Alethea Capital Management, LLC

In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), Alethea Capital Management, LLC reported 41 stock positions worth $241.4 million. Its top holding was Axsome Therapeutics (AXSM) at 65.8% of the portfolio, followed by SS SPDR BB 1-3M T-Bill ETF (BIL, 12.3%) and Kura Oncology (KURA, 9.9%). Compared with Q1 2026, it opened 29 new positions, sold out of 1, added to 2 and reduced 4. The biggest buy was Kura Oncology (KURA, shares +42%) and the biggest sale SS SPDR BB 1-3M T-Bill ETF (BIL, shares −49%).

Most Recent 13F
Q2 2026
Location
MERCER ISLAND, WA
CIK
0001549408
Portfolio Value
$241.4M (Q2 2026)
SEC Filing
0001549408-26-000003 ↗ filed Aug 14, 2026

Holdings Value

0$50.0M$100.0M$150.0M$200.0M$250.0M Q1 2024: $123.1M Q1 2024 Q2 2024: $131.8M Q2 2024 Q3 2024: $138.5M Q3 2024 Q4 2024: $116.8M Q4 2024 Q1 2025: $134.0M Q1 2025 Q2 2025: $132.1M Q2 2025 Q3 2025: $155.4M Q3 2025 Q4 2025: $205.9M Q4 2025 Q1 2026: $186.1M Q1 2026 Q2 2026: $241.4M $241.4M Q2 2026

Holdings 41 stocks · $241.4M
AXSM Axsome Therapeutics Inc. 65.78% 648,756 $158.8M Reduce -0.1%
BIL SS SPDR BB 1-3M T-Bill ETF 12.32% 324,526 $29.7M Reduce -49.3%
KURA Kura Oncology Inc. 9.85% 2,167,938 $23.8M Add +41.8%
IMRX Immuneering Corp. Class A 0.98% 472,935 $2.4M Add +1962.1%
TLT iShares 20+ Year Treasury BD 0.76% 21,276 $1.8M Reduce -6.8%
TEM Tempus AI Inc. Class A 0.76% 31,554 $1.8M No change
VTRS Viatris Inc. 0.52% 78,384 $1.2M New
PM Philip Morris International 0.51% 6,834 $1.2M New
ADP Automatic Data Processing 0.51% 5,502 $1.2M New
WMB Williams Cos Inc. 0.47% 15,301 $1.1M New
DRI Darden Restaurants Inc. 0.46% 5,424 $1.1M New
BMY Bristol-Myers Squibb Co. 0.45% 18,892 $1.1M New
ED Consolidated Edison Inc. 0.45% 9,767 $1.1M New
CVX Chevron Corp. 0.40% 5,860 $971K New
CMCSA Comcast Corp. Class A 0.39% 38,283 $940K New
ES Eversource Energy 0.39% 12,915 $933K New
WY Weyerhaeuser Co. 0.38% 38,100 $912K New
LMT Lockheed Martin Corp. 0.38% 1,778 $906K New
T AT&T Inc. 0.37% 43,146 $893K New
STZ Constellation Brands Inc. Class A 0.35% 6,088 $847K New
BR Broadridge Financial Solutio 0.35% 6,132 $840K New
PNC PNC Financial Services Group 0.33% 3,254 $801K New
HRL Hormel Foods Corp. 0.29% 28,344 $703K New
XOM Exxon Mobil Corp. 0.25% 4,400 $602K New
RNA Atrium Therapeutics Inc. 0.24% 43,758 $589K No change
SYY Sysco Corp. 0.24% 6,962 $582K New
WFC Wells Fargo & Co. 0.21% 6,030 $498K No change
OKE Oneok Inc. 0.19% 5,340 $464K New
BG Bunge Global SA 0.18% 4,028 $430K New
HEDJ Wisdomtree Europe Hedged Equ 0.17% 7,165 $408K Reduce -3.6%
MOS The Mosaic Co. 0.16% 18,672 $396K New
HSY The Hershey Co. 0.15% 2,016 $354K New
EXE Expand Energy Corp. 0.14% 3,629 $331K New
AWK American Water Works Co. Inc. 0.12% 2,195 $289K New
ECPG Encore Capital Group Inc. 0.11% 2,750 $257K New
MCHP Microchip Technology Inc. 0.10% 2,756 $251K New
ACN Accenture PLC Class A 0.10% 1,881 $234K New
SJM The JM Smucker Co. filed as SMUCKER J M CO 0.09% 1,955 $220K New
GPK Graphic Packaging Holding Co. 0.07% 16,330 $173K No change
TGB Trekor Metals Ltd. 0.03% 10,000 $69K No change
LPRO Open Lending Corp. 0.02% 12,000 $37K No change

