Graham Capital Management, L.P.

CIK 0001315421 · Q2 2026

13F Equity AUM

$5.5B

+32.6% QoQ

Positions

1,182

+89 QoQ

AUM Rank

#1,445

Top 12%

Skill Alpha (FF)

-2.1%/yr^ns

No Clear Edge

Rank #5,951 · Top 72%

vs S&P -3.8%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 28.0%Top 10: 35.5%Top 20: 46.3%

IWM17.5%

GDX3.5%

GAMESTOP CORP2.7%

PENG 2 08/15/302.2%

NDQ2.1%

APLD 2.75 06/01/301.8%

NVDA1.5%

GPRE 5.25 11/01/30 U1.4%

AMZN1.4%

GRPN 4.875 06/30/30 1.3%

Others (1172)64.5%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services39.8%

Technology13.6%

Unclassified8.4%

Industrials7.4%

Consumer Cyclical6.3%

Energy4.2%

Healthcare4.0%

Communication Services3.9%

Other12.3%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 1182Median: 0.01%Avg: 0.08%

0–0.5%

1145(42.2%)

0.5–1%

19(13.4%)

1–3%

16(23.3%)

3–5%

1(3.5%)

5%+

1(17.5%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 1,182vs 20 funds

0%Low

1,182

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

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Position Changes This Quarter

New423Increased358Decreased385Exited335

New Positions

GAMESTOP CORP2.7%

+147.6M

PENG 2 08/15/302.2%

+42.3M

PURECYCLE TECHNOLOGI…1.1%

+57.3M

APPLIED OPTOELECTRON…0.9%

+14.0M

KEEL INFRASTRUCTURE …0.7%

+6.6M

GRRRW0.7%

+1.8M

SUPER MICRO COMPUTER…0.6%

+35.6M

SUPER MICRO COMPUTER…0.5%

+500K

TVTX0.5%

+447K

UBER TECHNOLOGIES IN…0.4%

+19.0M

Increased

MARA 0 03/01/300.8%

+28.9M(+170%)

GRPN 4.875 06/30/30 1.3%

+8.9M(+14%)

GPRE 2.25 03/15/270.4%

+4.5M(+24%)

IWM17.5%

+1.7M(+111%)

EOSE0.4%

+911K(+34%)

XME1.0%

+455K(+1011%)

AGNC0.1%

+434K(+215%)

XLE0.4%

+396K(+9900%)

TE0.1%

+390K(+1809%)

DYT10.1%

+300K(+210%)

Decreased

TLRY 5.2 06/15/270.9%

-12,500,000(-21%)

APLD 2.75 06/01/301.8%

-11,975,000(-33%)

LCID0.0%

-3,262,950(-90%)

PCT0.1%

-2,678,200(-80%)

HYG0.7%

-2,179,300(-82%)

BXMT 5.5 03/15/270.1%

-1,300,000(-22%)

IBIT1.2%

-1,255,062(-39%)

GPRE 5.25 11/01/30 U1.4%

-878,000(-2%)

CIFR0.7%

-668,453(-31%)

ELME0.0%

-501,261(-76%)

Exited

-68,167,000

-659,300

-16,872,000

-13,233,000

-6,534,000

-134,414

-10,500,000

-47,750

-52,091

-305,664

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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