Graham Capital Management, L.P.

Q1 2025 13F-HR Holdings

Location
Rowayton, CT
Holdings as of
3/31/2025
Date filed
5/15/2025
Form type
13F-HR
Num holdings
1,253
Total value ($000)
$5,715,273
Net value change ($000)
-940,866 (-14.1%)
New positions
363
Sold out positions
317
Turnover %
48.1%
Sector allocation + QoQ delta (equities-only)
Prev filing: 2/14/2025 Next filing: 8/14/2025 SEC filing

Snapshot: Change Analysis

Compared to Q4 2024
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
XLU 22,391 399.8%
MA 17,037 NEW
ICOW 15,562 NEW
C 15,476 345.8%
MELI 13,078 1313.1%
VUG 10,754 NEW
D 10,200 NEW
NI 9,775 NEW
FAST 9,317 NEW
MRK 8,670 NEW
Top Reduces (Value $000, Stocks/ETFs)
MSTR -34,150 -100.0%
IBIT -21,019 -16.9%
HPE -18,468 -100.0%
PEP -18,132 -100.0%
TIP -15,749 -100.0%
SO -15,045 -100.0%
CRWD -14,613 -100.0%
NVDA -13,384 -49.5%
NFLX -12,234 -56.1%
PPL -11,700 -100.0%
Instrument mix + QoQ Δ (ex-options)
Derivatives reported exposure ($000): 2,561,356 (44.8% of total reported value)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type