13F filings
Graham Capital Management
$3.7B in shares, plus $1.8B option notional (calls and puts, not money invested)
$4.1B to $5.5B. Includes price moves and buying or selling; not the fund's return.
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Sector mix of the disclosed holdings
by disclosed valueThe grey slice is mostly calls and puts (32.1% of the disclosed value), which get no sector because a put is a position against a company.
Largest holdings
50 largest of 1,222 positions| Holding | Type | Value | Shares | % of 13F value |
|---|---|---|---|---|
| IWMiShares Russell 2000 ETF | Put | $943.0M | 3,138,600 | 17.2% |
| GDXVanEck Gold Miners ETF | Call | $189.5M | 2,512,000 | 3.4% |
| GameStop | Note | $150.1M | n/a | 2.7% |
| Penguin Solutions | Note | $119.9M | n/a | 2.2% |
| QQQInvesco QQQ Trust | Call | $114.9M | 156,000 | 2.1% |
| Applied Digital | Note | $97.1M | n/a | 1.8% |
| NVDANVIDIA | Shares | $82.4M | 411,680 | 1.5% |
| Green Plains | Note | $78.0M | n/a | 1.4% |
| AMZNAmazon.com | Shares | $75.1M | 314,943 | 1.4% |
| Groupon | Note | $73.8M | n/a | 1.3% |
| Rivian Automotive | Note | $64.0M | n/a | 1.2% |
| CLMTCalumet | Put | $61.7M | 1,713,400 | 1.1% |
| Sunrun | Note | $60.6M | n/a | 1.1% |
| Realreal | Note | $58.2M | n/a | 1.1% |
| Purecycle Technologies | Note | $58.1M | n/a | 1.1% |
| IBITiShares Bitcoin Trust ETF | Put | $57.9M | 1,740,600 | 1.1% |
| GOOGAlphabet | Shares | $57.5M | 162,787 | 1.0% |
| XMEState Street SPDR S&P Metals & Mining ETF | Call | $53.5M | 500,000 | 1.0% |
| Applied Optoelectronics | Note | $49.9M | n/a | 0.9% |
| CCitigroup | Shares | $47.7M | 341,021 | 0.9% |
| Tilray Brands | Note | $47.0M | n/a | 0.9% |
| Mara Holdings | Note | $46.1M | n/a | 0.8% |
| Ramaco Res | Note | $41.7M | n/a | 0.8% |
| BridgeBio Pharma | Note | $39.7M | n/a | 0.7% |
| Cleanspark | Note | $38.6M | n/a | 0.7% |
| HYGiShares iBoxx $ High Yield Corporate Bond ETF | Shares | $38.3M | 478,500 | 0.7% |
| KEELKeel Infrastructure | Shares | $37.9M | 6,611,174 | 0.7% |
| SPYSPDR S&P 500 ETF Trust | Put | $37.9M | 100,000 | 0.7% |
| GMEGameStop | Put | $37.1M | 1,682,100 | 0.7% |
| CIFRCipher Mining | Shares | $37.0M | 1,510,141 | 0.7% |
| GRRRGorilla Technology Group | Put | $35.8M | 1,800,700 | 0.7% |
| FBTCFidelity Wise Origin Bitcoin Fund | Put | $35.5M | 696,200 | 0.6% |
| EMBJEmbraer | Shares | $32.2M | 504,172 | 0.6% |
| Super Micro Computer | Note | $31.8M | n/a | 0.6% |
| METAMeta Platforms | Shares | $28.2M | 50,076 | 0.5% |
| MUMicron Technology | Shares | $26.3M | 22,779 | 0.5% |
| XHBState Street SPDR S&P Homebuilders ETF | Shares | $26.2M | 226,500 | 0.5% |
| Super Micro Computer | Preferred | $25.6M | 500,000 | 0.5% |
| TVTXTravere Therapeutics | Shares | $25.4M | 446,696 | 0.5% |
| XLVHealth Care Select Sector SPDR Fund | Shares | $24.6M | 155,000 | 0.4% |
| XYZBlock | Shares | $24.2M | 318,609 | 0.4% |
| INTCIntel | Shares | $23.9M | 171,262 | 0.4% |
| Green Plains | Note | $23.8M | n/a | 0.4% |
| FSLRFirst Solar | Shares | $23.4M | 99,200 | 0.4% |
| BABoeing | Shares | $23.3M | 107,864 | 0.4% |
| PANWPalo Alto Networks | Shares | $22.9M | 67,110 | 0.4% |
| EWYiShares MSCI South Korea ETF | Shares | $22.6M | 112,004 | 0.4% |
