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Graham Capital Management, L.P. — 13F Holdings & Portfolio

CIK 1315421 · latest 13F-HR filed 2026-08-14

Backtest portfolio

Graham Capital Management, L.P. manages $5.50B in 13F-reported U.S. long-equity assets across 1,222 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are IWM (17.16%), GDX (3.45%), GME (2.73%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 418 new positions and exited 338; 381 existing positions rose in reported value and 302 fell.

AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.

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AUM
$5.50B

Long-equity book

Holdings
1,222

Distinct positions

Period
2026-06-30

Filed 2026-08-14

Q/Q Activity
+418 / −338 / ↑381 / ↓302

vs 2026-03-31

Portfolio charts

Latest quarter's book, what changed, and how the portfolio has evolved across filings.

Portfolio map

Q2 26
GME4.0% · newPENG3.2% · newGPRE3.1% · +4%APLD2.6% · -33%NVDA2.2% · +40%AMZN2.0% · -23%GRPN2.0% · +14%RIVN1.7% · 0%RUN1.6% · 0%REAL1.6% · 0%PCTTW1.6% · newGOOG1.5% · -1%AAOI1.3% · +114%C1.3% · -12%TLRY1.3% · -21%MARA1.2% · +170%METC1.1% · 0%BBIO1.1% · 0%CLSK1.0% · 0%HYG1.0% · +94%KEEL1.0% · newCIFR1.0% · -31%EMBJ0.9% · +26%SMCI0.9% · newMETA0.8% · +9%MU0.7% · -65%XHB0.7% · +452%SMCIP0.7% · newTVTX0.7% · newXLV0.7% · +472%XYZ0.6% · +866%INTC0.6% · -66%FSLR0.6% · -0%BA0.6% · -9%PANW0.6% · +28%EWY0.6% · -69%RSP0.6% · -41%UBER0.6% · newKO0.6% · +556%EOSE0.6% · newSPY0.6% · newKRE0.5% · +436%AVGO0.5% · newCME0.5% · +9%IWM0.5% · -35%XLE0.5% · +8650%EWZ0.4% · -1%COST0.4% · +179%OKTA0.4% · -43%SHW0.4% · +1203%EWW0.4% · -22%IEX0.4% · -0%XLI0.3% · +240%NET0.3% · -28%LOW0.3% · +160%CBRS0.3% · newXLB0.3% · +185%MDB0.3% · +7%HD0.3% · +66%NI0.3% · new

Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.

Sector mix

% of 13F value

Sectors from each company's SIC code; funds and ETFs grouped separately.

Biggest buys and sells

Q1 26 → Q2 26

Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.

13F assets and positions

4 quarters

Total reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.

Top positions over time

reported value

The eight largest current positions, valued at each quarter end.

Concentration

top 10 = 24%

Cumulative share of the portfolio held in the largest N positions.

Firm Profile & Key People
Assets Under Management
$42.87B
Discretionary
$42.87B
Employees
209
Accounts
35
Address
40 HIGHLAND AVENUE
ROWAYTON, CT 06853
Phone
(203) 899-3400
Website
Name Title / Status Ownership Type
DOUGLAS, BRIAN, KEVIN ControlCHIEF EXECUTIVE OFFICERLess than 5%Individual
FOEHRENBACH, JENS, NMN ControlPRESIDENT AND CHIEF INVESTMENT OFFICERLess than 5%Individual
KENNETH G. TROPIN REVOCABLE TRUST ControlSHAREHOLDER75% or moreDomestic Entity
KGT CAPITAL LIMITED PARTNERSHIP ControlLIMITED PARTNER75% or moreDomestic Entity
KGT GP LLC ControlGENERAL PARTNERLess than 5%Domestic Entity
KGT INVESTMENT PARTNERS, L.P. ControlLIMITED PARTNER75% or moreDomestic Entity
KGT, INC. ControlMANAGING MEMBER75% or moreDomestic Entity
Karam, Bachir, P ControlTRUSTEEGeneral partnerIndividual
SEDLACK, PAUL, GEORGE ControlTRUSTEEGeneral partnerIndividual
SPERRY, TIMOTHY, DAVID ControlCHIEF COMPLIANCE OFFICERLess than 5%Individual
Schrade, George, Michael ControlCHIEF FINANCIAL OFFICERLess than 5%Individual
Slutsky, Jason ControlGENERAL COUNSELLess than 5%Individual
THE KENNETH G. TROPIN FAMILY TRUST ControlLIMITED PARTNER25–50%Domestic Entity
TROPIN, KENNETH, G ControlCHAIRMANLess than 5%Individual
TROPIN, KENNETH, G ControlTRUSTEEGeneral partnerIndividual

Quarter-over-quarter changes

Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.

Graham Capital Management, L.P. Holdings (2026-06-30)

Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).