Portfolio Sells Q1 2026 → Q2 2026
BIL SS SPDR BB 1-3M T-Bill ETF Reduce -49.3% 12.32% −19.19
TLT iShares 20+ Year Treasury BD Reduce -6.8% 0.76% −0.30
SPY SS SPDR S&P 500 ETF Trust-US Sold out 0.00% −0.07
HEDJ Wisdomtree Europe Hedged Equ Reduce -3.6% 0.17% −0.04
AXSM Axsome Therapeutics Inc. Reduce -0.1% 65.78% +6.84

Portfolio Buys Q1 2026 → Q2 2026
KURA Kura Oncology Inc. Add +41.8% 9.85% +3.17
IMRX Immuneering Corp. Class A Add +1962.1% 0.98% +0.91
VTRS Viatris Inc. New 0.52% +0.52
PM Philip Morris International New 0.51% +0.51
ADP Automatic Data Processing New 0.51% +0.51
WMB Williams Cos Inc. New 0.47% +0.47
DRI Darden Restaurants Inc. New 0.46% +0.46
BMY Bristol-Myers Squibb Co. New 0.45% +0.45
ED Consolidated Edison Inc. New 0.45% +0.45
CVX Chevron Corp. New 0.40% +0.40
CMCSA Comcast Corp. Class A New 0.39% +0.39
ES Eversource Energy New 0.39% +0.39
WY Weyerhaeuser Co. New 0.38% +0.38
LMT Lockheed Martin Corp. New 0.38% +0.38
T AT&T Inc. New 0.37% +0.37
STZ Constellation Brands Inc. Class A New 0.35% +0.35
BR Broadridge Financial Solutio New 0.35% +0.35
PNC PNC Financial Services Group New 0.33% +0.33
HRL Hormel Foods Corp. New 0.29% +0.29
XOM Exxon Mobil Corp. New 0.25% +0.25
SYY Sysco Corp. New 0.24% +0.24
OKE Oneok Inc. New 0.19% +0.19
BG Bunge Global SA New 0.18% +0.18
MOS The Mosaic Co. New 0.16% +0.16
HSY The Hershey Co. New 0.15% +0.15
EXE Expand Energy Corp. New 0.14% +0.14
AWK American Water Works Co. Inc. New 0.12% +0.12
ECPG Encore Capital Group Inc. New 0.11% +0.11
MCHP Microchip Technology Inc. New 0.10% +0.10
ACN Accenture PLC Class A New 0.10% +0.10
SJM The JM Smucker Co. New 0.09% +0.09

Options Activity Q1 2026 → Q2 2026
SPY SS SPDR S&P 500 ETF Trust-US put Sold out 13,500 $8.8Mbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 41$241.4MAXSM, BIL, KURA, IMRX, TLT
Q1 2026 13$186.1MAXSM, BIL, KURA, TLT, TEM
Q4 2025 13$205.9MAXSM, RNAM, BIL, KURA, SPY
Q3 2025 33$155.4MAXSM, BIL, RNAM, KURA, TLT
Q2 2025 31$132.1MAXSM, BIL, RNAM, RSPU, KURA
Q1 2025 11$134.0MAXSM, BIL, RNAM, SPY, KURA
Q4 2024 30$116.8MAXSM, BIL, RNAM, KURA, TLT
Q3 2024 30$138.5MAXSM, BIL, RNAM, KURA, TLT
Q2 2024 31$131.8MAXSM, BIL, RNAM, KURA, TLT
Q1 2024 32$123.1MAXSM, BIL, RNAM, KURA, TLT