Graham Capital Management, L.P.
13F Reported Value
ⓘ$5.5B
incl. option notional
Equity Holdings
ⓘ$3.7B
Option Notional
ⓘ$1.8B
$1.3B puts / $445.7M calls
Holdings
1,222
Latest Filing
2026-06-30
Filing Quarter
Q2 2026
Portfolio Overview
Graham Capital Management, L.P. disclosed 1,222 positions worth $5.5B in its Form 13F-HR for Q2 2026 — $3.7B in common stock plus $1.8B of put/call option positions (reported at underlying notional value, not premium at risk). During the quarter the fund opened 443 new positions and exited 346 — including a new stake in $GME. The portfolio is most concentrated in Technology (33.0% of disclosed assets). All figures are sourced directly from Graham Capital Management, L.P.’s Form 13F-HR filing with the SEC under CIK 1315421.
AI Fund Analysis
Stable
$NVDA
$AMZN
$GRPN
$RUN
$ADC
$LOB
$TDG
$LSTR
$LGIHSector Allocation
AUM History
Top Equity Holdings by Value
Option Positions
13F rules report options at the value of the underlying shares (notional) — not the premium paid or capital at risk. Shown separately from the equity sleeve above.
Quarterly Activity — Q2 2026
Click any card to unlockTop Holdings
ISHARES TR - RUSSELL 2000 ETF PUT
—Quality
$943.0M3,138,600 shVANECK ETF TRUST - GOLD MINERS ETF CALL
—Quality
$189.5M2,512,000 sh- 61.2#800
Quality
$150.1M147,647,000 sh - 49.2
Quality
$119.9M42,250,000 sh - $114.9M156,000 sh
- 35.8
Quality
$97.1M24,363,000 sh - 85.9
Quality
$82.4M411,680 sh - 47.8
Quality
$78.0M57,430,000 sh - 68.7
Quality
$75.1M314,943 sh - 26.1
Quality
$73.8M74,371,000 sh
| Company | Quality | Value | Shares |
|---|---|---|---|
| ISHARES TR - RUSSELL 2000 ETF PUT | — | $943.0M | 3,138,600 |
| VANECK ETF TRUST - GOLD MINERS ETF CALL | — | $189.5M | 2,512,000 |
 GameStop Corp.$GME | 61.2#800 | $150.1M | 147,647,000 |
 Penguin Solutions, Inc.$PENG | 49.2 | $119.9M | 42,250,000 |
 INVESCO QQQ TRUST, SERIES 1$QQQCALL | — | $114.9M | 156,000 |
 Applied Digital Corp.$APLD | 35.8 | $97.1M | 24,363,000 |
| NVIDIA CORP$NVDA | 85.9 | $82.4M | 411,680 |
 Green Plains Inc.$GPRE | 47.8 | $78.0M | 57,430,000 |
| AMAZON COM INC$AMZN | 68.7 | $75.1M | 314,943 |
| Groupon, Inc.$GRPN | 26.1 | $73.8M | 74,371,000 |
Unlock AI quality scores for every holding
32-signal composite ranking on each of Graham Capital Management, L.P.'s 1,222 positions.
Showing top 10 of 1,222 holdings.
Sector Allocation
Technology
$1.2B
Financials
$467.7M
Other
$431.4M
Industrials
$334.3M
Consumer Discretionary
$319.3M
Materials
$242.8M
Healthcare
$189.6M
Energy
$129.2M
Top Holdings — Graham Capital Management, L.P. (Q2 2026)
Top 150 of 1,222 disclosed positions (by reported value) from the latest Form 13F-HR, with quarter-over-quarter share changes and 13F Pro quality scores. Sourced from SEC EDGAR.
