Fund Holdings

Graham Capital Management, L.P.

Filing Period:
Securities
SharesValue ($K)
Q4 2025
Q1 2026
Change
Q4 2025
Q1 2026
Change
ISHARES TR(Put)01,270,400+1,270,4000315,059,200+315,059,200
VANECK ETF TRUST(Call)02,320,000+2,320,0000212,906,400+212,906,400
ISHARES TR(Put)02,410,900+2,410,9000191,811,204+191,811,204
APPLIED DIGITAL CORP000096,469,821+96,469,821
GREEN PLAINS INC000082,157,121+82,157,121
SUNRUN INC000060,673,641+60,673,641
TILRAY BRANDS INC000059,688,884+59,688,884
PURECYCLE TECHNOLOGIES INC000059,442,892+59,442,892
RIVIAN AUTOMOTIVE INC000057,364,869+57,364,869
GROUPON INC000054,051,614+54,051,614
THE REALREAL INC000049,481,645+49,481,645
ISHARES INC0362,700+362,700044,615,727+44,615,727
RAMACO RES INC000043,171,409+43,171,409
BRIDGEBIO PHARMA INC000040,117,204+40,117,204
ISHARES TR(Call)0150,000+150,000037,200,000+37,200,000
SELECT SECTOR SPDR TR0659,300+659,300032,549,641+32,549,641
LUCID GROUP INC(Put)03,625,500+3,625,500034,551,015+34,551,015
CLEANSPARK INC000028,726,415+28,726,415
AMAZON COM INC0408,024+408,024084,979,158+84,979,158
ISHARES TR095,300+95,300023,634,400+23,634,400
INVESCO EXCHANGE TRADED FD T0179,869+179,869034,520,458+34,520,458
ALPHABET INC0164,235+164,235047,112,452+47,112,452
TRAVERE THERAPEUTICS INC000021,353,296+21,353,296
GREEN PLAINS INC000019,278,459+19,278,459
ISHARES TR0246,900+246,900019,643,364+19,643,364
SOLARIS ENERGY INFRAS INC000016,562,235+16,562,235
ISHARES TR0290,087+290,087016,474,041+16,474,041
ISHARES INC0467,477+467,477017,946,442+17,946,442
SALESFORCE INC(Call)087,500+87,500016,333,625+16,333,625
CITIGROUP INC0389,193+389,193044,138,378+44,138,378
BLOOM ENERGY CORP0116,921+116,921015,841,626+15,841,626
OKTA INC0200,305+200,305015,766,007+15,766,007
MARA HOLDINGS INC000015,051,392+15,051,392
ISHARES INC0247,908+247,908018,650,119+18,650,119
APPLIED OPTOELECTRONICS INC000014,578,878+14,578,878
MASTERCARD INCORPORATED029,127+29,127014,553,597+14,553,597
CLOUDFLARE INC068,903+68,903014,217,445+14,217,445
GREEN PLAINS INC000013,174,334+13,174,334
SPOTIFY TECHNOLOGY S A032,164+32,164015,596,645+15,596,645
SOUTHERN CO0129,217+129,217012,472,025+12,472,025
GOLDMAN SACHS GROUP INC013,743+13,743011,626,441+11,626,441
INVESCO QQQ TR(Call)020,000+20,000011,543,600+11,543,600
T1 ENERGY INC000011,065,950+11,065,950
SPDR GOLD TR(Call)025,000+25,000010,757,250+10,757,250
OREILLY AUTOMOTIVE INC0127,894+127,894011,805,895+11,805,895
SELECT SECTOR SPDR TR(Call)0206,000+206,000010,293,820+10,293,820
ISHARES TR047,750+47,750010,082,413+10,082,413
NVIDIA CORPORATION0293,871+293,871051,251,102+51,251,102
MARRIOTT INTL INC NEW029,733+29,73309,724,772+9,724,772
CALUMET INC(Put)01,713,400+1,713,400061,511,060+61,511,060
