Graham Capital Management, L.P.

hedge fundUpdated 27 days ago

Managed by Graham Capital Management, L.P. • Latest filing Q2 2026

Portfolio value

$5.5B

Q2 2026

Filings

14

Quarterly 13F history

Top-10 concentration

35.0%

Weight of largest holdings

Annualized return

17.1%

Implied from 13F holdings

Portfolio value history

13F-disclosed portfolio value over 14 quarters

Show data table

Period	Portfolio value
Q1 2023	$3.3B
Q2 2023	$3.5B
Q3 2023	$4.3B
Q4 2023	$4.5B
Q1 2024	$5.3B
Q2 2024	$4.6B
Q3 2024	$5.8B
Q4 2024	$6.7B
Q1 2025	$5.7B
Q2 2025	$6.6B
Q3 2025	$6.3B
Q4 2025	$4.2B
Q1 2026	$4.1B
Q2 2026	$5.5B

Top holdings

1,222 positions as of Q2 2026

#	Stock	Value	Shares	% Portfolio	Change
1	E ETHA ISHARES TR	$943M	3.14M	17.16%	Added(+147.1%)
2	H HODL VANECK ETF TRUST	$189.5M	2.51M	3.45%	Added(+8.3%)
3	G GME-WT GAMESTOP CORP	$150.1M	147.65M	2.73%	—
4	? N/A PENGUIN SOLUTIONS INC	$119.9M	42.25M	2.18%	—
5	Q QQQ INVESCO QQQ TR	$114.9M	156.0K	2.09%	Added(+680.0%)
6	A APLD APPLIED DIGITAL CORP	$97.1M	24.36M	1.77%	Trimmed(-33.0%)
7	N NVDA NVIDIA CORPORATION	$82.4M	411.7K	1.50%	Added(+4016.8%)
8	G GPRE GREEN PLAINS INC	$78M	57.43M	1.42%	Trimmed(-1.5%)
9	A AMZN AMAZON COM INC	$75.1M	314.9K	1.37%	Added(+2816.1%)
10	? N/A GROUPON INC	$73.8M	74.37M	1.34%	Added(+13.6%)
11	? N/A RIVIAN AUTOMOTIVE INC	$64M	59.79M	1.17%	Unchanged
12	C CLMT CALUMET INC	$61.7M	1.71M	1.12%	Unchanged
13	R RUN SUNRUN INC	$60.6M	50.94M	1.10%	Unchanged
14	? N/A THE REALREAL INC	$58.2M	41.38M	1.06%	Unchanged
15	? N/A PURECYCLE TECHNOLOGIES INC	$58.1M	57.25M	1.06%	—
16	I IBIT ISHARES BITCOIN TRUST ETF	$57.9M	1.74M	1.05%	Trimmed(-25.3%)
17	G GOOGN ALPHABET INC	$57.5M	162.8K	1.05%	Trimmed(-0.9%)
18	S STT-PG SPDR SERIES TRUST	$53.5M	500.0K	0.97%	Added(+1011.1%)
19	? N/A APPLIED OPTOELECTRONICS INC	$49.9M	14.01M	0.91%	—
20	C C-PR CITIGROUP INC	$47.7M	341.0K	0.87%	Trimmed(-12.4%)

E

ISHARES TR

+147.1%

Value

$943M

Shares

3.14M

% Port

17.16%

H

VANECK ETF TRUST

+8.3%

Value

$189.5M

Shares

2.51M

% Port

3.45%

G

GAMESTOP CORP

Value

$150.1M

Shares

147.65M

% Port

2.73%

?

4.N/A

PENGUIN SOLUTIONS INC

Value

$119.9M

Shares

42.25M

% Port

2.18%

Q

INVESCO QQQ TR

+680.0%

Value

$114.9M

Shares

156.0K

% Port

2.09%

A

APPLIED DIGITAL CORP

-33.0%

Value

$97.1M

Shares

24.36M

% Port

1.77%

N

NVIDIA CORPORATION

+4016.8%

Value

$82.4M

Shares

411.7K

% Port

1.50%

G

GREEN PLAINS INC

-1.5%

Value

$78M

Shares

57.43M

% Port

1.42%

A

AMAZON COM INC

+2816.1%

Value

$75.1M

Shares

314.9K

% Port

1.37%

?

10.N/A

GROUPON INC

+13.6%

Value

$73.8M

Shares

74.37M

% Port

1.34%

?

11.N/A

RIVIAN AUTOMOTIVE INC

Unchanged

Value

$64M

Shares

59.79M

% Port

1.17%

C

CALUMET INC

Unchanged

Value

$61.7M

Shares

1.71M

% Port

1.12%

R

13.RUN

SUNRUN INC

Unchanged

Value

$60.6M

Shares

50.94M

% Port

1.10%

?

14.N/A

THE REALREAL INC

Unchanged

Value

$58.2M

Shares

41.38M

% Port

1.06%

?

15.N/A

PURECYCLE TECHNOLOGIES INC

Value

$58.1M

Shares

57.25M

% Port

1.06%

I

ISHARES BITCOIN TRUST ETF

-25.3%

Value

$57.9M

Shares

1.74M

% Port

1.05%

G

ALPHABET INC

-0.9%

Value

$57.5M

Shares

162.8K

% Port

1.05%

S

SPDR SERIES TRUST

+1011.1%

Value

$53.5M

Shares

500.0K

% Port

0.97%

?

19.N/A

APPLIED OPTOELECTRONICS INC

Value

$49.9M

Shares

14.01M

% Port

0.91%

C

CITIGROUP INC

-12.4%

Value

$47.7M

Shares

341.0K

% Port

0.87%

View full portfolio (1,222 holdings) →

Explore

All funds Consensus buys Trending this quarter Compare portfolios What is a 13F?Filing deadlines