Graham Capital Management, L.P. holds a diversified book of 1051 stocks worth $3.0B as of Q1 2026 (disclosed May 15, 2026, a ~45-day 13F lag). This quarter they opened GOLDMAN SACHS GROUP INC and trimmed APPLIED DIGITAL CORP. Their largest long position is GREEN PLAINS INC at 4% of the equity book. They also disclosed $838.5M in put options (a bearish bet) and $342.2M in call options (bullish), shown separately below and excluded from the equity book.
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Top-heavy: diversified book
Share of the disclosed book in its largest positions. A higher top-5 share means a more concentrated, higher-conviction portfolio.
19% mapped to company sectors
Direct operating-company sectors from our SIC-based security master. ETF/fund and unclassified holdings stay visible separately; this is not ETF look-through exposure.
Estimated $ traded · quarter-end prices, no cost basis
Bars show each stock's share of the portfolio. Click a row for its position history.
| # | Security | Value | Shares | % Port | Last move | History |
|---|---|---|---|---|---|---|
| 1 | Applied Digital Corp NOTE 2.750% 6/0 | $96.5M | 36.34M | 3.3% | ▼−43% Reduced · −27.4M sh | |
| 2 | Amazon Com Inc COM | $85.0M | 408.0K | 2.9% | ▲+65% Added · +161K sh | |
| 3 | Green Plains Inc NOTE 5.250%11/0 | $82.2M | 58.31M | 2.8% | —Held | |
| 4 | Sunrun Inc NOTE 4.000% 3/0 | $60.7M | 50.94M | 2.1% | ▼−3.8% Reduced · −2.0M sh | |
| 5 | Tilray Brands Inc NOTE 5.200% 6/1 | $59.7M | 59.00M | 2.0% | ▼−0.8% Reduced · −500K sh | |
| 6 | Purecycle Technologies Inc NOTE 7.250% 8/1 | $59.4M | 68.17M | 2.0% | —Held | |
| 7 | Rivian Automotive Inc NOTE 3.625%10/1 | $57.4M | 59.79M | 1.9% | —Held | |
| 8 | Groupon Inc NOTE 4.875% 6/3 | $54.1M | 65.47M | 1.8% | —Held | |
| 9 | Nvidia Corporation COM | $51.3M | 293.9K | 1.7% | ▲+32% Added · +72K sh | |
| 10 | The Realreal Inc DEBT 4.000% 2/1 | $49.5M | 41.38M | 1.7% | ▲+17% Added · +5.9M sh | |
| 11 | Alphabet Inc CAP STK CL C | $47.1M | 164.2K | 1.6% | ▲+104% Added · +84K sh | |
| 12 | Ishares Inc MSCI STH KOR ETF | $44.6M | 362.7K | 1.5% | ▲New New position | |
| 13 | Citigroup Inc COM NEW | $44.1M | 389.2K | 1.5% | ▲+61% Added · +148K sh | |
| 14 | Ramaco Res Inc NOTE 11/0 | $43.2M | 56.30M | 1.5% | ▲+19% Added · +9.0M sh | |
| 15 | Bridgebio Pharma Inc NOTE 2.500% 3/1 | $40.1M | 22.24M | 1.4% | —Held | |
| 16 | Ishares Bitcoin Trust ETF SHS BEN INT | $35.6M | 925.9K | 1.2% | ▼−40% Reduced · −622K sh | |
| 17 | Invesco Exchange Traded FD T S&P500 EQL WGT | $34.5M | 179.9K | 1.2% | ▲+206% Added · +121K sh | |
| 18 | Netflix Inc. COM | $33.4M | 346.9K | 1.1% | ▼−12% Reduced · −47K sh | |
| 19 | Select Sector SPDR TR STATE STREET FIN | $32.5M | 659.3K | 1.1% | ▲New New position | |
| 20 | Salesforce Inc COM | $31.3M | 167.8K | 1.1% | ▲+100% Added · +84K sh | |
| 21 | Cleanspark Inc NOTE 6/1 | $28.7M | 29.52M | 1.0% | ▼−14% Reduced · −5.0M sh | |
| 22 | Cipher Digital Inc COM | $28.0M | 2.18M | 0.9% | ▼−3.5% Reduced · −79K sh | |
| 23 | Meta Platforms Inc CL A | $26.3M | 45.9K | 0.9% | ▼−39% Reduced · −29K sh | |
| 24 | Embraer S.A. SPONSORED ADS | $23.8M | 401.6K | 0.8% | ▲+64% Added · +156K sh | |
| 25 | Boeing Co COM | $23.7M | 119.1K | 0.8% | ▲+0.8% Added · +1K sh | |
| 26 | Ishares TR RUSSELL 2000 ETF | $23.6M | 95.3K | 0.8% | ▲New New position | |
| 27 | Cme Group Inc COM | $23.0M | 77.8K | 0.8% | ▼−2.8% Reduced · −2K sh | |
| 28 | Micron Technology Inc COM | $21.9M | 64.9K | 0.7% | ▼−33% Reduced · −31K sh | |
| 29 | Intel Corp COM | $21.9M | 495.8K | 0.7% | ▲+35% Added · +129K sh | |
| 30 | Travere Therapeutics Inc NOTE 2.250% 3/0 | $21.4M | 16.87M | 0.7% | ▲Added Added · +16.9M sh | |
