Graham Capital Management, L.P.

Q4 2025 13F-HR Holdings

Location
Rowayton, CT
Holdings as of
12/31/2025
Date filed
2/17/2026
Form type
13F-HR
Num holdings
1,189
Total value ($000)
$4,178,760
Net value change ($000)
-2,139,726 (-33.9%)
New positions
432
Sold out positions
439
Turnover %
49.9%
Sector allocation + QoQ delta (equities-only)
Prev filing: 11/14/2025 Next filing: — SEC filing

Snapshot: Change Analysis

Compared to Q3 2025
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)
EWC 36,992 567.3%
CIFR 33,329 NEW
NFLX 31,932 638.4%
UPS 28,061 1528.4%
NVDA 23,760 134.3%
META 20,543 70.5%
EOSE 20,531 NEW
AMZN 20,381 55.7%
BE 16,906 NEW
C 16,795 148.1%
Top Reduces (Value $000, Stocks/ETFs)
IBIT -73,456 -48.9%
GDX -59,931 -96.5%
XLU -39,266 -70.9%
VTV -32,822 -100.0%
XLI -20,427 -82.7%
IWM -14,130 -100.0%
EWY -13,234 -100.0%
XLF -11,528 -100.0%
TVTX -11,161 -100.0%
ETHA -9,874 -59.5%
Instrument mix + QoQ Δ (ex-options)
Derivatives reported exposure ($000): 1,273,564 (30.5% 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