# Issuer Symbol CUSIP Value Weight Shares Type
1 ISHARES TR Put IWM 464287655 $943.0M 17.16% 3,138,600 SH
2 VANECK ETF TRUST Call GDX 92189F106 $189.5M 3.45% 2,512,000 SH
3 GAMESTOP CORP GME 36467WAG4 $150.1M 2.73% 147,647,000 PRN
4 PENGUIN SOLUTIONS INC PENG 83205YAE4 $119.9M 2.18% 42,250,000 PRN
5 INVESCO QQQ TR Call QQQ 46090E103 $114.9M 2.09% 156,000 SH
6 APPLIED DIGITAL CORP APLD 038169AB4 $97.1M 1.77% 24,363,000 PRN
7 NVIDIA CORPORATION NVDA 67066G104 $82.4M 1.50% 411,680 SH
8 GREEN PLAINS INC GPRE 393222AM6 $78.0M 1.42% 57,430,000 PRN
9 AMAZON COM INC AMZN 023135106 $75.1M 1.37% 314,943 SH
10 GROUPON INC GRPN 399473AK3 $73.8M 1.34% 74,371,000 PRN
11 RIVIAN AUTOMOTIVE INC RIVN 76954AAD5 $64.0M 1.17% 59,794,000 PRN
12 CALUMET INC Put CLMT 131428104 $61.7M 1.12% 1,713,400 SH
13 SUNRUN INC RUN 86771WAD7 $60.6M 1.10% 50,940,000 PRN
14 THE REALREAL INC REAL 88339PAJ0 $58.2M 1.06% 41,375,000 PRN
15 PURECYCLE TECHNOLOGIES INC PCTTW 74623VAD5 $58.1M 1.06% 57,250,000 PRN
16 ISHARES BITCOIN TRUST ETF Put IBIT 46438F101 $57.9M 1.05% 1,740,600 SH
17 ALPHABET INC GOOG 02079K107 $57.5M 1.05% 162,787 SH
18 SPDR SERIES TRUST Call XME 78464A755 $53.5M 0.97% 500,000 SH
19 APPLIED OPTOELECTRONICS INC AAOI 03823UAF9 $49.9M 0.91% 14,006,000 PRN
20 CITIGROUP INC C 172967424 $47.7M 0.87% 341,021 SH
21 TILRAY BRANDS INC TLRY 88688TAC4 $47.0M 0.86% 46,500,000 PRN
22 MARA HOLDINGS INC MARA 565788AF3 $46.1M 0.84% 45,909,000 PRN
23 RAMACO RES INC METC 75134PAB1 $41.7M 0.76% 56,300,000 PRN
24 BRIDGEBIO PHARMA INC BBIO 10806XAB8 $39.7M 0.72% 22,241,000 PRN
25 CLEANSPARK INC CLSK 18452BAC4 $38.6M 0.70% 29,519,000 PRN
26 ISHARES TR HYG 464288513 $38.3M 0.70% 478,500 SH
27 KEEL INFRASTRUCTURE CORP KEEL 486917107 $37.9M 0.69% 6,611,174 SH
28 STATE STR SPDR S&P 500 ETF T Put SPY 78462F103 $37.9M 0.69% 100,000 SH
29 GAMESTOP CORP Put GME 36467W109 $37.1M 0.68% 1,682,100 SH
30 CIPHER DIGITAL INC CIFR 17253J106 $37.0M 0.67% 1,510,141 SH
31 GORILLA TECHNOLOGY GROUP INC Put GRRR G4000K175 $35.8M 0.65% 1,800,700 SH
32 FIDELITY WISE ORIGIN BITCOIN Put FBTC 315948109 $35.5M 0.65% 696,200 SH
33 EMBRAER S.A. EMBJ 29082A107 $32.2M 0.59% 504,172 SH
34 SUPER MICRO COMPUTER INC SMCI 86800UAF1 $31.8M 0.58% 35,625,000 PRN
35 META PLATFORMS INC META 30303M102 $28.2M 0.51% 50,076 SH
36 MICRON TECHNOLOGY INC MU 595112103 $26.3M 0.48% 22,779 SH
37 SPDR SERIES TRUST XHB 78464A888 $26.2M 0.48% 226,500 SH
38 SUPER MICRO COMPUTER INC SMCIP 86800U500 $25.6M 0.47% 500,000 SH
39 TRAVERE THERAPEUTICS INC TVTX 89422G107 $25.4M 0.46% 446,696 SH
40 SELECT SECTOR SPDR TR XLV 81369Y209 $24.6M 0.45% 155,000 SH
41 BLOCK INC XYZ 852234103 $24.2M 0.44% 318,609 SH
42 INTEL CORP INTC 458140100 $23.9M 0.44% 171,262 SH
43 GREEN PLAINS INC GPRE 393222AK0 $23.8M 0.43% 23,694,000 PRN
44 FIRST SOLAR INC FSLR 336433107 $23.4M 0.43% 99,200 SH
45 BOEING CO BA 097023105 $23.3M 0.42% 107,864 SH
46 PALO ALTO NETWORKS INC PANW 697435105 $22.9M 0.42% 67,110 SH
47 ISHARES INC EWY 464286772 $22.6M 0.41% 112,004 SH
48 INVESCO EXCHANGE TRADED FD T RSP 46137V357 $22.6M 0.41% 106,000 SH
49 UBER TECHNOLOGIES INC UBER 90353TAS9 $22.0M 0.40% 19,000,000 PRN
50 COCA COLA CO KO 191216100 $21.7M 0.40% 267,554 SH
Filing History
Period Filed AUM Holdings Accession
2026-06-30 2026-08-14 $5.50B 1,222 0002048251-26-006561
2026-03-31 2026-05-15 $4.14B 1,120 0002048251-26-003779
2025-12-31 2026-02-17 $4.18B 1,189 0001140361-26-005576
2025-09-30 2025-11-14 $6.32B 1,208 0002048251-25-002362
Filer Information
Address
40 HIGHLAND AVENUE
ROWAYTON, CT 06853
Phone
(203) 899-3400
Filing Manager
Graham Capital Management, L.P.
ROWAYTON, CT
Signatory
Tim Sperry
Chief Compliance Officer