Graham Capital Management, L.P.

ROWAYTON, CT · CIK 1315421 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2012 · limited partnership

Assets managed$42.9bn
Staff209 · 98 in investment roles
Main clients (by assets)Private funds 100%
Private funds18 (17 hedge) · $41.0bn gross assets
Form ADV · 2026-07-07SEC adviser record

Legal entityGRAHAM CAPITAL MANAGEMENT, L.P. (US)

Kindhedge funds, futures
Others nearbyNorwalk, CT, London, New York, NY, West Palm Beach, FL

As an employer

Offices in2 countries
Private fundshedge 17, liquidity 1

Where they work

people there (dot area)number not reportedmain officeHover or tap a dot. Australian and UK companies are placed at their business or registered address, with their staff across the whole country.

Offices

From Form ADV: the main office and the other offices where it does advisory work (at most the 25 largest), with the people doing investment work at each. “About” is worked out: the firm's investment staff less its other offices. Each city links to the other managers there.

City	Country	People
Rowayton, CT (main office)United States	United States	about 55
LondonUnited Kingdom	United Kingdom	19
New York, NYUnited States	United States	15
West Palm Beach, FLUnited States	United States	9

US visa salary filings

Filings FY2024–202514
Median salary offered$236,500
Middle half$175,000 – $250,000
Job titles9

Job title	Filings	Median	Range
Senior Portfolio AnalystRowayton, CT	5	$250,000	$175,000 – $250,000
Quantitative Research AnalystRowayton, CT	2	$190,500	$156,000 – $225,000
Director, Smart Execution “ ResearchRowayton, CT	1	$263,500
Senior Quantitative Execution AnalystRowayton, CT	1	$255,440
Quantitative Research Analyst - Short-Term TradingRowayton, CT	1	$250,000
Quantitative Execution AnalystRowayton, CT	1	$248,000
Senior Quantitative Research AnalystRowayton, CT	1	$208,000
Risk AnalystRowayton, CT	1	$140,000
Economics AnalystRowayton, CT	1	$140,000

Source: US Department of Labor, Labor Condition Application disclosure data (certified, full-time, yearly equivalent). These are the salaries the employer committed to pay the visa roles it filed for, at least the prevailing wage for the job and place; they are not the pay of all its staff. Filed by: Graham Capital Management, L.P..

Map: places from GeoNames (CC BY 4.0), outlines from Natural Earth.

