# Graham Capital Management, L.P.

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1315421. Source: https://holderbook.com/funds/1315421-graham-capital-management-l-p/

- Reported value: $5.5B
- Positions: 1,182
- Weight of the ten largest: 35.4%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| ISHARES TR | [IWM](https://holderbook.com/stocks/IWM/) | $961.6M | 62,000 | 17.5% | 2 |
| VANECK ETF TRUST | [GDX](https://holderbook.com/stocks/GDX/) | $192.2M | 35,000 | 3.5% | 8 |
| GAMESTOP CORP | - | $150.1M | 147,647,000 | 2.7% | 1 |
| PENGUIN SOLUTIONS INC | - | $119.9M | 42,250,000 | 2.2% | 1 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $114.9M | 0 | 2.1% | 6 |
| APPLIED DIGITAL CORP | - | $97.1M | 24,363,000 | 1.8% | 3 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $84.4M | 411,680 | 1.5% | 13 |
| GREEN PLAINS INC | - | $78.0M | 57,430,000 | 1.4% | 3 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $75.8M | 314,943 | 1.4% | 19 |
| GROUPON INC | - | $73.8M | 74,371,000 | 1.3% | 4 |
| ISHARES BITCOIN TRUST ETF | [IBIT](https://holderbook.com/stocks/IBIT/) | $66.6M | 259,000 | 1.2% | 10 |
| RIVIAN AUTOMOTIVE INC | - | $64.0M | 59,794,000 | 1.2% | 7 |
| CALUMET INC | [CLMT](https://holderbook.com/stocks/CLMT/) | $61.7M | 0 | 1.1% | 6 |
| SUNRUN INC | - | $60.6M | 50,940,000 | 1.1% | 5 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $59.3M | 162,787 | 1.1% | 19 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $58.8M | 27,900 | 1.1% | 11 |
| THE REALREAL INC | - | $58.2M | 41,375,000 | 1.1% | 6 |
| PURECYCLE TECHNOLOGIES INC | - | $58.1M | 57,250,000 | 1.1% | 1 |
| SPDR SERIES TRUST | [XME](https://holderbook.com/stocks/XME/) | $53.5M | 0 | 1.0% | 2 |
| APPLIED OPTOELECTRONICS INC | - | $49.9M | 14,006,000 | 0.9% | 1 |
| CITIGROUP INC | [C](https://holderbook.com/stocks/C/) | $47.7M | 341,021 | 0.9% | 13 |
| TILRAY BRANDS INC | - | $47.0M | 46,500,000 | 0.9% | 12 |
| MARA HOLDINGS INC | - | $46.1M | 45,909,000 | 0.8% | 3 |
| RAMACO RES INC | - | $41.7M | 56,300,000 | 0.8% | 3 |
| BRIDGEBIO PHARMA INC | - | $39.7M | 22,241,000 | 0.7% | 12 |
| CLEANSPARK INC | - | $38.6M | 29,519,000 | 0.7% | 3 |
| ISHARES TR | [HYG](https://holderbook.com/stocks/HYG/) | $38.3M | 478,500 | 0.7% | 4 |
| KEEL INFRASTRUCTURE CORP | [KEEL](https://holderbook.com/stocks/KEEL/) | $37.9M | 6,611,174 | 0.7% | 1 |
| GAMESTOP CORP | [GME](https://holderbook.com/stocks/GME/) | $37.4M | 10,626 | 0.7% | 5 |
| CIPHER DIGITAL INC | [CIFR](https://holderbook.com/stocks/CIFR/) | $37.0M | 1,510,141 | 0.7% | 3 |
| GORILLA TECHNOLOGY GROUP INC | [GRRR](https://holderbook.com/stocks/GRRR/) | $35.8M | 0 | 0.7% | 1 |
| FIDELITY WISE ORIGIN BITCOIN | [FBTC](https://holderbook.com/stocks/FBTC/) | $35.5M | 0 | 0.6% | 5 |
| EMBRAER S.A. | [EMBJ](https://holderbook.com/stocks/EMBJ/) | $32.2M | 504,172 | 0.6% | 9 |
| SUPER MICRO COMPUTER INC | - | $31.8M | 35,625,000 | 0.6% | 1 |
| ISHARES INC | [EWY](https://holderbook.com/stocks/EWY/) | $29.7M | 112,004 | 0.5% | 2 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $29.2M | 22,779 | 0.5% | 12 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $28.2M | 50,076 | 0.5% | 19 |
