13F filer

Graham Capital Management

As of Jun 30, 2026 Filed Aug 14, 2026 CIK 1315421 SEC filings ↗

13F Value

$5.50B

Positions

1,222

Top Position

IWM · PUT17.2%

Top 5

27.6%

Latest filing changes

vs Mar 31, 2026

1 IWM · PUT iShares Russell 2000 ETF +147.1%+$561.3M

2 QQQ · CALL Invesco QQQ Trust, Series 1 +680.0%+$100.2M

3 MARA - Note 3/0 Mara Holdings +170.1%+$29.0M

4 NVDA NVIDIA +40.1%+$23.6M

5 SPY · PUT State Str SPDR S&P 500 ETF T — Tr Unit +150.0%+$22.8M

Holdings1,222

#
1	IWM · PUT iShares Russell 2000 ETF	17.2%	$943.0M	+147.1%	3.14M	7.6%	Put
2	GDX · CALL VanEck Gold Miners ETF	3.4%	$189.5M	+8.3%	2.51M	5.1%	Call
3	GME - Note 6/1 Gamestop	2.7%	$150.1M	NEW	147.65M	—	Bond
4	PENGUIN SOLUTIONS INC — NOTE 2.000% 8/1 Penguin Solutions	2.2%	$119.9M	NEW	42.25M	—	Bond
5	QQQ · CALL Invesco QQQ Trust, Series 1	2.1%	$114.9M	+680.0%	156.0K	0.3%	Call
6	APLD - Note 2.750% 6/0 Applied Digital	1.8%	$97.1M	-33.0%	24.36M	2.3%	Bond
7	NVDA NVIDIA	1.5%	$82.4M	+40.1%	411.7K	1.2%	Common Stock
8	GPRE - Note 5.250% 11/0 Green Plains	1.4%	$78.0M	-1.5%	57.43M	2.0%	Bond
9	AMZN Amazon	1.4%	$75.1M	-22.8%	314.9K	2.1%	Common Stock
10	GRPN - Note 4.875% 6/3 Groupon	1.3%	$73.8M	+13.6%	74.37M	1.3%	Bond
11	RIVN - Note 3.625% 10/1 Rivian Automotive	1.2%	$64.0M	—	59.79M	1.4%	Bond
12	CLMT · PUT Calumet	1.1%	$61.7M	—	1.71M	1.5%	Put
13	RUN - Note 4.000% 3/0 Sunrun	1.1%	$60.6M	—	50.94M	1.5%	Bond
14	REAL - Note · DEBT 4.000% 2/1 The Realreal	1.1%	$58.2M	—	41.38M	1.2%	Bond
15	PCT - Note 4.750% 7/0 Purecycle Technologies	1.1%	$58.1M	NEW	57.25M	—	Bond
16	IBIT · PUT iShares Bitcoin Trust ETF — Shs Ben Int	1.1%	$57.9M	-25.3%	1.74M	2.2%	Put
17	GOOG Alphabet Class C	1.0%	$57.5M	-0.9%	162.8K	1.1%	Common Stock
18	XME · CALL State Street(R) SPDR(R) S&P(R) Metals & Mining ETF	1.0%	$53.5M	NEW	500.0K	—	Call
19	AAOI - Note 2.750% 1/1 Applied Optoelectronics	0.9%	$49.9M	NEW	14.01M	—	Bond
20	C Citigroup	0.9%	$47.7M	-12.4%	341.0K	1.1%	Common Stock

Change compares with the prior filing. Prior % is the share of the portfolio in that filing. Trend shows the quantity held in each of the last four filings: green rose, red fell, grey unchanged.

Exited in Latest Filing352

#	Holding	Prior %	Prior Value	Change	Prior Quantity	Trend (4Q)	Type

Compared with the immediately prior published filing (Mar 31, 2026). Prior values are shown for context and are not included in current totals.