$3.7bn reported value +26.1% vs Q1 2026

1,160positions

23.0%in top 10

418 new 350 added 379 reduced 338 sold out vs Q1 2026

Options: 36 call positions ($445.7m notional), 26 put positions ($1.3bn notional) – listed below, not included above.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	GAMESTOP CORP NOTE 6/1 · principal GME 0 06.15.32 · principal	GME 0 06.15.32	147,647,000	$150.1m4.02%	4.02%	New
2	PENGUIN SOLUTIONS INC NOTE 2.000% 8/1 · principal PENG 2 08.15.30 · principal	PENG 2 08.15.30	42,250,000	$119.9m3.21%	3.21%	New
3	APPLIED DIGITAL CORP NOTE 2.750% 6/0 · principal APLD 2.75 06.01.30 · principal	APLD 2.75 06.01.30	24,363,000	$97.1m2.60%	2.60%	Reduced -12.0m	-11,975,000 -33.0%
4	NVIDIA CORPORATION COM NVDA	NVDA	411,680	$82.4m2.21%	2.21%	Added +117.8k	+117,809 40.1%
5	GREEN PLAINS INC NOTE 5.250%11/0 · principal GPRE 5.25 11.01.30 UNRS · principal	GPRE 5.25 11.01.30 UNRS	57,430,000	$78.0m2.09%	2.09%	Reduced -878.0k	-878,000 -1.5%
6	AMAZON COM INC COM AMZN	AMZN	314,943	$75.1m2.01%	2.01%	Reduced -93.1k	-93,081 -22.8%
7	GROUPON INC NOTE 4.875% 6/3 · principal GRPN 4.875 06.30.30 UNRS · principal	GRPN 4.875 06.30.30 UNRS	74,371,000	$73.8m1.98%	1.98%	Added +8.9m	+8,900,000 13.6%
8	RIVIAN AUTOMOTIVE INC NOTE 3.625%10/1 · principal RIVN 3.625 10.15.30 · principal	RIVN 3.625 10.15.30	59,794,000	$64.0m1.72%	1.72%	Unchanged
9	SUNRUN INC NOTE 4.000% 3/0 · principal RUN 4 03.01.30 · principal	RUN 4 03.01.30	50,940,000	$60.6m1.62%	1.62%	Unchanged
10	THE REALREAL INC DEBT 4.000% 2/1 · principal REAL 4 02.15.31 · principal	REAL 4 02.15.31	41,375,000	$58.2m1.56%	1.56%	Unchanged
11	PURECYCLE TECHNOLOGIES INC NOTE 4.750% 7/0 · principal PCT 4.75 07.01.32 · principal	PCT 4.75 07.01.32	57,250,000	$58.1m1.56%	1.56%	New
12	ALPHABET INC CAP STK CL C GOOG	GOOG	162,787	$57.5m1.54%	1.54%	Reduced -1.4k	-1,448 -0.9%
13	APPLIED OPTOELECTRONICS INC NOTE 2.750% 1/1 · principal AAOI 2.75 01.15.30 · principal	AAOI 2.75 01.15.30	14,006,000	$49.9m1.34%	1.34%	New
14	CITIGROUP INC COM NEW C	C	341,021	$47.7m1.28%	1.28%	Reduced -48.2k	-48,172 -12.4%
15	TILRAY BRANDS INC NOTE 5.200% 6/1 · principal TLRY 5.2 06.15.27 · principal	TLRY 5.2 06.15.27	46,500,000	$47.0m1.26%	1.26%	Reduced -12.5m	-12,500,000 -21.2%
16	MARA HOLDINGS INC NOTE 3/0 · principal MARA 0 03.01.30 · principal	MARA 0 03.01.30	45,909,000	$46.1m1.23%	1.23%	Added +28.9m	+28,909,000 170.1%
17	RAMACO RES INC NOTE 11/0 · principal METC 0 11.01.31 · principal	METC 0 11.01.31	56,300,000	$41.7m1.12%	1.12%	Unchanged
18	BRIDGEBIO PHARMA INC NOTE 2.500% 3/1 · principal BBIO 2.5 03.15.27 · principal	BBIO 2.5 03.15.27	22,241,000	$39.7m1.06%	1.06%	Unchanged