| 31 | Procter & Gamble Co COM | $20.5M | 142.2K | 0.7% | ▲+79% Added · +63K sh | |
| 32 | Ishares TR IBOXX HI YD ETF | $19.6M | 246.9K | 0.7% | ▲+720% Added · +217K sh | |
| 33 | First Solar Inc COM | $19.6M | 99.3K | 0.7% | ▲+1.3% Added · +1K sh | |
| 34 | Green Plains Inc NOTE 2.250% 3/1 | $19.3M | 19.18M | 0.7% | ▲+213% Added · +13.0M sh | |
| 35 | Ishares Inc MSCI MEXICO ETF | $18.7M | 247.9K | 0.6% | ▲+351% Added · +193K sh | |
| 36 | Ishares Inc MSCI BRAZIL ETF | $17.9M | 467.5K | 0.6% | ▲+895% Added · +420K sh | |
| 37 | Visa Inc COM CL A | $16.6M | 55.0K | 0.6% | ▲+96% Added · +27K sh | |
| 38 | Solaris Energy Infras Inc NOTE 0.250%10/0 | $16.6M | 13.23M | 0.6% | ▼−27% Reduced · −5.0M sh | |
| 39 | Ishares TR MSCI EMG MKT ETF | $16.5M | 290.1K | 0.6% | ▲New New position | |
| 40 | Bloom Energy Corp COM CL A | $15.8M | 116.9K | 0.5% | ▲New New position | |
| 41 | Okta Inc CL A | $15.8M | 200.3K | 0.5% | ▲Added Added · +200K sh | |
| 42 | Spotify Technology S A SHS | $15.6M | 32.2K | 0.5% | ▲+525% Added · +27K sh | |
| 43 | Automatic Data Processing In COM | $15.1M | 74.3K | 0.5% | ▲+86% Added · +34K sh | |
| 44 | Mara Holdings Inc NOTE 3/0 | $15.1M | 17.00M | 0.5% | ▼−53% Reduced · −19.0M sh | |
| 45 | Applied Optoelectronics Inc NOTE 2.750% 1/1 | $14.6M | 6.53M | 0.5% | ▼−72% Reduced · −16.5M sh | |
| 46 | Mastercard Incorporated CL A | $14.6M | 29.1K | 0.5% | ▲Added Added · +29K sh | |
| 47 | Cloudflare Inc CL A COM | $14.2M | 68.9K | 0.5% | ▲15× Added · +64K sh | |
| 48 | Metlife Inc COM | $13.7M | 193.2K | 0.5% | ▲+149% Added · +116K sh | |
| 49 | United Parcel Svcs Inc CL B | $13.2M | 134.4K | 0.4% | ▼−55% Reduced · −167K sh | |
| 50 | Green Plains Inc DEBT 5.250%11/0 | $13.2M | 9.35M | 0.4% | —Held |
Put / call positions from the 13F — totals include every disclosed option leg
| Type | Underlying | Notional value | Underlying shares |
|---|---|---|---|
| PUT · bearish | ISHARES RUSSELL 2000 ETFIWM | $327.2M | 1.4M |
| CALL · bullish | VANECK ETF TRUST | $212.9M | 2.3M |
| PUT · bearish | ISHARES TR | $191.8M | 2.4M |
| PUT · bearish | ISHARES BITCOIN TRUST ETF | $89.5M | 2.3M |
| PUT · bearish | CALUMET INC | $61.5M | 1.7M |
| PUT · bearish | FIDELITY WISE ORIGIN BITCOINFBTC | $41.1M | 696K |
| PUT · bearish | GAMESTOP CORP | $38.6M | 1.7M |
| CALL · bullish | ISHARES RUSSELL 2000 ETFIWM | $37.2M | 150K |
| PUT · bearish | LUCID GROUP INCLCID | $34.6M | 3.6M |
| PUT · bearish | PURECYCLE TECHNOLOGIES INCPCT | $17.5M | 3.4M |
| PUT · bearish | NOVAVAX INCNVAX | $17.0M | 2.1M |
| CALL · bullish | SALESFORCE INC | $16.3M | 88K |
| PUT · bearish | EOS ENERGY ENTERPRISES INC | $13.2M | 2.7M |
| CALL · bullish | INVESCO QQQ TR | $11.5M | 20K |
| CALL · bullish | SPDR GOLD TR | $10.8M | 25K |
| CALL · bullish | SELECT SECTOR SPDR TR | $10.3M | 206K |
| CALL · bullish | SS SPDR S&P 500 ETF TRUST-USSPY | $6.5M | 10K |
| CALL · bullish | DELTA AIR LINES INC | $5.0M | 75K |
| PUT · bearish | WELLS FARGO & COWFC | $4.0M | 50K |
| CALL · bullish | CAPITAL ONE FINL CORP | $3.6M | 20K |
| CALL · bullish | DYNATRACE INC | $2.8M | 75K |
| CALL · bullish | MICROSOFT CORP | $2.6M | 7K |
| CALL · bullish | VERISIGN INC | $2.5M | 10K |
| CALL · bullish | ADOBE INC | $2.4M | 10K |
| CALL · bullish | OKTA INC | $2.4M | 30K |
13F filers disclose option positions at the market value of the underlying the contracts reference, not the premium paid. A put is a bearish bet (it gains if the stock falls); a call is bullish. “Underlying shares” is the share count the contracts control, not a share holding. These legs are excluded from the equity book, weighting, concentration and sector figures above. Showing the largest 25 of 39 option legs.
