Graham Capital Management’s State Street SPDR S&P Biotech ETF XBI Stock Holding History

Graham Capital Management’s Portfolio XBI Stock Details XBI Fund Activity

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2025 Q4	–	Sell	-50,000	Closed	-$5.01M	–	1622
2025 Q3	$5.01M	Hold	50,000	–	–	0.08%	110
2025 Q2	$4.15M	Buy	+50,000	New	+$3.99M	0.06%	176
2024 Q2	–	Sell	-131,000	Closed	-$12.4M	–	1411
2024 Q1	$12.4M	Buy	131,000 +5,000	+4%	+$464K	0.23%	57
2023 Q4	$11.3M	Buy	126,000 +26,000	+26%	+$1.93M	0.25%	62
2023 Q3	$7.3M	Buy	100,000 +60,000	+150%	+$4.79M	0.17%	91
2023 Q2	$3.33M	Hold	40,000	–	–	0.1%	140
2023 Q1	$3.05M	Hold	40,000	–	–	0.09%	152
2022 Q4	$3.32M	Hold	40,000	–	–	0.1%	122
2022 Q3	$3.17M	Sell	40,000 -13,000	-25%	-$1.1M	0.13%	114
2022 Q2	$3.94M	Sell	53,000 -40,000	-43%	-$3M	0.16%	81
2022 Q1	$8.36M	Buy	+93,000	New	+$8.59M	0.29%	41
2020 Q4	–	Sell	-55,000	Closed	-$6.13M	–	131
2020 Q3	$6.13M	Buy	55,000 +25,000	+83%	+$2.8M	0.21%	56
2020 Q2	$3.36M	Buy	+30,000	New	+$2.95M	0.16%	59

Other funds holding XBI

Goldman Sachs New York $871B AUM 31.28% 1-Year Est. Return

BNP Paribas Financial Markets Paris, France $206B AUM 31.61% 1-Year Est. Return

Bank of America Charlotte, North Carolina $1.37T AUM 24.88% 1-Year Est. Return

Healthcare of Ontario Pension Plan (HOOPP) Trust Fund Toronto, Ontario, Canada $62.2B AUM 31.35% 1-Year Est. Return

Citigroup New York $235B AUM 32.99% 1-Year Est. Return

Morgan Stanley New York $1.66T AUM 25.57% 1-Year Est. Return

Wells Fargo San Francisco, California $530B AUM 22.01% 1-Year Est. Return

JP Morgan Chase New York $1.56T AUM 27.86% 1-Year Est. Return

UBS Group Zurich, Switzerland $666B AUM 30.12% 1-Year Est. Return

ACA

Avoro Capital Advisors New York $10.2B AUM 149.19% 1-Year Est. Return

Graham Capital Management's XBI Position: Q4 2025 in Review

Graham Capital Management sold out of State Street SPDR S&P Biotech ETF (XBI) in Q4 2025, closing a stake of 50,000 shares — an estimated $5.01M sold.

Graham Capital Management first reported a position in XBI in Q2 2020 and held it in 13 quarters. The position peaked at $12.4M in Q1 2024. 813 funds tracked by Wall St. Rank hold XBI as of Q4 2025.

Graham Capital Management reported no remaining State Street SPDR S&P Biotech ETF position as of Q4 2025 after selling out during the quarter.
Graham Capital Management sold 50,000 State Street SPDR S&P Biotech ETF shares in Q4 2025, an estimated $5.01M.
Graham Capital Management first reported a position in State Street SPDR S&P Biotech ETF in Q2 2020 and held it in 13 quarters.
Graham Capital Management's State Street SPDR S&P Biotech ETF position peaked at $12.4M in Q1 2024.
813 funds tracked by Wall St. Rank held State Street SPDR S&P Biotech ETF as of Q4 2025.

Based on Graham Capital Management's 13F filing for Q4 2025, filed 17 Feb 2026.