19	CLEANSPARK INC NOTE 6/1 · principal CLSK 0 06.15.30 · principal	CLSK 0 06.15.30	29,519,000	$38.6m1.03%	1.03%	Unchanged
20	ISHARES TR IBOXX HI YD ETF HYG	HYG	478,500	$38.3m1.03%	1.03%	Added +231.6k	+231,600 93.8%
21	KEEL INFRASTRUCTURE CORP COM SHS KEEL	KEEL	6,611,174	$37.9m1.02%	1.02%	New
22	CIPHER MINING INC COM CIFR	CIFR	1,510,141	$37.0m0.99%	0.99%	Reduced -668.5k	-668,453 -30.7%
23	EMBRAER S.A. SPONSORED ADS EMBJ	EMBJ	504,172	$32.2m0.86%	0.86%	Added +102.5k	+102,540 25.5%
24	SUPER MICRO COMPUTER INC NOTE 6/1 · principal SMCI 0 06.15.30 · principal	SMCI 0 06.15.30	35,625,000	$31.8m0.85%	0.85%	New
25	META PLATFORMS INC CL A META	META	50,076	$28.2m0.76%	0.76%	Added +4.1k	+4,140 9.0%
26	MICRON TECHNOLOGY INC COM MU	MU	22,779	$26.3m0.70%	0.70%	Reduced -42.1k	-42,094 -64.9%
27	SPDR SER TR S&P HOMEBUILD XHB	XHB	226,500	$26.2m0.70%	0.70%	Added +185.5k	+185,500 452.4%
28	SUPER MICRO COMPUTER INC 7 DEP CM SR A WI SMCI 7 06.01.29	SMCI 7 06.01.29	500,000	$25.6m0.69%	0.69%	New
29	TRAVERE THERAPEUTICS INC COM TVTX	TVTX	446,696	$25.4m0.68%	0.68%	New
30	SELECT SECTOR SPDR TR SBI HEALTHCARE XLV	XLV	155,000	$24.6m0.66%	0.66%	Added +127.9k	+127,900 472.0%
31	BLOCK INC CL A XYZ	XYZ	318,609	$24.2m0.65%	0.65%	Added +285.6k	+285,609 865.5%
32	INTEL CORP COM INTC	INTC	171,262	$23.9m0.64%	0.64%	Reduced -324.5k	-324,493 -65.5%
33	GREEN PLAINS INC NOTE 2.250% 3/1 · principal GPRE 2.25 03.15.27 · principal	GPRE 2.25 03.15.27	23,694,000	$23.8m0.64%	0.64%	Added +4.5m	+4,519,000 23.6%
34	FIRST SOLAR INC COM FSLR	FSLR	99,200	$23.4m0.63%	0.63%	Reduced -120	-120 -0.1%
35	BOEING CO COM BA	BA	107,864	$23.3m0.63%	0.63%	Reduced -11.2k	-11,192 -9.4%
36	PALO ALTO NETWORKS INC COM PANW	PANW	67,110	$22.9m0.61%	0.61%	Added +14.9k	+14,896 28.5%
37	ISHARES INC MSCI STH KOR ETF EWY	EWY	112,004	$22.6m0.61%	0.61%	Reduced -250.7k	-250,696 -69.1%
38	INVESCO EXCHANGE TRADED FD T S&P500 EQL WGT RSP	RSP	106,000	$22.6m0.60%	0.60%	Reduced -73.9k	-73,869 -41.1%
39	UBER TECHNOLOGIES INC NOTE 5/1 · principal UBER 0 05.15.28 · principal	UBER 0 05.15.28	19,000,000	$22.0m0.59%	0.59%	New
40	COCA COLA CO COM KO	KO	267,554	$21.7m0.58%	0.58%	Added +226.8k	+226,792 556.4%
41	EOS ENERGY ENTERPRISES INC COM CL A EOSE	EOSE	3,566,446	$21.0m0.56%	0.56%	New
42	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	27,900	$20.8m0.56%	0.56%	New
43	SPDR SER TR S&P REGL BKG KRE	KRE	268,000	$20.1m0.54%	0.54%	Added +218.0k	+218,000 436.0%
44	BROADCOM INC COM AVGO	AVGO	50,016	$18.9m0.51%	0.51%	New
45	CME GROUP INC COM CME	CME	84,553	$18.7m0.50%	0.50%	Added +6.8k	+6,752 8.7%
46	ISHARES TR RUSSELL 2000 ETF IWM	IWM	62,000	$18.6m0.50%	0.50%	Reduced -33.3k	-33,300 -34.9%
