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Hedge fund

Graham Capital Management, L.P.

13F for the quarter to June 30, 2026, filed August 14, 2026 · SEC CIK 1315421

Reported value
$2.6bn
81% in companies we cover
Positions we cover
1,044
Largest NVDA 3.2%
Copy, a year
+16.6%
S&P 500 +13.9%
Copy Sharpe ratio
0.74
S&P 500 0.77

How copying its 13F would have done

$10.0k$20.0k$40.0k$80.0k 2013201520172019202120232025 $76.7k$55.9k
CopyS&P 500 $10,000 copying Graham Capital Management, L.P.'s filed holdings in companies we cover from August 9, 2013, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −36.9% (S&P 500 −31.8%); beta 1.10; alpha +2.1% a year (t = 0.67); last 12 months +13.3% against +12.1%.

Reported value by quarter

Graham Capital Management, L.P.: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).
$0 $500B $1T $1.5T $2T Reported value, 2013-06-30: $770.2M Reported value, 2013-09-30: $907M Reported value, 2013-12-31: $1B Reported value, 2014-03-31: $1.2B Reported value, 2014-06-30: $1.3B Reported value, 2014-09-30: $996.4M Reported value, 2014-12-31: $1B Reported value, 2015-03-31: $1.1B Reported value, 2015-06-30: $982.5M Reported value, 2015-09-30: $619.4M Reported value, 2015-12-31: $403M Reported value, 2016-03-31: $716.3M Reported value, 2016-06-30: $873.2M Reported value, 2016-09-30: $987.8M Reported value, 2016-12-31: $782.9M Reported value, 2017-03-31: $989.9M Reported value, 2017-06-30: $1B Reported value, 2017-09-30: $1.1B Reported value, 2017-12-31: $1B Reported value, 2018-03-31: $1.1B Reported value, 2018-06-30: $337.6M Reported value, 2018-09-30: $3.8B Reported value, 2018-12-31: $152.6M Reported value, 2019-03-31: $330.3M Reported value, 2019-06-30: $299.2M Reported value, 2019-09-30: $458.9M Reported value, 2019-12-31: $495.5M Reported value, 2020-03-31: $205.8M Reported value, 2020-06-30: $315.7M Reported value, 2020-09-30: $525M Reported value, 2020-12-31: $972.4M Reported value, 2021-03-31: $859M Reported value, 2021-06-30: $718.8M Reported value, 2021-09-30: $559.2M Reported value, 2021-12-31: $727.8M Reported value, 2022-03-31: $1.1B Reported value, 2022-06-30: $1.4B Reported value, 2022-09-30: $1.5B Reported value, 2022-12-31: $1.6T Reported value, 2023-03-31: $1.7B Reported value, 2023-06-30: $1.7B Reported value, 2023-09-30: $1.9B Reported value, 2023-12-31: $1.6B Reported value, 2024-03-31: $1.9B Reported value, 2024-06-30: $1.6B Reported value, 2024-09-30: $1.9B Reported value, 2024-12-31: $2B Reported value, 2025-03-31: $2.2B Reported value, 2025-06-30: $3.3B Reported value, 2025-09-30: $1.8B Reported value, 2025-12-31: $2B Reported value, 2026-03-31: $2.2B Reported value, 2026-06-30: $2.6B 2013-06-30 2016-03-31 2018-12-31 2021-09-30 2026-06-30 $2.6B
View chart data
Period Reported value
2013-06-30 $770.2M
2013-09-30 $907M
2013-12-31 $1B
2014-03-31 $1.2B
2014-06-30 $1.3B
2014-09-30 $996.4M
2014-12-31 $1B
2015-03-31 $1.1B
2015-06-30 $982.5M
2015-09-30 $619.4M
2015-12-31 $403M
2016-03-31 $716.3M
2016-06-30 $873.2M
2016-09-30 $987.8M
2016-12-31 $782.9M
2017-03-31 $989.9M
2017-06-30 $1B
2017-09-30 $1.1B
2017-12-31 $1B
2018-03-31 $1.1B
2018-06-30 $337.6M
2018-09-30 $3.8B
2018-12-31 $152.6M
2019-03-31 $330.3M
2019-06-30 $299.2M
2019-09-30 $458.9M
2019-12-31 $495.5M
2020-03-31 $205.8M
2020-06-30 $315.7M
2020-09-30 $525M
2020-12-31 $972.4M
2021-03-31 $859M
2021-06-30 $718.8M
2021-09-30 $559.2M
2021-12-31 $727.8M
2022-03-31 $1.1B
2022-06-30 $1.4B
2022-09-30 $1.5B
2022-12-31 $1.6T
2023-03-31 $1.7B
2023-06-30 $1.7B
2023-09-30 $1.9B
2023-12-31 $1.6B
2024-03-31 $1.9B
2024-06-30 $1.6B
2024-09-30 $1.9B
2024-12-31 $2B
2025-03-31 $2.2B
2025-06-30 $3.3B
2025-09-30 $1.8B
2025-12-31 $2B
2026-03-31 $2.2B
2026-06-30 $2.6B