| SPDR SERIES TRUST | [XHB](https://holderbook.com/stocks/XHB/) | $26.2M | 226,500 | 0.5% | 3 |
| SUPER MICRO COMPUTER INC | [SMCIP](https://holderbook.com/stocks/SMCIP/) | $25.6M | 500,000 | 0.5% | 1 |
| TRAVERE THERAPEUTICS INC | [TVTX](https://holderbook.com/stocks/TVTX/) | $25.4M | 446,696 | 0.5% | 1 |
| SELECT SECTOR SPDR TR | [XLV](https://holderbook.com/stocks/XLV/) | $24.6M | 155,000 | 0.4% | 3 |
| BLOCK INC | [XYZ](https://holderbook.com/stocks/XYZ/) | $24.2M | 318,609 | 0.4% | 3 |
| INTEL CORP | [INTC](https://holderbook.com/stocks/INTC/) | $23.9M | 171,262 | 0.4% | 3 |
| GREEN PLAINS INC | - | $23.8M | 23,694,000 | 0.4% | 22 |
| FIRST SOLAR INC | [FSLR](https://holderbook.com/stocks/FSLR/) | $23.4M | 99,200 | 0.4% | 5 |
| BOEING CO | [BA](https://holderbook.com/stocks/BA/) | $23.3M | 107,864 | 0.4% | 7 |
| PALO ALTO NETWORKS INC | [PANW](https://holderbook.com/stocks/PANW/) | $22.9M | 67,110 | 0.4% | 2 |
| INVESCO EXCHANGE TRADED FD T | [RSP](https://holderbook.com/stocks/RSP/) | $22.6M | 106,000 | 0.4% | 8 |
| UBER TECHNOLOGIES INC | - | $22.0M | 19,000,000 | 0.4% | 1 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $21.7M | 267,554 | 0.4% | 6 |
| SELECT SECTOR SPDR TR | [XLE](https://holderbook.com/stocks/XLE/) | $21.2M | 350,000 | 0.4% | 4 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $21.1M | 256 | 0.4% | 1 |
| EOS ENERGY ENTERPRISES INC | [EOSE](https://holderbook.com/stocks/EOSE/) | $21.0M | 3,566,446 | 0.4% | 5 |
| OKTA INC | [OKTA](https://holderbook.com/stocks/OKTA/) | $20.9M | 114,400 | 0.4% | 2 |
| SPDR SERIES TRUST | [KRE](https://holderbook.com/stocks/KRE/) | $20.1M | 268,000 | 0.4% | 4 |
| NOVAVAX INC | [NVAX](https://holderbook.com/stocks/NVAX/) | $19.7M | 9,221 | 0.4% | 15 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $19.7M | 22,479 | 0.4% | 4 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $19.5M | 9,000 | 0.4% | 8 |
| CEREBRAS SYSTEMS INC | [CBRS](https://holderbook.com/stocks/CBRS/) | $19.3M | 52,420 | 0.4% | 1 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $18.9M | 50,016 | 0.3% | 1 |
| CME GROUP INC | [CME](https://holderbook.com/stocks/CME/) | $18.7M | 84,553 | 0.3% | 31 |
| SPDR GOLD TR | [GLD](https://holderbook.com/stocks/GLD/) | $18.4M | 0 | 0.3% | 2 |
| ISHARES INC | [EWW](https://holderbook.com/stocks/EWW/) | $18.2M | 192,048 | 0.3% | 3 |
| ISHARES INC | [EWZ](https://holderbook.com/stocks/EWZ/) | $17.7M | 462,000 | 0.3% | 3 |
| SELECT SECTOR SPDR TR | [XLB](https://holderbook.com/stocks/XLB/) | $16.5M | 225,000 | 0.3% | 2 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $15.6M | 16,688 | 0.3% | 6 |
| SHERWIN WILLIAMS CO | [SHW](https://holderbook.com/stocks/SHW/) | $15.3M | 44,299 | 0.3% | 3 |
| IDEX CORP | [IEX](https://holderbook.com/stocks/IEX/) | $13.6M | 59,798 | 0.2% | 4 |
| GREEN PLAINS INC | - | $12.7M | 9,350,000 | 0.2% | 3 |
| ISHARES TR | [TLT](https://holderbook.com/stocks/TLT/) | $12.4M | 72,000 | 0.2% | 6 |
| SELECT SECTOR SPDR TR | [XLI](https://holderbook.com/stocks/XLI/) | $12.3M | 66,240 | 0.2% | 6 |
