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Graham Capital Management Portfolio holdings
AUM
$5.5B
Turnover
50.64%
1-Year Est. Return
26.66%
This Fund
S&P 500
This Quarter Est. Return
+16.6%
1 Year Est. Return
+26.66%
3 Year Est. Return
+60.37%
5 Year Est. Return
+53.44%
10 Year Est. Return
+161.9%
AUM
$5.5B
AUM Growth
+$1.36B
(+33%)
Cap. Flow
-$563M
Cap. Flow % of AUM
Cap. Flow %
-10.25%
Top 10 Holdings %
Top 10 Hldgs %
35.01%
Holding
1,568
New
448
Increased
355
Reduced
384
Closed
346
Avg Time Held
Equity + Options
0.6
years
Top 10 Avg Time Held
Equity + Options
0.2
years
Top 20 Avg Time Held
Equity + Options
0.4
years
Avg Time Held Equity only
0.6
years
Top 10 Avg Time Held Equity only
0.4
years
Top 20 Avg Time Held Equity only
0.3
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Keel Infrastructure Corp
KEEL
|
+$28.4M |
| 2 |
Super Micro Computer Depositary Shares 7% Series A Preferred Stock
SMCIP
|
+$26.9M |
| 3 |
Eos Energy Enterprises
EOSE
|
+$24.8M |
| 4 |
NVIDIA
NVDA
|
+$24.2M |
| 5 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$20.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI South Korea ETF
EWY
|
+$44.2M |
| 2 |
Intel
INTC
|
+$32.8M |
| 3 |
State Street Financial Select Sector SPDR ETF
XLF
|
+$32.5M |
| 4 |
Micron Technology
MU
|
+$31.6M |
| 5 |
Netflix
NFLX
|
+$30.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 59.22% |
| 2 | Technology | 10.55% |
| 3 | Industrials | 7.38% |
| 4 | Consumer Discretionary | 5.16% |
| 5 | Financials | 4.95% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
PUT
iShares Russell 2000 ETF
IWM
$74.3B
| $943M | 17.16% |
3,138,600
+1,868,200
| +147% | +$525M |
2026 Q1
1 quarter
|
|
2
CALL
VanEck Gold Miners ETF
GDX
$24.9B
| $190M | 3.45% |
2,512,000
+192,000
| +8% | +$17M |
2026 Q1
1 quarter
|
|
3
CALL
Invesco QQQ Trust
QQQ
$481B
| $115M | 2.09% |
156,000
+136,000
| +680% | +$93.6M |
2026 Q1
1 quarter
|
|
|
4
NVIDIA
NVDA
$5.22T
| $82.4M | 1.5% |
411,680
+117,809
| +40% | +$24.2M |
2023 Q2
12 quarters
|
|
5
Amazon
AMZN
$2.69T
| $75.1M | 1.37% |
314,943
-93,081
| -23% | -$23.4M |
2021 Q4
18 quarters
|
|
6
PUT
Calumet Specialty Products
CLMT
$4.59B
| $61.7M | 1.12% |
1,713,400
| – | – |
2025 Q1
5 quarters
|
|
7
PUT
iShares Bitcoin Trust
IBIT
$65B
| $57.9M | 1.05% |
1,740,600
-588,200
| -25% | -$23.9M |
2024 Q4
6 quarters
|
|
8
Alphabet (Google) Class C
GOOG
$3.84T
| $57.5M | 1.05% |
162,787
-1,448
| -0.9% | -$518K |
2021 Q4
18 quarters
|
|
9
CALL
State Street SPDR S&P Metals & Mining ETF
XME
$3.62B
| $53.5M | 0.97% |
+500,000
| New | +$58.7M |
2026 Q2
0 quarters
|
|
10
Citigroup
C
$203B
| $47.7M | 0.87% |
341,021
-48,172
| -12% | -$6.27M |
2023 Q2
12 quarters
|
|
11
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$16.6B
| $38.3M | 0.7% |
478,500
+231,600
| +94% | +$18.5M |
2025 Q4
2 quarters
|
|
|
12
Keel Infrastructure Corp
KEEL
$1.35B
| $37.9M | 0.69% |
+6,611,174
| New | +$28.4M |
2026 Q2
0 quarters
|
|
|
13
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$812B
| $37.9M | 0.69% |
