GC
Graham Capital Management, L.P. SEC 13F Filing (Q2 2026) — Holdings & Portfolio
Graham Capital Management, L.P.CIK: 0001315421
Diversified strategyMomentum followerHigh-turnover trader
Total reported value
$5.5B
Reporting period: 2026-06-30 · Number of holdings: 1222
Graham Capital Management, L.P. disclosed 1222 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $5.5B and a quarterly turnover rate of 81.6%.
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Personality snowflake
- Concentration
- 14.92
- Portfolio Stability
- 81.61
- Momentum
- 97.78
- Sector conviction
- 48.05
- Diversification
- 100
- Sizing Uniformity
- 34.33
Graham Capital Management, L.P.'s disclosed holdings carry a Herfindahl concentration index of 0.037 — mathematically equivalent to about 27 equally-sized positions, well below its 1222 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 6.57), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 44% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govAdd IWM
+111.2% $585.7M
Trim HYG
-82.0% -$173.2M
New buy 36467WAG4
New buy PENG 2 08-15-30
Trim GDX
+4.8% -$30.8M
Add QQQ
+680.0% $103.3M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
Showing top 200 holdings (of 1222 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | IWM | Ishares Russell 2000 ETF | ETF-Small Cap | 17.50% | +8.42% | +111.16% | |
| 2 | GDX | Vaneck Gold Miners ETF | ETF-Commodities | 3.50% | -1.89% | +4.81% | |
| 3 | ✓ | Stock-Other | 2.73% | +2.73% | NEW | ||
| 4 | PENG 2 08-15-30Bond | Penguin Solutions Inc | Bond | 2.18% | +2.18% | NEW | |
| 5 | QQQ | Invesco Qqq Trust Series 1 | ETF-Tech | 2.09% | +1.81% | +680.00% | |
| 6 | APLD 2.75 06-01-30Bond | Applied Digital CORP | Bond | 1.77% | -0.56% | -32.95% | |
| 7 | NVDA | Nvidia CORP | Stock-Tech | 1.54% | +0.26% | +38.77% | |
| 8 | GPRE 5.25 11-01-30 UNRSBond | Green Plains Inc | Bond | 1.42% | -0.56% | -1.51% | |
| 9 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 1.38% | -0.73% | -24.09% | |
| 10 | GRPN 4.875 06-30-30 UNRSBond | Groupon Inc | Bond | 1.34% | +0.03% | +13.59% | |
| 11 | IBIT | Ishares Bitcoin Trust ETF | ETF-Crypto | 1.21% | -1.81% | -38.56% | |
| 12 | RIVN 3.625 10-15-30Bond | Rivian Auto Inc | Bond | 1.17% | -0.22% | — | |
| 13 | CLMT | Calumet Inc | Stock-Other | 1.12% | -0.37% | — | |
| 14 | RUN 4 03-01-30Bond | Sunrun Inc | Bond | 1.10% | -0.37% | — | |
| 15 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 1.08% | -0.06% | +2.16% | |
| 16 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 1.07% | +0.88% | +155.80% | |
| 17 | REAL 4 02-15-31Bond | THE Realreal Inc | Bond | 1.06% | -0.14% | — | |
| 18 | ✓ | Stock-Other | 1.06% | +1.06% | NEW | ||
| 19 | XME | Ss Spdr S&p Metals Mining | ETF-Other | 0.97% | +0.85% | +1011.11% | |
| 20 | ✓ | Stock-Other | 0.91% | +0.91% | NEW | ||
| 21 | C | Citigroup Inc | Stock-Financials | 0.87% | -0.20% | -12.38% | |
| 22 | TLRY 5.2 06-15-27Bond | Tilray Brands Inc | Bond | 0.86% | -0.58% | -21.19% | |
| 23 | MARA 0 03-01-30Bond | Mara Holdings Inc | Bond | 0.84% | +0.48% | +170.05% | |
| 24 | METC 0 11-01-31Bond | Ramaco Resources Inc | Bond | 0.76% | -0.28% | — | |
| 25 | BBIO 2.5 03-15-27Bond | Bridgebio Pharma Inc | Bond | 0.72% | -0.25% | — | |
