Graham Capital Management, L.P.

Registered adviser

CIK

1315421

Location

ROWAYTON, CT

Portfolio Value

Mid $4,369,860,380

Diversification

Diversified

Filing Date

Global Rank

#965 / 8,817 ▲ 74

Top Industry

Semiconductors 7.6%

Period ended 4 months ago

Filed Aug 14, 2026 · 2mo

26 quarters · since Mar 2020

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Registered adviser

Form ADV roster, Oct 1, 2026

Form ADV adviser

CRD 160925

Roster of Oct 1, 2026

Regulatory AUM

$42,865,979,000

Main clients

Pooled investment vehicles (100% of AUM)

Private funds

18 funds · Hedge funds

Focus by gross assets, Schedule D of Nov 13, 2024

$40,958,115,000 gross assets

LEI

DMEG9G4MHH34U2LK2N42

Private funds on Schedule D 7.B.(1)

As filed Nov 13, 2024; SEC's bulk Form ADV archive ends with 2024 filings.

$18,472,266,000 gross assets in 16 funds Hedge funds $12,639,848,000 (15) Liquidity funds $5,832,418,000 (1)

Form ADV history

Monthly rosters from Dec 2019; each row is a run with the same figures, newest first.

Rosters	Regulatory AUM	Main clients
Apr 2026 to Oct 2026	$42,865,979,000	Pooled investment vehicles (100%)
Mar 2026	$28,538,325,000	Pooled investment vehicles (100%)
Jul 2025 to Feb 2026	$28,538,325,000	Pooled investment vehicles (100%)
Apr 2025 to Jun 2025	$28,538,325,000	Pooled investment vehicles (100%)
Dec 2024 to Mar 2025	$18,644,915,000	Pooled investment vehicles (100%)
Apr 2024 to Nov 2024	$18,644,915,000	Pooled investment vehicles (100%)

6 earlier changes not shown.

Portfolio style

Measured from the filed 13F common-share book for Jun 30, 2026, never from the firm's own description.

Style

Systematic-like

1,112 stocks (500+), trailing annual turnover 161.4% (100%+), top 10 weight 21.6% (25% or less)

Turnover

High turnover

161.4% over the last four quarters (100%+)

Horizon

Horizon unknown

The value-weighted holding period is at least 5.3 quarters, but 0.7% of the book was already held when coverage starts

Closest benchmark: every 13F filer's combined book, active share 61.8%; sector active share 13.7% against the combined 13F book's sector weights.

Over time 26 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

1,159 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026

Top Position

23.6%

+4.8 pts

Top 5

35.5%

+1.7 pts

Top 10

43.7%

+2.5 pts

HHI

629

Diversified+175

Portfolio Trend

26 quarters · across all stocks

Sector Breakdown

As of Jun 30, 2026

Sector	% Portfolio	Value	Positions
Unclassified	42.1%	$1,838,306,942	38
Technology	16.1%	$704,198,697	196
Industrials	9.5%	$414,600,457	148
Consumer Cyclical	8.0%	$350,844,828	113
Financial Services	6.4%	$277,830,525	157
Healthcare	3.2%	$140,897,953	153
Communication Services	3.1%	$133,533,518	49
Consumer Defensive	3.0%	$130,578,095	56
Basic Materials	2.7%	$115,865,290	66
Real Estate	2.6%	$115,055,749	71
Energy	1.8%	$77,646,151	78
Utilities	1.6%	$70,502,175	34