100,000
+60,000
| +150% | +$43.5M |
2024 Q3
7 quarters
|
|
14
PUT
GameStop
GME
$12.1B
| $37.1M | 0.68% |
1,682,100
+6,800
| +0.4% | +$156K |
2025 Q2
4 quarters
|
|
15
Cipher Digital
CIFR
$3.2B
| $37M | 0.67% |
1,510,141
-668,453
| -31% | -$14.1M |
2025 Q4
2 quarters
|
|
16
PUT
Gorilla Technology Group
GRRR
$232M
| $35.8M | 0.65% |
+1,800,700
| New | +$27.1M |
2026 Q2
0 quarters
|
|
17
PUT
Fidelity Wise Origin Bitcoin Fund
FBTC
$14.8B
| $35.5M | 0.65% |
696,200
| – | – |
2025 Q2
4 quarters
|
|
18
Embraer S.A. ADS
EMBJ
$12.6B
| $32.2M | 0.59% |
504,172
+102,540
| +26% | +$6.29M |
2024 Q2
8 quarters
|
|
19
Meta Platforms (Facebook)
META
$1.61T
| $28.2M | 0.51% |
50,076
+4,140
| +9% | +$2.53M |
2021 Q4
18 quarters
|
|
|
20
Micron Technology
MU
$1.02T
| $26.3M | 0.48% |
22,779
-42,094
| -65% | -$31.6M |
2023 Q3
11 quarters
|
|
21
State Street SPDR S&P Homebuilders ETF
XHB
$1.38B
| $26.2M | 0.48% |
226,500
+185,500
| +452% | +$19.4M |
2025 Q4
2 quarters
|
|
|
22
Super Micro Computer Depositary Shares 7% Series A Preferred Stock
SMCIP
$4.21B
| $25.6M | 0.47% |
+500,000
| New | +$26.9M |
2026 Q2
0 quarters
|
|
23
Travere Therapeutics
TVTX
$4.71B
| $25.4M | 0.46% |
+446,696
| New | +$19.8M |
2026 Q2
0 quarters
|
|
24
State Street Health Care Select Sector SPDR ETF
XLV
$47.2B
| $24.6M | 0.45% |
155,000
+127,900
| +472% | +$19M |
2025 Q4
2 quarters
|
|
25
Block Inc
XYZ
$44.8B
| $24.2M | 0.44% |
318,609
+285,609
| +865% | +$20.1M |
2025 Q4
2 quarters
|
|
Similar funds
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Graham Capital Management's Q2 2026 Portfolio in Review
As of Q2 2026, Graham Capital Management held 1,568 positions worth $5.5B, up 33% from $4.14B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
Graham Capital Management withdrew a net $563M in Q2 2026, closing 346 positions and reducing 384 holdings. Its most notable exit was State Street Financial Select Sector SPDR ETF, an estimated $32.5M position sold in full.
By sector, the portfolio is most concentrated in Miscellaneous at 59% of assets, up from 55% a quarter earlier, followed by Technology and Industrials.
Against the trend, Graham Capital Management opened a new position in Keel Infrastructure Corp worth $37.9M.
- Graham Capital Management's largest Q2 2026 buy was Keel Infrastructure Corp: 6,611,174 shares worth $37.9M.
- Graham Capital Management added most to NVIDIA in Q2 2026, an estimated $24.2M increase.
- Graham Capital Management's biggest Q2 2026 reduction was iShares MSCI South Korea ETF, cutting an estimated $44.2M.
- Graham Capital Management fully exited State Street Financial Select Sector SPDR ETF in Q2 2026, selling an estimated $32.5M.
- Graham Capital Management's ten largest holdings make up 35% of its $5.5B portfolio in Q2 2026.
- Graham Capital Management opened 448 new positions and closed 346 in Q2 2026.
- Graham Capital Management's portfolio value rose 33% quarter-over-quarter to $5.5B.
Based on Graham Capital Management's 13F filing for Q2 2026, filed 14 Aug 2026.