Graham Capital Management, L.P.

CIK

1315421

Location

ROWAYTON, CT

Portfolio Value

Mid $2,297,138,457

Diversification

Diversified

Filing Date

Global Rank

#1,111 / 8,605 ▼ 151 · as of Mar 2026

Top Industry

Semiconductors 5.4%

3Y Alpha vs SPY

-4.0%

Period ended 3 months ago

Filed May 15, 2026 · 55d

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+58.4%

SPY

+76.5%

Annualised alpha

-4.3%

Max drawdown

−22.2%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

1,035 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

5.4%

−16.2 pts

Top 5

16.3%

−20.6 pts

Top 10

24.6%

−20.1 pts

HHI

101

Diversified−463

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Technology	18.4%	$423,148,249	161
Consumer Cyclical	15.2%	$350,288,417	121
Industrials	14.0%	$321,981,851	143
Financial Services	12.9%	$295,563,060	132
Unclassified	9.8%	$226,041,161	7
Healthcare	5.4%	$123,279,052	161
Basic Materials	4.9%	$111,567,711	61
Communication Services	4.6%	$106,798,151	37
Consumer Defensive	4.6%	$106,755,248	53
Real Estate	4.1%	$94,187,664	62
Energy	3.1%	$71,102,791	72
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	$3,042,020
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	$4,576,233
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	Exxon Mobil 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

1,035 positions · $2,297,138,457 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 1,035 positions by value · page 1 of 21

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
IBIT	iShares Bitcoin Trust ETF	Reduced	3,254,662	-454,893	$125,044,114	−32.1%	5.44%
AMZN	Amazon Com Inc Consumer Cyclical	Added	418,824	+171,952	$87,228,474	+53.1%	3.80%
CLMT	Calumet, Inc. /DE Basic Materials	Reduced	1,713,400	-896,700	$61,511,060	+18.6%	2.68%
NVDA	Nvidia Corp Technology	Added	303,871	+81,592	$52,995,102	+27.8%	2.31%
CRM	Salesforce, Inc. Technology	Added	255,292	+171,540	$47,655,357	+114.8%	2.07%
C	Citigroup Inc Financial Services	Added	389,193	+148,099	$44,138,378	+56.9%	1.92%
FBTC	Fidelity Wise Origin Bitcoin Fund	Reduced	696,200	-470,600	$41,096,686	−53.8%	1.79%
GME	GameStop Corp. Consumer Cyclical	Reduced	1,675,300	-27,490	$38,598,912	+12.9%	1.68%
LCID	Lucid Group, Inc. Consumer Cyclical	Added	3,625,500	+3,282,180	$34,551,015	+852.1%	1.50%
NFLX	Netflix Inc Communication Services	Reduced	346,906	-47,017	$33,355,011	−9.7%	1.45%
SPY	Spdr S&P 500 ETF Trust	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%	1.14%
BA	Boeing Co 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%	0.95%
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%	0.89%
FSLR	First Solar, Inc. Technology	Added	99,320	+1,246	$19,591,863	−23.5%	0.85%
OKTA	Okta, Inc. Technology	NEW	230,305	NEW	$18,127,306	NEW	0.79%
PCT	PureCycle Technologies, Inc. Industrials	Added	3,365,700	+756,100	$17,467,983	−22.1%	0.76%
NVAX	Novavax Inc 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%	0.72%
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%	0.59%
UPS	United Parcel Service Inc Industrials	Reduced	134,414	-167,000	$13,223,649	−55.8%	0.58%
EOSE	Eos Energy Enterprises, Inc. 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 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%	0.51%
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%	0.50%
QQQ	Invesco Qqq Trust, Series 1	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%	0.49%
GLD	Spdr Gold Trust	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. Technology	NEW	251,083	NEW	$9,285,049	NEW	0.40%
COF	Capital One Financial Corp 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	0.36%
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%