Last Quarter's Activity

Export CSV

Jun 30, 2026 vs Mar 31, 2026

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
AGNC	AGNC Investment Corp.	+433,631	635,361	$6,925,434
TE	T1 Energy Inc.	+389,851	411,397	$3,900,043
XLE	State Street(R) Energy Select Sector SPDR(R) ETF	+346,000	350,000	$18,588,500
DX	Dynex Capital Inc	+300,341	443,472	$5,813,917
XYZ	Block, Inc.	+285,609	318,609	$24,214,284
FNB	Fnb Corp	+243,719	298,396	$5,693,395
HYG	iShares iBoxx $ High Yield Corporate Bond ETF	+231,600	478,500	$38,265,645
VFC	V F Corp	+230,877	259,207	$4,323,572
KO	Coca Cola Co	+226,792	267,554	$21,744,113
KRE	State Street(R) SPDR(R) S&P(R) Regional Banking ETF	+218,000	268,000	$20,059,800
ENPH	Enphase Energy, Inc.	+188,071	199,018	$9,799,646
XHB	State Street(R) SPDR(R) S&P(R) Homebuilders ETF	+185,500	226,500	$26,174,340
GAU	Galiano Gold Inc.	+181,929	327,278	$612,009
—		+146,000	225,000	$11,436,750
AEG	Aegon Ltd.	+136,144	171,813	$1,450,101
KIM	Kimco Realty Corp	+128,803	202,377	$5,130,256
XLV	State Street(R) Health Care Select Sector SPDR(R) ETF	+127,900	155,000	$24,592,300
KMI	Kinder Morgan, Inc.	+124,126	146,126	$4,671,648
FWRG	First Watch Restaurant Group, Inc.	+122,584	135,621	$1,748,154
PTEN	Patterson Uti Energy Inc	+118,718	156,180	$1,433,732
AOS	Smith A O Corp	+117,894	133,343	$8,363,272
NVDA	Nvidia Corp	+117,809	411,680	$82,373,051
CRBU	Caribou Biosciences, Inc.	+117,163	155,914	$274,408
HOS	Hornbeck Offshore Services, Inc.	+108,966	150,576	$1,316,034
FTV	Fortive Corp	+107,870	163,335	$9,978,135
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
CIFR	Cipher Digital Inc.	−668,453	1,510,141	$36,998,454
IBIT	iShares Bitcoin Trust ETF	−666,862	259,000	$8,622,110
ELME	Elme Communities	−501,261	161,030	$238,324
OPEN	Opendoor Technologies Inc.	−353,918	2,120,412	$9,796,303
NFLX	Netflix Inc	−341,245	5,661	$404,195
NOK	Nokia Corp	−334,623	40,088	$532,368
INTC	Intel Corp	−324,493	171,262	$23,913,313
VENU	Venu Holding Corp	−261,886	1,268,742	$2,880,044
EWY	iShares Trust	−250,696	112,004	$0
EEM	iShares MSCI Emerging Markets ETF	−229,431	60,656	$4,149,476
OWL	Blue Owl Capital Inc.	−215,541	170,619	$1,492,916
XRX	Xerox Holdings Corp	−160,436	121,348	$379,819
AAL	American Airlines Group Inc.	−148,997	160,468	$2,899,656
MNKD	Mannkind Corp	−148,541	12,648	$53,880
ALIT	Alight, Inc. / Delaware	−131,448	129,580	$72,564
CFG	Citizens Financial Group Inc	−126,961	13,755	$963,812
PLUG	Plug Power Inc	−126,549	211,910	$574,276
PR	Permian Resources Corp	−125,826	121,957	$2,245,228
MET	Metlife Inc	−124,906	68,284	$5,777,509
EU	enCore Energy Corp.	−123,251	120,886	$158,360
CRM	Salesforce, Inc.	−119,518	48,274	$7,562,604
BDTX	Black Diamond Therapeutics, Inc.	−116,667	54,232	$100,329
MUX	McEwen Inc.	−115,897	23,303	$422,483
ORLY	O Reilly Automotive Inc	−115,888	12,006	$1,105,632
F	Ford Motor Co	−111,102	73,098	$1,016,062
No positions match the current search.