Holdings and moves

CompanyShare of portfolioValueSharesChange in shares
NVDANVIDIA Corporation3.15%$82.4m411.7K+40.1% Added
AMZNAmazon2.87%$75.1m314.9K−22.8% Reduced
CCitigroup1.83%$47.7m341.0K−12.4% Reduced
KEELKeel Infrastructure Corp.1.45%$37.9m6.61MNew
CIFRCipher Digital Inc.1.42%$37.0m1.51M−30.7% Reduced
EMBJEmbraer S.a.1.23%$32.2m504.2K+25.5% Added
METAMeta Platforms1.08%$28.2m50.1K+9.0% Added
MUMicron Technology1.01%$26.3m22.8K−64.9% Reduced
TVTXTravere Therapeutics, Inc.0.97%$25.4m446.7KNew
XYZBlock, Inc.0.93%$24.2m318.6K+865.5% Added
INTCIntel0.92%$23.9m171.3K−65.5% Reduced
FSLRFirst Solar, Inc.0.90%$23.4m99.2K−0.1%
BABoeing0.89%$23.3m107.9K−9.4% Reduced
PANWPalo Alto Networks0.88%$22.9m67.1K+28.5% Added
KOThe Coca-Cola Company0.83%$21.7m267.6K+556.4% Added
EOSEEos Energy Enterprises, Inc.0.80%$21.0m3.57MNew
AVGOBroadcom0.72%$18.9m50.0KNew
CMECME Group0.71%$18.7m84.6K+8.7% Added
COSTCostco0.60%$15.6m16.7K+179.0% Added
OKTAOkta, Inc.0.60%$15.6m114.4K−42.9% Reduced
SHWSherwin-Williams0.58%$15.3m44.3K+1202.9% Added
IEXIDEX Corporation0.52%$13.6m59.8K−0.2%
NETCloudflare, Inc.0.46%$12.1m49.2K−28.5% Reduced
LOWLowe's0.44%$11.6m52.6K+159.9% Added
CBRSCerebras Systems Inc.0.44%$11.6m52.4KNew
MDBMongodb, Inc.0.43%$11.3m33.6K+7.1% Added
HDThe Home Depot0.43%$11.3m31.9K+65.6% Added
NINiSource0.41%$10.6m223.5KNew
MAMastercard0.40%$10.4m20.2K−30.8% Reduced
HLTHilton Worldwide0.39%$10.1m30.5K+335.2% Added
RTXRTX Corporation0.38%$10.0m52.9K+219.9% Added
FTVFortive0.38%$10.0m163.3K+194.5% Added
ENPHEnphase Energy, Inc.0.38%$9.8m199.0K+1718.0% Added
OPENOpendoor Technologies Inc.0.38%$9.8m2.12M−14.3% Reduced
GEGE Aerospace0.37%$9.7m25.9K+547.5% Added
NVTnVent Electric plc0.36%$9.5m56.2K+120.2% Added
FDXFedEx0.36%$9.4m30.1K+203.1% Added
JBHTJ.B. Hunt0.34%$8.9m30.8K+97.2% Added
HWMHowmet Aerospace0.33%$8.7m32.2K+191.0% Added
DTDynatrace, Inc.0.33%$8.7m197.0K+11.9% Added
FASTFastenal0.32%$8.4m175.8K+24.0% Added
MSFTMicrosoft Corporation0.32%$8.4m22.5K−14.4% Reduced
AOSA. O. Smith0.32%$8.4m133.3K+763.1% Added
CATCaterpillar Inc.0.32%$8.3m7.8K+24.2% Added
TMUST-Mobile US0.31%$8.2m49.0KNew
TWLOTwilio Inc0.31%$8.1m39.4K+80.8% Added
TEMTempus AI, Inc.0.31%$8.1m139.0KNew
CGNXCognex Corp0.31%$8.0m110.8KNew
PSXPhillips 660.30%$7.8m46.4K+414.1% Added
TDGTransDigm Group0.30%$7.8m5.9KNew
DDOGDatadog, Inc.0.29%$7.7m29.6K−47.3% Reduced
JCIJohnson Controls0.29%$7.6m52.0K+218.9% Added