47	SELECT SECTOR SPDR TR ENERGY XLE	XLE	350,000	$18.6m0.50%	0.50%	Added +346.0k	+346,000 8650.0%
48	ISHARES INC MSCI BRAZIL ETF EWZ	EWZ	462,000	$15.9m0.43%	0.43%	Reduced -5.5k	-5,477 -1.2%
49	COSTCO WHSL CORP NEW COM COST	COST	16,688	$15.6m0.42%	0.42%	Added +10.7k	+10,706 179.0%
50	OKTA INC CL A OKTA	OKTA	114,400	$15.6m0.42%	0.42%	Reduced -85.9k	-85,905 -42.9%
51	SHERWIN WILLIAMS CO COM SHW	SHW	44,299	$15.3m0.41%	0.41%	Added +40.9k	+40,899 1202.9%
52	ISHARES INC MSCI MEXICO ETF EWW	EWW	192,048	$14.5m0.39%	0.39%	Reduced -55.9k	-55,860 -22.5%
53	IDEX CORP COM IEX	IEX	59,798	$13.6m0.36%	0.36%	Reduced -116	-116 -0.2%
54	GREEN PLAINS INC DEBT 5.250%11/0 · principal GPRE 5.25 11.01.30 144A · principal	GPRE 5.25 11.01.30 144A	9,350,000	$12.7m0.34%	0.34%	Unchanged
55	SELECT SECTOR SPDR TR INDL XLI	XLI	66,240	$12.3m0.33%	0.33%	Added +46.7k	+46,740 239.7%
56	CLOUDFLARE INC CL A COM NET	NET	49,237	$12.1m0.32%	0.32%	Reduced -19.7k	-19,666 -28.5%
57	LOWES COS INC COM LOW	LOW	52,565	$11.6m0.31%	0.31%	Added +32.3k	+32,338 159.9%
58	CEREBRAS SYSTEMS INC COM CL A CBRS	CBRS	52,420	$11.6m0.31%	0.31%	New
59	SELECT SECTOR SPDR TR SBI MATERIALS XLB	XLB	225,000	$11.4m0.31%	0.31%	Added +146.0k	+146,000 184.8%
60	MONGODB INC CL A MDB	MDB	33,561	$11.3m0.30%	0.30%	Added +2.2k	+2,225 7.1%
61	HOME DEPOT INC COM HD	HD	31,921	$11.3m0.30%	0.30%	Added +12.6k	+12,642 65.6%
62	NISOURCE INC COM NI	NI	223,547	$10.6m0.28%	0.28%	New
63	MASTERCARD INCORPORATED CL A MA	MA	20,169	$10.4m0.28%	0.28%	Reduced -9.0k	-8,958 -30.8%
64	HILTON WORLDWIDE HLDGS INC COM HLT	HLT	30,466	$10.1m0.27%	0.27%	Added +23.5k	+23,466 335.2%
65	RTX CORPORATION COM RTX	RTX	52,871	$10.0m0.27%	0.27%	Added +36.3k	+36,345 219.9%
66	FORTIVE CORP COM FTV	FTV	163,335	$10.0m0.27%	0.27%	Added +107.9k	+107,870 194.5%
67	ENPHASE ENERGY INC COM ENPH	ENPH	199,018	$9.8m0.26%	0.26%	Added +188.1k	+188,071 1718.0%
68	OPENDOOR TECHNOLOGIES INC COM OPEN	OPEN	2,120,412	$9.8m0.26%	0.26%	Reduced -353.9k	-353,918 -14.3%
69	GE AEROSPACE COM NEW GE	GE	25,900	$9.7m0.26%	0.26%	Added +21.9k	+21,900 547.5%
70	NVENT ELECTRIC PLC SHS NVT	NVT	56,160	$9.5m0.26%	0.26%	Added +30.7k	+30,660 120.2%
71	FEDEX CORP COM FDX	FDX	30,091	$9.4m0.25%	0.25%	Added +20.2k	+20,162 203.1%
72	HUNT J B TRANS SVCS INC COM JBHT	JBHT	30,819	$8.9m0.24%	0.24%	Added +15.2k	+15,192 97.2%
73	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	17,628	$8.8m0.24%	0.24%	New
74	HOWMET AEROSPACE INC COM HWM	HWM	32,228	$8.7m0.23%	0.23%	Added +21.2k	+21,152 191.0%
75	DYNATRACE INC COM NEW DT	DT	197,000	$8.7m0.23%	0.23%	Added +20.9k	+20,917 11.9%
