Graham Capital Management, L.P.

Kenneth Tropin

New IWM position and exited Strategy in Q1 2026.

$4.1B in this filing1120 positionstop 10 = 30%

Holdings are from Mar 31, 2026, not today. Filed May 15, 2026. Next filing due ~Aug 14, 2026 - a fund that has since had a bad quarter will not show it here until then.

Options positions40 positions (15 puts, 25 calls) - $1.2B. Priced off the underlying stock - 13F never discloses strike or premium.

1IWM putsiShares TR26.68%
$315.1M - 1.3M sharesNEW
2GDX callsVanEck Etf Trust18.03%
$212.9M - 2.3M sharesNEW
3HYG putsiShares TR16.24%
$191.8M - 2.4M shares+2.0M

#	Stock					At filing	Now	Market cap	P/E
1	IWM putsiShares TR	26.68%	$315.1M	1.3M	NEW	$248.00	-	-	-
2	GDX callsVanEck Etf Trust	18.03%	$212.9M	2.3M	NEW	$91.77	-	-	-
3	HYG putsiShares TR	16.24%	$191.8M	2.4M	+2.0M	$79.56	-	-	-

1,117 more on a paid plan

Free shows three. Paid plans unlock the full portfolio, every quarter, and what changed.

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What is missing

This filing does not include cash, short positions, private investments, bonds, or many overseas holdings.