CRMSalesforce0.29%$7.6m48.3K−71.2% Reduced
HSTHost Hotels & Resorts0.29%$7.5m315.2K+22.3% Added
PHParker Hannifin0.28%$7.4m7.6K+12.8% Added
HASHasbro0.28%$7.4m89.2K+582.8% Added
ADCAgree Realty Corp0.28%$7.2m95.4K+43.1% Added
FIXComfort Systems USA0.28%$7.2m3.6K+89.2% Added
GOLDGold.com, Inc.0.28%$7.2m173.2KNew
DLTRDollar Tree0.28%$7.2m59.4K+82.4% Added
MASMasco0.27%$7.1m87.8K+65.8% Added
PWRQuanta Services0.27%$7.1m9.9K+124.8% Added
NTRANatera, Inc.0.27%$7.0m25.7K0.0%
AGNCAGNC Investment Corp.0.27%$6.9m635.4K+215.0% Added
APHAmphenol0.27%$6.9m39.3K+103.9% Added
PNWPinnacle West Capital0.26%$6.8m63.6K−4.4% Reduced
ABNBAirbnb0.25%$6.6m46.2KNew
PGProcter & Gamble0.25%$6.6m44.7K−68.6% Reduced
BRXBrixmor Property Group Inc.0.25%$6.5m207.1K−7.0% Reduced
ULUnilever PLC0.25%$6.5m107.6KNew
ADPAutomatic Data Processing0.25%$6.4m28.8K−61.3% Reduced
FEFirstEnergy0.24%$6.4m134.2K+27.5% Added
WMTWalmart0.24%$6.4m56.3K−18.5% Reduced
GDGeneral Dynamics0.24%$6.3m17.7K+81.2% Added
SSNCSS&C Technologies Holdings Inc0.24%$6.2m100.6KNew
CSXCSX Corporation0.23%$6.1m129.0K+79.2% Added
CLColgate-Palmolive0.23%$6.1m66.8K+28.0% Added
BBAIBigbear.ai Holdings, Inc.0.23%$6.0m1.63M0.0%
SGISomnigroup International Inc.0.22%$5.8m74.2KNew
GGGGraco Inc0.22%$5.8m76.9K+60.3% Added
DXDynex Capital Inc0.22%$5.8m443.5K+209.8% Added
METMetLife0.22%$5.8m68.3K−64.7% Reduced
BURLBurlington Stores, Inc.0.22%$5.7m18.0KNew
FNBFNB Corp0.22%$5.7m298.4K+445.7% Added
MDLZMondelez International0.22%$5.7m97.9K+51.1% Added
RALRalliant Corp0.21%$5.6m75.9K+98.6% Added
TPRTapestry, Inc.0.21%$5.5m37.8K−21.9% Reduced
SCHWCharles Schwab Corporation0.21%$5.5m59.9K+2.1% Added
VVisa Inc.0.21%$5.5m16.0K−70.8% Reduced
GOOGLAlphabet Inc. (Class A)0.21%$5.4m15.2K+125.2% Added
PHMPulteGroup0.20%$5.3m38.7K+176.4% Added
OLLIOllie's Bargain Outlet Holdings, Inc.0.20%$5.3m68.8KNew
TOLToll Brothers, Inc.0.20%$5.3m32.0K+90.3% Added
MITKMitek Systems Inc0.20%$5.3m261.0KNew
TKRTimken Co0.20%$5.2m36.1K−4.7% Reduced
PSAPublic Storage0.20%$5.2m16.4K+81.6% Added
DGDollar General0.20%$5.2m45.0K+814.3% Added
KIMKimco Realty0.20%$5.1m202.4K+175.1% Added
REGRegency Centers0.20%$5.1m63.9K−24.9% Reduced
CBRECBRE Group0.19%$5.0m37.4K+101.6% Added
SEISolaris Energy Infrastructure, Inc.0.18%$4.8m60.1K+1064.6% Added
FHNFirst Horizon Corp0.18%$4.8m188.2K+17.0% Added
LLYLilly (Eli)0.18%$4.8m4.0K+76.3% Added
POOLPool Corp0.18%$4.8m22.2KNew
AMEAmetek0.18%$4.7m19.6K−15.7% Reduced