| # | Ticker | Company | Value | Weight | QoQ | Quality |
|---|---|---|---|---|---|---|
| 1 | — | ISHARES TR - RUSSELL 2000 ETF | $943.0M | — | +147% | — |
| 2 | — | VANECK ETF TRUST - GOLD MINERS ETF | $189.5M | — | +8% | — |
| 3 | $GME | GameStop Corp. | $150.1M | 4.0% | NEW | 61.2 |
| 4 | $PENG | Penguin Solutions, Inc. | $119.9M | 3.2% | NEW | 49.2 |
| 5 | $QQQCALL | INVESCO QQQ TRUST, SERIES 1 | $114.9M | — | +680% | — |
| 6 | $APLD | Applied Digital Corp. | $97.1M | 2.6% | -33% | 35.8 |
| 7 | $NVDA | NVIDIA CORP | $82.4M | 2.2% | +40% | 85.9 |
| 8 | $GPRE | Green Plains Inc. | $78.0M | 2.1% | -2% | 47.8 |
| 9 | $AMZN | AMAZON COM INC | $75.1M | 2.0% | -23% | 68.7 |
| 10 | $GRPN | Groupon, Inc. | $73.8M | 2.0% | +14% | 26.1 |
| 11 | — | RIVIAN AUTOMOTIVE INC - NOTE 3.625%10/1 | $64.0M | 1.7% | +0% | — |
| 12 |  $CLMTPUT | Calumet, Inc. /DE | $61.7M | — | +0% | 40.2 |
| 13 | $RUN | Sunrun Inc. | $60.6M | 1.6% | +0% | 56.3 |
| 14 | — | THE REALREAL INC - DEBT 4.000% 2/1 | $58.2M | 1.6% | +0% | — |
| 15 |  $PCT | PureCycle Technologies, Inc. | $58.1M | 1.6% | -16% | 15.8 |
| 16 |  $IBITPUT | iShares Bitcoin Trust ETF | $57.9M | — | -25% | — |
| 17 |  $GOOGL | Alphabet Inc. | $57.5M | 1.5% | -1% | 78.2 |
| 18 | — | SPDR SERIES TRUST - ST STR SP METAL | $53.5M | — | NEW | — |
| 19 |  $AAOI | APPLIED OPTOELECTRONICS, INC. | $49.9M | 1.3% | NEW | 40.1 |
| 20 |  $C | CITIGROUP INC | $47.7M | 1.3% | -12% | 65 |
| 21 |  $TLRY | Tilray Brands, Inc. | $47.0M | 1.3% | -21% | 29.9 |
| 22 |  $MARA | MARA Holdings, Inc. | $46.1M | 1.2% | +170% | 36.5 |
| 23 |  $METC | Ramaco Resources, Inc. | $41.7M | 1.1% | +0% | 20.2 |
| 24 |  $BBIO | BridgeBio Pharma, Inc. | $39.7M | 1.1% | +0% | 36.9 |
| 25 |  $CLSK | CLEANSPARK, INC. | $38.6M | 1.0% | +0% | 37.4 |
| 26 | — | ISHARES TR - IBOXX HI YD ETF | $38.3M | 1.0% | +94% | — |
| 27 |  $KEEL | Keel Infrastructure Corp. | $37.9M | 1.0% | NEW | 17.9 |
| 28 |  $SPYPUT | SPDR S&P 500 ETF TRUST | $37.9M | — | +150% | — |
| 29 | $GMEPUT | GameStop Corp. | $37.1M | — | +0% | 61.2 |
| 30 |  $CIFR | Cipher Digital Inc. | $37.0M | 1.0% | -31% | 30.6 |
| 31 |  $GRRRPUT | Gorilla Technology Group Inc. | $35.8M | — | NEW | — |
| 32 |  $FBTCPUT | Fidelity Wise Origin Bitcoin Fund | $35.5M | — | +0% | — |
| 33 |  $EMBJ | EMBRAER S.A. | $32.2M | 0.9% | +26% | — |
| 34 |  $SMCI | Super Micro Computer, Inc. | $31.8M | 0.8% | NEW | 62 |
| 35 |  $META | Meta Platforms, Inc. | $28.2M | 0.8% | +9% | 79.6 |
| 36 |  $MU | MICRON TECHNOLOGY INC | $26.3M | 0.7% | -65% | 86.2 |
| 37 | — | SPDR SERIES TRUST - ST STR SP HOME | $26.2M | 0.7% | +452% | — |
| 38 | $SMCI | Super Micro Computer, Inc. | $25.6M | 0.7% | NEW | 62 |
| 39 |  $TVTX | Travere Therapeutics, Inc. | $25.4M | 0.7% | -97% | 56.6 |