| 26 | CLSK 0 06-15-30Bond | Cleanspark Inc | Bond | 0.70% | +0.01% | — | |
| 27 | HYG | Ishr Ibx Usd Hiyld Cb Etf-ui | ETF-High Yield | 0.70% | -4.41% | -82.00% | |
| 28 | KEEL | Keel Infrastructure CORP | Stock-Other | 0.69% | +0.69% | NEW | |
| 29 | GME | Gamestop Corp-class A | Stock-Consumer Disc | 0.68% | -0.25% | +1.04% | |
| 30 | CIFR | Cipher Digital Inc | Stock-Tech | 0.67% | -0.01% | -30.68% | |
| 31 | ✓ | Stock-Other | 0.65% | +0.65% | NEW | ||
| 32 | FBTC | Fidelity Wise Origin Bitcoin | ETF-Crypto | 0.65% | -0.34% | — | |
| 33 | EMBJ | Embraer Sa-spon Adr | Stock-Industrials | 0.59% | +0.01% | +25.53% | |
| 34 | ✓ | Stock-Other | 0.58% | +0.58% | NEW | ||
| 35 | EWY | Ishares Msci South Korea ETF | ETF-Other | 0.54% | -0.54% | -59.44% | |
| 36 | MU | Micron Technology Inc | Stock-Tech | 0.53% | — | -61.03% | |
| 37 | META | Meta Platforms Inc-class A | Stock-Comm Services | 0.51% | -0.12% | +9.01% | |
| 38 | XHB | Ss Spdr S&p Homebldrs ETF | ETF-Other | 0.48% | +0.38% | +452.44% | |
| 39 | ✓ | Stock-Other | 0.47% | +0.47% | NEW | ||
| 40 | TVTX | Travere Therapeutics Inc | Stock-Other | 0.46% | +0.46% | NEW | |
| 41 | XLV | Ss Health Care Select Sector | ETF-Other | 0.45% | +0.35% | +471.96% | |
| 42 | XYZ | Block Inc | Stock-Financials | 0.44% | +0.39% | +865.48% | |
| 43 | INTC | Intel CORP | Stock-Tech | 0.44% | -0.09% | -65.45% | |
| 44 | GPRE 2.25 03-15-27Bond | Green Plains Inc | Bond | 0.43% | -0.04% | +23.57% | |
| 45 | FSLR | First Solar Inc | Stock-Tech | 0.43% | -0.04% | -0.12% | |
| 46 | BA | Boeing Co/the | Stock-Industrials | 0.42% | -0.17% | -11.99% | |
| 47 | PANW | Palo Alto Networks Inc | Stock-Tech | 0.42% | +0.22% | +28.53% | |
| 48 | RSP | Invesco S&p 500 Equal Weight | ETF-Large Cap & Growth | 0.41% | -0.42% | -41.07% | |
| 49 | ✓ | Stock-Other | 0.40% | +0.40% | NEW | ||
| 50 | KO | Coca-cola Co/the | Stock-Consumer Staples | 0.40% | +0.33% | +556.38% |
1–50 of 200
Portfolio Performance
Performance for Q3 2026
+1.9%
Performance Last 4 Quarters
+0.9%
Based on 81% of reported portfolio value with available pricing
- Stdev
- +23.3%
- Beta
- +1.17
- Alpha
- -9.3%
- Max Drawdown
- -18.7%
- Annualized Perf
- +12%
- Batting Avg vs S&P
- +44.4%
- Sortino
- +0.98
- Stutzer
- +0.18
- Treynor
- +0.12
- Sterling
- +0.49
- Calmar
- +0.64
- Information Ratio
- -0.33
- Tracking Error
- +17.9%
- Stdev Down
- +14.3%
- Winning Months %
- +55.6%
- Losing Months %
- +44.4%
- Best 12 Months
- +41%
- Worst 12 Months
- -8.7%
- Efficiency Ratio
- +0.21
- Sharpe
- +0.6
- Stdev Sectors
- +7.9%
- Skewness
- -0.1
- Kurtosis
- 0
- Upside Potential
- +2.72
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 1222 | $5.5B | 82 | ||
| 2026 Q1 | 1120 | $4.1B | 97 | ||
| 2025 Q4 | 1189 | $4.2B | 100 | ||
| 2025 Q3 | 1208 | $6.3B | 82 | ||
| 2025 Q2 | 1264 | $6.6B | 0 | ||
| 2025 Q1 | 1253 | $5.7B | 100 | ||
| 2024 Q4 | 1199 | $6.7B | 0 | ||
| 2024 Q3 | 1067 | $5.8B | 0 | ||
| 2024 Q2 | 1002 | $4.6B | 0 | ||
| 2024 Q1 | 1027 | $5.3B | 0 | ||
| 2023 Q4 | 960 | $4.5B | 0 | ||
| 2023 Q3 | 980 | $4.3B | 0 | ||
| 2023 Q2 | 930 | $3.5B | 0 | ||
| 2023 Q1 | 1019 | $3.3B | 0 | ||
| 2022 Q4 | 1013 | $3.3B | 0 | ||
| 2022 Q3 | 1036 | $2.5B | 0 | ||
| 2022 Q2 | 972 | $2.5B | 0 | ||
| 2022 Q1 | 872 | $2.9B | 0 | ||
| 2021 Q4 | 526 | $2.3B | 0 | ||
