Graham Capital Management, L.P.
CIK 1315421 · Holdings on Sep 30, 2025 · First reported Nov 14, 2025
Top ten holdings
Q3 2025- 093712AM97.92%
- 093712AK36.08%
- IBIT5.57%
- 74623VAB92.79%
- 88688TAC42.54%
- 86771WAD72.35%
- GDX2.30%
- XLU2.05%
- 76954AAD52.04%
- 393222AK01.62%
Share classes counted separately35.26%
Portfolio value by quarter
What changed this quarter?
Within preview · weight change- 093712AM9Weight increased · +5.99 pp1.93% → 7.92%Shares +6.75M (+15.08%)
- 093712AK3Weight increased · +4.44 pp1.64% → 6.08%Shares 0 (0.00%)
- GDXWeight increased · +2.14 pp0.16% → 2.30%Shares +712.50K (+712.50%)
Weight = security value ÷ total reported holdings value. Changes are in percentage points; price moves also affect weights, so they are not trade sizes.
Top 10 holdings 25
USD · B = billion · M = million; expand a row for exact values| # | Security | Value | Weight | Quantity | Weight / quantity change | Activity | |
|---|---|---|---|---|---|---|---|
| 01 | 093712AM9BLOOM ENERGY CORPNOTE 3.000% 6/0 View history and evidence | $213.72M | 7.92% | 51.51M principal (USD) | 1.93% → 7.92%+5.99 pp +6.75M (+15.08%) | Added | ↗▾ |
| 02 | 093712AK3BLOOM ENERGY CORPNOTE 3.000% 6/0 View history and evidence | $164.25M | 6.08% | 36.17M principal (USD) | 1.64% → 6.08%+4.44 pp 0 (0.00%) | Unchanged | ↗▾ |
| 03 | IBITISHARES BITCOIN TRUST ETFSHS BEN INT View history and evidence | $150.31M | 5.57% | 2.31M shares | 4.76% → 5.57%+0.81 pp -243.30K (-9.52%) | Reduced | ↗▾ |
| 04 | 74623VAB9PURECYCLE TECHNOLOGIESNOTE 7.250% 8/1 View history and evidence | $75.20M | 2.79% | 62.57M principal (USD) | 2.35% → 2.79%+0.44 pp 0 (0.00%) | Unchanged | ↗▾ |
| 05 | 88688TAC4TILRAY BRANDS INCNOTE 5.200% 6/1 View history and evidence | $68.59M | 2.54% | 58.50M principal (USD) | 1.66% → 2.54%+0.88 pp -1.00M (-1.68%) | Reduced | ↗▾ |
| 06 | 86771WAD7SUNRUN INCNOTE 4.000% 3/0 View history and evidence | $63.52M | 2.35% | 47.06M principal (USD) | 0.69% → 2.35%+1.66 pp +15.53M (+49.25%) | Added | ↗▾ |
| 07 | GDXVANECK GOLD MINERS ETFGOLD MINERS ETF View history and evidence | $62.08M | 2.30% | 812.50K shares | 0.16% → 2.30%+2.14 pp +712.50K (+712.50%) | Added | ↗▾ |
| 08 | XLUST SR UTL SL SE SPDR ETF-USDSBI INT-UTILS View history and evidence | $55.40M | 2.05% | 635.21K shares | 1.26% → 2.05%+0.79 pp +128.26K (+25.30%) | Added | ↗▾ |
| 09 | 76954AAD5RIVIAN AUTO INCNOTE 3.625%10/1 View history and evidence | $55.14M | 2.04% | 59.79M principal (USD) | 1.64% → 2.04%+0.40 pp 0 (0.00%) | Unchanged | ↗▾ |
| 10 | 393222AK0GREEN PLAINS INCNOTE 2.250% 3/1 View history and evidence | $43.86M | 1.62% | 45.76M principal (USD) | 1.12% → 1.62%+0.50 pp +2.71M (+6.29%) | Added | ↗▾ |
Options overlay 47
$3.62B notionalPut and Call positions are separate. Notional is based on underlying securities, not option premium, market value or net exposure. Quantities are underlying shares.
| Security | Put / Call | Underlying shares | Notional | Quantity change | |
|---|---|---|---|---|---|
MSTRSTRATEGY INCCL A NEW View history and evidence | Put | 4.24M | $1.37B | 0 (0.00%) | ▾ |
IWMISHARES RUSSELL 2000 ETFRUSSELL 2000 ETF View history and evidence | Put | 3.90M | $942.92M | +1.54M (+65.63%) | ▾ |
IBITISHARES BITCOIN TRUST ETFSHS BEN INT View history and evidence | Put | 2.38M | $154.54M | -130.00K (-5.18%) | ▾ |
3 / 47 options · preview only
Exited positions 520
| Security | Type | Shares out | Value out | Previous filing | This filing |
|---|---|---|---|---|---|
| 15136AAA0 PERMIAN RESOURC OPTG LLC | Non-derivative | -66,551,000 | -$161.83M | SEC filing ↗ | SEC filing ↗ |
| 19260QAB3 COINBASE GLOBAL INC | Non-derivative | -75,500,000 | -$87.43M | SEC filing ↗ | SEC filing ↗ |
| 670002AD6 NOVAVAX INC | Non-derivative | -74,177,000 | -$74.84M | SEC filing ↗ | SEC filing ↗ |
3 / 520 preview exits. Up to 30 exit records are previewed. Exit means absent from the current filing; execution date, price and proceeds are unknown.
Every number has a source.
CIK 1315421 · Period 2025-09-30
Data loaded 2026-09-23 · First reported 2025-11-14
Amendments and versions
{
"amendments_merged": null,
"prior_versions": null,
"cover_table_value": 6318485575
}Research all 1,208 reported holdings.
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