	New
61	MAKEMYTRIP LIMITED MAURITIUS NOTE 7/0 · principal MMYT 0 07.01.30 · principal	MMYT 0 07.01.30	30,000,000	$27.4m0.19%	0.19%	New
62	SPDR SER TR BLOOMBERG HIGH Y JNK	JNK	277,601	$26.8m0.19%	0.19%	New
63	POST HLDGS INC NOTE 2.500% 8/1 · principal POST 2.5 08.15.27 · principal	POST 2.5 08.15.27	25,691,000	$26.7m0.19%	0.19%	Added +7.2m	+7,191,000 38.9%
64	ISHARES INC MSCI BRAZIL ETF EWZ	EWZ	748,291	$25.8m0.18%	0.18%	Added +692.0k	+692,044 1230.4%
65	ISHARES TR 0-5YR HI YL CP SHYG	SHYG	598,401	$25.4m0.18%	0.18%	New
66	FIRSTENERGY CORP NOTE 3.625% 1/1 · principal FE 3.625 01.15.29 · principal	FE 3.625 01.15.29	22,500,000	$24.6m0.17%	0.17%	New
67	GLOBALSTAR INC COM NEW GSAT	GSAT	300,000	$24.4m0.17%	0.17%	New
68	FLUOR CORP NOTE 1.125% 8/1 · principal FLR 1.125 08.15.29 · principal	FLR 1.125 08.15.29	18,113,000	$24.0m0.17%	0.17%	Added +3.1m	+3,113,000 20.8%
69	REPLIGEN CORP NOTE 1.000%12/1 · principal RGEN 1 12.15.28 · principal	RGEN 1 12.15.28	22,500,000	$23.1m0.16%	0.16%	New
70	BLOCK INC NOTE 0.250%11/0 · principal XYZ 0.25 11.01.27 · principal	XYZ 0.25 11.01.27	24,164,000	$22.9m0.16%	0.16%	Added +13.5m	+13,500,000 126.6%
71	MAKEMYTRIP LIMITED MAURITIUS NOTE 2/1 · principal MMYT 0 02.15.28 · principal	MMYT 0 02.15.28	15,000,000	$22.9m0.16%	0.16%	Added +5.0m	+5,000,000 50.0%
72	SUPER MICRO COMPUTER INC 7 DEP CM SR A WI · principal SMCI 7 06.01.29 · principal	SMCI 7 06.01.29	374,066,000	$22.9m0.16%	0.16%	New
73	UBER TECHNOLOGIES INC COM UBER	UBER	316,531	$22.8m0.16%	0.16%	Added +6.5k	+6,500 2.1%
74	GXO LOGISTICS INCORPORATED COMMON STOCK GXO	GXO	447,959	$22.7m0.16%	0.16%	Reduced -516.5k	-516,508 -53.5%
75	INNOVIVA INC NOTE 2.125% 3/1 · principal INVA 2.125 03.15.28 · principal	INVA 2.125 03.15.28	21,000,000	$22.6m0.16%	0.16%	Unchanged
76	LULULEMON ATHLETICA INC COM LULU	LULU	188,947	$21.6m0.15%	0.15%	Added +44.6k	+44,630 30.9%
77	ISHARES TR RUSSELL 2000 ETF IWM	IWM	68,994	$20.7m0.14%	0.14%	New
78	ALPHATEC HLDGS INC NOTE 0.750% 3/1 · principal ATEC 0.75 03.15.30 · principal	ATEC 0.75 03.15.30	21,300,000	$20.4m0.14%	0.14%	Added +2.5m	+2,500,000 13.3%
79	ISHARES TR NATIONAL MUN ETF MUB	MUB	187,001	$20.1m0.14%	0.14%	New
80	GDS HLDGS LTD NOTE 2.250% 6/0 · principal GDSHDG 2.25 06.01.32 · principal	GDSHDG 2.25 06.01.32	15,750,000	$19.2m0.13%	0.13%	New
81	GAMESTOP CORP NOTE 6/1 · principal GME 0 06.15.32 · principal	GME 0 06.15.32	18,500,000	$18.8m0.13%	0.13%	New
82	LIVANOVA PLC NOTE 2.500% 3/1 · principal LIVN 2.5 03.15.29 · principal	LIVN 2.5 03.15.29	13,809,000	$18.8m0.13%	0.13%	New
83	RAPID7 INC NOTE 0.250% 3/1 · principal RPD 0.25 03.15.27 · principal	RPD 0.25 03.15.27	18,890,000	$18.2m0.13%	0.13%	Reduced -34.5m	-34,500,000 -64.6%