| 2021 Q3 | 109 | $2.0B | 0 | ||
| 2021 Q2 | 117 | $1.9B | 100 | ||
| 2021 Q1 | 140 | $2.2B | 100 | ||
| 2020 Q4 | 115 | $2.7B | 100 | ||
| 2020 Q3 | 88 | $2.9B | 90 | ||
| 2020 Q2 | 79 | $2.1B | 85 | ||
| 2020 Q1 | 67 | $1.4B | 96 | ||
| 2019 Q4 | 82 | $2.7B | 66 | ||
| 2019 Q3 | 94 | $3.1B | 42 | ||
| 2019 Q2 | 87 | $3.4B | 79 | ||
| 2019 Q1 | 75 | $1.9B | 68 | ||
| 2018 Q4 | 65 | $2.3B | 89 | ||
| 2018 Q3 | 119 | $4.8B | 86 | ||
| 2018 Q2 | 117 | $2.7B | 70 | ||
| 2018 Q1 | 106 | $1.9B | 96 | ||
| 2017 Q4 | 118 | $3.8B | 59 | ||
| 2017 Q3 | 56 | $4.8B | 35 | ||
| 2017 Q2 | 87 | $3.8B | 59 | ||
| 2017 Q1 | 96 | $2.5B | 35 | ||
| 2016 Q4 | 83 | $2.4B | 60 | ||
| 2016 Q3 | 106 | $3.1B | 82 | ||
| 2016 Q2 | 106 | $1.9B | 100 | ||
| 2016 Q1 | 105 | $932.9M | 100 | ||
| 2015 Q4 | 60 | $548.2M | 74 | 1VIPS 1.5 03-15-192STWD 4.55 03-01-183SFR 4.5 10-15-17 | |
| 2015 Q3 | 104 | $830.9M | 98 | ||
| 2015 Q2 | 124 | $1.8B | 69 | ||
| 2015 Q1 | 116 | $2.0B | 91 | ||
| 2014 Q4 | 168 | $2.3B | 64 | ||
| 2014 Q3 | 160 | $2.3B | 65 | ||
| 2014 Q2 | 176 | $3.3B | 83 | ||
| 2014 Q1 | 115 | $1.8B | 100 | ||
| 2013 Q4 | 127 | $1.9B | 76 | ||
| 2013 Q3 | 113 | $1.6B | 89 | ||
| 2013 Q2 | 83 | $1.5B | 0 |
Holding changes this quarter
Graham Capital Management, L.P.'s most significant position changes for 2026-06-30: New buy: ; New buy: Penguin Solutions Inc (PENG 2 08-15-30); Sold out: Purecycle Technologies (PCT 7.25 08-15-30); New buy: ; New buy: .
Showing top 200 changes by size (of 1517 total)
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | IWM | Ishares Russell 2000 ETF | +8.4% | +111.16% | Add |
| 2 | ✓ | +2.7% | NEW | New buy | |
| 3 | PENG 2 08-15-30Bond | Penguin Solutions Inc | +2.2% | NEW | New buy |
| 4 | QQQ | Invesco Qqq Trust Series 1 | +1.8% | +680.00% | Add |
| 5 | ✓ | +1.1% | NEW | New buy | |
| 6 | ✓ | +0.9% | NEW | New buy | |
| 7 | SPY | Ss Spdr S&p 500 ETF Trust-us | +0.9% | +155.80% | Add |
| 8 | XME | Ss Spdr S&p Metals Mining | +0.9% | +1011.11% | Add |
| 9 | KEEL | Keel Infrastructure CORP | +0.7% | NEW | New buy |
| 10 | ✓ | +0.7% | NEW | New buy | |
| 11 | ✓ | +0.6% | NEW | New buy | |
| 12 | MARA 0 03-01-30Bond | Mara Holdings Inc | +0.5% | +170.05% | Add |
| 13 | ✓ | +0.5% | NEW | New buy | |
| 14 | TVTX | Travere Therapeutics Inc | +0.5% | NEW | New buy |
| 15 | ✓ | +0.4% | NEW | New buy | |
| 16 | XYZ | Block Inc | +0.4% | +865.48% | Add |
| 17 | XHB | Ss Spdr S&p Homebldrs ETF | +0.4% | +452.44% | Add |
| 18 | TSLA | Tesla Inc | +0.4% | NEW | New buy |
| 19 | XLE | Ss Energy Select Sector | +0.4% | +9900.00% | Add |
| 20 | XLV | Ss Health Care Select Sector | +0.4% | +471.96% | Add |
| 21 | ✓ | +0.4% | NEW | New buy | |
| 22 | AVGO | Broadcom Inc | +0.3% | NEW | New buy |
| 23 | KO | Coca-cola Co/the | +0.3% | +556.38% | Add |
| 24 | AAPL | Apple Inc | +0.3% | +1469.77% | Add |
| 25 | KRE | Ss Spdr S&p Regional Bank | +0.3% | +436.00% | Add |
| 26 | NVDA | Nvidia CORP | +0.3% | +38.77% | Add |
| 27 | SHW | Sherwin-williams Co/the | +0.3% | +1202.91% | Add |
| 28 | PANW | Palo Alto Networks Inc | +0.2% | +28.53% | Add |
| 29 | LQD | Ishr Ibx Usd Invgd Cb Etf-ui | +0.2% | NEW | New buy |
| 30 | NI | Nisource Inc | +0.2% | NEW | New buy |
| 31 | ENPH | Enphase Energy Inc | +0.2% | +1718.01% | Add |