| CLOUDFLARE INC | [NET](https://holderbook.com/stocks/NET/) | $12.1M | 49,237 | 0.2% | 5 |
| LOWES COS INC | [LOW](https://holderbook.com/stocks/LOW/) | $11.6M | 52,565 | 0.2% | 2 |
| MONGODB INC | [MDB](https://holderbook.com/stocks/MDB/) | $11.3M | 33,561 | 0.2% | 8 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $11.3M | 31,921 | 0.2% | 10 |
| ISHARES TR | [LQD](https://holderbook.com/stocks/LQD/) | $10.9M | 0 | 0.2% | 1 |
| SALESFORCE INC | [CRM](https://holderbook.com/stocks/CRM/) | $10.7M | 48,274 | 0.2% | 5 |
| NISOURCE INC | [NI](https://holderbook.com/stocks/NI/) | $10.6M | 223,547 | 0.2% | 1 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $10.4M | 20,169 | 0.2% | 2 |
| DATADOG INC | [DDOG](https://holderbook.com/stocks/DDOG/) | $10.3M | 29,603 | 0.2% | 4 |
| HILTON WORLDWIDE HLDGS INC | [HLT](https://holderbook.com/stocks/HLT/) | $10.1M | 30,466 | 0.2% | 9 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $10.0M | 52,871 | 0.2% | 8 |
| FORTIVE CORP | [FTV](https://holderbook.com/stocks/FTV/) | $10.0M | 163,335 | 0.2% | 3 |
| VANECK ETF TRUST | [SMH](https://holderbook.com/stocks/SMH/) | $10.0M | 10,200 | 0.2% | 5 |
| ENPHASE ENERGY INC | [ENPH](https://holderbook.com/stocks/ENPH/) | $9.8M | 199,018 | 0.2% | 2 |
| OPENDOOR TECHNOLOGIES INC | [OPEN](https://holderbook.com/stocks/OPEN/) | $9.8M | 2,120,412 | 0.2% | 4 |
| DYNATRACE INC | [DT](https://holderbook.com/stocks/DT/) | $9.7M | 197,000 | 0.2% | 2 |
| GE AEROSPACE | [GE](https://holderbook.com/stocks/GE/) | $9.7M | 25,900 | 0.2% | 4 |
| NVENT ELEC PLC | [NVT](https://holderbook.com/stocks/NVT/) | $9.5M | 56,160 | 0.2% | 5 |
| FEDEX CORP | [FDX](https://holderbook.com/stocks/FDX/) | $9.4M | 30,091 | 0.2% | 4 |
| HUNT J B TRANS SVCS INC | [JBHT](https://holderbook.com/stocks/JBHT/) | $8.9M | 30,819 | 0.2% | 2 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $8.8M | 17,628 | 0.2% | 1 |
| HOWMET AEROSPACE INC | [HWM](https://holderbook.com/stocks/HWM/) | $8.7M | 32,228 | 0.2% | 2 |
| FASTENAL CO | [FAST](https://holderbook.com/stocks/FAST/) | $8.4M | 175,804 | 0.2% | 6 |
| SMITH A O CORP | [AOS](https://holderbook.com/stocks/AOS/) | $8.4M | 133,343 | 0.2% | 5 |
| CATERPILLAR INC | [CAT](https://holderbook.com/stocks/CAT/) | $8.3M | 7,824 | 0.2% | 3 |
| T-MOBILE US INC | [TMUS](https://holderbook.com/stocks/TMUS/) | $8.2M | 48,950 | 0.1% | 1 |
| TWILIO INC | [TWLO](https://holderbook.com/stocks/TWLO/) | $8.1M | 39,388 | 0.1% | 2 |
| TEMPUS AI INC | [TEM](https://holderbook.com/stocks/TEM/) | $8.1M | 139,000 | 0.1% | 1 |
| COGNEX CORP | [CGNX](https://holderbook.com/stocks/CGNX/) | $8.0M | 110,803 | 0.1% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q4 2022 | +5.6% | +7.1% | -1.4% | 63% |
| Q3 2022 | -0.4% | -5.3% | +4.9% | 62% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $5.5B | 1,182 |
| Q1 2026 | $4.1B | 1,093 |
| Q4 2025 | $4.2B | 1,174 |
| Q3 2025 | $6.3B | 1,183 |
| Q2 2025 | $6.6B | 1,242 |
| Q1 2025 | $5.7B | 1,236 |
| Q4 2024 | $6.7B | 1,185 |
| Q3 2024 | $5.8B | 1,051 |
| Q2 2024 | $4.6B | 992 |
| Q1 2024 | $5.3B | 1,015 |
| Q4 2023 | $4.5B | 950 |
| Q3 2023 | $4.3B | 976 |