| 40 | — | SELECT SECTOR SPDR TR - ST STR CARE ETF | $24.6M | 0.7% | +472% | — |
| 41 |  $XYZ | Block, Inc. | $24.2M | 0.7% | +865% | 51.8 |
| 42 |  $INTC | INTEL CORP | $23.9M | 0.6% | -65% | 45.6 |
| 43 | $GPRE | Green Plains Inc. | $23.8M | 0.6% | +24% | 47.8 |
| 44 |  $FSLR | FIRST SOLAR, INC. | $23.4M | 0.6% | -0% | 79.2 |
| 45 |  $BA | BOEING CO | $23.3M | 0.6% | -9% | 61.6 |
| 46 |  $PANW | Palo Alto Networks Inc | $22.9M | 0.6% | +29% | 65.5 |
| 47 | — | ISHARES INC - MSCI STH KOR ETF | $22.6M | 0.6% | -69% | — |
| 48 |  $IVZ | Invesco Ltd. | $22.6M | 0.6% | -41% | — |
| 49 |  $UBER | Uber Technologies, Inc | $22.0M | 0.6% | NEW | 73.5 |
| 50 |  $KO | COCA COLA CO | $21.7M | 0.6% | +556% | 69.5 |
| 51 |  $TSLAPUT | Tesla, Inc. | $21.0M | — | NEW | 53.9 |
| 52 |  $EOSE | Eos Energy Enterprises, Inc. | $21.0M | 0.6% | NEW | 34.9 |
| 53 | $SPY | SPDR S&P 500 ETF TRUST | $20.8M | 0.6% | NEW | — |
| 54 | — | SPDR SERIES TRUST - ST STR SP REGBNK | $20.1M | 0.5% | +436% | — |
| 55 |  $NVAXPUT | NOVAVAX INC | $19.7M | — | +0% | 18 |
| 56 |  $AVGO | Broadcom Inc. | $18.9M | 0.5% | NEW | 84.5 |
| 57 |  $CME | CME GROUP INC. | $18.7M | 0.5% | +9% | 69.5 |
| 58 | — | ISHARES TR - RUSSELL 2000 ETF | $18.6M | 0.5% | -35% | — |
| 59 | — | SELECT SECTOR SPDR TR - ST STR ENERG ETF | $18.6M | 0.5% | +8650% | — |
| 60 |  $GLDCALL | SPDR GOLD TRUST | $18.4M | — | +100% | — |
| 61 |  $AAPLPUT | Apple Inc. | $16.9M | — | NEW | 76.4 |
| 62 | — | ISHARES INC - MSCI BRAZIL ETF | $15.9M | 0.4% | -1% | — |
| 63 |  $COST | COSTCO WHOLESALE CORP /NEW | $15.6M | 0.4% | +179% | 66.2 |
| 64 |  $OKTA | Okta, Inc. | $15.6M | 0.4% | -43% | 64.7 |
| 65 |  $SHW | SHERWIN WILLIAMS CO | $15.3M | 0.4% | +1203% | 61.3 |
| 66 | — | ISHARES INC - MSCI MEXICO ETF | $14.5M | 0.4% | -23% | — |
| 67 |  $IEX | IDEX CORP /DE/ | $13.6M | 0.4% | -0% | 60.9 |
| 68 | $GPRE | Green Plains Inc. | $12.7M | 0.3% | +0% | 47.8 |
| 69 | — | SELECT SECTOR SPDR TR - ST STR INDL ETF | $12.3M | 0.3% | +240% | — |
| 70 |  $NET | Cloudflare, Inc. | $12.1M | 0.3% | -29% | 56.4 |
| 71 |  $LOW | LOWES COMPANIES INC | $11.6M | 0.3% | +160% | 60.8 |
| 72 |  $CBRS | Cerebras Systems Inc. | $11.6M | 0.3% | NEW | — |
| 73 | — | SELECT SECTOR SPDR TR - ST STR MATER ETF | $11.4M | 0.3% | +185% | — |
| 74 |  $MDB | MongoDB, Inc. | $11.3M | 0.3% | +7% | 68.8 |
| 75 |  $HD | HOME DEPOT, INC. | $11.3M | 0.3% | +66% | 60.3 |
| 76 | — | ISHARES TR - IBOXX INV CP ETF | $10.9M | — | NEW | — |
| 77 |  $NI | NISOURCE INC. | $10.6M | 0.3% | NEW | 62.6 |
| 78 |  $MA | Mastercard Inc | $10.4M | 0.3% | -31% | 85.1 |
| 79 |  $HLT | Hilton Worldwide Holdings Inc. | $10.1M | 0.3% | +335% | 63.3 |
| 80 |  $RTX | RTX Corp | $10.0M | 0.3% | +220% | 73.2 |
