Graham Capital Management, L.P.
$5.5B in tracked AUM across 1,222 positions as of Q2 2026.
A 1,120-position portfolio changed character through four oversized moves. Graham Capital Management sold its entire $632.4 million MSTR stake and exited a $116.7 million QQQ position, then opened IWM at $375.9 million and GDX at $223.0 million while adding an estimated $177.2 million to HYG. The $4.1 billion book barely changed in total size, but its dominant exposures shifted from a single crypto-linked equity and large-cap growth toward small caps, gold miners and high-yield credit.
Crypto exposure was reduced rather than eliminated: Graham also cut FBTC and IBIT and exited BITO, yet IBIT remains a 3.0% holding and FBTC about 1.0%. Beneath the macro repositioning, the firm added AMZN, CRM, GOOG and NVDA while trimming META and MU. The quarter's sharpest conclusion is that apparent diversification by position count masks a portfolio whose direction can be rewritten by a handful of ETF and thematic trades.
Quarter at a glance — Q2 2026
Position-change comparison pending.
Top 10 holdings
By portfolio weight as of Q2 2026.