Capstone Investment Advisors

Capstone Investment Advisors as of Dec. 31, 2011

Portfolio Holdings for Capstone Investment Advisors

Capstone Investment Advisors holds 194 positions in its portfolio as reported in the December 2011 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Google 20.8 $2.0B 3.1M 645.90
Apple (AAPL) 16.5 $1.6B 3.9M 405.00
SPDR Gold Trust (GLD) 4.4 $429M 2.8M 151.99
Exxon Mobil Corporation (XOM) 3.5 $342M 4.0M 84.76
Amazon (AMZN) 3.4 $326M 1.9M 173.10
International Business Machines (IBM) 2.9 $280M 1.5M 183.88
iShares MSCI EAFE Index Fund (EFA) 2.8 $272M 5.5M 49.53
Procter & Gamble Company (PG) 2.7 $262M 3.9M 66.71
Baidu (BIDU) 2.5 $238M 2.0M 116.47
Goldman Sachs (GS) 1.9 $179M 2.0M 90.43
iShares MSCI Emerging Markets Indx (EEM) 1.8 $175M 4.6M 37.94
MasterCard Incorporated (MA) 1.5 $149M 400k 372.82
Intuitive Surgical (ISRG) 1.5 $149M 322k 463.01
Caterpillar (CAT) 1.4 $140M 1.5M 90.60
Coca-Cola Company (KO) 1.3 $124M 1.8M 69.97
Visa (V) 1.3 $123M 1.2M 101.48
Pepsi (PEP) 1.3 $122M 1.8M 66.35
United Parcel Service (UPS) 1.2 $116M 1.6M 73.19
priceline.com Incorporated 1.2 $116M 248k 467.71
AutoZone (AZO) 1.0 $96M 296k 324.97
Market Vectors Gold Miners ETF 1.0 $96M 1.9M 51.43
Johnson & Johnson (JNJ) 0.8 $75M 1.1M 65.58
Philip Morris International (PM) 0.8 $73M 932k 78.48
Netflix (NFLX) 0.8 $74M 1.1M 69.29
McDonald's Corporation (MCD) 0.7 $72M 717k 100.33
Berkshire Hathaway (BRK.B) 0.7 $69M 901k 76.21
Microsoft Corporation (MSFT) 0.7 $66M 2.5M 25.96
Citigroup (C) 0.7 $66M 2.5M 26.31
Qualcomm (QCOM) 0.7 $63M 1.2M 54.70
Sina Corporation 0.7 $63M 1.2M 52.00
iShares Silver Trust (SLV) 0.7 $63M 2.3M 26.94
United Technologies Corporation 0.6 $62M 845k 73.08
3M Company (MMM) 0.6 $58M 713k 81.73
Cisco Systems (CSCO) 0.6 $55M 3.0M 18.08
Deere & Company (DE) 0.6 $54M 697k 77.35
Celgene Corporation 0.6 $53M 788k 67.60
iShares MSCI Brazil Index (EWZ) 0.5 $52M 909k 57.37
C.H. Robinson Worldwide (CHRW) 0.5 $51M 732k 69.78
Kraft Foods 0.5 $51M 1.4M 37.36
Wynn Resorts (WYNN) 0.5 $50M 452k 110.49
Amgen (AMGN) 0.5 $49M 770k 64.21
Altria (MO) 0.5 $48M 1.6M 29.65
Nike (NKE) 0.5 $46M 474k 96.37
Las Vegas Sands (LVS) 0.5 $44M 1.0M 42.69
Kellogg Company (K) 0.4 $40M 781k 50.57
Financial Select Sector SPDR (XLF) 0.4 $40M 3.1M 13.00
Walt Disney Company (DIS) 0.4 $37M 993k 37.50
iShares Russell 2000 Index (IWM) 0.4 $37M 500k 73.69
iShares MSCI Japan Index 0.4 $36M 4.0M 9.11
Wal-Mart Stores (WMT) 0.3 $34M 571k 59.76
Cme (CME) 0.3 $29M 120k 243.65
Consumer Discretionary SPDR (XLY) 0.3 $29M 748k 39.02
PowerShares QQQ Trust, Series 1 0.3 $27M 490k 55.81
AFLAC Incorporated (AFL) 0.2 $24M 551k 43.26
Research In Motion 0.2 $25M 1.7M 14.50
Merck & Co (MRK) 0.2 $24M 624k 37.69
General Electric Company 0.2 $21M 1.1M 17.91
Whole Foods Market 0.2 $21M 296k 69.58
Bank of America Corporation (BAC) 0.2 $18M 3.3M 5.56