| 81 |  $FTV | Fortive Corp | $10.0M | 0.3% | +194% | 57 |
| 82 |  $ENPH | Enphase Energy, Inc. | $9.8M | 0.3% | +1718% | 42.9 |
| 83 |  $OPEN | Opendoor Technologies Inc. | $9.8M | 0.3% | -14% | 22.5 |
| 84 |  $GE | GENERAL ELECTRIC CO | $9.7M | 0.3% | +548% | 73.8 |
| 85 |  $NVT | nVent Electric plc | $9.5M | 0.3% | +120% | — |
| 86 |  $FDX | FEDEX CORP | $9.4M | 0.3% | +203% | 60.3 |
| 87 |  $JBHT | HUNT J B TRANSPORT SERVICES INC | $8.9M | 0.2% | +97% | 60.2 |
| 88 |  $BRK.B | BERKSHIRE HATHAWAY INC | $8.8M | 0.2% | NEW | 73.8 |
| 89 |  $MSFTCALL | MICROSOFT CORP | $8.8M | — | +236% | 79.8 |
| 90 |  $HWM | Howmet Aerospace Inc. | $8.7M | 0.2% | +191% | 73.9 |
| 91 |  $DT | Dynatrace, Inc. | $8.7M | 0.2% | +12% | 64.4 |
| 92 | $IBIT | iShares Bitcoin Trust ETF | $8.6M | 0.2% | -72% | — |
| 93 |  $FAST | FASTENAL CO | $8.4M | 0.2% | +24% | 66.9 |
| 94 | $MSFT | MICROSOFT CORP | $8.4M | 0.2% | -14% | 79.8 |
| 95 |  $AOS | SMITH A O CORP | $8.4M | 0.2% | +763% | 60 |
| 96 |  $CAT | CATERPILLAR INC | $8.3M | 0.2% | +24% | 66.5 |
| 97 |  $TMUS | T-Mobile US, Inc. | $8.2M | 0.2% | NEW | 69.1 |
| 98 |  $TWLO | TWILIO INC | $8.1M | 0.2% | +81% | 70.4 |
| 99 |  $TEM | Tempus AI, Inc. | $8.1M | 0.2% | NEW | 41.2 |
| 100 |  $CGNX | COGNEX CORP | $8.0M | 0.2% | NEW | 66.9 |
| 101 |  $PSX | Phillips 66 | $7.8M | 0.2% | +414% | 57.8 |
| 102 | $TDG | TransDigm Group INC | $7.8M | 0.2% | NEW | 68 |
| 103 |  $DDOG | Datadog, Inc. | $7.7M | 0.2% | -47% | 71.4 |
| 104 |  $JCI | Johnson Controls International plc | $7.6M | 0.2% | +219% | — |
| 105 |  $CRM | Salesforce, Inc. | $7.6M | 0.2% | -71% | 77 |
| 106 |  $HST | HOST HOTELS & RESORTS, INC. | $7.5M | 0.2% | +22% | 67.3 |
| 107 |  $PH | Parker-Hannifin Corp | $7.4M | 0.2% | +13% | 65.8 |
| 108 |  $HAS | HASBRO, INC. | $7.4M | 0.2% | +583% | 64.1 |
| 109 | $ADC | AGREE REALTY CORP | $7.2M | 0.2% | +43% | 53.5 |
| 110 |  $FIX | COMFORT SYSTEMS USA INC | $7.2M | 0.2% | +89% | 77.7 |
| 111 | — | SELECT SECTOR SPDR TR - ST STR UTIL ETF | $7.2M | 0.2% | +61% | — |
| 112 |  $GOLD | Gold.com, Inc. | $7.2M | 0.2% | NEW | 68.9 |
| 113 |  $DLTR | DOLLAR TREE, INC. | $7.2M | 0.2% | +82% | 68 |
| 114 |  $MAS | MASCO CORP /DE/ | $7.1M | 0.2% | +66% | 58.2 |
| 115 |  $PWR | QUANTA SERVICES, INC. | $7.1M | 0.2% | +125% | 72.1 |
| 116 |  $NTRA | Natera, Inc. | $7.0M | 0.2% | +0% | 53.5 |
| 117 |  $AGNC | AGNC Investment Corp. | $6.9M | 0.2% | +215% | — |
| 118 |  $APH | AMPHENOL CORP /DE/ | $6.9M | 0.2% | +104% | 79.3 |
| 119 | — | ISHARES INC - MSCI STH KOR ETF | $6.9M | — | NEW | — |
| 120 |  $PNW | PINNACLE WEST CAPITAL CORP | $6.8M | 0.2% | -4% | 53.6 |
| 121 | — | VANECK ETF TRUST - SEMICONDUCTR ETF | $6.7M | 0.2% | +16% | — |
