Graham Capital Management Q2 2026: Strategic Shifts Highlight Crypto, ETF Holdings

For the second quarter of 2026, Graham Capital Management, known for its value-oriented investment approach focused on deep-value opportunities often found in overlooked or undervalued sectors, made several notable adjustments to its portfolio. The firm's holdings as of June 30th, 2026, reflect a mix of increased stakes in existing positions and new investments across various industries.

Major Purchases This Quarter

Graham Capital Management demonstrated significant buying activity during Q2 2026. The firm notably purchased shares of several companies, boosting its portfolio allocation for some while adding entirely new positions.

• The largest purchase was in the form of a Graham Capital Management holding: The SPDR Series Trust (XHB), an ETF tracking high-yield bonds, saw its position increase by 452.44% in terms of shares and is now worth approximately $18.6 million.
• The firm also significantly increased its stake in HYG, the iShares High Yield Bond ETF, acquiring over 230,000 additional shares which pushed its allocation to about $3.9 million (1.03%).
• Within specific sectors, notable buys included Traevere Therapeutics Inc. (TVTX) in Healthcare, adding a position worth around $25.4 million.
• Technology sector additions were seen with CCCS, the CCC Intelligent Solutions HL ETF, where Graham Capital purchased all 789,108 shares held in this filing, boosting its allocation to nearly $4.1 million (0.11%).
• The firm also added positions in other areas like Financial Services via CIFR and Real Estate through AGNC.

Significant Sales and Reductions

In contrast, the investment advisor also disclosed substantial selling activity during this period. Several holdings were reduced significantly or exited entirely by Graham Capital Management.

• The firm sold shares of several major Technology companies including Micron Technology Inc. (MU), Intel Corp (INTC), and Alphabet Inc. (GOOG). The sales from these three alone represented a significant portion of the disclosed exits, though their combined value was less than some new purchases.
• Amazon.com Inc. (AMZN) saw its stake reduced by nearly 23% in terms of shares during Q2.
• Citigroup Inc. (C), another Financial Services holding, also experienced a notable reduction in Graham's position.
• The most drastic sale was from the Technology sector with Nokia Corp (NOK) and Intel Corp (INTC). The selling volume for these two exceeded 800% increase respectively in terms of share change percentage disclosed.

Portfolio Concentration Changes

The changes this quarter resulted in a slight shift away from Technology concentration, which previously held the highest allocation at nearly 19%. The firm's largest sector allocation remains Financial Services with about $300 million (11.87%), followed by Industrials and Real Estate.

• Technology still represents a substantial portion of Graham's portfolio ($473 million, 19.07%) despite the reductions disclosed in this filing.
• The firm also holds positions across other sectors including Consumer Cyclical, Communication Services, Healthcare, Utilities, and Consumer Defensive, though some specific changes like exiting EWY (Energy sector ETF) are noted.

Notable Stock Movement Examples

Several individual stock holdings within Graham's portfolio showed dramatic percentage changes in this quarter alone. For instance:

• Graham Capital Management's stake in EOSE, an Industrial company, increased by nearly 99% (177,493 shares added).
• Conversely, the position in TVTX saw a huge increase of over 865% in terms of share change percentage.

The overall portfolio value stood at approximately $2.5 billion as of June 30th, 2026, reflecting these changes and maintaining Graham's focus on deep-value investing across diverse sectors.