Graham Capital Management, L.P.

CIK

1315421

Location

ROWAYTON, CT

Portfolio Value

Mid $2,292,401,705

Diversification

Diversified

Filing Date

Global Rank

#1,112 / 8,622 ▼ 148 · as of Mar 2026

Top Industry

Semiconductors 5.4%

3Y Alpha vs SPY

-4.9%

Period ended 4 months ago

Filed May 15, 2026 · 2mo

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.

Not a measure of this manager's performance. Most of Graham Capital Management, L.P.'s reported book is option positions, which a stock-only clone cannot replicate. The figures below are the return of the 64% that is ordinary stock — as little as 39% in one quarter — so a manager whose options thesis lost money can still show a large gain here.

Cloned portfolio

+65.5%

SPY

+67.9%

Annualised alpha

-0.6%

Max drawdown

−22.1%

Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. It tracks 64% of reported value on average across 13 quarters. Past performance does not predict future results.

Portfolio Concentration

1,033 tracked positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

5.5%

−16.3 pts

Top 5

16.3%

−20.8 pts

Top 10

24.7%

−20.4 pts

HHI

102

Diversified−471

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Technology	18.3%	$418,864,688	161
Consumer Cyclical	15.3%	$350,288,417	121
Industrials	14.0%	$321,981,852	143
Financial Services	12.9%	$295,563,059	132
Unclassified	9.9%	$226,041,161	7
Healthcare	5.4%	$123,172,849	161
Basic Materials	4.9%	$111,484,955	60
Communication Services	4.7%	$106,798,151	37
Consumer Defensive	4.7%	$106,755,248	53
Real Estate	4.1%	$94,187,506	62
Energy	3.1%	$70,838,717	71
Utilities	2.9%	$66,425,102	25

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
LCID	Lucid Group, Inc.	+3,282,180	3,625,500	$34,551,015
BBAI	BigBear.ai Holdings, Inc.	+1,627,417	1,834,917	$6,458,907
PCT	PureCycle Technologies, Inc.	+756,100	3,365,700	$17,467,983
ELME	Elme Communities	+648,158	662,291	$1,331,204
PR	Permian Resources Corp	+237,651	247,783	$5,282,733
AAL	American Airlines Group Inc.	+235,129	309,465	$3,323,654
SES	SES AI Corp	+206,063	240,428	$231,291
AMZN	Amazon Com Inc	+171,952	418,824	$87,228,474
CRM	Salesforce, Inc.	+171,540	255,292	$47,655,357
EMBJ	Embraer S.A.	+156,360	401,632	$23,832,842
C	Citigroup Inc	+148,099	389,193	$44,138,378
HST	Host Hotels & Resorts, Inc.	+136,536	257,750	$4,938,490
MNKD	Mannkind Corp	+134,641	161,189	$394,913
INTC	Intel Corp	+128,631	495,755	$21,877,668
BANC	Banc Of California, Inc.	+125,093	135,139	$2,375,743
EU	enCore Energy Corp.	+124,901	244,137	$439,446
GPK	Graphic Packaging Holding Co	+120,975	186,612	$1,854,923
ORLY	O Reilly Automotive Inc	+116,014	127,894	$11,805,895
MET	Metlife Inc	+115,680	193,190	$13,662,396
EPRT	Essential Properties Realty Trust, Inc.	+108,215	171,206	$5,197,814
SBRA	Sabra Health Care REIT, Inc.	+107,911	150,910	$2,901,999
HDB	Hdfc Bank Ltd	+106,479	114,456	$2,847,665
CFG	Citizens Financial Group Inc/Ri	+102,309	140,716	$8,438,738
FE	Firstenergy Corp	+100,463	105,243	$5,331,610
FAST	Fastenal Co	+93,118	141,767	$6,577,988
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
MSTR	Strategy Inc	−4,149,252	12,800	$1,597,440
SABR	Sabre Corp	−2,764,900	1,686,300	$2,445,135
EOSE	Eos Energy Enterprises, Inc.	−1,791,515	2,655,100	$13,169,296
CLMT	Calumet, Inc. /DE	−896,700	1,713,400	$61,511,060
KOS	Kosmos Energy Ltd.	−647,880	62,305	$173,207
REI	Ring Energy, Inc.	−497,241	102,801	$157,285
FBTC	Fidelity Wise Origin Bitcoin Fund	−470,600	696,200	$41,096,686
NVAX	Novavax Inc	−465,284	2,105,936	$17,142,319
IBIT	iShares Bitcoin Trust ETF	−454,893	3,254,662	$125,044,114
PLUG	Plug Power Inc	−398,653	338,459	$764,917
OPEN	Opendoor Technologies Inc.	−293,878	2,474,330	$11,579,864
GPRO	GoPro, Inc.	−273,794	43,399	$33,417
VZ	Verizon Communications Inc	−266,797	17,430	$874,986
LDI	loanDepot, Inc.	−219,850	12,231	$17,368
AGNC	AGNC Investment Corp.	−218,713	201,730	$2,023,351
NU	Nu Holdings Ltd.	−215,000	87,035	$1,250,692
GENI	Genius Sports Ltd	−187,599	107,901	$478,001
ALIT	Alight, Inc. / Delaware	−180,676	261,028	$152,101
QQQ	Invesco Qqq Trust, Series 1	−170,000	20,000	$11,543,600
UPS	United Parcel Service Inc	−167,000	134,414	$13,223,649
PYXS	Pyxis Oncology, Inc.	−161,194	22,748	$33,212
PACB	Pacific Biosciences Of California, Inc.	−146,306	42,179	$55,676
ABCL	AbCellera Biologics Inc.	−145,007	112,831	$393,780
VOD	Vodafone Group Public Ltd Co	−141,750	11,713	$175,929
CRK	Comstock Resources Inc	−140,391	15,000	$316,200
No positions match the current search.

