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Livermore
Livermore
ZHEN

Graham Capital Management, L.P.

SEC CIK
0001315421
Latest filing
Aug 14, 2026

The latest 13F from Graham Capital Management, L.P. covers Q2 2026 (filed Aug 14, 2026): 1,160 long positions worth $3.73B. The top 10 holdings make up 23.0% of the portfolio, and the largest is GameStop Corp. at 4.0%. Livermore has 22 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
418
Est. +$1.02B
Added
347
Est. +$566.4M
Reduced
375
Est. −$766.1M
Sold out
338
Est. −$460.9M

Top 5 holdings

Share of this quarter's portfolio value

  1. GameStop Corp.36467WAG4
    4.0%$150.1M
  2. Penguin Solutions, Inc.83205YAE4
    3.2%$119.9M
  3. Applied Digital Corp.038169AB4
    2.6%$97.1M
  4. NVDANVIDIA Corp
    2.2%$82.4MHistory
  5. Green Plains Inc.393222AM6
    2.1%$78.0M

Share of portfolio

Top 5 holdings and the other 1,155 positions, by share of portfolio value

  1. GameStop Corp.4.0%
  2. Penguin Solutions, Inc.3.2%
  3. Applied Digital Corp.2.6%
  4. NVDA2.2%
  5. Green Plains Inc.2.1%
  6. Other 1,155 positions85.9%

Biggest buys

New and added positions, by estimated amount bought

  1. GameStop Corp.36467WAG4
    +$150.1MNew
  2. Penguin Solutions, Inc.83205YAE4
    +$119.9MNew
  3. PureCycle Technologies, Inc.74623VAD5
    +$58.1MNew
  4. Applied Optoelectronics, Inc.03823UAF9
    +$49.9MNew
  5. KEELKeel Infrastructure Corp.
    +$37.9MNewHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. GameStop Corp.36467WAG4
    +4.02 pp0.0% → 4.0%
  2. Penguin Solutions, Inc.83205YAE4
    +3.21 pp0.0% → 3.2%
  3. PureCycle Technologies, Inc.74623VAD5
    +1.56 pp0.0% → 1.6%
  4. Applied Optoelectronics, Inc.03823UAF9
    +1.34 pp0.0% → 1.3%
  5. KEELKeel Infrastructure Corp.
    +1.02 pp0.0% → 1.0%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. PureCycle Technologies, Inc.74623VAB9
    −$59.4MSold out
  2. iShares Inc464286772
    −$50.6MReduced
  3. MUMicron Technology Inc
    −$48.6MReducedHistory
  4. INTCIntel Corp
    −$45.3MReducedHistory
  5. BEBloom Energy Corp
    −$33.4MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. PureCycle Technologies, Inc.74623VAB9
    −2.01 pp2.0% → 0.0%
  2. NFLXNetflix Inc
    −1.12 pp1.1% → <0.1%History
  3. State Street Financial Select Sector SPDR ETF81369Y605
    −1.10 pp1.1% → 0.0%
  4. IBITiShares Bitcoin Trust ETF
    −0.97 pp1.2% → 0.2%History
  5. iShares Inc464286772
    −0.90 pp1.5% → 0.6%

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$3.73B
+$773.4M (+26.1%) vs. prior quarter
Positions
1,160
+80 vs. prior quarter
Top 10 concentration
23.0%
Top 10 as share of value
Turnover
36.7%
Q2 2026, one quarter
Average holding period
4.8 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $3.73B (Q2 2026)

