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Graham Capital Management, L.P.

Institutional InvestorSimilar funds →SEC EDGAR: CIK 1315421
Institutional-grade research for retail investors

Sector Allocation

  • Technology32.3%$1.2B
  • Financials12.5%$467.7M
  • Other11.6%$431.4M
  • Industrials9.7%$361.5M
  • Consumer Discretionary7.1%$263.7M
  • Materials6.7%$251.1M
  • Healthcare5.1%$191.7M
  • Energy3.5%$129.2M
  • Consumer Staples3.4%$128.1M
  • Real Estate3.1%$116.6M

AUM History

13fpro.ai/research/fund/graham-capital-management-l-p-1315421

Conviction and streaks

Stable · top 10 = 23.0%

From the fund's last 12 quarters of 13F filings: positions held longest at size, and names it added to or trimmed several quarters running.

NVDA$NVDAConviction hold2.2% weight · held 10 quartersAMZN$AMZNConviction hold2.0% weight · held 10 quartersGRPN$GRPNConviction hold2.0% weight · held 4 quarters$Conviction hold1.7% weight · held 7 quartersRUN$RUNConviction hold1.6% weight · held 5 quartersADC$ADCAccumulating+2764% shares · 7 quarters runningLOB$LOBAccumulating+185% shares · 5 quarters runningTDG$TDGAccumulating+2443% shares · 4 quarters runningLSTR$LSTRAccumulating+1357% shares · 4 quarters runningLGIH$LGIHAccumulating+1526% shares · 4 quarters runningNOC$NOCTrimming-97% shares · 6 quarters runningSTRL$STRLTrimming-92% shares · 5 quarters runningMQ$MQTrimming-83% shares · 5 quarters runningNMIH$NMIHTrimming-78% shares · 5 quarters runningANDE$ANDETrimming-65% shares · 5 quarters running

Largest positions — Q2 2026

Top 20 stock positions. Options are left out: 13F reports them at the underlying's value.

13fpro.ai/research/fund/graham-capital-management-l-p-1315421

Graham Capital Management, L.P. 13F holdings — Q2 2026

$5.5B portfolio (+32.7% QoQ) · 1,222 holdings · Q2 2026 13F · top 10 are 23% of the stock portfolio

Includes $1.8B of put/call options ($1.3B puts, $445.7M calls), which 13F rules report at the value of the underlying shares, not the premium at risk. Stocks alone: $3.7B. Weights use the stock portfolio.

All holdings — Graham Capital Management, L.P. (Q2 2026)

1,222 disclosed positions from the Form 13F-HR on SEC EDGAR, with quarter-over-quarter share changes. Largest by value first; the ten above are not repeated. The page lists up to 1,000; every position is in the Excel export.

Company
— PUTISHARES TR - RUSSELL 2000 ETF$943.0M+147%
— CALLVANECK ETF TRUST - GOLD MINERS ETF$189.5M+8%
QQQ$QQQCALLINVESCO QQQ TRUST, SERIES 1$114.9M+680%
CLMT$CLMTPUTCalumet, Inc. /DE$61.7M—
PCT$PCTPureCycle Technologies, Inc.note$58.1M-16%
IBIT$IBITPUTiShares Bitcoin Trust ETF$57.9M-25%
GOOG$GOOGAlphabet Inc.$57.5M-0.9%
— CALLSPDR SERIES TRUST - ST STR SP METAL$53.5MNew
AAOI$AAOIAPPLIED OPTOELECTRONICS, INC.note$49.9MNew
C$CCITIGROUP INC$47.7M-12%
TLRY$TLRYTilray Brands, Inc.note$47.0M-21%
MARA$MARAMARA Holdings, Inc.note$46.1M+170%
METC$METCRamaco Resources, Inc.note$41.7M—
BBIO$BBIOBridgeBio Pharma, Inc.note$39.7M—
CLSK$CLSKCLEANSPARK, INC.note$38.6M—

What changed in Q2 2026

Against the previous quarter's 13F: 443 new, 358 added to, 391 trimmed, 346 sold out. Share-count changes; largest moves by dollar size first.

