Graham Capital Management’s VanEck Semiconductor ETF SMH Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2026 Q1	$3.37M	Sell	8,800 -2,000	-19%	-$794K	0.11%	179
2025 Q4	$3.89M	Buy	10,800 +1,299	+14%	+$456K	0.13%	140
2025 Q3	$3.1M	Sell	9,501 -10,999	-54%	-$3.26M	0.11%	165
2025 Q2	$5.72M	Buy	+20,500	New	+$4.75M	0.17%	126
2024 Q4	–	Sell	-7,000	Closed	-$1.72M	–	1474
2024 Q3	$1.72M	Buy	+7,000	New	+$1.7M	0.06%	322
2024 Q1	–	Sell	-20,000	Closed	-$3.5M	–	1298
2023 Q4	$3.5M	Buy	+20,000	New	+$3.13M	0.11%	142
2023 Q2	–	Sell	-150,524	Closed	-$19.8M	–	1279
2023 Q1	$19.8M	Buy	150,524 +15,524	+11%	+$1.86M	0.69%	19
2022 Q4	$13.7M	Buy	+135,000	New	+$13.7M	0.52%	24
2021 Q2	–	Sell	-80,000	Closed	-$9.74M	–	154
2021 Q1	$9.74M	Sell	80,000 -60,000	-43%	-$7.11M	0.5%	61
2020 Q4	$15.3M	Buy	+140,000	New	+$13.9M	0.77%	42
2015 Q3	–	Hold	0	–	–	–	136
2015 Q2	–	Hold	0	–	–	–	141