Q2 2026 13F · SEC CIK 1315421

Graham Capital Management, L.P.

Hedge fundFiled 2026-08-14 for Q2 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $2.6B
Reported positions: 1,139
Top holdings a year, 3 yrs: +32.9%
Assets under management: $42.9B

Graham Capital Management, L.P. is a hedge fund that reported 1,139 positions worth $2.6B in its Q2 2026 13F, filed 2026-08-14. Its largest holdings were Nvidia Corporation (NVDA, 3.2%), Amazon Com Inc (AMZN, 2.9%), Alphabet Inc (GOOG, 2.2%). A portfolio copying its top holdings returned 32.9% a year over the last 3 years, against 20.9% for the S&P 500.

Graham Capital Management, L.P. holdings largest 50 of 1,139 positions.

Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

Graham Capital Management, L.P. 13F holdings
Stock	% of 13F value	Q1 2026	Shares	Share change	Reported value
NVDANvidia Corporation	3.2%	2.3%	411,680	+40.1%	$82.4M
AMZNAmazon Com Inc	2.9%	3.9%	314,943	-22.8%	$75.1M
GOOGAlphabet Inc	2.2%	2.1%	162,787	-0.9%	$57.5M
CCitigroup Inc	1.8%	2.0%	341,021	-12.4%	$47.7M
HYGIshares Tr	1.5%	0.9%	478,500	+93.8%	$38.3M
KEELKeel Infrastructure Corp	1.5%	—	6,611,174	—	$37.9M
CIFRCipher Digital Inc	1.4%	1.3%	1,510,141	-30.7%	$37.0M
EMBJEmbraer SA ADR	1.2%	1.1%	504,172	+25.5%	$32.2M
METAMeta Platforms Inc	1.1%	1.2%	50,076	+9.0%	$28.2M
MUMicron Technology Inc	1.0%	1.0%	22,779	-64.9%	$26.3M
XHBSpdr Series Trust	1.0%	—	226,500	—	$26.2M
SMCIPSuper Micro Computer Inc	1.0%	—	500,000	—	$25.6M
TVTXTravere Therapeutics Inc	1.0%	—	446,696	—	$25.4M
XLVSelect Sector Spdr Tr	0.9%	—	155,000	—	$24.6M
SQBlock Inc	0.9%	—	318,609	—	$24.2M
INTCIntel Corp	0.9%	1.0%	171,262	-65.5%	$23.9M
FSLRFirst Solar Inc	0.9%	0.9%	99,200	-0.1%	$23.4M
BABoeing Co	0.9%	1.1%	107,864	-9.4%	$23.3M
PANWPalo Alto Networks Inc	0.9%	0.4%	67,110	+28.5%	$22.9M
EWYIshares Inc	0.9%	2.0%	112,004	-69.1%	$22.6M
RSPInvesco Exchange Traded Fd T	0.9%	1.6%	106,000	-41.1%	$22.6M
KOCoca Cola Co	0.8%	—	267,554	—	$21.7M
EOSEEos Energy Enterprises, Inc.	0.8%	—	3,566,446	—	$21.0M
SPYState Str Spdr S&p 500 ETF T	0.8%	—	27,900	—	$20.8M
KRESpdr Series Trust	0.8%	—	268,000	—	$20.1M
AVGOBroadcom Inc	0.7%	—	50,016	—	$18.9M
CMECme Group Inc	0.7%	1.0%	84,553	+8.7%	$18.7M
IWMIshares Tr	0.7%	1.1%	62,000	-34.9%	$18.6M
XLESelect Sector Spdr Tr	0.7%	—	350,000	—	$18.6M
EWZIshares Inc	0.6%	0.8%	462,000	-1.2%	$15.9M
COSTCostco Wholesale Corporation	0.6%	—	16,688	—	$15.6M
OKTAOkta Inc	0.6%	0.7%	114,400	-42.9%	$15.6M
SHWSherwin Williams Co	0.6%	—	44,299	—	$15.3M
EWWIshares Inc	0.6%	0.8%	192,048	-22.5%	$14.5M
IEXIdex Corp	0.5%	0.5%	59,798	-0.2%	$13.6M
XLISelect Sector Spdr Tr	0.5%	—	66,240	—	$12.3M
NETCloudflare Inc	0.5%	0.6%	49,237	-28.5%	$12.1M
LOWLowes Cos Inc	0.4%	—	52,565	—	$11.6M
CBRSCerebras Systems Inc	0.4%	—	52,420	—	$11.6M
XLBSelect Sector Spdr Tr	0.4%	—	225,000	—	$11.4M
MDBMongodb Inc	0.4%	—	33,561	—	$11.3M
HDHome Depot Inc	0.4%	—	31,921	—	$11.3M
NINiSource Inc	0.4%	—	223,547	—	$10.6M
MAMastercard Incorporated	0.4%	0.7%	20,169	-30.8%	$10.4M
HLTHilton Worldwide Hldgs Inc	0.4%	—	30,466	—	$10.1M
RTXRtx Corporation	0.4%	—	52,871	—	$10.0M
FTVFortive Corp	0.4%	—	163,335	—	$10.0M
ENPHEnphase Energy Inc	0.4%	—	199,018	—	$9.8M
OPENOpendoor Technologies Inc	0.4%	0.5%	2,120,412	-14.3%	$9.8M
GEGe Aerospace	0.4%	—	25,900	—	$9.7M

What Graham Capital Management, L.P. bought and sold in Q2 2026, against Q1 2026.