New Positions

Positions the filer opened this quarter

25 positions

Ticker	Company	Shares	Value
OKTA	Okta, Inc.	230,305	$18,127,306
BE	Bloom Energy Corp	116,921	$15,841,626
MA	Mastercard Inc	29,127	$14,553,596
SO	Southern Co	129,217	$12,472,024
GS	Goldman Sachs Group Inc	13,743	$11,626,440
GLD	Spdr Gold Trust	25,000	$10,757,250
MAR	Marriott International Inc /Md/	29,733	$9,724,772
DT	Dynatrace, Inc.	251,083	$9,285,049
PANW	Palo Alto Networks Inc	52,214	$8,370,948
IQV	Iqvia Holdings Inc.	45,475	$7,755,306
KHC	Kraft Heinz Co	305,664	$6,874,383
TPR	Tapestry, Inc.	48,335	$6,820,551
PNW	Pinnacle West Capital Corp	66,477	$6,697,557
ECL	Ecolab Inc.	25,010	$6,653,160
REG	Regency Centers Corp	85,029	$6,433,294
ROST	Ross Stores, Inc.	29,437	$6,376,937
MS	Morgan Stanley	38,133	$6,275,547
AON	Aon plc	16,254	$5,246,466
VENU	Venu Holding Corp	1,530,628	$5,066,378
OWL	Blue Owl Capital Inc.	526,160	$4,803,840
LOW	Lowes Companies Inc	20,227	$4,779,235
DRI	Darden Restaurants Inc	24,282	$4,760,243
SPGI	S&P Global Inc.	10,759	$4,576,232
CL	Colgate Palmolive Co	52,164	$4,445,937
SU	Suncor Energy Inc	66,716	$4,410,594
No positions match the current search.