SWKStanley Black & Decker0.18%$4.7m50.3KNew
DDominion Energy0.18%$4.7m69.3K−36.2% Reduced
CORCencora0.18%$4.7m16.6K−29.2% Reduced
GNTXGentex Corp0.18%$4.7m184.9K+80.2% Added
KMIKinder Morgan0.18%$4.7m146.1K+564.2% Added
TAT&T0.18%$4.6m223.0KNew
STTState Street Corporation0.17%$4.6m26.9K+131.9% Added
RSGRepublic Services0.17%$4.5m21.2K+13.7% Added
LSTRLandstar System Inc0.17%$4.5m21.8K+81.6% Added
CMGChipotle Mexican Grill0.17%$4.5m132.2KNew
TEXTerex Corp0.17%$4.5m62.0K+236.0% Added
ASAmer Sports, Inc.0.17%$4.5m132.3K+250.6% Added
MNSTMonster Beverage0.17%$4.5m46.4K−44.1% Reduced
CMSCMS Energy0.17%$4.5m58.2K+52.5% Added
CAVACAVA Group, Inc.0.17%$4.4m56.4K+10.1% Added
LMTLockheed Martin0.17%$4.4m8.7K+140.4% Added
DKSDick's Sporting Goods, Inc.0.17%$4.4m19.3KNew
ZIONZions Bancorporation, National Association0.17%$4.4m62.9K+26.9% Added
VFCVF Corporation0.17%$4.3m259.2K+815.0% Added
PAYXPaychex0.16%$4.2m42.8KNew
DYDycom Industries Inc0.16%$4.2m8.2KNew
BNYBNY Mellon0.16%$4.1m28.6K−48.9% Reduced
KDPKeurig Dr Pepper0.16%$4.1m125.3K+43.9% Added
CCCCCC Intelligent Solutions Holdings Inc.0.16%$4.1m789.1KNew
CNQCanadian Natural Resources Ltd0.15%$4.1m102.6K−11.5% Reduced
DELLDell Technologies0.15%$4.0m9.3K+464.6% Added
RFRegions Financial Corporation0.15%$4.0m132.8K+403.4% Added
SOSouthern Company0.15%$4.0m41.6K−67.8% Reduced
CRICarters Inc0.15%$3.9m95.8K+9.5% Added
PGRProgressive Corporation0.15%$3.9m18.0KNew
TET1 Energy Inc.0.15%$3.9m411.4K+1809.4% Added
VRTVertiv0.15%$3.9m11.6K+114.8% Added
KNXKnight-swift Transportation Holdings Inc.0.15%$3.8m49.0KNew
AITApplied Industrial Technologies Inc0.15%$3.8m11.3K+12.0% Added
EVRGEvergy0.14%$3.8m43.9K+83.1% Added
OCOwens Corning0.14%$3.8m23.8K+981.2% Added
KTBKontoor Brands, Inc.0.14%$3.7m44.9K+112.5% Added
UBSIUnited Bankshares Inc0.14%$3.7m81.3K+15.2% Added
MCKMcKesson0.14%$3.7m4.9K+19.1% Added
NWSANews Corp (Class A)0.14%$3.6m146.9K+50.2% Added
BWABorgwarner Inc0.14%$3.6m54.8K+882.4% Added
DLBDolby Laboratories, Inc.0.14%$3.6m68.2K−9.2% Reduced
SEICSEI Investments Co0.14%$3.6m40.9K+20.7% Added
MARMarriott International0.14%$3.5m9.5K−67.9% Reduced
LRCXLam Research0.13%$3.5m8.0K−46.3% Reduced
CompanyBought (value)Shares
KEELKeel Infrastructure Corp.$37.9m6.61M
TVTXTravere Therapeutics, Inc.$25.4m446.7K
NVDANVIDIA Corporation$23.6m117.8K
XYZBlock, Inc.$21.7m285.6K
EOSEEos Energy Enterprises, Inc.$21.0m3.57M
AVGOBroadcom$18.9m50.0K
KOThe Coca-Cola Company$18.4m226.8K
