13F filings
Graham Capital Management
Where the disclosed book sits
by disclosed valueOption contracts are 32% of the disclosed value and are excluded from the sectors above: a put is a position against a company, so counting its notional as sector weight would report the reverse of what the fund holds.
Largest holdings
20 of 1,222 positions| Holding | Type | Value | Shares | Share of book |
|---|---|---|---|---|
| IWMIshares Tr | Put | $943.0M | 3,138,600 | 17.2% |
| GDXVaneck Etf Trust | Call | $189.5M | 2,512,000 | 3.4% |
| Gamestop CorpGamestop Corp | Shares | $150.1M | n/a | 2.7% |
| Penguin Solutions IncPenguin Solutions Inc | Shares | $119.9M | n/a | 2.2% |
| QQQInvesco Qqq Tr | Call | $114.9M | 156,000 | 2.1% |
| Applied Digital CorpApplied Digital Corp | Shares | $97.1M | n/a | 1.8% |
| NVDANvidia Corporation | Shares | $82.4M | 411,680 | 1.5% |
| Green Plains IncGreen Plains Inc | Shares | $78.0M | n/a | 1.4% |
| AMZNAmazon Com Inc | Shares | $75.1M | 314,943 | 1.4% |
| Groupon IncGroupon Inc | Shares | $73.8M | n/a | 1.3% |
| Rivian Automotive IncRivian Automotive Inc | Shares | $64.0M | n/a | 1.2% |
| CLMTCalumet Inc | Put | $61.7M | 1,713,400 | 1.1% |
| Sunrun IncSunrun Inc | Shares | $60.6M | n/a | 1.1% |
| THE Realreal IncTHE Realreal Inc | Shares | $58.2M | n/a | 1.1% |
| Purecycle Technologies IncPurecycle Technologies Inc | Shares | $58.1M | n/a | 1.1% |
| IBITIshares Bitcoin Trust Etf | Put | $57.9M | 1,740,600 | 1.1% |
| GOOGAlphabet Inc | Shares | $57.5M | 162,787 | 1% |
| XMESPDR Series Trust | Call | $53.5M | 500,000 | 1% |
| Applied Optoelectronics IncApplied Optoelectronics Inc | Shares | $49.9M | n/a | 0.9% |
| CCitigroup Inc | Shares | $47.7M | 341,021 | 0.9% |
Share of book is the position's value against the whole disclosed 13F value, so the rows shown here do not sum to 100% unless every position is listed.
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What changed last quarter
15 largest moves| Holding | Move | Share change | Value change | Value after |
|---|---|---|---|---|
| IWMISHARES TR | Added | +147.1% | $561.3M | $943.0M |
| HYGISHARES TR | Exited | n/a | -$191.8M | $0 |
| GAMESTOP CORPGAMESTOP CORP | New | n/a | $150.1M | $150.1M |
| PENGUIN SOLUTIONS INCPENGUIN SOLUTIONS INC | New | n/a | $119.9M | $119.9M |
| QQQINVESCO QQQ TR | Added | +680.0% | $100.2M | $114.9M |
| PURECYCLE TECHNOLOGIES INCPURECYCLE TECHNOLOGIES INC | Exited | n/a | -$59.4M | $0 |
| PURECYCLE TECHNOLOGIES INCPURECYCLE TECHNOLOGIES INC | New | n/a | $58.1M | $58.1M |
| XMESPDR SERIES TRUST | New | n/a | $53.5M | $53.5M |
| EWYISHARES INC | Trimmed | -69.1% | -$50.6M | $22.6M |
| APPLIED OPTOELECTRONICS INCAPPLIED OPTOELECTRONICS INC | New | n/a | $49.9M | $49.9M |
| MUMICRON TECHNOLOGY INC | Trimmed | -64.9% | -$48.6M | $26.3M |
| APPLIED DIGITAL CORPAPPLIED DIGITAL CORP | Trimmed | -33.0% | -$47.7M | $97.1M |
| INTCINTEL CORP | Trimmed | -65.5% | -$45.3M | $23.9M |
| KEELKEEL INFRASTRUCTURE CORP | New | n/a | $37.9M | $37.9M |
| IWMISHARES TR | Exited | n/a | -$37.2M | $0 |
A change is this filing measured against the one before it. A 13F does not disclose trades, so the price paid and the day it happened are not in the record.
Questions
What does Graham Capital Management hold?
Graham Capital Management disclosed 1,222 positions worth $5.5B in the Q2 2026 13F filing. The largest is IWM at 17.2% of the disclosed book. A 13F lists long US equity positions only.
What did Graham Capital Management buy and sell last quarter?
Comparing the Q2 2026 filing with the quarter before, the largest moves were Added IWM, Exited HYG, New GAMESTOP CORP, New PENGUIN SOLUTIONS INC. Changes are measured against the previous filing, not against trades, because a 13F does not disclose trades.
How current is this?
This is the Q2 2026 filing, covering positions held on Jun 30, 2026. A 13F is due 45 days after the quarter ends, so the most recent filing is always at least six weeks behind the market, and the manager may have changed the book since.
How to read a 13F
WHAT THE FILING COVERS
Positions are as disclosed to the SEC on Form 13F and are not investment advice. How this data is sourced, and what it cannot tell you, is on the methodology page.
Data as of Sep 10, 2026.