New Positions

Positions the filer opened this quarter

25 positions

Ticker	Company	Shares	Value
KEEL	Keel Infrastructure Corp.	6,611,174	$37,948,138
SMCIP	Super Micro Computer, Inc.	500,000	$25,980,000
TVTX	Travere Therapeutics, Inc.	446,696	$25,376,799
EOSE	Eos Energy Enterprises, Inc.	3,566,446	$20,970,702
SPY	Spdr S&P 500 ETF Trust	27,900	$20,834,883
AVGO	Broadcom Inc.	50,016	$18,893,544
CBRS	Cerebras Systems Inc.	52,420	$11,584,820
NI	Nisource Inc.	223,547	$10,629,659
BRK-B	Berkshire Hathaway Inc	17,628	$8,820,874
TMUS	T-Mobile US, Inc.	48,950	$8,210,383
TEM	Tempus AI, Inc.	139,000	$8,052,270
CGNX	Cognex Corp	110,803	$8,024,353
TDG	TransDigm Group INC	5,874	$7,824,402
GOLD	Gold.com, Inc.	173,222	$7,207,767
ABNB	Airbnb, Inc.	46,159	$6,605,352
UL	Unilever PLC	107,642	$6,471,437
XOVR	EntrepreneurShares Series Trust ERShares Private-Public Crossover ETF	300,000	$6,315,000
SSNC	SS&C Technologies Holdings Inc	100,595	$6,241,919
REMX	VanEck Rare Earth and Strategic Metals ETF	69,130	$6,118,005
SGI	Somnigroup International Inc.	74,232	$5,819,788
BURL	Burlington Stores, Inc.	17,990	$5,699,232
TAN	Invesco Ltd.	90,500	$5,353,075
OLLI	Ollie's Bargain Outlet Holdings, Inc.	68,779	$5,287,729
MITK	Mitek Systems Inc	261,017	$5,254,272
POOL	Pool Corp	22,174	$4,765,192
No positions match the current search.

Sold Out

Positions the filer fully exited

25 positions

Ticker	Company	Shares	Value
XLF	State Street Corp	659,300	$32,549,641
UPS	United Parcel Service Inc	134,414	$13,223,649
IVE	iShares S&P 500 Value ETF	47,750	$10,082,412
TJX	Tjx Companies Inc	52,091	$8,318,932
—		279,000	$7,931,970
KHC	Kraft Heinz Co	305,664	$6,874,383
MS	Morgan Stanley	38,133	$6,275,547
AON	Aon plc	16,254	$5,246,466
XME	State Street(R) SPDR(R) S&P(R) Metals & Mining ETF	45,000	$4,860,450
A	Agilent Technologies, Inc.	42,055	$4,793,428
WWD	Woodward, Inc.	12,769	$4,570,280
TGT	Target Corp	33,421	$4,050,625
BCE	Bce Inc	158,894	$4,010,484
MMM	3M Co	23,788	$3,454,731
CNI	Canadian National Railway Co	32,233	$3,312,585
ODFL	Old Dominion Freight Line, Inc.	16,800	$3,282,720
INVH	Invitation Homes Inc.	130,613	$3,245,733
EMR	Emerson Electric Co	24,576	$3,219,947
CI	Cigna Group	11,799	$3,147,383
NYT	New York Times Co	34,293	$2,871,352
HDB	Hdfc Bank Ltd	114,456	$2,847,665
MDT	Medtronic plc	30,082	$2,606,605
MTN	Vail Resorts Inc	20,014	$2,568,196
SABR	Sabre Corp	1,686,300	$2,445,135
BP	Bp PLC	51,802	$2,434,694
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

1,159 tracked positions · $4,369,860,380 total · filing declares 1,222 positions · $5,495,138,580 · as of Jun 30, 2026

