GRAHAM CAPITAL MANAGEMENT L P
Q2 2026 Form 13-F
ROWAYTON, CONNECTICUT
CIK 0001315421
· CRD 160925
· SEC-registered investment adviser
$5.5B Reported Value Total
GRAHAM CAPITAL MANAGEMENT, L.P. reports 35 total accounts under management (AUM). There are 35 discretionary accounts valued at $42,865,979,000, and 0 non-discretionary accounts.
Source: Form ADV filed * Note that certain holdings are exempt from Form 13-F reporting, so the AUM totals may be greater than the Form 13-F total.
Private funds (Form ADV)
41 funds
· $47.0B gross asset value
Hedge Fund: $39.8B · Liquidity Fund: $7.1B
Source: Form ADV filed 2026-07-07
Reported value
$5.5B
Quarter over quarter
+17.4%
Holdings
1,139
Top-10 concentration
35.0%
Key People
Form ADV owners & control persons
Jens Nmn Foehrenbach
PRESIDENT AND CHIEF INVESTMENT OFFICER
Timothy David Sperry
CHIEF COMPLIANCE OFFICER
George Michael Schrade
CHIEF FINANCIAL OFFICER
Filing Navigation
Coverage begins with the second quarter of 2013. Earlier quarters are not shown while their accuracy is being verified.
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Q2 2026 13F record
Q2 2026 13F filing summary
| Period of report | June 30, 2026 |
|---|---|
| Filed | August 14, 2026 |
| Form | 13F-HR |
| Reported value | $5.5B |
| Positions | 1,139 |
| Change in reported value | +32.7% |
| New positions | 418 |
| Exited positions | 338 |
| Position turnover | 51.2% |
| Top-10 concentration | 35.0% |
13F filings by quarter
| Quarter | Positions | Value |
|---|---|---|
|
Q2 2026 13F
Filed Aug 14, 2026
|
1,139 | $5.5B |
|
Q1 2026 13F
Filed May 15, 2026
|
1,059 | $4.1B |
|
Q4 2025 13F
Filed Feb 17, 2026
|
1,142 | $4.2B |
|
Q3 2025 13F
Filed Nov 14, 2025
|
1,146 | $6.3B |
|
Q2 2025 13F
Filed Aug 14, 2025
|
1,220 | $6.6B |
|
Q1 2025 13F
Filed May 15, 2025
|
1,197 | $5.7B |
|
Q4 2024 13F
Filed Feb 14, 2025
|
1,151 | $6.7B |
|
Q3 2024 13F
Filed Nov 14, 2024
|
1,008 | $5.8B |
|
Q2 2024 13F
Filed Aug 14, 2024
|
952 | $4.6B |
|
Q1 2024 13F
Filed May 15, 2024
|
976 | $5.3B |
|
Q4 2023 13F
Filed Feb 14, 2024
|
912 | $4.5B |
|
Q3 2023 13F
Filed Nov 22, 2023
|
941 | $4.3B |
|
Q2 2023 13F
Filed Aug 14, 2023
|
894 | $3.5B |
|
Q1 2023 13F
Filed May 15, 2023
|
985 | $3.3B |
|
Q4 2022 13F
Filed Feb 14, 2023
|
979 | $3.3B |
|
Q3 2022 13F
Filed Nov 14, 2022
|
1,008 | $2.5B |
|
Q2 2022 13F
Filed Aug 15, 2022
|
942 | $2.5B |
|
Q1 2022 13F
Filed May 16, 2022
|
841 | $2.9B |
|
Q4 2021 13F
Filed Feb 14, 2022
|
494 | $2.3B |
|
Q3 2021 13F
Filed Nov 15, 2021
|
77 | $2.0B |
33 earlier quarters on file — choose one from the quarter menu above.
Top 20 holdings · Q2 2026
| # | Holding | Reported value | % of portfolio |
|---|---|---|---|
| 1 | IWM P ISHARES TR | $943.0M | 17.16% |
| 2 | GDX C VANECK ETF TRUST | $189.5M | 3.45% |
| 3 | GME 0 06/15/32 GAMESTOP CORP | $150.1M | 2.73% |
| 4 | PENG 2 08/15/30 PENGUIN SOLUTIONS INC | $119.9M | 2.18% |
| 5 | QQQ C INVESCO QQQ TR | $114.9M | 2.09% |
| 6 | APLD 2.75 06/01/30 APPLIED DIGITAL CORP | $97.1M | 1.77% |
| 7 | NVDA NVIDIA CORPORATION | $82.4M | 1.5% |
| 8 | GPRE 5.25 11/01/30 UNRS GREEN PLAINS INC | $78.0M | 1.42% |
| 9 | AMZN AMAZON COM INC | $75.1M | 1.37% |
| 10 | GRPN 4.875 06/30/30 UNRS GROUPON INC | $73.8M | 1.34% |
| 11 | RIVN 3.625 10/15/30 RIVIAN AUTOMOTIVE INC | $64.0M | 1.17% |
| 12 | CLMT P CALUMET INC | $61.7M | 1.12% |
| 13 | RUN 4 03/01/30 SUNRUN INC | $60.6M | 1.1% |
| 14 | REAL 4 02/15/31 THE REALREAL INC | $58.2M | 1.06% |
| 15 | PCT 4.75 07/01/32 PURECYCLE TECHNOLOGIES INC | $58.1M | 1.06% |
| 16 | IBIT P ISHARES BITCOIN TRUST ETF | $57.9M | 1.05% |
| 17 | GOOG ALPHABET INC | $57.5M | 1.05% |
| 18 | XME C SPDR SERIES TRUST | $53.5M | 0.97% |
| 19 | AAOI 2.75 01/15/30 APPLIED OPTOELECTRONICS INC | $49.9M | 0.91% |
| 20 | C CITIGROUP INC | $47.7M | 0.87% |
Values as reported on the Q2 2026 Form 13F. Every position is in the holdings table below.