| RSPInvesco S&P 500 Equal Weight ETF | Shares | $22.6M | 106,000 | 0.4% |
| Uber Technologies | Note | $22.0M | n/a | 0.4% |
| KOCoca-Cola | Shares | $21.7M | 267,554 | 0.4% |
% of 13F value 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. Calls and puts are shown as filed: most filers give Value as the notional value of the shares underneath, not money invested, but some give the premium paid, and some count contracts rather than shares. A Note is a convertible bond, which the filing sizes by its face amount rather than a share count. A Preferred, Unit or Warrant line is that security as the filing names it (depositary preferred shares, units, warrants), not the common stock.
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What Graham Capital Management bought and sold in Q2 2026
15 largest moves| Holding | Move | Share change | Est. amount moved | Value after |
|---|---|---|---|---|
| IWMiShares Russell 2000 ETF | Added put | +147.1% | +$561.3M | $943.0M |
| HYGiShares iBoxx $ High Yield Corporate Bond ETF | Exited put | -100% | -$191.8M | $0 |
| QQQInvesco QQQ Trust | Added call | +680.0% | +$100.2M | $114.9M |
| XMEState Street SPDR S&P Metals & Mining ETF | New call | new | +$53.5M | $53.5M |
| EWYiShares MSCI South Korea ETF | Trimmed | -69.1% | -$50.6M | $22.6M |
| MUMicron Technology | Trimmed | -64.9% | -$48.6M | $26.3M |
| INTCIntel | Trimmed | -65.5% | -$45.3M | $23.9M |
| KEELKeel Infrastructure | New | new | +$37.9M | $37.9M |
| IWMiShares Russell 2000 ETF | Exited call | -100% | -$37.2M | $0 |
| GRRRGorilla Technology Group | New put | new | +$35.8M | $35.8M |
| BEBloom Energy | Trimmed | -94.3% | -$33.4M | $2.0M |
| XLFState Street Financial Select Sector SPDR ETF | Exited | -100% | -$32.5M | $0 |
| Super Micro Computer | New preferred | new | +$25.6M | $25.6M |
| TVTXTravere Therapeutics | New | new | +$25.4M | $25.4M |
| NFLXNetflix | Trimmed | -98.4% | -$24.4M | $404K |
A change is this filing measured against the one before it. Est. amount moved is the shares added or sold, priced at the Jun 30, 2026 close. An estimate: a 13F gives no trade prices or dates. For a sold-out position, its value at the previous quarter end. A put gains when the stock falls; a call gains when it rises. Option values are as filed, which for most filers is the notional value of the shares underneath.
Questions
What does Graham Capital Management hold?
Graham Capital Management disclosed 1,222 positions worth $5.5B in the Q2 2026 13F filing, $1.8B of it option notional counted at the value of the shares underneath. The largest is a put on IWM at 17.2% of the disclosed value. A 13F lists US-listed stock and options on it; short sales and cash are not in it.
What did Graham Capital Management buy and sell last quarter?
Comparing the Q2 2026 filing with the quarter before, the largest moves were adding to a put on IWM, selling out of a put on HYG, adding to a call on QQQ and opening a call on XME. 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 and filed with the SEC on Aug 14, 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. How the filing itself works is explained in our guide to Form 13F.
Checked for newer filings on Oct 26, 2026.