Sold Out

Positions the filer fully exited

25 positions

Ticker	Company	Shares	Value
JPM	Jpmorgan Chase & Co	30,000	$9,666,600
IREN	IREN Ltd	242,729	$9,167,874
AVGO	Broadcom Inc.	25,000	$8,652,500
BBIO	BridgeBio Pharma, Inc.	101,051	$7,729,390
GIS	General Mills Inc	165,515	$7,696,447
XOM	ExxonMobil Holdings Corp	63,585	$7,651,818
TLRY	Tilray Brands, Inc.	764,940	$6,907,408
ETN	Eaton Corp plc	21,042	$6,702,087
CTAS	Cintas Corp	35,285	$6,636,049
T	At&T Inc.	215,797	$5,360,397
SLB	Slb Limited/Nv	130,000	$4,989,400
HSAI	Hesai Group	204,871	$4,589,110
AYI	Acuity Inc. (De)	12,694	$4,570,347
FLS	Flowserve Corp	65,494	$4,543,973
URI	United Rentals, Inc.	5,420	$4,386,514
VMC	Vulcan Materials CO	14,750	$4,206,995
BX	Blackstone Inc.	24,497	$3,775,967
TDG	TransDigm Group INC	2,800	$3,723,580
ROP	Roper Technologies Inc	7,684	$3,420,378
GRPN	Groupon, Inc.	193,040	$3,399,434
PPG	Ppg Industries Inc	32,600	$3,340,196
AEP	American Electric Power Co Inc	27,955	$3,223,491
CVX	Chevron Corp	20,344	$3,100,629
H	Hyatt Hotels Corp	19,100	$3,062,112
WCC	Wesco International Inc	12,400	$3,033,536
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

1,033 tracked positions · $2,292,401,705 total · as of Mar 31, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Showing 1–50 of 1,033 positions by value · page 1 of 21

