Graham Capital Management’s State Street SPDR S&P Oil & Gas Exploration & Production ETF XOP Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2026 Q1	–	Sell	-31,150	Closed	-$3.93M	–	1564
2025 Q4	$3.93M	Buy	31,150 +8,200	+36%	+$1.06M	0.14%	136
2025 Q3	$3.03M	Sell	22,950 -1,000	-4%	-$129K	0.11%	167
2025 Q2	$3.01M	Buy	23,950 +19,450	+432%	+$2.33M	0.09%	241
2025 Q1	$593K	Buy	+4,500	New	+$604K	0.02%	738
2021 Q3	–	Sell	-14,000	Closed	-$1.35M	–	137
2021 Q2	$1.35M	Buy	+14,000	New	+$1.22M	0.07%	104
2021 Q1	–	Hold	0	–	–	–	176
2020 Q4	–	Sell	-1,108,846	Closed	-$56.2M	–	144
2020 Q3	$46.6M	Buy	+1,108,846	New	+$55.8M	2.38%	15
2018 Q3	–	Sell	-5,625	Closed	-$968K	–	142
2018 Q2	$968K	Buy	+5,625	New	+$906K	0.08%	101
2017 Q4	–	Sell	-45,000	Closed	-$6.14M	–	140
2017 Q3	$6.14M	Buy	+45,000	New	+$5.64M	0.57%	41
2017 Q2	–	Sell	-92,500	Closed	-$13.9M	–	126
2017 Q1	$13.9M	Buy	92,500 +36,250	+64%	+$5.65M	1.4%	27
2016 Q4	$9.32M	Buy	+56,250	New	+$8.82M	1.19%	31
2015 Q1	–	Sell	-5,125	Closed	-$981K	–	174
2014 Q4	$981K	Buy	+5,125	New	+$1.14M	0.09%	138
2013 Q4	–	Sell	-28,650	Closed	-$7.55M	–	152
2013 Q3	$7.55M	Sell	28,650 -22,526	-44%	-$5.66M	0.83%	43
2013 Q2	$11.9M	Buy	+51,176	New	+$12.1M	1.55%	26