New positions (443)

  • GME$GMEGameStop Corp.$150.1M

    first bought this quarter

  • PENG$PENGPenguin Solutions, Inc.$119.9M

    first bought this quarter

  • CALLSPDR SERIES TRUST - ST STR SP METAL$53.5M

    first bought this quarter

  • KEEL$KEELKeel Infrastructure Corp.$37.9M

    first bought this quarter

  • GRRR$GRRRPUTGorilla Technology Group Inc.$35.8M

    first bought this quarter

  • SMCI$SMCISuper Micro Computer, Inc.$31.8M

    first bought this quarter

+437 more in the Excel export

Added to (358)

  • PUTISHARES TR - RUSSELL 2000 ETF+147%

    now $943.0M

  • QQQ$QQQCALLINVESCO QQQ TRUST, SERIES 1+680%

    now $114.9M

  • MARA$MARAMARA Holdings, Inc.+170%

    now $46.1M · held 3 qtrs

  • NVDA$NVDANVIDIA CORP+40%

    now $82.4M · held 10+ qtrs, 3 adds in a row

  • SPY$SPYPUTSPDR S&P 500 ETF TRUST+150%

    now $37.9M

  • XYZ$XYZBlock, Inc.+865%

    now $24.2M · held 3 qtrs, 3 adds in a row

+352 more in the Excel export

Trimmed (391)

  • TVTX$TVTXTravere Therapeutics, Inc.-97%

    now $25.4M · held 2 qtrs

  • ISHARES INC - MSCI STH KOR ETF-69%

    now $22.6M

  • MU$MUMICRON TECHNOLOGY INC-65%

    now $26.3M · held 10+ qtrs, 2 trims in a row

  • APLD$APLDApplied Digital Corp.-33%

    now $97.1M · held 3 qtrs, 2 trims in a row

  • INTC$INTCINTEL CORP-65%

    now $23.9M · held 3 qtrs

  • BE$BEBloom Energy Corp-94%

    now $2.0M

+385 more in the Excel export

Sold out (346)

  • PUTISHARES TRwas $191.8M
  • CALLISHARES TRwas $37.2M
  • SELECT SECTOR SPDR TRwas $32.5M
  • UPS$UPSUNITED PARCEL SERVICE INCwas $13.2M
  • EOSE$EOSEPUTEos Energy Enterprises, Inc.was $13.2M
  • ISHARES TRwas $10.1M

+340 more in the Excel export

Firm AUM (Form ADV): $42.9B as of 2025-12-31 · SEC IAPD

Share

Holdings by quarter

Every 13F Graham Capital Management, L.P. has filed, 40 earlier quarters. Pick one to see what it held then.

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Q2 2026 13F filed with the SEC on Aug 14, 2026. Prices are closing prices as of Oct 26, 2026.

Average quality of Graham Capital Management, L.P.'s top 20 holdings: 49/100 (our AI quality score, weighted by position size; 20 of the 20 are scored)

Top 10 since filing

-12.3%

Value-weighted move of the 10 largest stock positions

Turnover

45%

Last quarter; 163% over the last 4

Top 10 weight

23%

Share of the stock portfolio in its 10 largest positions

Held 4+ quarters

47%

Share of portfolio value in positions held a year or more

Highest-quality names it owns(among its 100 largest positions)

The 8 highest-scoring companies in this portfolio are a Pro feature.

How these are measured
  • Moves since the quarter-end and since the filing date use our own daily closing prices, from the close on (or just before) each date to the latest close.
  • Turnover is the lesser of shares bought or sold in a quarter, valued at the quarter-end prices in the 13F, divided by the average of the two quarters' stock portfolio values.
  • Quarters held and add/trim streaks count back only through quarters whose filed holdings add up to the filing's own cover-page total (back to Q1 2024 for this fund). A change counts as an add or a trim when the split-adjusted share count moves by more than 1%.
  • Estimate, not the fund's reported cost. For each quarter in the current holding period in which the fund's share count rose (split-adjusted), we take that quarter's average daily close and weight it by the shares added; sales do not change an average cost. Quarters where the stock's price history and the 13F's own implied price disagree by more than 2x are left out.
  • Put and call option rows report the value of the underlying shares, not a position the fund paid for, so they are left out of all of the above.

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), led by $GME (GameStop Corp.) at 4.0% of the equity portfolio, followed by $PENG and $APLD. 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 (32.3% 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.

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AI-Powered Hedge Fund Analysis: Graham Capital Management, L.P.

13F Pro is an AI hedge fund tracker and stock research platform. For Graham Capital Management, L.P. (SEC CIK: 1315421), the platform ingests every quarterly Form 13F filing and applies AI-powered analysis on top — 10 specialized AI analysts (value, growth, momentum, macro, activist, and more) debate the fund's top positions and publish AI-generated analysis with cited SEC sources.

Every holding in Graham Capital Management, L.P.'s portfolio is scored on an AI quality ranking built from its SEC filings (ROIC, FCF margin, revenue growth, institutional flow, earnings quality, shareholder dilution, and more). Track accumulation and distribution quarter over quarter, identify conviction positions, and see AI stock analysis for each position — alongside 8,700+ other institutional filers and 2,800+ AI-ranked companies.