# Capstone Investment Advisors, LLC

> Capstone Investment Advisors, LLC is an SEC-registered investment advisory firm in New York, NY, registered since 2012, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated August 5, 2026.

- CRD: 155563
- Filed as: CAPSTONE INVESTMENT ADVISORS, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: New York, NY
- Filing period: October 2026
- Form ADV filing dated: August 5, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/155563
- AdvisorCensus page: https://advisorcensus.com/firm/capstone-investment-advisors-llc-new-york-ny-155563

## Quick answers

**How is Capstone Investment Advisors, LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Capstone Investment Advisors, LLC reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees); performance-based fees. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Capstone Investment Advisors, LLC located?**
Capstone Investment Advisors, LLC's principal office is in New York, NY, according to its Form ADV; the September 2026 filing also lists 7 other offices (Schedule D, Section 1.F).

**Is Capstone Investment Advisors, LLC registered with the SEC or a state?**
Capstone Investment Advisors, LLC is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 155563.

**How much does Capstone Investment Advisors, LLC manage?**
Capstone Investment Advisors, LLC reports $91,526,537,087 in regulatory assets under management in its Form ADV filing dated August 5, 2026 (100% discretionary).

**How have Capstone Investment Advisors, LLC's assets and staff changed since 2021?**
In the Form ADV data for Capstone Investment Advisors, LLC: Regulatory assets under management: $46,011,539,652 in the October 2021 data and $91,526,537,087 in the October 2026 data, up 99%. Total employees: 176 in October 2021 and 304 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Capstone Investment Advisors, LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (29); banking or thrift institutions (2).

**Which custodians does Capstone Investment Advisors, LLC use?**
Capstone Investment Advisors, LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Goldman Sachs & Co. LLC, Morgan Stanley & Co. International PLC and The Bank of New York Mellon as custodians holding 10% or more of its separately managed account assets.

**Does Capstone Investment Advisors, LLC report any disciplinary disclosures?**
Reports 2 disclosure items on Form ADV Item 11: yes answers to 11.D(2) (another regulator's finding of a violation) and 11.E(2) (self-regulatory organization's finding of a rule violation). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/155563

**What changed in Capstone Investment Advisors, LLC's recent Form ADV filings?**
In the September 2026 filing data: Added an office in San Francisco, CA.

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Fixed fees (other than subscription fees)
- Performance-based fees

### Custodians (Schedule D, Section 5.K(3))
- Goldman Sachs & Co. LLC
- Morgan Stanley & Co. International PLC
- The Bank of New York Mellon

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

### Regulatory assets under management (Item 5.F)
- Total: $91,526,537,087
- Discretionary: $91,526,537,087
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Banking or thrift institutions | 2 | $139,957,890 |
| Pooled investment vehicles (other than investment companies and business development companies) | 29 | $91,386,579,197 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients

### Firm details
- Registered since: 2012 (14 years)
- Employees: 304 total, 115 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CT, MA, MD, NY, TX
- Disclosures (Item 11): Reports 2 disclosure items on Form ADV Item 11.

### Item 11 questions answered yes
- 11.D(2): Has another federal regulator, a state regulator, or a foreign financial regulator ever found that the firm or an advisory affiliate was involved in a violation of investment-related regulations or statutes?
- 11.E(2): Has a self-regulatory organization or a commodities exchange ever found that the firm or an advisory affiliate was involved in a violation of its rules, other than a minor rule violation under a plan the SEC approved?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. The detail of each yes answer is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/155563

### Other offices (Schedule D, Section 1.F), as of the September 2026 filing
- Boston, MA
- Houston, TX
- Los Angeles, CA
- Middletown, MD
- New York, NY
- San Francisco, CA
- Stamford, CT

### Websites listed on Form ADV (Item 1.I)
- capstoneco.com
- globalvolatilitysummit.com
- vimeo.com/capstoneinvestment
- Instagram @GLOBALVOLATILITYSUMMIT
- LinkedIn @capstone-investment-advisors
- LinkedIn @global-volatility-summit
- YouTube @globalvolatilitysummit2025

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $46,011,539,652 | 176 | March 30, 2021 |
| October 2022 | $68,102,693,152 | 213 | August 25, 2022 |
| October 2023 | $43,484,507,920 | 253 | July 19, 2023 |
| October 2024 | $69,252,990,610 | 284 | September 30, 2024 |
| October 2025 | $91,714,366,931 | 330 | June 30, 2025 |
| October 2026 | $91,526,537,087 | 304 | August 5, 2026 |

Regulatory assets under management: $46,011,539,652 in the October 2021 data and $91,526,537,087 in the October 2026 data, up 99%.
Total employees: 176 in October 2021 and 304 in October 2026.

## Changes in the filing (last 12 months)

### September 2026
- Added an office in San Francisco, CA.

### May 2026
- Updated its list of owners and control persons (Schedule A).

### April 2026
- Employees performing advisory functions went from 111 to 115.
- Updated its list of owners and control persons (Schedule A).

### December 2025
- Added an office in Middletown, MD.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Capstone Investment Advisors, LLC (CRD 155563): Form ADV filing data as of October 2026.