Graham Capital Management, L.P. Buys Caterpillar Inc, Energy Select Sector SPDR Fund, iShares MSCI Brazil Capped ETF, Sells iShares China Large-Cap ETF, Visa Inc, Alibaba Group Holding

• New Purchases: EEM, BA, XLP, MRK, ENPH, AVGO, STZ, XOM, XLI, X, FCX, NOC, SPY, CDE, HCC, TECK,
• Added Positions: CAT, XLE, EWZ, JPM, MSFT, GPRO, CRM, EPI, INDA, AA, NIHD, TALO,
• Reduced Positions: BABA, LEE,
• Sold Out: FXI, V, RSX, ITB, XME, WLL, CLF, GDX, KGC, CHK,

For the details of Graham Capital Management, L.P.'s stock buys and sells, go to https://www.gurufocus.com/guru/graham+capital+management%2C+l.p./current-portfolio/portfolio

1. SPDR Gold Trust (GLD) - 10,925,000 shares, 56.92% of the total portfolio.
2. SPDR S&P 500 ETF Trust (SPY) - 1,160,000 shares, 13.30% of the total portfolio.
3. iShares Russell 2000 ETF (IWM) - 2,130,000 shares, 12.96% of the total portfolio.
4. Energy Select Sector SPDR Fund (XLE) - 888,010 shares, 2.21% of the total portfolio. Shares added by 26.87%
5. Tesla Inc (TSLA) - 200,000 shares, 1.75% of the total portfolio.

Graham Capital Management, L.P. initiated holding in iShares MSCI Emerging Markets ETF. The purchase prices were between $39.61 and $44.25, with an estimated average price of $42.18. The stock is now traded at around $39.00. The impact to a portfolio due to this purchase was 0.37%. The holding were 220,000 shares as of .

Graham Capital Management, L.P. initiated holding in Boeing Co. The purchase prices were between $337.37 and $395.86, with an estimated average price of $364.73. The stock is now traded at around $328.00. The impact to a portfolio due to this purchase was 0.36%. The holding were 25,000 shares as of .

Graham Capital Management, L.P. initiated holding in Consumer Staples Select Sector SPDR Fund. The purchase prices were between $55.19 and $59.36, with an estimated average price of $57.25. The stock is now traded at around $59.53. The impact to a portfolio due to this purchase was 0.28%. The holding were 125,000 shares as of .

Graham Capital Management, L.P. initiated holding in Merck & Co Inc. The purchase prices were between $73.19 and $85.51, with an estimated average price of $80.15. The stock is now traded at around $83.46. The impact to a portfolio due to this purchase was 0.26%. The holding were 80,000 shares as of .

Graham Capital Management, L.P. initiated holding in Enphase Energy Inc. The purchase prices were between $9.26 and $18.8, with an estimated average price of $13.72. The stock is now traded at around $29.78. The impact to a portfolio due to this purchase was 0.26%. The holding were 358,220 shares as of .

Graham Capital Management, L.P. initiated holding in Broadcom Inc. The purchase prices were between $251.64 and $320.53, with an estimated average price of $291.3. The stock is now traded at around $268.64. The impact to a portfolio due to this purchase was 0.23%. The holding were 20,000 shares as of .

Graham Capital Management, L.P. added to a holding in Caterpillar Inc by 132.50%. The purchase prices were between $119.81 and $143.36, with an estimated average price of $132.17. The stock is now traded at around $115.25. The impact to a portfolio due to this purchase was 0.56%. The holding were 186,000 shares as of .

Graham Capital Management, L.P. added to a holding in Energy Select Sector SPDR Fund by 26.87%. The purchase prices were between $58.77 and $68.61, with an estimated average price of $64.04. The stock is now traded at around $56.28. The impact to a portfolio due to this purchase was 0.47%. The holding were 888,010 shares as of .

Graham Capital Management, L.P. added to a holding in iShares MSCI Brazil Capped ETF by 250.00%. The purchase prices were between $36.52 and $44.38, with an estimated average price of $40.85. The stock is now traded at around $41.36. The impact to a portfolio due to this purchase was 0.43%. The holding were 350,000 shares as of .

Graham Capital Management, L.P. added to a holding in JPMorgan Chase & Co by 233.33%. The purchase prices were between $104.64 and $116.12, with an estimated average price of $110.3. The stock is now traded at around $105.20. The impact to a portfolio due to this purchase was 0.31%. The holding were 100,000 shares as of .

Graham Capital Management, L.P. added to a holding in GoPro Inc by 233.05%. The purchase prices were between $5.46 and $7.55, with an estimated average price of $6.37. The stock is now traded at around $3.98. The impact to a portfolio due to this purchase was 0.13%. The holding were 882,905 shares as of .

Graham Capital Management, L.P. added to a holding in WisdomTree India Earnings Fund by 30.42%. The purchase prices were between $24.04 and $26.71, with an estimated average price of $25.94. The stock is now traded at around $23.00. The impact to a portfolio due to this purchase was 0.09%. The holding were 378,600 shares as of .

Graham Capital Management, L.P. sold out a holding in iShares China Large-Cap ETF. The sale prices were between $39.53 and $45.39, with an estimated average price of $42.36.

Graham Capital Management, L.P. sold out a holding in Visa Inc. The sale prices were between $157.26 and $173.85, with an estimated average price of $163.66.

Graham Capital Management, L.P. sold out a holding in VanEck Vectors Russia ETF. The sale prices were between $20.66 and $23.83, with an estimated average price of $21.89.

Graham Capital Management, L.P. sold out a holding in iShares U.S. Home Construction ETF. The sale prices were between $35.34 and $39.17, with an estimated average price of $37.77.

Graham Capital Management, L.P. sold out a holding in SPDR S&P Metals & Mining ETF. The sale prices were between $24.4 and $30.98, with an estimated average price of $27.83.

Graham Capital Management, L.P. sold out a holding in Whiting Petroleum Corp. The sale prices were between $15.89 and $30.35, with an estimated average price of $22.92.