Abbott Laboratories (ABT) 0.2 $17M 301k 56.23
Pfizer (PFE) 0.2 $17M 801k 21.62
JPMorgan Chase & Co. (JPM) 0.2 $16M 482k 33.24
Boeing Company (BA) 0.2 $16M 221k 73.31
Airgas 0.1 $14M 184k 78.07
Intel Corporation (INTC) 0.1 $14M 578k 24.23
First Solar (FSLR) 0.1 $12M 364k 33.75
Oracle Corporation (ORCL) 0.1 $12M 476k 25.65
iShares Dow Jones US Real Estate (IYR) 0.1 $13M 225k 56.78
Petroleo Brasileiro SA (PBR) 0.1 $11M 456k 24.85
Chevron Corporation (CVX) 0.1 $12M 111k 106.39
Medco Health Solutions 0.1 $12M 213k 55.90
Bristol Myers Squibb (BMY) 0.1 $12M 327k 35.24
At&t (T) 0.1 $11M 352k 30.23
American Express Company (AXP) 0.1 $10M 212k 47.13
Verizon Communications (VZ) 0.1 $9.4M 234k 40.12
Yahoo! 0.1 $9.4M 580k 16.13
Gilead Sciences (GILD) 0.1 $8.8M 216k 40.93
NetLogic Microsystems 0.1 $8.9M 179k 49.56
Temple-Inland 0.1 $8.2M 260k 31.71
Akamai Technologies (AKAM) 0.1 $7.7M 239k 32.28
Goodrich Corporation 0.1 $7.4M 60k 123.70
HealthSpring 0.1 $8.2M 150k 54.54
SuccessFactors 0.1 $7.8M 195k 39.86
iShares MSCI Mexico Inv. Mt. Idx. (EWW) 0.1 $7.4M 138k 53.76
Market Vector Russia ETF Trust 0.1 $7.4M 278k 26.63
Radware Ltd ord (RDWR) 0.1 $6.4M 218k 29.25
Pharmasset 0.1 $7.0M 55k 128.17
Red Hat 0.1 $6.4M 154k 41.29
Apollo 0.1 $7.1M 131k 53.86
RightNow Technologies 0.1 $6.4M 150k 42.73
Utilities SPDR (XLU) 0.1 $6.8M 190k 35.98
Wells Fargo & Company (WFC) 0.1 $6.0M 217k 27.56
E.I. du Pont de Nemours & Company 0.1 $5.7M 125k 45.77
Lockheed Martin Corporation (LMT) 0.1 $5.4M 66k 80.90
Alcoa 0.1 $5.4M 624k 8.65
ConocoPhillips (COP) 0.1 $6.2M 85k 72.86
Macy's (M) 0.1 $5.5M 172k 32.17
Motorola Mobility Holdings 0.1 $5.6M 145k 38.80
Vale (VALE) 0.1 $5.3M 247k 21.44
China Mobile 0.1 $4.7M 96k 48.47
El Paso Corporation 0.1 $4.6M 175k 26.57
Hewlett-Packard Company 0.1 $5.0M 195k 25.76
Sears Holdings Corporation 0.1 $4.5M 141k 31.75
Green Mountain Coffee Roasters 0.1 $5.3M 118k 44.84
Express Scripts 0.1 $5.3M 118k 44.69
Blue Coat Systems 0.1 $5.1M 200k 25.45
Spdr S&p 500 Etf (SPY) 0.0 $4.0M 32k 125.49
NYSE Euronext 0.0 $3.4M 131k 26.10
Newmont Mining Corporation (NEM) 0.0 $3.9M 65k 60.00
Potash Corp. Of Saskatchewan I 0.0 $4.0M 96k 41.27
HSBC Holdings (HSBC) 0.0 $2.5M 66k 38.04
Honeywell International (HON) 0.0 $3.0M 56k 54.35
Ford Motor Company (F) 0.0 $2.9M 272k 10.76
EMC Corporation 0.0 $2.7M 127k 21.54
99 Cents Only Stores 0.0 $2.5M 115k 21.94
Collective Brands 0.0 $2.6M 179k 14.36
New Oriental Education & Tech 0.0 $3.1M 127k 24.05
Industrial SPDR (XLI) 0.0 $2.5M 74k 33.75
Mead Johnson Nutrition 0.0 $3.2M 46k 68.60
salesforce (CRM) 0.0 $3.3M 33k 101.46
Deutsche Bank Ag-registered (DB) 0.0 $2.7M 71k 37.85
SonoSite 0.0 $2.6M 48k 53.83
Jaguar Mng 0.0 $3.1M 490k 6.37
Embraer S A (ERJ) 0.0 $3.1M 125k 25.22
Kinder Morgan (KMI) 0.0 $3.0M 93k 32.13
Comcast Corporation (CMCSA) 0.0 $2.4M 100k 23.71
FedEx Corporation (FDX) 0.0 $1.8M 21k 83.47
