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GCM

Graham Capital Management Portfolio holdings

AUM $5.5B
1-Year Est. Return 26.66%
This Fund
S&P 500
This Quarter Est. Return
+16.6%
1 Year Est. Return
+26.66%
3 Year Est. Return
+60.37%
5 Year Est. Return
+53.44%
10 Year Est. Return
+161.9%
AUM
$5.5B
AUM Growth
+$1.36B
Cap. Flow
-$563M
Cap. Flow %
-10.25%
Top 10 Hldgs %
35.01%
Holding
1,568
New
448
Increased
355
Reduced
384
Closed
346

Top Buys

Rank Stock Value
1
KEEL
Keel Infrastructure Corp
KEEL
+$28.4M
2
SMCIP
Super Micro Computer Depositary Shares 7% Series A Preferred Stock
SMCIP
+$26.9M
3
EOSE icon
Eos Energy Enterprises
EOSE
+$24.8M
4
NVDA icon
NVIDIA
NVDA
+$24.2M
5
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$20.2M

Top Sells

Rank Stock Value
1
EWY icon
iShares MSCI South Korea ETF
EWY
+$44.2M
2
INTC icon
Intel
INTC
+$32.8M
3
XLF icon
State Street Financial Select Sector SPDR ETF
XLF
+$32.5M
4
MU icon
Micron Technology
MU
+$31.6M
5
NFLX icon
Netflix
NFLX
+$30.1M

Sector Composition

Rank Sector Weight
1 Miscellaneous 59.22%
2 Technology 10.55%
3 Industrials 7.38%
4 Consumer Discretionary 5.16%
5 Financials 4.95%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IWM icon
1
PUT
iShares Russell 2000 ETF
IWM
$78.5B
$943M 17.16%
3,138,600
+1,868,200
+147% +$525M
GDX icon
2
CALL
VanEck Gold Miners ETF
GDX
$29.5B
$190M 3.45%
2,512,000
+192,000
+8% +$17M
QQQ icon
3
CALL
Invesco QQQ Trust
QQQ
$488B
$115M 2.09%
156,000
+136,000
+680% +$93.6M
NVDA icon
4
NVIDIA
NVDA
$5.27T
$82.4M 1.5%
411,680
+117,809
+40% +$24.2M
AMZN icon
5
Amazon
AMZN
$2.77T
$75.1M 1.37%
314,943
-93,081
-23% -$23.4M
CLMT icon
6
PUT
Calumet Specialty Products
CLMT
$4.99B
$61.7M 1.12%
1,713,400
– –
IBIT icon
7
PUT
iShares Bitcoin Trust
IBIT
$60.2B
$57.9M 1.05%
1,740,600
-588,200
-25% -$23.9M
GOOG icon
8
Alphabet (Google) Class C
GOOG
$4.1T
$57.5M 1.05%
162,787
-1,448
-0.9% -$518K
XME icon
9
CALL
State Street SPDR S&P Metals & Mining ETF
XME
$4.66B
$53.5M 0.97%
+500,000
New +$58.7M
C icon
10
Citigroup
C
$233B
$47.7M 0.87%
341,021
-48,172
-12% -$6.27M
HYG icon
11
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$15.3B
$38.3M 0.7%
478,500
+231,600
+94% +$18.5M
KEEL
12
Keel Infrastructure Corp
KEEL
$2.2B
$37.9M 0.69%
+6,611,174
New +$28.4M
SPY icon
13
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$808B
$37.9M 0.69%
100,000
+60,000
+150% +$43.5M
GME icon
14
PUT
GameStop
GME
$10.7B
$37.1M 0.68%
1,682,100
+6,800
+0.4% +$156K
CIFR icon
15
Cipher Digital
CIFR
$6.99B
$37M 0.67%
1,510,141
-668,453
-31% -$14.1M
GRRR
16
PUT
Gorilla Technology Group
GRRR
$374M
$35.8M 0.65%
+1,800,700
New +$27.1M
FBTC icon
17
PUT
Fidelity Wise Origin Bitcoin Fund
FBTC
$14.3B
$35.5M 0.65%
696,200
– –
EMBJ
18
Embraer S.A. ADS
EMBJ
$13.4B
$32.2M 0.59%
504,172
+102,540
+26% +$6.29M
META icon
19
Meta Platforms (Facebook)
META
$1.65T
$28.2M 0.51%
50,076
+4,140
+9% +$2.53M
MU icon
20
Micron Technology
MU
$1.1T
$26.3M 0.48%
22,779
-42,094
-65% -$31.6M
XHB icon
21
State Street SPDR S&P Homebuilders ETF
XHB
$1.35B
$26.2M 0.48%
226,500
+185,500
+452% +$19.4M
SMCIP
22
Super Micro Computer Depositary Shares 7% Series A Preferred Stock
SMCIP
$5.05B
$25.6M 0.47%
+500,000
New +$26.9M
TVTX icon
23
Travere Therapeutics
TVTX
$6.24B
$25.4M 0.46%
+446,696
New +$19.8M
XLV icon
24
State Street Health Care Select Sector SPDR ETF
XLV
$43B
$24.6M 0.45%
155,000
+127,900
+472% +$19M
XYZ
25
Block Inc
XYZ
$47.6B
$24.2M 0.44%
318,609
+285,609
+865% +$20.1M
1
2 3 4 5

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Graham Capital Management's Q2 2026 Portfolio in Review

As of Q2 2026, Graham Capital Management held 1,568 positions worth $5.5B, up 33% from $4.14B the previous quarter. Its ten largest holdings account for 35% of the portfolio.

Graham Capital Management withdrew a net $563M in Q2 2026, closing 346 positions and reducing 384 holdings. Its most notable exit was State Street Financial Select Sector SPDR ETF, an estimated $32.5M position sold in full.

By sector, the portfolio is most concentrated in Miscellaneous at 59% of assets, up from 55% a quarter earlier, followed by Technology and Industrials.

Against the trend, Graham Capital Management opened a new position in Keel Infrastructure Corp worth $37.9M.

  • Graham Capital Management's largest Q2 2026 buy was Keel Infrastructure Corp: 6,611,174 shares worth $37.9M.
  • Graham Capital Management added most to NVIDIA in Q2 2026, an estimated $24.2M increase.
  • Graham Capital Management's biggest Q2 2026 reduction was iShares MSCI South Korea ETF, cutting an estimated $44.2M.
  • Graham Capital Management fully exited State Street Financial Select Sector SPDR ETF in Q2 2026, selling an estimated $32.5M.
  • Graham Capital Management's ten largest holdings make up 35% of its $5.5B portfolio in Q2 2026.
  • Graham Capital Management opened 448 new positions and closed 346 in Q2 2026.
  • Graham Capital Management's portfolio value rose 33% quarter-over-quarter to $5.5B.

Based on Graham Capital Management's 13F filing for Q2 2026, filed 14 Aug 2026.