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GCM

Graham Capital Management Portfolio holdings

AUM $4.14B
1-Year Est. Return 17.82%
This Fund
S&P 500
This Quarter Est. Return
-0.11%
1 Year Est. Return
+17.82%
3 Year Est. Return
+41.13%
5 Year Est. Return
+43.39%
10 Year Est. Return
+148.36%
AUM
$4.14B
AUM Growth
-$38.8M
Cap. Flow
-$605M
Cap. Flow %
-14.61%
Top 10 Hldgs %
30.31%
Holding
1,593
New
402
Increased
336
Reduced
352
Closed
473

Top Buys

Rank Stock Value
1
EWY icon
iShares MSCI South Korea ETF
EWY
+$45.4M
2
AMZN icon
Amazon
AMZN
+$35.5M
3
XLF icon
State Street Financial Select Sector SPDR ETF
XLF
+$34.4M
4
GOOG icon
Alphabet (Google) Class C
GOOG
+$26.3M
5
IWM icon
iShares Russell 2000 ETF
IWM
+$24.6M

Top Sells

Rank Stock Value
1
EWC icon
iShares MSCI Canada ETF
EWC
+$43.5M
2
IBIT icon
iShares Bitcoin Trust
IBIT
+$26.9M
3
MCD icon
McDonald's
MCD
+$19.7M
4
EOSE icon
Eos Energy Enterprises
EOSE
+$19.3M
5
META icon
Meta Platforms (Facebook)
META
+$18.8M

Sector Composition

Rank Sector Weight
1 Technology 9.27%
2 Financials 6.94%
3 Industrials 6.85%
4 Consumer Discretionary 6.52%
5 Communication Services 3.87%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IWM icon
1
PUT
iShares Russell 2000 ETF
IWM
$80.4B
$315M 7.61%
+1,270,400
New +$328M
GDX icon
2
CALL
VanEck Gold Miners ETF
GDX
$22.7B
$213M 5.14%
+2,320,000
New +$229M
HYG icon
3
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$15.9B
$192M 4.63%
2,410,900
+2,010,900
+503% +$162M
IBIT icon
4
PUT
iShares Bitcoin Trust
IBIT
$47.3B
$89.5M 2.16%
2,328,800
+167,100
+8% +$7.24M
AMZN icon
5
Amazon
AMZN
$2.48T
$85M 2.05%
408,024
+161,152
+65% +$35.5M
CLMT icon
6
PUT
Calumet Specialty Products
CLMT
$3.62B
$61.5M 1.49%
1,713,400
-896,700
-34% -$23.2M
NVDA icon
7
NVIDIA
NVDA
$4.79T
$51.3M 1.24%
293,871
+71,592
+32% +$13.1M
GOOG icon
8
Alphabet (Google) Class C
GOOG
$4.08T
$47.1M 1.14%
164,235
+83,581
+104% +$26.3M
EWY icon
9
iShares MSCI South Korea ETF
EWY
$21.4B
$44.6M 1.08%
+362,700
New +$45.4M
C icon
10
Citigroup
C
$222B
$44.1M 1.07%
389,193
+148,099
+61% +$16.9M
FBTC icon
11
PUT
Fidelity Wise Origin Bitcoin Fund
FBTC
$11.8B
$41.1M 0.99%
696,200
-470,600
-40% -$31.3M
GME icon
12
PUT
GameStop
GME
$9.97B
$38.6M 0.93%
1,675,300
+200
+0% +$4.64K
IWM icon
13
CALL
iShares Russell 2000 ETF
IWM
$80.4B
$37.2M 0.9%
+150,000
New +$38.7M
IBIT icon
14
iShares Bitcoin Trust
IBIT
$47.3B
$35.6M 0.86%
925,862
-621,993
-40% -$26.9M
LCID icon
15
PUT
Lucid Motors
LCID
$3.06B
$34.6M 0.83%
3,625,500
+3,282,180
+956% +$34.1M
RSP icon
16
Invesco S&P 500 Equal Weight ETF
RSP
$98.1B
$34.5M 0.83%
179,869
+121,069
+206% +$24M
NFLX icon
17
Netflix
NFLX
$302B
$33.4M 0.81%
346,906
-47,017
-12% -$4.14M
XLF icon
18
State Street Financial Select Sector SPDR ETF
XLF
$57.2B
$32.5M 0.79%
+659,300
New +$34.4M
CRM icon
19
Salesforce
CRM
$148B
$31.3M 0.76%
167,792
+84,040
+100% +$17.4M
CIFR icon
20
Cipher Digital
CIFR
$8.35B
$28M 0.68%
2,178,594
-79,448
-4% -$1.26M
META icon
21
Meta Platforms (Facebook)
META
$1.51T
$26.3M 0.63%
45,936
-29,301
-39% -$18.8M
EMBJ
22
Embraer S.A. ADS
EMBJ
$12.3B
$23.8M 0.58%
401,632
+156,360
+64% +$10.7M
BA icon
23
Boeing
BA
$175B
$23.7M 0.57%
119,056
+1,000
+0.8% +$228K
IWM icon
24
iShares Russell 2000 ETF
IWM
$80.4B
$23.6M 0.57%
+95,300
New +$24.6M
CME icon
25
CME Group
CME
$93.4B
$23M 0.56%
77,801
-2,231
-3% -$663K
1
2 3 4 5

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BOK
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ZP
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SHCM
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AP
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BT
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BHC
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Graham Capital Management's Q1 2026 Portfolio in Review

As of Q1 2026, Graham Capital Management held 1,593 positions worth $4.14B, down 0.93% from $4.18B the previous quarter. Its ten largest holdings account for 30% of the portfolio.

Graham Capital Management withdrew a net $605M in Q1 2026, closing 473 positions and reducing 352 holdings. Its most notable exit was iShares MSCI Canada ETF, an estimated $43.5M position sold in full.

By sector, the portfolio is most concentrated in Technology at 9.3% of assets, up from 8.9% a quarter earlier, followed by Financials and Industrials.

Against the trend, Graham Capital Management opened a new position in iShares MSCI South Korea ETF worth $44.6M.

  • Graham Capital Management's largest Q1 2026 buy was iShares MSCI South Korea ETF: 362,700 shares worth $44.6M.
  • Graham Capital Management added most to Amazon in Q1 2026, an estimated $35.5M increase.
  • Graham Capital Management's biggest Q1 2026 reduction was iShares Bitcoin Trust, cutting an estimated $26.9M.
  • Graham Capital Management fully exited iShares MSCI Canada ETF in Q1 2026, selling an estimated $43.5M.
  • Graham Capital Management's ten largest holdings make up 30% of its $4.14B portfolio in Q1 2026.
  • Graham Capital Management opened 402 new positions and closed 473 in Q1 2026.
  • Graham Capital Management's portfolio value fell 0.93% quarter-over-quarter to $4.14B.

Based on Graham Capital Management's 13F filing for Q1 2026, filed 15 May 2026.