| 122 |  $ABNB | Airbnb, Inc. | $6.6M | 0.2% | NEW | 71 |
| 123 |  $PG | PROCTER & GAMBLE Co | $6.6M | 0.2% | -69% | 64.6 |
| 124 |  $BRX | Brixmor Property Group Inc. | $6.5M | 0.2% | -7% | 64.2 |
| 125 |  $UL | UNILEVER PLC | $6.5M | 0.2% | NEW | — |
| 126 |  $ADP | AUTOMATIC DATA PROCESSING INC | $6.4M | 0.2% | -61% | 69.8 |
| 127 |  $FE | FIRSTENERGY CORP | $6.4M | 0.2% | +28% | 61.5 |
| 128 |  $WMT | Walmart Inc. | $6.4M | 0.2% | -18% | 60.2 |
| 129 | — | ENTREPRENEURSHARES SERIES TR - ERSH PRI PUB ETF | $6.3M | 0.2% | NEW | — |
| 130 |  $GD | GENERAL DYNAMICS CORP | $6.3M | 0.2% | +81% | 68.7 |
| 131 |  $SSNC | SS&C Technologies Holdings Inc | $6.2M | 0.2% | NEW | 68.2 |
| 132 | — | ISHARES TR - 20 YR TR BD ETF | $6.2M | 0.2% | +0% | — |
| 133 | — | ISHARES TR - 20 YR TR BD ETF | $6.2M | — | -49% | — |
| 134 |  $CSX | CSX CORP | $6.1M | 0.2% | +79% | 65.2 |
| 135 |  $CL | COLGATE PALMOLIVE CO | $6.1M | 0.2% | +28% | 61.3 |
| 136 | — | VANECK ETF TRUST - RARE EAR STR ETF | $6.1M | 0.2% | NEW | — |
| 137 |  $TTE | TotalEnergies SE | $6.1M | 0.2% | +82% | 50.6 |
| 138 |  $BBAI | BigBear.ai Holdings, Inc. | $6.0M | 0.2% | -0% | 17.6 |
| 139 |  $SGI | SOMNIGROUP INTERNATIONAL INC. | $5.8M | 0.2% | NEW | 71.6 |
| 140 |  $GGG | GRACO INC | $5.8M | 0.2% | +60% | 63.4 |
| 141 |  $DX | DYNEX CAPITAL INC | $5.8M | 0.2% | +210% | — |
| 142 |  $MET | METLIFE INC | $5.8M | 0.1% | -65% | 56.2 |
| 143 |  $BURL | Burlington Stores, Inc. | $5.7M | 0.1% | NEW | 65.2 |
| 144 |  $FNB | FNB CORP/PA/ | $5.7M | 0.1% | +446% | 65 |
| 145 |  $MDLZ | Mondelez International, Inc. | $5.7M | 0.1% | +51% | 56.4 |
| 146 | — | ISHARES TR - EXPANDED TECH | $5.6M | 0.1% | -45% | — |
| 147 |  $RAL | Ralliant Corp | $5.6M | 0.1% | +99% | 37.1 |
| 148 | $PCTPUT | PureCycle Technologies, Inc. | $5.6M | — | -80% | 15.8 |
| 149 |  $TPR | TAPESTRY, INC. | $5.5M | 0.1% | -22% | 72.7 |
| 150 |  $SCHW | SCHWAB CHARLES CORP | $5.5M | 0.1% | +2% | 79.4 |
New Positions (443)
$GME GameStop Corp.$150.1M$PENG Penguin Solutions, Inc.$119.9M$KEEL Keel Infrastructure Corp.$37.9M$GRRRPUT Gorilla Technology Group Inc.$35.8M$SMCI Super Micro Computer, Inc.$31.8M$SMCI Super Micro Computer, Inc.$25.6M$TSLAPUT Tesla, Inc.$21.0M$EOSE Eos Energy Enterprises, Inc.$21.0M$SPY SPDR S&P 500 ETF TRUST$20.8M$AVGO Broadcom Inc.$18.9M$AAPLPUT Apple Inc.$16.9M$CBRS Cerebras Systems Inc.$11.6M$NI NISOURCE INC.$10.6MExited Positions (346)
$UPS UNITED PARCEL SERVICE INC$EOSEPUT Eos Energy Enterprises, Inc.
$TJX TJX COMPANIES INC /DE/
$KHC Kraft Heinz Co$SPYCALL SPDR S&P 500 ETF TRUST
$MS MORGAN STANLEY
$AON Aon plc
$DALCALL DELTA AIR LINES, INC.
$A AGILENT TECHNOLOGIES, INC.Browse Top Institutional Investors
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