Graham Capital Management, L.P. 13F holdings, Q4 2025
Holdings as of December 31, 2025 · filings on SEC EDGAR · latest filing →
Graham Capital Management, L.P. disclosed 1161 US equity positions worth $2.9bn in its Q4 2025 13F filing. The largest position was APLD at 5.9% of the reported book, followed by IBIT and SUNRUN INC. Against the Q3 2025 filing, it opened 15 new positions, added to 27 and reduced 6 among the top 50 holdings.
What did Graham Capital Management, L.P. own in Q4 2025? Top 50 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q3 2025 |
|---|---|---|---|---|---|---|---|
| 1 | APLD APPLIED DIGITAL CORP | 5.9% | $171.7m | 63,738,000 | – | new | |
| 2 | IBIT ISHARES BITCOIN TRUST ETF | 2.6% | $76.9m | 1,547,855 | -33% | reduced | |
| 3 | SUNRUN INC | 2.6% | $74.9m | 52,940,000 | 12% | added | |
| 4 | PURECYCLE TECHNOLOGIES INC | 2.4% | $68.9m | 68,167,000 | 9% | added | |
| 5 | RIVIAN AUTOMOTIVE INC | 2.3% | $67.1m | 59,794,000 | 0% | held | |
| 6 | GREEN PLAINS INC | 2.1% | $61.4m | 58,308,000 | – | new | |
| 7 | TILRAY BRANDS INC | 2.1% | $60.9m | 59,500,000 | 2% | added | |
| 8 | THE REALREAL INC | 2.1% | $60.2m | 35,496,000 | 76% | added | |
| 9 | GROUPON INC | 2.0% | $58.2m | 65,471,000 | 56% | added | |
| 10 | AMZN AMAZON COM INC | Consumer Cyclical | 2.0% | $57.0m | 246,872 | 48% | added |
| 11 | META META PLATFORMS INC | Communication Services | 1.7% | $49.7m | 75,237 | 90% | added |
| 12 | EWC ISHARES INC | 1.5% | $43.5m | 806,849 | 525% | added | |
| 13 | BBIO BRIDGEBIO PHARMA INC | 1.4% | $42.0m | 22,241,000 | -14% | reduced | |
| 14 | NVDA NVIDIA CORPORATION | Technology | 1.4% | $41.5m | 222,279 | 134% | added |
| 15 | RAMACO RES INC | 1.4% | $40.0m | 47,300,000 | – | new | |
| 16 | NFLX NETFLIX INC | Communication Services | 1.3% | $36.9m | 393,923 | 9342% | added |
| 17 | CLEANSPARK INC | 1.2% | $35.8m | 34,519,000 | – | new | |
| 18 | CIFR CIPHER MINING INC | Technology | 1.1% | $33.3m | 2,258,042 | – | new |
| 19 | UPS UNITED PARCEL SERVICE INC | Industrials | 1.0% | $29.9m | 301,414 | 1271% | added |
| 20 | MARA MARA HOLDINGS INC | 1.0% | $28.4m | 36,029,000 | – | new | |
| 21 | C CITIGROUP INC | Financial Services | 1.0% | $28.1m | 241,094 | 116% | added |
| 22 | MU MICRON TECHNOLOGY INC | Technology | 0.9% | $27.4m | 96,114 | 15% | added |
| 23 | APPLIED OPTOELECTRONICS INC | 0.9% | $26.5m | 23,067,000 | 362% | added | |
| 24 | BA BOEING CO | Industrials | 0.9% | $25.6m | 118,056 | 52% | added |
| 25 | FSLR FIRST SOLAR INC | Technology | 0.9% | $25.6m | 98,074 | 65% | added |
| 26 | GOOG ALPHABET INC | Communication Services | 0.9% | $25.3m | 80,654 | 59% | added |
| 27 | CRM SALESFORCE INC | Technology | 0.8% | $22.2m | 83,752 | 241% | added |
| 28 | CME CME GROUP INC | Financial Services | 0.8% | $21.9m | 80,032 | 4% | added |
| 29 | MCD MCDONALDS CORP | Consumer Cyclical | 0.7% | $21.0m | 68,737 | 249% | added |
| 30 | EOSE EOS ENERGY ENTERPRISES INC | Industrials | 0.7% | $20.5m | 1,791,515 | – | new |
| 31 | BLACKSTONE MORTGAGE TRUST IN | 0.7% | $20.5m | 20,638,000 | 0% | held | |
| 32 | SOLARIS ENERGY INFRAS INC | 0.7% | $19.8m | 18,233,000 | – | new | |
| 33 | KWEB KRANESHARES TRUST | 0.7% | $18.9m | 555,390 | 240% | added | |
| 34 | BLOOM ENERGY CORP | 0.6% | $16.9m | 194,563 | -99% | reduced | |
| 35 | OPEN OPENDOOR TECHNOLOGIES INC | Real Estate | 0.6% | $16.1m | 2,768,208 | – | new |
| 36 | XLU SELECT SECTOR SPDR TR | 0.6% | $16.1m | 377,830 | -41% | reduced | |
| 37 | EMBJ EMBRAER S.A. | Industrials | 0.5% | $15.8m | 245,272 | 28% | added |
| 38 | OIH VANECK ETF TRUST | 0.5% | $13.7m | 48,000 | – | new | |
| 39 | INTC INTEL CORP | Technology | 0.5% | $13.5m | 367,124 | – | new |
| 40 | TE T1 ENERGY INC | 0.5% | $13.4m | 10,500,000 | – | new | |
| 41 | FXI ISHARES TR | 0.4% | $12.8m | 333,000 | 66% | added | |
| 42 | MSFT MICROSOFT CORP | Technology | 0.4% | $11.8m | 24,483 | 145% | added |
| 43 | VZ VERIZON COMMUNICATIONS INC | Communication Services | 0.4% | $11.6m | 284,227 | – | new |
| 44 | PG PROCTER AND GAMBLE CO | Consumer Defensive | 0.4% | $11.4m | 79,619 | 727% | added |
| 45 | RSP INVESCO EXCHANGE TRADED FD T | 0.4% | $11.3m | 58,800 | -10% | reduced | |
| 46 | HD HOME DEPOT INC | Consumer Cyclical | 0.4% | $11.2m | 32,408 | 67% | added |
| 47 | COF CAPITAL ONE FINL CORP | Financial Services | 0.4% | $10.8m | 44,664 | – | new |
| 48 | TER TERADYNE INC | Technology | 0.4% | $10.7m | 55,151 | -41% | reduced |
| 49 | ADP AUTOMATIC DATA PROCESSING IN | Technology | 0.4% | $10.3m | 39,971 | – | new |
| 50 | ADBE ADOBE INC | Technology | 0.3% | $10.1m | 28,824 | 107% | added |
Weights are shares of the reported long US equity book (options excluded). Values are as filed, normalised to whole dollars. Share changes compare against the immediately preceding filing only.