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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
+7.17%
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
$6.32B
AUM Growth
-$299M
Cap. Flow
-$1.27B
Cap. Flow %
-20.09%
Top 10 Hldgs %
55.44%
Holding
1,726
New
458
Increased
249
Reduced
476
Closed
529

Top Buys

Rank Stock Value
1
GDX icon
VanEck Gold Miners ETF
GDX
+$42.9M
2
XLI icon
State Street Industrial Select Sector SPDR ETF
XLI
+$20.3M
3
IWM icon
iShares Russell 2000 ETF
IWM
+$13.4M
4
BBIO icon
BridgeBio Pharma
BBIO
+$12.4M
5
EWY icon
iShares MSCI South Korea ETF
EWY
+$12.3M

Top Sells

Rank Stock Value
1
EEM icon
iShares MSCI Emerging Markets ETF
EEM
+$16M
2
IBIT icon
iShares Bitcoin Trust
IBIT
+$15.8M
3
CAT icon
Caterpillar
CAT
+$15.8M
4
ICE icon
Intercontinental Exchange
ICE
+$13.1M
5
CVX icon
Chevron
CVX
+$12.9M

Sector Composition

Rank Sector Weight
1 Industrials 3.84%
2 Technology 3.72%
3 Financials 3.06%
4 Consumer Discretionary 2.78%
5 Healthcare 2.27%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
JXN icon
276
Jackson Financial
JXN
$8.8B
$1.43M 0.02%
14,081
-22,790
-62% -$2.13M
TOL icon
277
Toll Brothers
TOL
$14.5B
$1.41M 0.02%
10,224
-22,276
-69% -$2.91M
JKHY icon
278
Jack Henry & Associates
JKHY
$11.1B
$1.4M 0.02%
9,376
+2,430
+35% +$403K
PLNT icon
279
Planet Fitness
PLNT
$3.78B
$1.39M 0.02%
+13,419
New +$1.43M
CRK icon
280
Comstock Resources
CRK
$3.94B
$1.39M 0.02%
70,002
-50,632
-42% -$937K
VTLE
281
DELISTED
Vital Energy
VTLE
$1.38M 0.02%
81,829
-34,621
-30% -$585K
ALNY icon
282
Alnylam Pharmaceuticals
ALNY
$29.3B
$1.37M 0.02%
3,015
-135
-4% -$55K
TTMI icon
283
TTM Technologies
TTMI
$14.5B
$1.36M 0.02%
+23,681
New +$1.1M
FA icon
284
First Advantage
FA
$4.12B
$1.36M 0.02%
+88,520
New +$1.47M
AMBA icon
285
Ambarella
AMBA
$3.81B
$1.36M 0.02%
16,476
-35,534
-68% -$2.58M
BBAI icon
286
PUT
BigBear.ai
BBAI
$1.57B
$1.35M 0.02%
207,500
– –
LEG icon
287
Leggett & Platt
LEG
$1.31B
$1.34M 0.02%
151,352
+13,426
+10% +$128K
NVS icon
288
Novartis
NVS
$297B
$1.34M 0.02%
10,455
-1,341
-11% -$164K
DTE icon
289
DTE Energy
DTE
$29.1B
$1.34M 0.02%
9,460
+7,276
+333% +$997K
CALX icon
290
Calix
CALX
$2.39B
$1.33M 0.02%
21,699
-9,740
-31% -$561K
ALRM icon
291
Alarm.com
ALRM
$2.85B
$1.33M 0.02%
25,026
+8,204
+49% +$458K
MQ icon
292
Marqeta
MQ
$1.66B
$1.32M 0.02%
62,417
-41,581
-40% -$985K
RHP icon
293
Ryman Hospitality Properties
RHP
$7.63B
$1.3M 0.02%
14,546
-10,846
-43% -$1.06M
AGCO icon
294
AGCO
AGCO
$7.2B
$1.3M 0.02%
+12,164
New +$1.34M
ASX icon
295
ASE Group
ASX
$82.2B
$1.3M 0.02%
117,308
+20,798
+22% +$218K
FRSH icon
296
Freshworks
FRSH
$3.27B
$1.3M 0.02%
110,032
-47,731
-30% -$643K
PGNY icon
297
Progyny
PGNY
$2.2B
$1.28M 0.02%
59,451
-8,651
-13% -$197K
NSC icon
298
Norfolk Southern
NSC
$75.1B
$1.28M 0.02%
4,250
-2,050
-33% -$570K
SE icon
299
Sea Limited
SE
$69.5B
$1.27M 0.02%
7,131
+2,306
+48% +$395K
AMN icon
300
AMN Healthcare
AMN
$1.4B
$1.27M 0.02%
65,401
-3,694
-5% -$72.2K
10 11
12
13 14

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BOK
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ZP
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AP
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Graham Capital Management's Q3 2025 Portfolio in Review

As of Q3 2025, Graham Capital Management held 1,726 positions worth $6.32B, down 4.5% from $6.62B the previous quarter. Its ten largest holdings account for 55% of the portfolio.

Graham Capital Management withdrew a net $1.27B in Q3 2025, closing 529 positions and reducing 476 holdings. Its most notable exit was iShares MSCI Emerging Markets ETF, an estimated $16M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 3.8% of assets, down from 4.3% a quarter earlier, followed by Technology and Financials.

Against the trend, Graham Capital Management opened a new position in iShares Russell 2000 ETF worth $14.1M.

  • Graham Capital Management's largest Q3 2025 buy was iShares Russell 2000 ETF: 58,400 shares worth $14.1M.
  • Graham Capital Management added most to VanEck Gold Miners ETF in Q3 2025, an estimated $42.9M increase.
  • Graham Capital Management's biggest Q3 2025 reduction was iShares Bitcoin Trust, cutting an estimated $15.8M.
  • Graham Capital Management fully exited iShares MSCI Emerging Markets ETF in Q3 2025, selling an estimated $16M.
  • Graham Capital Management's ten largest holdings make up 55% of its $6.32B portfolio in Q3 2025.
  • Graham Capital Management opened 458 new positions and closed 529 in Q3 2025.
  • Graham Capital Management's portfolio value fell 4.5% quarter-over-quarter to $6.32B.

Based on Graham Capital Management's 13F filing for Q3 2025, filed 14 Nov 2025.