Graham Capital Management, L.P.

Q3 2025 13F-HR Holdings

Location
Rowayton, CT
Holdings as of
9/30/2025
Date filed
11/14/2025
Form type
13F-HR
Num holdings
1,208
Total value ($000)
$6,318,486
Net value change ($000)
-298,790 (-4.5%)
New positions
437
Sold out positions
494
Turnover %
55.9%
Sector allocation + QoQ delta (equities-only)
Prev filing: 8/14/2025 Next filing: 2/17/2026 SEC filing

Snapshot: Change Analysis

Compared to Q2 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)
GDX 56,869 1092.4%
XLI 20,843 541.4%
IWM 14,130 NEW
XLU 13,998 33.8%
VTV 13,381 68.8%
BBIO 13,373 1246.3%
EWY 13,234 NEW
TER 12,915 NEW
FSLR 12,896 5200.0%
XLF 11,528 NEW
Top Reduces (Value $000, Stocks/ETFs)
RIG -27,769 -100.0%
CAT -15,754 -100.0%
EEM -15,361 -100.0%
ICE -13,642 -83.7%
BSX -12,875 -66.6%
CVX -11,933 -96.2%
EWJ -11,860 -100.0%
SCHW -10,783 -84.1%
DG -10,464 -46.8%
ADI -10,374 -78.2%
Instrument mix + QoQ Δ (ex-options)
Derivatives reported exposure ($000): 3,618,536 (57.3% 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.
Filter:
Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type