84	VALARIS LTD CL A VAL	VAL	240,000	$17.4m0.12%	0.12%	Added +140.4k	+140,357 140.9%
85	FIRSTENERGY CORP NOTE 3.875% 1/1 · principal FE 3.875 01.15.31 · principal	FE 3.875 01.15.31	15,500,000	$17.2m0.12%	0.12%	New
86	GUARDANT HEALTH INC NOTE 11/1 · principal GH 0 11.15.27 · principal	GH 0 11.15.27	13,745,000	$17.2m0.12%	0.12%	Added +5.0m	+5,000,000 57.2%
87	AXALTA COATING SYS LTD COM AXTA	AXTA	500,000	$17.1m0.12%	0.12%	New
88	CONSTELLATION ENERGY CORP COM CEG	CEG	68,681	$17.1m0.12%	0.12%	Added +8.2k	+8,196 13.6%
89	SALESFORCE INC COM CRM	CRM	108,524	$17.0m0.12%	0.12%	Added +91.4k	+91,375 532.8%
90	INTEGER HLDGS CORP DBCV 1.875% 3/1 · principal ITGR 1.875 03.15.30 · principal	ITGR 1.875 03.15.30	17,500,000	$17.0m0.12%	0.12%	Added +12.5m	+12,500,000 250.0%
91	LUMENTUM HLDGS INC COM LITE	LITE	19,176	$16.5m0.11%	0.11%	Added +18.3k	+18,301 2091.5%
92	CME GROUP INC COM CME	CME	73,981	$16.3m0.11%	0.11%	Added +13.4k	+13,361 22.0%
93	TRANSMEDICS GROUP INC NOTE 1.500% 6/0 · principal TMDX 1.5 06.01.28 · principal	TMDX 1.5 06.01.28	15,000,000	$16.3m0.11%	0.11%	New
94	MARA HOLDINGS INC NOTE 3/0 · principal MARA 0 03.01.30 · principal	MARA 0 03.01.30	16,000,000	$16.1m0.11%	0.11%	Reduced -1.5m	-1,500,000 -8.6%
95	APOGEE THERAPEUTICS INC COM COM		120,000	$15.9m0.11%	0.11%	New
96	INNIO NV ORDINARY SHARES INIO	INIO	400,000	$15.8m0.11%	0.11%	New
97	CELCUITY INC NOTE 2.750% 8/0 · principal CELC 2.75 08.01.31 · principal	CELC 2.75 08.01.31	7,000,000	$15.8m0.11%	0.11%	Added +6.0m	+6,000,000 600.0%
98	NUVALENT INC COM COM		126,303	$15.6m0.11%	0.11%	New
99	BLACKSTONE INC COM BX	BX	132,114	$15.5m0.11%	0.11%	Added +6.2k	+6,167 4.9%
100	A10 NETWORKS INC NOTE 2.750% 4/0 · principal ATEN 2.75 04.01.30 · principal	ATEN 2.75 04.01.30	9,000,000	$15.3m0.11%	0.11%	New

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
LUMENTUM HLDGS INC LITE 1.5 12.15.29	LITE 1.5 12.15.29	74,347,000	$752.7m74.3m shares
CNX RES CORP CNX 2.25 05.01.26	CNX 2.25 05.01.26	23,604,000	$72.2m23.6m shares
PROGRESS SOFTWARE CORP PRGS 1 04.15.26	PRGS 1 04.15.26	54,019,000	$54.0m54.0m shares
CYTOKINETICS INC CYTK 4 11.15.26	CYTK 4 11.15.26	8,631,000	$53.9m8.6m shares
ASCENDIS PHARMA A/S ASND 2.25 04.01.28	ASND 2.25 04.01.28	34,659,000	$51.0m34.7m shares
CONMED CORP CNMD 2.25 06.15.27	CNMD 2.25 06.15.27	52,500,000	$51.0m52.5m shares
ELECTRONIC ARTS INC EA	EA	235,000	$47.9m235.0k shares
VENTAS RLTY LTD PARTNERSHIP VTR 3.75 06.01.26	VTR 3.75 06.01.26	16,000,000	$23.8m16.0m shares
SOUTHERN CO SO 4.5 06.15.27	SO 4.5 06.15.27	16,500,000	$18.3m16.5m shares
FIRSTENERGY CORP FE 4 05.01.26	FE 4 05.01.26	16,000,000	$17.5m16.0m shares
PALO ALTO NETWORKS INC PANW	PANW	103,791	$16.6m103.8k shares