SHWSherwin-Williams$14.1m40.9K
CBRSCerebras Systems Inc.$11.6m52.4K
NINiSource$10.6m223.5K
COSTCostco$10.0m10.7K
ENPHEnphase Energy, Inc.$9.3m188.1K
TMUST-Mobile US$8.2m49.0K
GEGE Aerospace$8.2m21.9K
TEMTempus AI, Inc.$8.1m139.0K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanySold (value)Shares
MUMicron Technology−$48.6m−42.1K
INTCIntel−$45.3m−324.5K
BEBloom Energy−$33.4m−110.3K
NFLXNetflix−$24.4m−341.2K
AMZNAmazon−$22.2m−93.1K
CRMSalesforce−$18.7m−119.5K
CIFRCipher Digital Inc.−$16.4m−668.5K
PGProcter & Gamble−$14.3m−97.5K
SPOTSpotify Technology S.a.−$13.9m−30.3K
VVisa Inc.−$13.4m−39.0K
UPSUnited Parcel Service−$13.2m−134.4K
OKTAOkta, Inc.−$11.7m−85.9K
GSGoldman Sachs−$10.7m−10.6K
ORLYO'Reilly Automotive−$10.7m−115.9K
METMetLife−$10.6m−124.9K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanyValue last quarterShares
UPSUnited Parcel Service$13.2m134.4K
TJXTJX Companies$8.3m52.1K
KHCKraft Heinz$6.9m305.7K
MSMorgan Stanley$6.3m38.1K
AONAon plc$5.2m16.3K
AAgilent Technologies$4.8m42.1K
WWDWoodward, Inc.$4.6m12.8K
TGTTarget Corporation$4.1m33.4K
BCEBCE Inc$4.0m158.9K
MMM3M$3.5m23.8K
ODFLOld Dominion$3.3m16.8K
INVHInvitation Homes$3.2m130.6K
EMREmerson Electric$3.2m24.6K
CICigna$3.1m11.8K
NYTNEW York Times Co$2.9m34.3K
HDBHdfc Bank LTD$2.8m114.5K
MDTMedtronic$2.6m30.1K
MTNVail Resorts Inc$2.6m20.0K
SABRSabre Corp$2.4m1.69M
BRSLBrightstar Lottery PLC$2.4m190.1K
ADSKAutodesk, Inc.$2.4m10.0K
BANCBanc Of California, Inc.$2.4m135.1K
CHEChemed Corp$2.4m6.3K
SNASnap-on$2.3m6.5K
LINLinde plc$2.3m4.7K
SUNBSunbelt Rentals Holdings, Inc.$2.3m35.7K
RACEFerrari N.V.$2.2m6.7K
GWWW. W. Grainger$2.2m2.0K
IBPInstalled Building Products, Inc.$2.2m8.2K
ROLRollins, Inc.$2.1m39.2K
  • Technology23.5%
  • Industrials19.1%
  • Financials15.4%
  • Consumer Discretionary13.8%
  • Consumer Staples5.8%
  • Health Care5.5%
  • Real Estate4.6%
  • Energy3.2%
  • Utilities3.2%
  • Communication Services3.0%
  • Materials2.7%

Share of the value held in companies we cover, by sector.

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestAugust 9, 2013 to November 2, 2026+16.6%+13.9%0.740.77−36.9%1.10
2018 onwardsJanuary 5, 2018 to November 2, 2026+20.7%+13.9%0.820.66−30.9%1.08
Last three yearsNovember 3, 2023 to November 2, 2026+22.6%+21.8%1.111.16−19.2%0.99
Last yearNovember 7, 2025 to November 2, 2026+14.3%+14.2%0.800.84−8.6%0.92

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.