76	ISHARES BITCOIN TRUST ETF SHS BEN INT IBIT	IBIT	259,000	$8.6m0.23%	0.23%	Reduced -666.9k	-666,862 -72.0%
77	FASTENAL CO COM FAST	FAST	175,804	$8.4m0.23%	0.23%	Added +34.0k	+34,037 24.0%
78	MICROSOFT CORP COM MSFT	MSFT	22,479	$8.4m0.22%	0.22%	Reduced -3.8k	-3,791 -14.4%
79	SMITH A O CORP COM AOS	AOS	133,343	$8.4m0.22%	0.22%	Added +117.9k	+117,894 763.1%
80	CATERPILLAR INC COM CAT	CAT	7,824	$8.3m0.22%	0.22%	Added +1.5k	+1,524 24.2%
81	T-MOBILE US INC COM TMUS	TMUS	48,950	$8.2m0.22%	0.22%	New
82	TWILIO INC CL A TWLO	TWLO	39,388	$8.1m0.22%	0.22%	Added +17.6k	+17,600 80.8%
83	TEMPUS AI INC CL A TEM	TEM	139,000	$8.1m0.22%	0.22%	New
84	COGNEX CORP COM CGNX	CGNX	110,803	$8.0m0.21%	0.21%	New
85	PHILLIPS 66 COM PSX	PSX	46,428	$7.8m0.21%	0.21%	Added +37.4k	+37,397 414.1%
86	TRANSDIGM GROUP INC COM TDG	TDG	5,874	$7.8m0.21%	0.21%	New
87	DATADOG INC CL A COM DDOG	DDOG	29,603	$7.7m0.21%	0.21%	Reduced -26.5k	-26,536 -47.3%
88	JOHNSON CTLS INTL PLC SHS JCI	JCI	51,962	$7.6m0.20%	0.20%	Added +35.7k	+35,668 218.9%
89	SALESFORCE INC COM CRM	CRM	48,274	$7.6m0.20%	0.20%	Reduced -119.5k	-119,518 -71.2%
90	HOST HOTELS & RESORTS INC COM HST	HST	315,158	$7.5m0.20%	0.20%	Added +57.4k	+57,408 22.3%
91	PARKER-HANNIFIN CORP COM PH	PH	7,556	$7.4m0.20%	0.20%	Added +858	+858 12.8%
92	HASBRO INC COM HAS	HAS	89,172	$7.4m0.20%	0.20%	Added +76.1k	+76,113 582.8%
93	AGREE RLTY CORP COM ADC	ADC	95,449	$7.2m0.19%	0.19%	Added +28.8k	+28,754 43.1%
94	COMFORT SYS USA INC COM FIX	FIX	3,646	$7.2m0.19%	0.19%	Added +1.7k	+1,719 89.2%
95	SELECT SECTOR SPDR TR SBI INT-UTILS XLU	XLU	159,000	$7.2m0.19%	0.19%	Added +60.2k	+60,170 60.9%
96	A-MARK PRECIOUS METALS INC COM GOLD	GOLD	173,222	$7.2m0.19%	0.19%	New
97	DOLLAR TREE INC COM DLTR	DLTR	59,413	$7.2m0.19%	0.19%	Added +26.8k	+26,838 82.4%
98	MASCO CORP COM MAS	MAS	87,763	$7.1m0.19%	0.19%	Added +34.8k	+34,814 65.8%
99	QUANTA SVCS INC COM PWR	PWR	9,890	$7.1m0.19%	0.19%	Added +5.5k	+5,490 124.8%
100	NATERA INC COM NTRA	NTRA	25,748	$7.0m0.19%	0.19%	Added +2	+2 0.0%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
PURECYCLE TECHNOLOGIES INC PCT 7.25 08.15.30	PCT 7.25 08.15.30	68,167,000	$59.4m68.2m shares
SELECT SECTOR SPDR TR XLF	XLF	659,300	$32.5m659.3k shares
TRAVERE THERAPEUTICS INC TVTX 2.25 03.01.29	TVTX 2.25 03.01.29	16,872,000	$21.4m16.9m shares
SOLARIS ENERGY INFRAS INC SEI 0.25 10.01.31	SEI 0.25 10.01.31	13,233,000	$16.6m13.2m shares
APPLIED OPTOELECTRONICS INC		6,534,000	$14.6m6.5m shares
UNITED PARCEL SERVICE INC UPS	UPS	134,414	$13.2m134.4k shares
T1 ENERGY INC TE 5.25 12.01.30	TE 5.25 12.01.30	10,500,000	$11.1m10.5m shares
ISHARES TR IVE	IVE	47,750	$10.1m47.8k shares