Home Depot (HD) 0.0 $1.7M 41k 42.03
Constellation Energy 0.0 $2.0M 50k 39.66
Family Dollar Stores 0.0 $1.7M 29k 57.42
Schlumberger (SLB) 0.0 $1.8M 26k 68.25
Xerox Corporation 0.0 $1.6M 200k 7.96
Freeport-McMoRan Copper & Gold (FCX) 0.0 $1.5M 40k 36.79
Clorox Company (CLX) 0.0 $2.1M 31k 66.53
Marvell Technology Group 0.0 $1.9M 134k 13.84
Banco Bradesco SA (BBD) 0.0 $2.1M 126k 16.60
SanDisk Corporation 0.0 $1.8M 37k 49.09
TiVo 0.0 $1.6M 174k 8.97
Garmin (GRMN) 0.0 $1.8M 46k 39.78
Cell Therapeutics 0.0 $2.3M 2.0M 1.16
Liberty Media Corp lcpad 0.0 $1.5M 19k 78.00
Sunpower (SPWR) 0.0 $1.6M 255k 6.22
Gerdau SA (GGB) 0.0 $781k 100k 7.81
iShares FTSE/Xinhua China 25 Index (FXI) 0.0 $1.4M 39k 34.86
U.S. Bancorp (USB) 0.0 $1.4M 53k 27.04
InterMune 0.0 $1.0M 81k 12.60
Vertex Pharmaceuticals Incorporated (VRTX) 0.0 $1.4M 41k 33.15
P.F. Chang's China Bistro 0.0 $973k 32k 30.89
Mattel (MAT) 0.0 $1.4M 52k 27.75
NVIDIA Corporation (NVDA) 0.0 $692k 50k 13.84
Adobe Systems Incorporated (ADBE) 0.0 $1.4M 52k 28.13
Supervalu 0.0 $801k 99k 8.12
Medtronic 0.0 $1.1M 29k 38.23
Morgan Stanley (MS) 0.0 $969k 64k 15.10
CVS Caremark Corporation (CVS) 0.0 $1.1M 27k 40.75
RadioShack Corporation 0.0 $1.3M 135k 9.70
Dollar Thrifty Automotive 0.0 $1.1M 15k 70.25
Occidental Petroleum Corporation (OXY) 0.0 $1.3M 14k 93.66
Sohu 0.0 $1.3M 26k 50.00
InterDigital (IDCC) 0.0 $1.3M 31k 43.54
China Life Insurance Company 0.0 $981k 27k 36.87
RSC Holdings 0.0 $930k 50k 18.49
United Therapeutics Corporation (UTHR) 0.0 $614k 13k 47.23
Winn-Dixie Stores 0.0 $491k 52k 9.37
Veno 0.0 $944k 140k 6.77
WebMD Health 0.0 $944k 25k 37.49
CoreLogic 0.0 $1.0M 79k 12.92
Market Vectors Junior Gold Miners ETF 0.0 $1.2M 48k 24.69
Yingli Green Energy Hold 0.0 $159k 42k 3.79
Corning Incorporated (GLW) 0.0 $204k 16k 12.96
State Street Corporation (STT) 0.0 $203k 5.0k 40.29
PNC Financial Services (PNC) 0.0 $247k 4.3k 57.48
Eastman Kodak Company 0.0 $104k 159k 0.65
Corinthian Colleges 0.0 $213k 98k 2.17
Great Atlantic & Pacific Tea Company (GAP) 0.0 $16k 403k 0.04
Allstate Corporation (ALL) 0.0 $358k 13k 27.36
Baker Hughes Incorporated 0.0 $214k 4.4k 48.52
General Mills (GIS) 0.0 $347k 8.6k 40.35
Target Corporation (TGT) 0.0 $274k 5.4k 51.08
UnitedHealth (UNH) 0.0 $213k 4.2k 50.49
Walgreen Company 0.0 $330k 10k 33.00
Take-Two Interactive Software (TTWO) 0.0 $101k 7.5k 13.47
AMR Corporation 0.0 $37k 106k 0.35
A Power Energy Generat Sys 0.0 $4.0k 16k 0.25
GeoEye 0.0 $326k 15k 22.22
Ingersoll-rand Co Ltd-cl A 0.0 $222k 7.3k 30.41
AK Steel Holding Corporation 0.0 $416k 50k 8.24
SIGA Technologies (SIGA) 0.0 $127k 51k 2.50
MF Global Holdings 0.0 $1.0k 25k 0.04
E Commerce China Dangdang 0.0 $278k 39k 7.22
PharmAthene 0.0 $148k 117k 1.27
INC shares Evergreen Solar 0.0 $1.3k 132k 0.01
Sanofi Aventis Wi Conval Rt 0.0 $432k 360k 1.20
Exelis 0.0 $477k 53k 9.03