SALESFORCE INC0167,792+167,792031,321,733+31,321,733
PROCTER & GAMBLE CO0142,191+142,191020,538,068+20,538,068
PALO ALTO NETWORKS INC052,214+52,21408,370,948+8,370,948
INTEL CORP0495,755+495,755021,877,668+21,877,668
EMBRAER S.A.0401,632+401,632023,832,843+23,832,843
VANECK ETF TRUST0110,000+110,000010,094,700+10,094,700
IQVIA HLDGS INC045,475+45,47507,755,307+7,755,307
METLIFE INC0193,190+193,190013,662,397+13,662,397
ANALOG DEVICES INC023,313+23,31307,416,798+7,416,798
KRAFT HEINZ CO0305,664+305,66406,874,383+6,874,383
TAPESTRY INC048,335+48,33506,820,552+6,820,552
VISA INC055,008+55,008016,625,618+16,625,618
PINNACLE WEST CAP CORP066,477+66,47706,697,558+6,697,558
ECOLAB INC025,010+25,01006,653,160+6,653,160
DYNATRACE INC0176,083+176,08306,511,549+6,511,549
STATE STR SPDR S&P 500 ETF T(Call)010,000+10,00006,503,400+6,503,400
REGENCY CTRS CORP085,029+85,02906,433,294+6,433,294
ROSS STORES INC029,437+29,43706,376,937+6,376,937
MORGAN STANLEY038,133+38,13306,275,548+6,275,548
CITIZENS FINL GROUP INC0140,716+140,71608,438,739+8,438,739
BLACKSTONE MORTGAGE TRUST IN00005,934,982+5,934,982
DOMINION ENERGY INC0108,509+108,50906,708,026+6,708,026
BIGBEAR AI HLDGS INC01,627,417+1,627,41705,728,508+5,728,508
PUBLIC SVC ENTERPRISE GROUP096,432+96,43207,806,170+7,806,170
DATADOG INC056,139+56,13906,627,209+6,627,209
FIRSTENERGY CORP0105,243+105,24305,331,610+5,331,610
PERMIAN RESOURCES CORP0247,783+247,78305,282,734+5,282,734
AON PLC016,254+16,25405,246,466+5,246,466
MONGODB INC031,336+31,33607,670,113+7,670,113
VENU HLDG CORP01,530,628+1,530,62805,066,379+5,066,379
DELTA AIR LINES INC(Call)075,000+75,00004,986,000+4,986,000
GAMESTOP CORP(Put)01,675,300+1,675,300038,598,912+38,598,912
D R HORTON INC043,503+43,50305,969,482+5,969,482
SPDR SERIES TRUST045,000+45,00004,860,450+4,860,450
AUTOMATIC DATA PROCESSING IN074,299+74,299015,096,071+15,096,071
LOWES COS INC020,227+20,22704,779,236+4,779,236
DARDEN RESTAURANTS INC024,282+24,28204,760,243+4,760,243
CANADIAN NAT RES LTD MED TER0115,954+115,95405,650,438+5,650,438
FASTENAL CO0141,767+141,76706,577,989+6,577,989
S&P GLOBAL INC010,759+10,75904,576,233+4,576,233
COLGATE PALMOLIVE CO052,164+52,16404,445,938+4,445,938
SUNCOR ENERGY INC NEW066,716+66,71604,410,595+4,410,595
TARGET CORP033,421+33,42104,050,625+4,050,625
BCE INC0158,894+158,89404,010,485+4,010,485
WELLS FARGO & CO(Put)050,000+50,00003,980,500+3,980,500
SELECT SECTOR SPDR TR079,000+79,00003,947,630+3,947,630
TOTALENERGIES SE043,202+43,20203,930,518+3,930,518
EBAY INC.042,903+42,90303,905,031+3,905,031
TEXAS ROADHOUSE INC023,290+23,29003,846,111+3,846,111
CONSOLIDATED EDISON INC060,845+60,84506,886,437+6,886,437
Page 1 of 15