| 32 | BRK-B | Berkshire Hathaway Inc-cl B | +0.2% | NEW | New buy |
| 33 | GE | General Electric | +0.2% | +547.50% | Add |
| 34 | TMUS | T-mobile US Inc | +0.2% | NEW | New buy |
| 35 | TEM | Tempus Ai Inc-cl A | +0.2% | NEW | New buy |
| 36 | CGNX | Cognex CORP | +0.2% | NEW | New buy |
| 37 | COST | Costco Wholesale CORP | +0.1% | +178.97% | Add |
| 38 | XLI | Ss Industrial Select Sector | +0.1% | +239.69% | Add |
| 39 | TDG | Transdigm Group Inc | +0.1% | NEW | New buy |
| 40 | HLT | Hilton Worldwide Holdings In | +0.1% | +335.23% | Add |
| 41 | AOS | Smith (a.o.) CORP | +0.1% | +763.12% | Add |
| 42 | GOLD | Gold.com Inc | +0.1% | NEW | New buy |
| 43 | ABNB | Airbnb Inc-class A | +0.1% | NEW | New buy |
| 44 | TAN | Invesco Solar ETF | +0.1% | NEW | New buy |
| 45 | UL | Unilever Plc-sponsored Adr | +0.1% | NEW | New buy |
| 46 | FTV | Fortive CORP | +0.1% | +194.48% | Add |
| 47 | XOVR | Ershares Private-public Cros | +0.1% | NEW | New buy |
| 48 | SSNC | Ss&c Technologies Holdings | +0.1% | NEW | New buy |
| 49 | REMX | Vaneck Rar Earth Nd Stg-usdi | +0.1% | NEW | New buy |
| 50 | SGI | Somnigroup International Inc | +0.1% | NEW | New buy |
1–50 of 200
Filing History
FAQ
What is Graham Capital Management, L.P. and what type of investor is it?
Graham Capital Management, L.P. is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $5.5B, spread across 1222 disclosed positions.
What are Graham Capital Management, L.P.'s largest equity positions?
Based on the latest 13F filing, Graham Capital Management, L.P.'s top holdings by market value are:
1. Ishares Russell 2000 ETF (IWM) — $961.6M (17.5%)
2. Vaneck Gold Miners ETF (GDX) — $192.2M (3.5%)
3. — $150.1M (2.7%)
4. Penguin Solutions Inc (PENG 2 08-15-30) — $119.9M (2.2%)
5. Invesco Qqq Trust Series 1 (QQQ) — $114.9M (2.1%)
What changes did Graham Capital Management, L.P. make in its most recent portfolio filing?
In the latest reported quarter, Graham Capital Management, L.P. made 196 notable position adjustments: 48 new positions were initiated, 71 existing holdings were added to, 54 positions were partially reduced, and 23 were completely exited. The largest of these moves: New buy: ; New buy: Penguin Solutions Inc (PENG 2 08-15-30); Sold out: Purecycle Technologies (PCT 7.25 08-15-30); New buy: ; New buy:
What sectors does Graham Capital Management, L.P. focus on?
Graham Capital Management, L.P. is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 28.7%
• Consumer Discretionary: 16.0%
• Industrials: 15.2%
• Financials: 13.2%
• Health Care: 5.9%
• Communication Services: 5.1%
Investment Profile
Graham Capital Management, L.P. returned an annualized 12.0% over the trailing 36 months — underperforming the S&P 500 by 9.3 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.17 (more volatile than the market) and a 44% quarterly batting average against the index.
Its portfolio is broadly diversified and fast-trading.
Its turnover score has risen from 0 to 82 over the past 4 quarters — a shift toward more active trading.
It has added to its NVDA position over the past two quarters (+$42.9M, now $84.4M), while trimming IBIT over the same stretch (-$117.6M, still holding $66.6M).
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