Q1 2021: $1.95BQ2 2021: $1.86BQ3 2021: $1.66BQ4 2021: $1.79BQ1 2022: $2.23BQ2 2022: $2.16BQ3 2022: $2.33BQ4 2022: $2.63BQ1 2023: $2.86BQ2 2023: $2.92BQ3 2023: $3.34BQ4 2023: $3.14BQ1 2024: $3.51BQ2 2024: $2.90BQ3 2024: $3.03BQ4 2024: $3.24BQ1 2025: $3.15BQ2 2025: $3.28BQ3 2025: $2.70BQ4 2025: $2.91BQ1 2026: $2.96BQ2 2026: $3.73B
Q1 2021Q2 2026
13F filings of Graham Capital Management, L.P. by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 14, 20261,160$3.73BGameStop Corp.Penguin Solutions, Inc.Applied Digital Corp.vs. Q1 2026SEC
Q1 2026May 15, 20261,080$2.96BApplied Digital Corp.AMZNGreen Plains Inc.vs. Q4 2025SEC
Q4 2025Feb 17, 20261,161$2.91BApplied Digital Corp.IBITSunrun Inc.vs. Q3 2025SEC
Q3 2025Nov 14, 20251,161$2.70BBloom Energy CorpBloom Energy CorpIBITvs. Q2 2025SEC
Q2 2025Aug 14, 20251,220$3.28BCentennial Resource Dev IncIBITCoinbase Global, Inc.vs. Q1 2025SEC
Q1 2025May 15, 20251,217$3.15BCentennial Resource Dev IncBloom Energy CorpIBITvs. Q4 2024SEC
Q4 2024Feb 14, 20251,171$3.24BCentennial Resource Dev IncIBITBloom Energy Corpvs. Q3 2024SEC
Q3 2024Nov 14, 20241,030$3.03BCentennial Resource Dev IncMicroStrategy IncIBITvs. Q2 2024SEC
Q2 2024Aug 14, 2024976$2.90BCentennial Resource Dev IncMicroStrategy IncZillow Group, Inc.vs. Q1 2024SEC
Q1 2024May 15, 20241,003$3.51BMicroStrategy IncCentennial Resource Dev IncZillow Group, Inc.vs. Q4 2023SEC
Q4 2023Feb 14, 2024935$3.14BZillow Group, Inc.MicroStrategy IncCentennial Resource Dev Incvs. Q3 2023SEC
Q3 2023Nov 22, 2023965$3.34BZillow Group, Inc.Centennial Resource Dev IncPeabody Engr Corpvs. Q2 2023SEC
Q2 2023Aug 14, 2023918$2.92BZillow Group, Inc.Transocean Ltd.Centennial Resource Dev Incvs. Q1 2023SEC
Q1 2023May 15, 20231,008$2.86BZillow Group, Inc.Peabody Engr CorpTransocean Ltd.vs. Q4 2022SEC
Q4 2022Feb 14, 20231,003$2.63BZillow Group, Inc.Centennial Resource Dev IncSquare Incvs. Q3 2022SEC
Q3 2022Nov 14, 20221,028$2.33BZillow Group, Inc.Centennial Resource Dev IncSquare Incvs. Q2 2022SEC
Q2 2022Aug 15, 2022964$2.16BZillow Group, Inc.Centennial Resource Dev IncNovavax Incvs. Q1 2022SEC
Q1 2022May 16, 2022864$2.23BGogo Inc.MicroStrategy IncCarnival Corpvs. Q4 2021SEC
Q4 2021Feb 14, 2022517$1.79BCarnival CorpMicroStrategy IncGogo Inc.vs. Q3 2021SEC
Q3 2021Nov 15, 2021101$1.66BGogo Inc.Cleveland-Cliffs Inc.Novavax Incvs. Q2 2021SEC
Q2 2021Aug 16, 2021114$1.86BCleveland-Cliffs Inc.Novavax IncARvs. Q1 2021SEC
Q1 2021May 17, 2021129$1.95BCleveland-Cliffs Inc.Novavax IncPenn Natl Gaming Inc–SEC

13D and 13G filings

Companies where Graham Capital Management, L.P. reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

1 company, largest stake first.

Companies where Graham Capital Management, L.P. owns 5% or more
CompanyLatest formStakeChangeFirst filedLatest filingFiling
HOSTHost Digital Inc.13D9.99%2.60M sharesNewSep 24, 20261 filingSep 24, 2026SEC

Latest filings

5 filings on file made by Graham Capital Management, L.P. or listing it as a reporting person, newest first.

Schedule 13D and 13G filings by Graham Capital Management, L.P.
CompanyFiled (ET)FormStakeChangeEvent dateFiling
HOSTHost Digital Inc.Sep 24, 20264:05 PM ET13D9.99%2.60M sharesNewSep 17, 2026SEC
ASSTStrive, Inc.Dec 1, 20255:30 PM ET13G/A4.20%25.8M shares−5.46 ppfrom 9.66%Below 5%Nov 14, 2025SEC
ASSTStrive, Inc.Sep 22, 20257:27 PM ET13G9.66%37.0M sharesNewSep 12, 2025SEC
MAXNQMaxeon Solar Technologies, Ltd.Jul 16, 202413G/AOld format–––SEC
MAXNQMaxeon Solar Technologies, Ltd.Jul 11, 202413GOld format–New–SEC