Graham Capital Management’s Delta Air Lines DAL Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2026 Q1	–	Sell	-10,000	Closed	-$673K	–	1234
2025 Q4	$694K	Buy	10,000 +3,229	+48%	+$202K	0.02%	504
2025 Q3	$384K	Sell	6,771 -7,457	-52%	-$426K	0.01%	734
2025 Q2	$700K	Sell	14,228 -7,576	-35%	-$348K	0.02%	690
2025 Q1	$951K	Sell	21,804 -37,149	-63%	-$2.2M	0.03%	565
2024 Q4	$3.57M	Buy	58,953 +52,275	+783%	+$3.09M	0.11%	178
2024 Q3	$339K	Buy	6,678 +510	+8%	+$22.2K	0.01%	742
2024 Q2	$293K	Sell	6,168 -15,072	-71%	-$750K	0.01%	741
2024 Q1	$1.02M	Buy	+21,240	New	+$878K	0.03%	419
2023 Q3	–	Sell	-35,000	Closed	-$1.66M	–	1065
2023 Q2	$1.66M	Buy	35,000 +3,579	+11%	+$132K	0.06%	250
2023 Q1	$1.1M	Sell	31,421 -46,599	-60%	-$1.73M	0.04%	471
2022 Q4	$2.56M	Buy	78,020 +51,736	+197%	+$1.71M	0.1%	192
2022 Q3	$737K	Buy	+26,284	New	+$835K	0.03%	608
2022 Q2	–	Sell	-26,062	Closed	-$1.03M	–	1057
2022 Q1	$1.03M	Sell	26,062 -32,945	-56%	-$1.28M	0.05%	294
2021 Q4	$2.31M	Buy	+59,007	New	+$2.36M	0.13%	60
2021 Q1	–	Sell	-225,000	Closed	-$9.05M	–	146
2020 Q4	$9.05M	Buy	225,000 +55,000	+32%	+$2M	0.45%	60
2020 Q3	$5.2M	Buy	+170,000	New	+$4.9M	0.27%	59
2018 Q4	–	Sell	-59,614	Closed	-$3.45M	–	82
2018 Q3	$3.45M	Buy	59,614 +40,651	+214%	+$2.24M	0.07%	84
2018 Q2	$939K	Sell	18,963 -773	-4%	-$41.2K	0.08%	106
2018 Q1	$1.08M	Hold	19,736	–	–	0.1%	61
2017 Q4	$1.1M	Buy	+19,736	New	+$1.03M	0.11%	74
2015 Q4	–	Sell	-23,000	Closed	-$1.03M	–	63
2015 Q3	$1.03M	Sell	23,000 -9,800	-30%	-$440K	0.17%	89
2015 Q2	$1.35M	Buy	32,800 +65	+0.2%	+$2.84K	0.14%	95
2015 Q1	$1.47M	Buy	+32,735	New	+$1.52M	0.13%	94
2014 Q1	–	Sell	-12,700	Closed	-$349K	–	121
2013 Q4	$349K	Buy	+12,700	New	+$341K	0.03%	104