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

Showing 1–50 of 1,159 positions by value · page 1 of 24

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Held (qtrs)	Est. cost/share	% of Portfolio
IWM	iShares Russell 2000 ETF PUT + SHARES	Added	3,200,600	+1,684,900	$961,620,270	+155.8%	2	unpriced	22.01%
GDX	VanEck Gold Miners ETF CALL + SHARES	Added	2,547,000	+117,000	$192,171,150	−13.8%	5	$89.53	4.40%
QQQ	Invesco Qqq Trust, Series 1 CALL	Added	156,000	+136,000	$114,878,400	+895.2%	—	—	2.63%
SPY	Spdr S&P 500 ETF Trust PUT + SHARES	Added	127,900	+77,900	$95,511,883	+1129.5%	1	$725.01	2.19%
NVDA	Nvidia Corp CALL + SHARES Technology	Added	421,680	+117,809	$84,373,951	+59.2%	13	$172.91	1.93%
AMZN	Amazon Com Inc CALL + SHARES Consumer Cyclical	Reduced	317,943	-100,881	$75,778,534	−13.1%	19	unpriced	1.73%
IBIT	iShares Bitcoin Trust ETF PUT + SHARES	Reduced	1,999,600	-1,255,062	$66,566,684	−46.8%	10	$35.83	1.52%
CLMT	Calumet, Inc. PUT Basic Materials	Held	1,713,400	0	$61,716,668	+0.3%	—	—	1.41%
GOOG	Alphabet Inc. CALL + SHARES Communication Services	Added	167,787	+3,552	$59,284,180	+25.8%	19	unpriced	1.36%
XME	State Street(R) SPDR(R) S&P(R) Metals & Mining ETF CALL	Added	500,000	+455,000	$53,465,000	+1000.0%	—	—	1.22%
C	Citigroup Inc Financial Services	Reduced	341,021	-48,172	$47,729,299	+8.1%	13	$102.29	1.09%
HYG	iShares iBoxx $ High Yield Corporate Bond ETF	Reduced	478,500	-2,179,300	$38,265,645	−81.9%	3	unpriced	0.88%
KEEL	Keel Infrastructure Corp. Technology	NEW	6,611,174	NEW	$37,948,138	NEW	1	$4.29	0.87%
GME	GameStop Corp. PUT + SHARES Consumer Cyclical	Added	1,692,726	+17,426	$37,375,390	−3.2%	1	$22.92	0.86%
CIFR	Cipher Digital Inc. Technology	Reduced	1,510,141	-668,453	$36,998,454	+32.0%	3	$17.65	0.85%
GRRR	Gorilla Technology Group Inc. PUT Technology	NEW	1,800,700	NEW	$35,797,916	NEW	—	—	0.82%
FBTC	Fidelity Wise Origin Bitcoin Fund PUT	Held	696,200	0	$35,541,010	−13.5%	—	—	0.81%
EMBJ	Embraer S.A. Industrials	Added	504,172	+102,540	$32,166,173	+35.0%	9	$52.91	0.74%
MU	Micron Technology Inc CALL + SHARES Technology	Reduced	25,279	-39,594	$29,179,296	+33.1%	12	$112.39	0.67%
META	Meta Platforms, Inc. Communication Services	Added	50,076	+4,140	$28,207,310	+7.3%	19	$560.87	0.65%
XHB	State Street(R) SPDR(R) S&P(R) Homebuilders ETF	Added	226,500	+185,500	$26,174,340	+546.7%	3	$105.03	0.60%
SMCIP	Super Micro Computer, Inc. Technology	NEW	500,000	NEW	$25,980,000	NEW	1	unpriced	0.59%
TVTX	Travere Therapeutics, Inc. Healthcare	NEW	446,696	NEW	$25,376,799	NEW	1	$44.34	0.58%
XLV	State Street(R) Health Care Select Sector SPDR(R) ETF	Added	155,000	+127,900	$24,592,300	+519.0%	3	unpriced	0.56%