CLEARWATER ANALYTICS HLDGS I		700,000	$16.6m700.0k shares
FLOWSERVE CORP FLS	FLS	196,075	$14.4m196.1k shares
COTERRA ENERGY INC CTRA	CTRA	389,819	$13.7m389.8k shares
VISA INC V	V	41,189	$12.4m41.2k shares
STRATEGY INC MSTR 0.625 03.15.30	MSTR 0.625 03.15.30	10,000,000	$11.5m10.0m shares
LYONDELLBASELL INDUSTRIES N LYB	LYB	125,400	$10.1m125.4k shares
APELLIS PHARMACEUTICALS INC APLS	APLS	250,000	$10.1m250.0k shares
Q2 HLDGS INC QTWO 0.75 06.01.26	QTWO 0.75 06.01.26	10,000,000	$10.0m10.0m shares
ISHARES INC EWY	EWY	74,678	$9.2m74.7k shares
AECOM ACM	ACM	100,146	$8.5m100.1k shares
HOLOGIC INC HOLX	HOLX	108,000	$8.2m108.0k shares
DAY ONE BIOPHARMACEUTICALS I		236,000	$5.1m236.0k shares
UNION PAC CORP UNP	UNP	20,314	$4.9m20.3k shares
ACCURAY INC DEL ARAY 3.75 06.01.26	ARAY 3.75 06.01.26	4,500,000	$4.3m4.5m shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
SPDR S&P 500 ETF TR SPY · Put	SPY	Put	9,339,800	$7.0bn9.3m shares	Reduced
INVESCO QQQ TR QQQ · Put	QQQ	Put	7,834,500	$5.8bn7.8m shares	Reduced
NVIDIA CORPORATION NVDA · Put	NVDA	Put	11,290,900	$2.3bn11.3m shares	Added
INVESCO QQQ TR QQQ · Call	QQQ	Call	2,790,400	$2.1bn2.8m shares	Reduced
MICROSOFT CORP MSFT · Put	MSFT	Put	4,805,900	$1.8bn4.8m shares	Added
APPLE INC AAPL · Put	AAPL	Put	4,189,900	$1.2bn4.2m shares	Added
AMAZON COM INC AMZN · Put	AMZN	Put	4,448,000	$1.1bn4.4m shares	Reduced
TESLA INC TSLA · Put	TSLA	Put	2,103,800	$884.9m2.1m shares	Reduced
ISHARES TR LQD · Put	LQD	Put	6,247,500	$681.4m6.2m shares	Added
ISHARES TR IWM · Call	IWM	Call	2,240,000	$673.0m2.2m shares	Added
SPDR S&P 500 ETF TR SPY · Call	SPY	Call	890,400	$664.9m890.4k shares	Reduced
NEBIUS GROUP N.V. NBIS · Put	NBIS	Put	2,255,500	$622.9m2.3m shares	Added
MICRON TECHNOLOGY INC MU · Put	MU	Put	521,200	$601.6m521.2k shares	Added
SELECT SECTOR SPDR TR XLF · Call	XLF	Call	9,931,500	$532.4m9.9m shares	Added
ALPHABET INC GOOG · Put	GOOG	Put	1,477,300	$522.0m1.5m shares	Reduced
ALPHABET INC GOOGL · Put	GOOGL	Put	1,323,100	$472.8m1.3m shares	Reduced
ISHARES TR FXI · Put	FXI	Put	13,429,700	$424.2m13.4m shares	Added
META PLATFORMS INC META · Put	META	Put	682,600	$384.5m682.6k shares	Added
ISHARES TR FXI · Call	FXI	Call	11,572,200	$365.6m11.6m shares	Added
ADVANCED MICRO DEVICES INC AMD · Put	AMD	Put	611,100	$355.0m611.1k shares	Reduced
APPLE INC AAPL · Call	AAPL	Call	1,224,700	$354.4m1.2m shares	Added
NVIDIA CORPORATION NVDA · Call	NVDA	Call	1,580,500	$316.2m1.6m shares	Reduced
BROADCOM INC AVGO · Put	AVGO	Put	828,800	$313.1m828.8k shares	Added
SELECT SECTOR SPDR TR XLF · Put	XLF	Put	5,377,900	$288.3m5.4m shares	Reduced
ISHARES TR HYG · Put	HYG	Put	3,552,400	$284.1m3.6m shares	Reduced