Graham Capital Management, L.P.

Hedge Fund • Multi-Strategy

Graham Capital Management, L.P. is a Multi-Strategy Hedge Fund based in Rowayton, CT led by Brian Kevin Douglas, reporting $28.5B in AUM as of Q3 2025 with IBIT as the largest holding (8% allocation).

CEOBrian Kevin Douglas

Portfolio Value: $1.8B
Positions: 1,145
Top Holding: IBIT at 8.25%
Last Reported: Q3 2025

Address40 Highland Avenue, Rowayton, CT, 06853, United States

Top Holdings

Largest long holdings in Graham Capital Management, L.P.'s portfolio (24.5% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 iShares Bitcoin Trust IBIT	ETF ETF	$150.3M	8.25%	-$15.8M Sold	— 2.3M shares	Q1 2024 Held for 1y 8m
2 VanEck Gold Miners GDX	ETF ETF	$62.1M	3.41%	+$54.4M Bought	— 812.5K shares	Q3 2024 Held for 1y 2m
3 Utilities Select Sector SPDR Fund XLU	ETF ETF	$55.4M	3.04%	+$11.2M Bought	— 635.2K shares	Q2 2024 Held for 1y 5m
4 Amazon AMZN	Specialty Retail Consumer Cyclical	$36.6M	2.01%	+$11.0M Bought	0.00% 166.7K shares	Q4 2021 Held for 3y 11m
5 Vanguard Value VTV	ETF ETF	$32.8M	1.80%	+$12.3M Bought	— 176.0K shares	Q2 2025 Held for 5 months
6 Meta Platforms, Inc. META	Internet Content & Information Communication Services	$29.1M	1.60%	+$6.8M Bought	0.00% 39.7K shares	Q4 2021 Held for 3y 11m
7 Industrial Select Sector SPDR Fund XLI	ETF ETF	$24.7M	1.35%	+$20.7M Bought	— 160.1K shares	Q3 2024 Held for 1y 2m
8 CME Group CME	Financial - Data & Stock Exchanges Financial Services	$20.7M	1.14%	-$2.9M Sold	0.02% 76.7K shares	≤ Q2 2013 Held for 12y 5m+
9 Nvidia NVDA	Semiconductors Technology	$17.7M	0.97%	-$5.2M Sold	0.00% 94.8K shares	Q2 2023 Held for 2y 5m
10 Boeing BA	Aerospace & Defense Industrials	$16.8M	0.92%	-$2.9M Sold	0.01% 77.6K shares	Q4 2024 Held for 11 months

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in Graham Capital Management, L.P.'s latest filing

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Market Value

$1.8B

Prior: $2.3B

Q/Q Change

-22.28%

-$522.7M

Net Flows % of MV

-53.78%

Turnover Ratio

54.03%

New Purchases

105 stocks

$54.1M

Added To

237 stocks

+$309.1M

Sold Out Of

495 stocks

$593.8M

Reduced Holdings

463 stocks

-$749.8M

Increased Positions

Position	Shares Δ	Change
1 ProCap Acquisition Corp Class A Ordinary Shares PCAP	New	0 → 437.1K +$4.5M
2 Lamar Advertising LAMR	New	0 → 30.0K +$3.7M
3 Oklo OKLO	New	0 → 32.1K +$3.6M
4 iShares 20+ Year Treasury Bond TLT	New	0 → 38.0K +$3.4M
5 Franco-Nevada FNV	New	0 → 12.4K +$2.8M

Decreased Positions

Position	Shares Δ	Change
1 Caterpillar CAT	Sold	40.6K → 0 −$15.8M
2 iShares MSCI Emerging Markets EEM	Sold	318.4K → 0 −$15.4M
3 iShares MSCI Japan EWJ	Sold	158.2K → 0 −$11.9M
4 3M MMM	Sold	61.2K → 0 −$9.3M
5 SPDR S&P Homebuilders XHB	Sold	86.0K → 0 −$8.5M

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Analytics

Portfolio insights and performance metrics for Graham Capital Management, L.P.

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Sector Allocation

ETF

24.50%

Industrials

12.50%

Technology

12.00%

Financial Services

9.50%

Consumer Cyclical

9.50%

Healthcare

7.60%

Communication Services

4.80%

Consumer Defensive

4.10%

Energy

3.60%

Real Estate

2.90%

Utilities

2.70%

Basic Materials

2.10%

Market Cap Distribution

Mega Cap (> $200B)

11.29%

Large Cap ($10B - $200B)

36.12%

Mid Cap ($2B - $10B)

15.98%

Small Cap ($300M - $2B)

7.52%

Micro Cap ($50M - $300M)

0.79%

Nano Cap (< $50M)

0.74%

N/A (ETF or Unknown)

27.56%

Portfolio Concentration

Top 10 Holdings %

24.48%

Top 20 Holdings %

31.88%

Top 50 Holdings %

46.27%

Top 100 Holdings %

59.24%