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
IBIT	iShares Bitcoin Trust ETF PUT + SHARES	Reduced	3,254,662	-454,893	$125,044,114	−32.1%	5.45%
AMZN	Amazon Com Inc CALL + SHARES Consumer Cyclical	Added	418,824	+171,952	$87,228,474	+53.1%	3.81%
CLMT	Calumet, Inc. /DE PUT Basic Materials	Reduced	1,713,400	-896,700	$61,511,060	+18.6%	2.68%
NVDA	Nvidia Corp CALL + SHARES Technology	Added	303,871	+81,592	$52,995,102	+27.8%	2.31%
CRM	Salesforce, Inc. CALL + SHARES Technology	Added	255,292	+171,540	$47,655,357	+114.8%	2.08%
C	Citigroup Inc Financial Services	Added	389,193	+148,099	$44,138,378	+56.9%	1.93%
FBTC	Fidelity Wise Origin Bitcoin Fund PUT	Reduced	696,200	-470,600	$41,096,686	−53.8%	1.79%
GME	GameStop Corp. PUT Consumer Cyclical	Reduced	1,675,300	-27,490	$38,598,912	+12.9%	1.68%
LCID	Lucid Group, Inc. PUT Consumer Cyclical	Added	3,625,500	+3,282,180	$34,551,015	+852.1%	1.51%
NFLX	Netflix Inc Communication Services	Reduced	346,906	-47,017	$33,355,011	−9.7%	1.46%
SPY	Spdr S&P 500 ETF Trust PUT CALL	Added	50,000	+22,000	$32,517,000	+70.3%	1.42%
CIFR	Cipher Digital Inc. Technology	Reduced	2,178,594	-79,448	$28,038,504	−15.9%	1.22%
META	Meta Platforms, Inc. Communication Services	Reduced	45,936	-29,301	$26,281,363	−47.1%	1.15%
BA	Boeing Co PUT + SHARES Industrials	Added	122,556	+4,500	$24,392,320	−4.8%	1.06%
EMBJ	Embraer S.A. Industrials	Added	401,632	+156,360	$23,832,842	+51.0%	1.04%
CME	Cme Group Inc. Financial Services	Reduced	77,801	-2,231	$22,978,525	+5.1%	1.00%
MU	Micron Technology Inc Technology	Reduced	64,873	-31,241	$21,916,694	−20.1%	0.96%
INTC	Intel Corp Technology	Added	495,755	+128,631	$21,877,668	+61.5%	0.95%
PG	PROCTER & GAMBLE Co Consumer Defensive	Added	142,191	+62,572	$20,538,068	+80.0%	0.90%
FSLR	First Solar, Inc. Technology	Added	99,320	+1,246	$19,591,863	−23.5%	0.85%
OKTA	Okta, Inc. CALL + SHARES Technology	NEW	230,305	NEW	$18,127,306	NEW	0.79%
PCT	PureCycle Technologies, Inc. PUT Industrials	Added	3,365,700	+756,100	$17,467,983	−22.1%	0.76%
NVAX	Novavax Inc PUT + SHARES Healthcare	Reduced	2,105,936	-465,284	$17,142,319	−0.8%	0.75%
V	Visa Inc. Financial Services	Added	55,008	+26,976	$16,625,617	+69.1%	0.73%
BE	Bloom Energy Corp Industrials	NEW	116,921	NEW	$15,841,626	NEW	0.69%
SPOT	Spotify Technology S.A. Communication Services	Added	32,164	+27,015	$15,596,645	+421.6%	0.68%
ADP	Automatic Data Processing Inc Technology	Added	74,299	+34,328	$15,096,070	+46.8%	0.66%
MA	Mastercard Inc Financial Services	NEW	29,127	NEW	$14,553,596	NEW	0.63%
NET	Cloudflare, Inc. Technology	Added	68,903	+64,171	$14,217,445	+1424.0%	0.62%
MET	Metlife Inc Financial Services	Added	193,190	+115,680	$13,662,396	+123.3%	0.60%
UPS	United Parcel Service Inc Industrials	Reduced	134,414	-167,000	$13,223,649	−55.8%	0.58%
EOSE	Eos Energy Enterprises, Inc. PUT Industrials	Reduced	2,655,100	-1,791,515	$13,169,296	−74.2%	0.57%
SO	Southern Co Utilities	NEW	129,217	NEW	$12,472,024	NEW	0.54%
MSFT	Microsoft Corp CALL + SHARES Technology	Added	33,270	+8,787	$12,315,555	+4.0%	0.54%
ORLY	O Reilly Automotive Inc Consumer Cyclical	Added	127,894	+116,014	$11,805,895	+989.5%	0.52%
GS	Goldman Sachs Group Inc Financial Services	NEW	13,743	NEW	$11,626,440	NEW	0.51%
OPEN	Opendoor Technologies Inc. Real Estate	Reduced	2,474,330	-293,878	$11,579,864	−28.2%	0.51%
QQQ	Invesco Qqq Trust, Series 1 CALL	Reduced	20,000	-170,000	$11,543,600	−90.1%	0.50%
IEX	Idex Corp /De/ Industrials	Added	59,914	+12,809	$11,356,698	+35.5%	0.50%
GLD	Spdr Gold Trust CALL	NEW	25,000	NEW	$10,757,250	NEW	0.47%
MAR	Marriott International Inc /Md/ Consumer Cyclical	NEW	29,733	NEW	$9,724,772	NEW	0.42%
DT	Dynatrace, Inc. CALL + SHARES Technology	NEW	251,083	NEW	$9,285,049	NEW	0.41%
COF	Capital One Financial Corp CALL + SHARES Financial Services	Added	50,865	+6,201	$9,279,301	−14.3%	0.40%
WMT	Walmart Inc. Consumer Defensive	Added	69,070	+5,050	$8,584,019	+20.4%	0.37%
CFG	Citizens Financial Group Inc/Ri Financial Services	Added	140,716	+102,309	$8,438,738	+276.2%	0.37%
PANW	Palo Alto Networks Inc Technology	NEW	52,214	NEW	$8,370,948	NEW	0.37%
TJX	Tjx Companies Inc /De/ Consumer Cyclical	Reduced	52,091	-13,377	$8,318,932	−17.3%	0.36%
PEG	Public Service Enterprise Group Inc Utilities	Added	96,432	+68,772	$7,806,170	+251.5%	0.34%
IQV	Iqvia Holdings Inc. Healthcare	NEW	45,475	NEW	$7,755,306	NEW	0.34%
MDB	MongoDB, Inc. Technology	Added	31,336	+25,174	$7,670,112	+196.6%	0.33%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.