Graham Capital Management, L.P.
Annual return '25
+3.6%
SPY '25
+17.7%
Alpha
-14.2ptsvs SPY
Invested
$4.1B
Holdings
1,105
Trades YTD
0
Performance · Fund vs SPY
Cumulative return · quarterly snapshotsCoverage 100%. 3 quarters of 2025 measured against SPY adj-close benchmark.
Top holdings · current snapshot
Source: 13F-HR01
$IWM
ISHARES TR
Q4 2025: Exited (was 1.76M shares)
9.1%
02
$GDX
VANECK ETF TRUST
Q4 2025: Exited (was 200.0k shares)
5.4%
03
$HYG
ISHARES TR
Q4 2025: Exited (was 599.7k shares)
5.1%
04
$IBIT
ISHARES BITCOIN TRUST ETF
Q4 2025: Exited (was 4.76M shares)
3.0%
05
$APLD 2.75 06/01/
APPLIED DIGITAL CORP
Held since at least Q1 2024
2.3%
06
$GPRE 5.25 11/01/
GREEN PLAINS INC
Held since at least Q1 2024
2.3%
07
$AMZN
AMAZON COM INC
Q4 2025: Exited (was 40.0k shares)
2.1%
08
$ALHC
Alignment Healthcare Inc
Q3 2025: Exited (was 181.6k shares)
1.7%
09
$FLS
Flowserve Corp
Q3 2025: Exited (was 30.2k shares)
1.7%
10
$WMS
Advanced Drainage Systems Inc
Q4 2025: Exited (was 4.4k shares)
1.6%
Recent trades · Last 90 days
No Form 4 / 13D / 13G trade events on file in the recent window. 13F filers report position snapshots quarterly rather than per-trade events, so this section is most useful for managers who also file Form 4 or 13D/G.
Convergence · Pattern Engine ships in v1.1
30-day windowIn development
Convergence participation lands with the Pattern Engine.
Once the Pattern Engine ships, this section will list every active convergence event this fund is named in — with the other named funds, the Congress members on the same name, and combined position size.
Source data: SEC EDGAR · 13F-HR filings · Performance through 2025-12-31 · Last refreshed 12:17 UTC.