XYZ	Block, Inc. Technology	Added	318,609	+285,609	$24,214,284	+1119.3%	3	$69.92	0.55%
INTC	Intel Corp Technology	Reduced	171,262	-324,493	$23,913,313	+9.3%	3	$39.86	0.55%
FSLR	First Solar, Inc. Technology	Reduced	99,200	-120	$23,407,232	+19.5%	5	$214.98	0.54%
BA	Boeing Co Industrials	Reduced	107,864	-14,692	$23,349,320	−4.3%	7	$176.47	0.53%
PANW	Palo Alto Networks Inc Technology	Added	67,110	+14,896	$22,885,852	+173.4%	2	$181.51	0.52%
RSP	Victory Portfolios II	Reduced	106,000	-73,869	$22,553,620	−34.7%	8	$191.48	0.52%
KO	Coca Cola Co Consumer Defensive	Added	267,554	+226,792	$21,744,113	+601.4%	6	$77.21	0.50%
XLE	State Street(R) Energy Select Sector SPDR(R) ETF CALL + SHARES	Added	400,000	+396,000	$21,244,000	+8569.6%	4	unpriced	0.49%
TSLA	Tesla, Inc. PUT + SHARES Consumer Cyclical	NEW	50,256	NEW	$21,137,673	NEW	1	$397.72	0.48%
EOSE	Eos Energy Enterprises, Inc. Industrials	Added	3,566,446	+911,346	$20,970,702	+59.2%	1	$6.95	0.48%
OKTA	Okta, Inc. CALL + SHARES Technology	Reduced	153,400	-76,905	$20,931,430	+15.5%	2	$82.99	0.48%
KRE	State Street(R) SPDR(R) S&P(R) Regional Banking ETF	Added	268,000	+218,000	$20,059,800	+515.8%	3	$69.00	0.46%
NVAX	Novavax Inc PUT + SHARES Healthcare	Reduced	2,095,821	-10,115	$19,742,633	+15.2%	9	$7.84	0.45%
MSFT	Microsoft Corp PUT CALL + SHARES Technology	Added	52,679	+19,409	$19,650,320	+59.6%	4	$498.93	0.45%
AAPL	Apple Inc. PUT + SHARES Technology	Added	67,500	+63,200	$19,531,800	+1689.8%	8	$252.45	0.45%
CBRS	Cerebras Systems Inc. PUT CALL + SHARES Technology	NEW	87,420	NEW	$19,319,820	NEW	1	$235.36	0.44%
AVGO	Broadcom Inc. Technology	NEW	50,016	NEW	$18,893,544	NEW	1	$400.96	0.43%
CME	Cme Group Inc. Financial Services	Added	84,553	+6,752	$18,671,838	−18.7%	26+	before history	0.43%
GLD	Spdr Gold Trust CALL	Added	50,000	+25,000	$18,419,000	+71.2%	—	—	0.42%
EWW	iShares MSCI Mexico ETF CALL + SHARES	Reduced	242,048	-5,860	$18,218,952	−2.3%	3	$73.81	0.42%
EWZ	iShares MSCI Brazil ETF CALL + SHARES	Added	512,000	+44,523	$17,664,000	−1.6%	3	$36.06	0.40%
	CALL + SHARES	Added	325,000	+40,000	$16,519,750	+16.0%	2	$50.89	0.38%
COST	Costco Wholesale Corp Consumer Defensive	Added	16,688	+10,706	$15,611,123	+161.9%	6	$976.45	0.36%
SHW	Sherwin Williams Co Basic Materials	Added	44,299	+40,899	$15,253,031	+1299.5%	3	$320.60	0.35%
IEX	Idex Corp Industrials	Reduced	59,798	-116	$13,571,156	+19.5%	4	$176.48	0.31%
TLT	iShares 20+ Year Treasury Bond ETF PUT + SHARES	Reduced	144,000	-68,000	$12,444,480	−32.3%	4	unpriced	0.28%

Showing the top 50 of 1,159 positions. Create a free account to see every position, past quarters, search, filters and CSV export.

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.