1y return+16.8%S&P 500 +20.9%
3y return+57.8%S&P 500 +68.5%
5y return+64.9%S&P 500 +74.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since December 31, 2017: $290 against $280 in the S&P 500.2
Graham Capital Management, L.P.S&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| NVDANvidia Corporation | $82.4M | 3.2% | +40.1% |
| AMZNAmazon Com Inc | $75.1M | 2.9% | −22.8% |
| GOOGAlphabet Inc | $57.5M | 2.2% | |
| CCitigroup Inc | $47.7M | 1.8% | −12.4% |
| HYGIshares Tr | $38.3M | 1.5% | +93.8% |
| KEELKeel Infrastructure Corp | $37.9M | 1.5% | New |
| CIFRCipher Digital Inc | $37.0M | 1.4% | −30.7% |
| EMBJEmbraer S.a. | $32.2M | 1.2% | +25.5% |
| METAMeta Platforms Inc | $28.2M | 1.1% | +9.0% |
| MUMicron Technology Inc | $26.3M | 1.0% | −64.9% |
| XHBSpdr Series Trust | $26.2M | 1.0% | +452.4% |
| Super Micro Computer IncCUSIP 86800U500 | $25.6M | 1.0% | New |
| TVTXTravere Therapeutics Inc | $25.4M | 1.0% | New |
| XLVSelect Sector Spdr Tr | $24.6M | 0.9% | +472.0% |
| XYZBlock Inc | $24.2M | 0.9% | +865.5% |
| INTCIntel Corp | $23.9M | 0.9% | −65.5% |
| FSLRFirst Solar Inc | $23.4M | 0.9% | |
| BABoeing Co | $23.3M | 0.9% | −9.4% |
| PANWPalo Alto Networks Inc | $22.9M | 0.9% | +28.5% |
| EWYIshares Inc | $22.6M | 0.9% | −69.1% |
| RSPInvesco Exchange Traded Fd T | $22.6M | 0.9% | −41.1% |
| KOCoca Cola Co | $21.7M | 0.8% | +556.4% |
| EOSEEos Energy Enterprises Inc | $21.0M | 0.8% | New |
| SPYState Str Spdr S&p 500 Etf T | $20.8M | 0.8% | New |
| KRESpdr Series Trust | $20.1M | 0.8% | +436.0% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| NVDANvidia Corporation | June 30, 2023 | +373.0% | $82.4M |
| CCitigroup Inc | June 30, 2023 | +204.0% | $47.7M |
| EMBJEmbraer S.a. | June 30, 2024 | +147.3% | $32.2M |
| GOOGAlphabet Inc | December 31, 2021 | +144.2% | $57.5M |
| PANWPalo Alto Networks Inc | March 31, 2026 | +112.7% | $22.9M |
| OKTAOkta Inc | March 31, 2026 | +73.4% | $15.6M |
| METAMeta Platforms Inc | December 31, 2021 | +67.5% | $28.2M |
| CIFRCipher Digital Inc | December 31, 2025 | +66.0% | $37.0M |
| EWYIshares Inc | March 31, 2026 | +64.1% | $22.6M |
| AMZNAmazon Com Inc | December 31, 2021 | +43.0% | $75.1M |
Sold off last quarter
- XLFSelect Sector Spdr Tr was $32.5M
- UPSUnited Parcel Svcs Inc was $13.2M
- IVEIshares Tr was $10.1M
- TJXTjx Cos Inc New was $8.3M
- KWEBKraneshares Trust was $7.9M
- KHCKraft Heinz Co was $6.9M
- MSMorgan Stanley was $6.3M
- Aon PLCCUSIP G0403H108 was $5.2M
- XMESpdr Series Trust was $4.9M
- Honeywell Intl IncCUSIP 438516106 was $4.8M
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +12.6% | +14.8% |
| March 31, 2026 | −3.1% | −4.6% |
| December 31, 2025 | +0.7% | +2.4% |
| September 30, 2025 | +6.4% | +7.8% |
| June 30, 2025 | +10.9% | +10.5% |
| March 31, 2025 | −4.9% | −4.6% |
| December 31, 2024 | +4.9% | +2.1% |
| September 30, 2024 | +7.7% | +5.4% |
| June 30, 2024 | −2.9% | +4.0% |
| March 31, 2024 | +8.3% | +10.0% |
| December 31, 2023 | +13.3% | +11.2% |
| September 30, 2023 | −4.8% | −3.6% |
| June 30, 2023 | +3.8% | +8.3% |
| March 31, 2023 | +5.4% | +7.0% |
| December 31, 2022 | +5.7% | +7.1% |
| September 30, 2022 | −0.5% | −5.3% |
| June 30, 2022 | −16.7% | −16.5% |
| March 31, 2022 | +15.0% | −4.9% |
| December 31, 2021 | −3.5% | +10.7% |
| September 30, 2021 | −1.8% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Graham Capital Management, L.P. Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1315421&type=13F-HR&dateb=&owner=include&count=40CIK 1315421
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1315421/000204825126006561/Filed August 14, 2026 · accession 0002048251-26-006561