Graham Capital Management portfolio
Investment firmPortfolio as of Jun 30, 2026 (Q2 2026) · filed with the SEC on Aug 14, 2026 · data updated on Nov 5, 2026 · Q2 2026 13F (filing) ↗ · all its 13F filings ↗
A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions and they may have changed.
Graham Capital Management reported a $2.6 bn portfolio of 1,130 companies (1,139 positions, counting each share class separately) to the SEC as of the end of Q2 2026. Its largest positions are NVDA, AMZN, GOOG. During the quarter it opened Keel Infrastructure and Travere Therapeutics and exited State Street Financial Select Sector ETF.
Sections with a free account
What it reported after the quarter end (Q2 2026)
The 13F shows the portfolio as of Jun 30, 2026. Since then Graham Capital Management has filed these own trades with the SEC (Form 4, when it owns more than 10% of a company or holds a role in it) and stakes above 5% (13D and 13G). It is not everything it did: only what it must report before the next 13F.
- 13DHost Digital10 %
Stake reported in the company · event of Sep 17, 2026 · filed Sep 24, 2026 · filing ↗
What changed this quarter
1426 positions with a change (405 new, 338 added to, 363 trimmed, 320 sold); also, 3 entered through an IPO, 9 exited through an acquisition or merger, 1 entered through a spin-off. 12 are listed here: those of 0.5 points of the portfolio or more (up to 12).
- Newly listedSuper Micro Computer1.0% of the portfolio
It started trading this quarter: it appears in a 13F for the first time. The filing does not say whether the manager already held it before the listing, so it is not counted as a purchase.
- Ishares−69%fewer sharesReduced2.0% → 0.9%
- Keel Infrastructure+1.5 ppof portfolioNew— → 1.5%
- State Street Financial Select Sector ETF−1.2 ppof portfolioSold out1.5% → —
- Travere Therapeutics+1.0 ppof portfolioNew— → 1.0%
- Netflix−98%fewer sharesReduced1.5% → under 0.1%
- NVIDIA+40%more sharesIncreased2.3% → 3.2%
- Ishares Bitcoin Trust ETF−72%fewer sharesReduced1.6% → 0.3%
- Amazon.com−23%fewer sharesReduced3.9% → 2.9%
- Micron Technology−65%fewer sharesReduced1.0% → 1.0%
- Intel−65%fewer sharesReduced1.0% → 0.9%
- Block+865%more sharesIncreased0.1% → 0.9%
- State Street SPDR S&P Homebldrs ETF+452%more sharesIncreased0.2% → 1.0%
The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight: what it bought or sold, excluding price effects.
Top holdings
- NVIDIANVDA3.2%
- Amazon.comAMZN2.9%
- AlphabetGOOG2.2%
- CitigroupC1.8%
- Ishares TrHYG1.5%
- Keel InfrastructureKEEL1.5%
- Cipher DigitalCIFR1.4%
- EmbraerEMBJ1.2%
- Meta PlatformsMETA1.1%
- Micron TechnologyMU1.0%
- State Street SPDR S&P Homebldrs ETFXHB1.0%
- Super Micro Computer(preferred)1.0%
- Travere TherapeuticsTVTX1.0%
- State Street Health Care Select Sector ETFXLV0.9%
- BlockXYZ0.9%
“Since”: first quarter of the current run, unbroken until today. In the details, prices are the quarter-end prices of the quarters in which it added shares, per the 13F. The manager may have bought at any price within each quarter; the SEC only publishes the value at quarter end.
Portfolio by sector
- ● Information Technology 20%
- ● Industrials 15%
- ● No sector 14%
- ● Financials 13%
- ● Consumer Discretionary 11%
- ● Consumer Staples 5%
- ● Communication Services 5%
- ● Health Care 4%
- ● Real Estate 4%
- ● Energy 3%
- ● Utilities 2%
- ● Materials 2%
How its portfolio changed (8 quarters)
Q2 2026: 1,139
Q2 2026: 18%
Q2 2026: 41.3%
Traded turnover: the weight it bought plus the weight it sold in the quarter, divided by two, excluding price moves. The plain “turnover” in the header does include that effect. With a free account: the full history and sectors over time.
Declared options (25)
Besides stocks, Graham Capital Management declared 15 puts (they gain if the stock falls) and 10 calls (they gain if it rises) with a notional of $1.8 bn. The 13F reports the value of the underlying shares, not the premium paid, so these figures look large and are not added to the portfolio. Nor does it say whether the option is bought or written, or its strike or expiry: it may be a hedge.
- PUTiShares Russell 2000 ETFIWM$943M
- CALLVaneck ETF TrustGDX$190M
- CALLInvesco QQQ Trust Series 1 ETFQQQ$115M
- PUTCalumetCLMT$61.7M
- PUTIshares Bitcoin Trust ETFIBIT$57.9M
- CALLState Street SPDR S&P Metals Mining ETFXMEnew this quarter$53.5M
- PUTState Str Spdr S&P 500 ETF TSPY$37.9M
- PUTGameStopGME$37.1M
- PUTGorilla Technology GroupGRRRnew this quarter$35.8M
- PUTFidelity Wise Origin BitcoinFBTC$35.5M
- PUTTeslaTSLAnew this quarter$21.0M
- PUTNovavaxNVAX$19.7M
Stakes above 5% (13D/13G)
Companies where this filer reported holding 5% or more of the shares. It is the figure from its latest filing on each one; history since December 2024.
How we classify it
Investment firm, per its Form ADV of Jul 7, 2026 (high confidence).
The data, as reported: GRAHAM CAPITAL MANAGEMENT, L.P. (CRD 160925): 7.B private funds: 17 hedge, 1 liquidez (gross assets $41.0 bn); 5.D assets by client type: pooled vehicles 100% (of $42.9 bn)
The type comes from a rule applied to that data. If it looks wrong, tell us.
Not counted as a concentrated manager: its portfolio is not within 5 to 100 positions; its top 10 positions are under 45%; it turns over more than 50% of the portfolio per quarter; more than 20% is options. Its portfolio is shown all the same, but it is left out of manager counts, the consensus and the ranking. How this is decided
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