As-of date vs the date the SEC received each filing
| Quarter | As of | Filed | Positions | Value | Form |
|---|---|---|---|---|---|
| Q1 2026 | Mar 31, 2026 | May 15, 2026 | 1,120 | $4.1B | 13F-HR |
| Q4 2025 | Dec 31, 2025 | Feb 17, 2026 | 1,189 | $4.2B | 13F-HR |
| Q3 2025 | Sep 30, 2025 | Nov 14, 2025 | 1,208 | $6.3B | 13F-HR |
| Q2 2025 | Jun 30, 2025 | Aug 14, 2025 | 1,264 | $6.6B | 13F-HR |
| Q1 2025 | Mar 31, 2025 | May 15, 2025 | 1,253 | $5.7B | 13F-HR |
| Q4 2024 | Dec 31, 2024 | Feb 14, 2025 | 1,199 | $6.7B | 13F-HR |
| Q3 2024 | Sep 30, 2024 | Nov 14, 2024 | 1,067 | $5.8B | 13F-HR |
| Q2 2024 | Jun 30, 2024 | Aug 14, 2024 | 1,002 | $4.6B | 13F-HR |
| Q1 2024 | Mar 31, 2024 | May 15, 2024 | 1,027 | $5.3B | 13F-HR |
| Q4 2023 | Dec 31, 2023 | Feb 14, 2024 | 960 | $4.5B | 13F-HR |
| Q3 2023 | Sep 30, 2023 | Nov 22, 2023 | 980 | $4.3B | 13F-HR |
| Q2 2023 | Jun 30, 2023 | Aug 14, 2023 | 930 | $3.5B | 13F-HR |
| Q1 2023 | Mar 31, 2023 | May 15, 2023 | 1,019 | $3.3B | 13F-HR |
| Q4 2022 | Dec 31, 2022 | Feb 14, 2023 | 1,013 | $3.3B | 13F-HR |
| Q3 2022 | Sep 30, 2022 | Nov 14, 2022 | 1,036 | $2.5B | 13F-HR |
| Q2 2022 | Jun 30, 2022 | Aug 15, 2022 | 972 | $2.5B | 13F-HR |
| Q1 2022 | Mar 31, 2022 | May 16, 2022 | 872 | $2.9B | 13F-HR |
| Q4 2021 | Dec 31, 2021 | Feb 14, 2022 | 526 | $2.3B | 13F-HR |
| Q3 2021 | Sep 30, 2021 | Nov 15, 2021 | 109 | $2.0B | 13F-HR |
| Q2 2021 | Jun 30, 2021 | Aug 16, 2021 | 117 | $1.9B | 13F-HR |
| Q1 2021 | Mar 31, 2021 | May 17, 2021 | 140 | $2.2B | 13F-HR |
| Q4 2020 | Dec 31, 2020 | Feb 16, 2021 | 115 | $2.7B | 13F-HR |
| Q3 2020 | Sep 30, 2020 | Nov 16, 2020 | 88 | $2.9B | 13F-HR |
| Q2 2020 | Jun 30, 2020 | Aug 14, 2020 | 79 | $2.1B | 13F-HR |
Holdings from SEC EDGAR 13F-HR filings, updated quarterly ~45 days after quarter-end. Public domain. The book and weighting are long equity only; disclosed put/call options are listed separately and excluded from those totals. The performance line is a simulation of the disclosed long book, not an audited return.