New positions

Q1 2026's filing was too long to tell new positions apart.

Added to

HYG Ishares Tr+93.8% shares
NVDA Nvidia Corporation+40.1% shares
PANW Palo Alto Networks Inc+28.5% shares
EMBJ Embraer SA ADR+25.5% shares
META Meta Platforms Inc+9.0% shares
CME Cme Group Inc+8.7% shares

Reduced

EWY Ishares Inc-69.1% shares
INTC Intel Corp-65.5% shares
MU Micron Technology Inc-64.9% shares
OKTA Okta Inc-42.9% shares
RSP Invesco Exchange Traded Fd T-41.1% shares
IWM Ishares Tr-34.9% shares
MA Mastercard Incorporated-30.8% shares
CIFR Cipher Digital Inc-30.7% shares

Left the top 50

Share counts compared with the Q1 2026 13F; a split also changes share counts. The latest filing lists more than 50 positions, so a position that left the top 50 may still be held.

How the holdings did against the S&P 500.

1 year: +19.5% /yr; S&P 500 +22.0%
3 years: +32.9% /yr; S&P 500 +20.9%
5 years: +19.6% /yr; S&P 500 +11.4%

A portfolio of the filer's 20 largest 13F positions, weighted by value, bought the trading day after each 13F was filed and held until the next one was: what copying this filer could have earned. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F value	Positions
Q2 2026	$2.6B	1,139
Q1 2026	$2.2B	1,059
Q4 2025	$2.0B	1,142
Q3 2025	$1.8B	1,146
Q2 2025	$3.3B	1,220
Q1 2025	$2.2B	1,197
Q4 2024	$2.0B	1,151
Q3 2024	$1.9B	1,008
Q2 2024	$1.6B	952
Q1 2024	$1.9B	976
Q4 2023	$1.6B	912
Q3 2023	$1.9B	941

Questions about Graham Capital Management, L.P.'s portfolio

What stocks does Graham Capital Management, L.P. own?

Graham Capital Management, L.P.'s latest 13F, for Q2 2026 and filed Aug 14, 2026, lists 1,139 positions worth $2.6B. The largest are Nvidia Corporation (NVDA) at 3.2%, Amazon Com Inc (AMZN) at 2.9%, Alphabet Inc (GOOG) at 2.2%, Citigroup Inc (C) at 1.8% and Ishares Tr (HYG) at 1.5%.

What did Graham Capital Management, L.P. buy last quarter?

In Q2 2026, Graham Capital Management, L.P. added Ishares Tr (HYG) (+93.8% shares), Nvidia Corporation (NVDA) (+40.1% shares) and Palo Alto Networks Inc (PANW) (+28.5% shares), compared with its Q1 2026 filing.

What did Graham Capital Management, L.P. sell last quarter?

In Q2 2026, Graham Capital Management, L.P. cut from its top 50 Ishares Bitcoin Trust ETF (IBIT), cut from its top 50 Netflix Inc. (NFLX), cut from its top 50 Select Sector Spdr Tr (XLF), cut from its top 50 Salesforce Inc (CRM), cut from its top 50 Procter & Gamble Co (PG), Ishares Inc (EWY) (-69.1% shares), Intel Corp (INTC) (-65.5% shares) and Micron Technology Inc (MU) (-64.9% shares), compared with its Q1 2026 filing.

How has Graham Capital Management, L.P.'s portfolio performed?

A portfolio copying Graham Capital Management, L.P.'s 20 largest 13F holdings each quarter, from the day each filing was public, returned +32.9% a year over the last 3 years, against +20.9% for the S&P 500. Over 1 year: +19.5% against +22.0%. Over 5 years: +19.6% a year against +11.4%.

When is Graham Capital Management, L.P.'s next 13F filing due?

13F filings are due 45 days after each quarter ends. Graham Capital Management, L.P.'s filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.

How much money does Graham Capital Management, L.P. manage?

Graham Capital Management, L.P. reported $42.9B of regulatory assets under management on its latest SEC Form ADV. Its 13F, which covers only US-listed stocks and options, totals $2.6B.