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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
AKAM icon
276
Akamai
AKAM
$15.9B
$1.5M 0.04%
17,162
+11,403
+198% +$938K
EWZ icon
277
iShares MSCI Brazil ETF
EWZ
$8.95B
$1.49M 0.04%
+47,000
New +$1.49M
WST icon
278
West Pharmaceutical
WST
$24.9B
$1.47M 0.04%
5,347
+1,544
+41% +$422K
HMC icon
279
Honda
HMC
$41.3B
$1.47M 0.04%
+49,901
New +$1.51M
LXP icon
280
LXP Industrial Trust
LXP
$3.57B
$1.46M 0.04%
29,536
-12,688
-30% -$608K
DB icon
281
Deutsche Bank
DB
$71.5B
$1.46M 0.04%
+37,930
New +$1.37M
MUR icon
282
Murphy Oil
MUR
$4.78B
$1.46M 0.03%
46,692
-45,748
-49% -$1.38M
TBBK icon
283
The Bancorp
TBBK
$2.84B
$1.45M 0.03%
21,516
+15,496
+257% +$1.07M
PLUG icon
284
Plug Power
PLUG
$3.04B
$1.45M 0.03%
+737,112
New +$1.92M
MRVL icon
285
Marvell Technology
MRVL
$196B
$1.44M 0.03%
+16,930
New +$1.48M
CAVA icon
286
CAVA Group
CAVA
$7.27B
$1.44M 0.03%
24,500
-6,019
-20% -$336K
RITM icon
287
Rithm Capital
RITM
$5.69B
$1.43M 0.03%
131,426
-59,009
-31% -$652K
SEDG icon
288
SolarEdge
SEDG
$1.95B
$1.43M 0.03%
49,537
+10,420
+27% +$363K
VFC icon
289
VF Corp
VFC
$5.89B
$1.43M 0.03%
79,007
+41,266
+109% +$669K
ZION icon
290
Zions Bancorporation
ZION
$10.3B
$1.43M 0.03%
24,380
+5,582
+30% +$304K
BIZD icon
291
VanEck BDC Income ETF
BIZD
$1.69B
$1.42M 0.03%
+100,000
New +$1.43M
RDDT icon
292
Reddit
RDDT
$31.1B
$1.41M 0.03%
6,141
+3,709
+153% +$780K
TDS icon
293
Telephone and Data Systems
TDS
$3.75B
$1.4M 0.03%
34,152
+10,725
+46% +$418K
UAL icon
294
United Airlines
UAL
$42.1B
$1.4M 0.03%
+12,500
New +$1.26M
MAA icon
295
Mid-America Apartment Communities
MAA
$15.7B
$1.39M 0.03%
+10,000
New +$1.33M
ALK icon
296
Alaska Air
ALK
$5.58B
$1.38M 0.03%
27,533
+23,232
+540% +$1.07M
JNJ icon
297
Johnson & Johnson
JNJ
$625B
$1.35M 0.03%
6,529
+2,742
+72% +$542K
BNL icon
298
Broadstone Net Lease
BNL
$4.02B
$1.34M 0.03%
77,151
+48,081
+165% +$866K
NCLH icon
299
Norwegian Cruise Line
NCLH
$8.84B
$1.34M 0.03%
+60,000
New +$1.27M
WSO icon
300
Watsco Inc
WSO
$13.6B
$1.34M 0.03%
3,969
+3,338
+529% +$1.19M
10 11
12
13 14

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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.