Graham Capital Management, L.P.
Long book
$2.21B
Q1 2026
Positions
1059
Top-10 weight
20%
concentration
Last quarter
+16.7%
SPY +14.8%
Turnover
55%
of book per quarter
Strategy in plain words
auto-generated from filingsGraham Capital Management, L.P. is a mechanically diversified allocator, running a $2.21B US long book across 1059 positions.
The portfolio is broadly diversified across 1059 positions (top 10 only 20%). Turnover is high — positions rotate quickly, so individual names matter less than the process. Current anchor positions: AMAZON.COM INC, NVIDIA CORP, ALPHABET INC-CL C, ISHARES MSCI SOUTH KOREA ETF, CITIGROUP INC.
Over the last 9 quarters its long book ran on average 2.5pp per quarter ahead of the S&P 500, beating the index in 6 of 9 quarters. Its holdings are mechanical (indexing / client flows), so position changes carry no stock-picking signal.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-2.3%
Q2 2024
+8.4%
Q3 2024
+5.9%
Q4 2024
-4.6%
Q1 2025
+11.5%
Q2 2025
+28.2%
Q3 2025
+1.1%
Q4 2025
-2.1%
Q1 2026
+16.7%
Sector allocation
Technology 25%
Financials 16%
Industrials 15%
Consumer discretionary 13%
Services media 8%
Other 5%
Healthcare 5%
Utilities 4%
Long book by quarter
What does Graham Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| AMZN AMAZON.COM INC | Consumer discretionary | 408.0K | $85.0M | 3.9% | +65.3% |
| NVDA NVIDIA CORP | Technology | 293.9K | $51.3M | 2.3% | +32.2% |
| GOOG ALPHABET INC-CL C | Technology | 164.2K | $47.1M | 2.1% | +103.6% |
| C CITIGROUP INC | Financials | 389.2K | $44.1M | 2.0% | +61.4% |
| NFLX NETFLIX INC | Services media | 346.9K | $33.4M | 1.5% | -11.9% |
| CRM SALESFORCE INC | Technology | 167.8K | $31.3M | 1.4% | +100.3% |
| CIFR CIPHER DIGITAL INC | Financials | 2.2M | $28.0M | 1.3% | -3.5% |
| META META PLATFORMS INC-CLASS A | Technology | 45.9K | $26.3M | 1.2% | -38.9% |
| BA BOEING CO/THE | Industrials | 119.1K | $23.7M | 1.1% | +0.8% |
| CME CME GROUP INC | Financials | 77.8K | $23.0M | 1.0% | -2.8% |
| MU MICRON TECHNOLOGY INC | Technology | 64.9K | $21.9M | 1.0% | -32.5% |
| INTC INTEL CORP | Technology | 495.8K | $21.9M | 1.0% | +35.0% |
| PG PROCTER & GAMBLE CO/THE | Other | 142.2K | $20.5M | 0.9% | +78.6% |
| FSLR FIRST SOLAR INC | Technology | 99.3K | $19.6M | 0.9% | +1.3% |
| V VISA INC-CLASS A SHARES | Services media | 55.0K | $16.6M | 0.8% | +96.2% |
| BE BLOOM ENERGY CORP- A | Industrials | 116.9K | $15.8M | 0.7% | New |
| OKTA OKTA INC | Technology | 200.3K | $15.8M | 0.7% | New |
| SPOT SPOTIFY TECHNOLOGY SA | Communications | 32.2K | $15.6M | 0.7% | +524.7% |
| ADP AUTOMATIC DATA PROCESSING | Technology | 74.3K | $15.1M | 0.7% | +85.9% |
| MA MASTERCARD INC - A | Services media | 29.1K | $14.6M | 0.7% | New |
| NET CLOUDFLARE INC - CLASS A | Technology | 68.9K | $14.2M | 0.6% | +1356.1% |
| MET METLIFE INC | Financials | 193.2K | $13.7M | 0.6% | +149.2% |
| UPS UNITED PARCEL SERVICE-CL B | Industrials | 134.4K | $13.2M | 0.6% | -55.4% |
| SO SOUTHERN CO/THE | Utilities | 129.2K | $12.5M | 0.6% | New |
| ORLY O'REILLY AUTOMOTIVE INC | Consumer discretionary | 127.9K | $11.8M | 0.5% | +976.5% |
| GS GOLDMAN SACHS GROUP INC | Financials | 13.7K | $11.6M | 0.5% | New |
| OPEN OPENDOOR TECHNOLOGIES INC | Real estate | 2.5M | $11.6M | 0.5% | -10.6% |
| IEX IDEX CORP | Industrials | 59.9K | $11.4M | 0.5% | +27.2% |
| MAR MARRIOTT INTERNATIONAL -CL A | Services media | 29.7K | $9.7M | 0.4% | New |
| MSFT MICROSOFT CORP | Technology | 26.3K | $9.7M | 0.4% | +7.3% |
| WMT WALMART INC | Consumer discretionary | 69.1K | $8.6M | 0.4% | +7.9% |
| CFG CITIZENS FINANCIAL GROUP | Financials | 140.7K | $8.4M | 0.4% | +266.4% |
| PANW PALO ALTO NETWORKS INC | Technology | 52.2K | $8.4M | 0.4% | New |
| TJX TJX COMPANIES INC | Consumer discretionary | 52.1K | $8.3M | 0.4% | -20.4% |
| PEG PUBLIC SERVICE ENTERPRISE GP | Utilities | 96.4K | $7.8M | 0.4% | +248.6% |
| IQV IQVIA HOLDINGS INC | Healthcare | 45.5K | $7.8M | 0.4% | New |
| MDB MONGODB INC | Technology | 31.3K | $7.7M | 0.3% | +408.5% |
| PRU PRUDENTIAL FINANCIAL INC | Financials | 78.0K | $7.6M | 0.3% | +49.2% |
| ADI ANALOG DEVICES INC | Technology | 23.3K | $7.4M | 0.3% | +2388.0% |
| COR CENCORA INC | Consumer discretionary | 23.5K | $7.4M | 0.3% | +8.0% |
| ED CONSOLIDATED EDISON INC | Utilities | 60.8K | $6.9M | 0.3% | +95.9% |
| KHC KRAFT HEINZ CO/THE | Consumer staples | 305.7K | $6.9M | 0.3% | New |
| TPR TAPESTRY INC | Other | 48.3K | $6.8M | 0.3% | New |
| D DOMINION ENERGY INC | Utilities | 108.5K | $6.7M | 0.3% | +602.1% |
| PNW PINNACLE WEST CAPITAL | Utilities | 66.5K | $6.7M | 0.3% | New |
| ECL ECOLAB INC | Other | 25.0K | $6.7M | 0.3% | New |
| BNY BANK OF NEW YORK MELLON CORP | Financials | 56.0K | $6.6M | 0.3% | +35.2% |
| DDOG DATADOG INC - CLASS A | Technology | 56.1K | $6.6M | 0.3% | +543.6% |
| FAST FASTENAL CO | Consumer discretionary | 141.8K | $6.6M | 0.3% | +191.4% |
| DT DYNATRACE INC | Technology | 176.1K | $6.5M | 0.3% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 1120 | $4.14B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 1189 | $4.18B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 1208 | $6.32B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 1264 | $6.70B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 1253 | $5.72B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 1199 | $6.66B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 1067 | $5.81B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 1002 | $4.60B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 1027 | $5.31B | canonical | SEC ↗ |
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