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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
+1.47%
1 Year Est. Return
+17.82%
3 Year Est. Return
+41.13%
5 Year Est. Return
+43.39%
10 Year Est. Return
+274.46%
AUM
$4.18B
AUM Growth
-$2.14B
Cap. Flow
-$1.72B
Cap. Flow %
-41.09%
Top 10 Hldgs %
35.08%
Holding
1,653
New
441
Increased
361
Reduced
355
Closed
464

Top Buys

Rank Stock Value
1
CIFR icon
Cipher Digital
CIFR
+$39.9M
2
NFLX icon
Netflix
NFLX
+$38M
3
EWC icon
iShares MSCI Canada ETF
EWC
+$35M
4
UPS icon
United Parcel Service
UPS
+$26.1M
5
EOSE icon
Eos Energy Enterprises
EOSE
+$25.7M

Top Sells

Rank Stock Value
1
GDX icon
VanEck Gold Miners ETF
GDX
+$62.2M
2
IBIT icon
iShares Bitcoin Trust
IBIT
+$43.4M
3
XLU icon
State Street Utilities Select Sector SPDR ETF
XLU
+$39.5M
4
VTV icon
Vanguard Morningstar Value ETF
VTV
+$32.8M
5
XLI icon
State Street Industrial Select Sector SPDR ETF
XLI
+$20.4M

Sector Composition

Rank Sector Weight
1 Technology 8.87%
2 Industrials 7.53%
3 Financials 5.36%
4 Consumer Discretionary 5.16%
5 Communication Services 4.02%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BHVN icon
251
Biohaven
BHVN
$2.21B
$1.65M 0.04%
145,852
+112,228
+334% +$1.39M
CIVI
252
DELISTED
Civitas Resources
CIVI
$1.64M 0.04%
60,722
+27,350
+82% +$791K
ABBV icon
253
AbbVie
ABBV
$435B
$1.63M 0.04%
7,152
+284
+4% +$64.7K
ITUB icon
254
Itaú Unibanco
ITUB
$87.5B
$1.62M 0.04%
225,955
+167,798
+289% +$1.19M
EL icon
255
Estee Lauder
EL
$32B
$1.61M 0.04%
15,404
+4,700
+44% +$456K
GGG icon
256
Graco
GGG
$13.5B
$1.61M 0.04%
19,664
-13,313
-40% -$1.1M
MPC icon
257
Marathon Petroleum
MPC
$83.7B
$1.61M 0.04%
9,891
+2,359
+31% +$441K
CRH icon
258
CRH
CRH
$66.8B
$1.6M 0.04%
12,803
+4,596
+56% +$548K
CBOE icon
259
Cboe Global Markets
CBOE
$29.9B
$1.59M 0.04%
6,337
+2,657
+72% +$661K
CARR icon
260
Carrier Global
CARR
$52.8B
$1.59M 0.04%
+30,000
New +$1.67M
DE icon
261
Deere & Co
DE
$168B
$1.58M 0.04%
+3,400
New +$1.6M
MSI icon
262
Motorola Solutions
MSI
$77.4B
$1.58M 0.04%
+4,118
New +$1.65M
SNDK
263
Sandisk
SNDK
$177B
$1.57M 0.04%
+6,610
New +$1.32M
PHM icon
264
Pultegroup
PHM
$25.3B
$1.55M 0.04%
13,200
-7,418
-36% -$910K
UBSI icon
265
United Bankshares
UBSI
$6.62B
$1.54M 0.04%
40,231
-2,722
-6% -$101K
GPN icon
266
Global Payments
GPN
$22.8B
$1.54M 0.04%
19,951
-13,283
-40% -$1.07M
DSGX icon
267
Descartes Systems
DSGX
$6.82B
$1.54M 0.04%
17,590
+14,024
+393% +$1.25M
CTRA
268
DELISTED
Coterra Energy
CTRA
$1.54M 0.04%
+58,388
New +$1.47M
RHP icon
269
Ryman Hospitality Properties
RHP
$7.63B
$1.53M 0.04%
16,210
+1,664
+11% +$154K
XYZ
270
Block Inc
XYZ
$47.5B
$1.53M 0.04%
+23,461
New +$1.62M
MSCI icon
271
MSCI
MSCI
$40.9B
$1.52M 0.04%
+2,650
New +$1.49M
A icon
272
Agilent Technologies
A
$41.2B
$1.51M 0.04%
+11,128
New +$1.6M
AR icon
273
Antero Resources
AR
$10.7B
$1.51M 0.04%
+43,872
New +$1.49M
SM icon
274
SM Energy
SM
$6.87B
$1.5M 0.04%
80,459
+67,477
+520% +$1.37M
AVPT icon
275
AvePoint
AVPT
$2.71B
$1.5M 0.04%
108,161
+94,728
+705% +$1.31M
9 10
11
12 13

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Graham Capital Management's Q4 2025 Portfolio in Review

As of Q4 2025, Graham Capital Management held 1,653 positions worth $4.18B, down 34% from $6.32B the previous quarter. Its ten largest holdings account for 35% of the portfolio.

Graham Capital Management withdrew a net $1.72B in Q4 2025, closing 464 positions and reducing 355 holdings. Its most notable exit was Vanguard Morningstar Value ETF, an estimated $32.8M position sold in full.

By sector, the portfolio is most concentrated in Technology at 8.9% of assets, up from 3.7% a quarter earlier, followed by Industrials and Financials.

Against the trend, Graham Capital Management opened a new position in Cipher Digital worth $33.3M.

  • Graham Capital Management's largest Q4 2025 buy was Cipher Digital: 2,258,042 shares worth $33.3M.
  • Graham Capital Management added most to Netflix in Q4 2025, an estimated $38M increase.
  • Graham Capital Management's biggest Q4 2025 reduction was VanEck Gold Miners ETF, cutting an estimated $62.2M.
  • Graham Capital Management fully exited Vanguard Morningstar Value ETF in Q4 2025, selling an estimated $32.8M.
  • Graham Capital Management's ten largest holdings make up 35% of its $4.18B portfolio in Q4 2025.
  • Graham Capital Management opened 441 new positions and closed 464 in Q4 2025.
  • Graham Capital Management's portfolio value fell 34% quarter-over-quarter to $4.18B.

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