TJX COS INC NEW TJX	TJX	52,091	$8.3m52.1k shares
KRANESHARES TRUST KWEB	KWEB	279,000	$7.9m279.0k shares
KRAFT HEINZ CO KHC	KHC	305,664	$6.9m305.7k shares
MORGAN STANLEY MS	MS	38,133	$6.3m38.1k shares
AON PLC AON	AON	16,254	$5.2m16.3k shares
SPDR SERIES TRUST XME	XME	45,000	$4.9m45.0k shares
HONEYWELL INTL INC		10,632	$4.8m10.6k shares
AGILENT TECHNOLOGIES INC A	A	42,055	$4.8m42.1k shares
WOODWARD INC WWD	WWD	12,769	$4.6m12.8k shares
TARGET CORP TGT	TGT	33,421	$4.1m33.4k shares
BCE INC BCE	BCE	158,894	$4.0m158.9k shares
3M CO MMM	MMM	23,788	$3.5m23.8k shares
CANADIAN NATL RY CO CNI	CNI	32,233	$3.3m32.2k shares
OLD DOMINION FREIGHT LINE IN ODFL	ODFL	16,800	$3.3m16.8k shares
INVITATION HOMES INC INVH	INVH	130,613	$3.2m130.6k shares
EMERSON ELEC CO EMR	EMR	24,576	$3.2m24.6k shares
THE CIGNA GROUP CI	CI	11,799	$3.1m11.8k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
ISHARES TR IWM · Put	IWM	Put	3,138,600	$943.0m3.1m shares	Added
VANECK ETF TRUST GDX · Call	GDX	Call	2,512,000	$189.5m2.5m shares	Added
INVESCO QQQ TR QQQ · Call	QQQ	Call	156,000	$114.9m156.0k shares	Added
CALUMET INC CLMT · Put	CLMT	Put	1,713,400	$61.7m1.7m shares	Unchanged
ISHARES BITCOIN TRUST ETF IBIT · Put	IBIT	Put	1,740,600	$57.9m1.7m shares	Reduced
SPDR SERIES TRUST XME · Call	XME	Call	500,000	$53.5m500.0k shares	New
SPDR S&P 500 ETF TR SPY · Put	SPY	Put	100,000	$37.9m100.0k shares	Added
GAMESTOP CORP NEW GME · Put	GME	Put	1,682,100	$37.1m1.7m shares	Added
GORILLA TECHNOLOGY GROUP INC GRRR · Put	GRRR	Put	1,800,700	$35.8m1.8m shares	New
FIDELITY WISE ORIGIN BITCOIN FBTC · Put	FBTC	Put	696,200	$35.5m696.2k shares	Unchanged
TESLA INC TSLA · Put	TSLA	Put	50,000	$21.0m50.0k shares	New
NOVAVAX INC NVAX · Put	NVAX	Put	2,086,600	$19.7m2.1m shares	Unchanged
SPDR GOLD TR GLD · Call	GLD	Call	50,000	$18.4m50.0k shares	Added
APPLE INC AAPL · Put	AAPL	Put	58,500	$16.9m58.5k shares	New
ISHARES TR LQD · Put	LQD	Put	100,000	$10.9m100.0k shares	New
MICROSOFT CORP MSFT · Call	MSFT	Call	23,500	$8.8m23.5k shares	Added
ISHARES INC EWY · Put	EWY	Put	34,100	$6.9m34.1k shares	New
ISHARES TR TLT · Put	TLT	Put	72,000	$6.2m72.0k shares	Reduced
PURECYCLE TECHNOLOGIES INC PCT · Put	PCT	Put	687,500	$5.6m687.5k shares	Reduced
CEREBRAS SYSTEMS INC CBRS · Call	CBRS	Call	25,000	$5.5m25.0k shares	New
OKTA INC OKTA · Call	OKTA	Call	39,000	$5.3m39.0k shares	Added
SELECT SECTOR SPDR TR XLB · Call	XLB	Call	100,000	$5.1m100.0k shares	Reduced
KRANESHARES TRUST KWEB · Call	KWEB	Call	170,000	$4.2m170.0k shares	New
ISHARES INC EWW · Call	EWW	Call	50,000	$3.8m50.0k shares	New
VANECK ETF TRUST SMH · Put	SMH	Put	5,000	$3.3m5.0k shares	New