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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
MRK icon
301
Merck
MRK
$318B
$1.26M 0.02%
+15,011
New +$1.24M
PTC icon
302
PTC
PTC
$16B
$1.26M 0.02%
+6,205
New +$1.27M
QTWO icon
303
Q2 Holdings
QTWO
$3.92B
$1.26M 0.02%
17,402
-7,791
-31% -$640K
IDCC icon
304
InterDigital
IDCC
$8.89B
$1.24M 0.02%
3,600
-1,803
-33% -$490K
LBTYK icon
305
Liberty Global Class C
LBTYK
$3.49B
$1.23M 0.02%
104,856
-93,165
-47% -$1.04M
BHF icon
306
Brighthouse Financial
BHF
$3.5B
$1.23M 0.02%
+23,161
New +$1.13M
CTAS icon
307
Cintas
CTAS
$81.3B
$1.23M 0.02%
+5,973
New +$1.28M
CGNX icon
308
Cognex
CGNX
$11.3B
$1.22M 0.02%
26,925
+9,573
+55% +$387K
ENSG icon
309
The Ensign Group
ENSG
$10.7B
$1.22M 0.02%
7,040
-18,158
-72% -$2.9M
MTH icon
310
Meritage Homes
MTH
$4.86B
$1.21M 0.02%
16,774
-56,901
-77% -$4.23M
YPF icon
311
YPF Sociedad Anonima American Depositary Shares (Each representing ten (10) Class D shares of Capital Stock)
YPF
$19.3B
$1.21M 0.02%
49,988
+9,728
+24% +$299K
DINO icon
312
HF Sinclair
DINO
$14.5B
$1.21M 0.02%
23,191
+6,787
+41% +$322K
STRL icon
313
Sterling Infrastructure
STRL
$16.7B
$1.2M 0.02%
3,541
-1,857
-34% -$527K
LUMN icon
314
Lumen
LUMN
$6.44B
$1.2M 0.02%
196,310
-562,578
-74% -$2.7M
IVR icon
315
Invesco Mortgage Capital
IVR
$805M
$1.17M 0.02%
+155,384
New +$1.19M
CHDN icon
316
Churchill Downs
CHDN
$6.12B
$1.17M 0.02%
12,087
-3,410
-22% -$351K
OGE icon
317
OGE Energy
OGE
$9.71B
$1.17M 0.02%
25,203
+14,051
+126% +$629K
FIS icon
318
Fidelity National Information Services
FIS
$22.1B
$1.17M 0.02%
+17,677
New +$1.29M
FIVE icon
319
Five Below
FIVE
$13.5B
$1.16M 0.02%
7,504
+1,412
+23% +$200K
GLBE icon
320
Global E Online
GLBE
$7.11B
$1.16M 0.02%
32,309
+5,961
+23% +$203K
DASH icon
321
DoorDash
DASH
$93.7B
$1.15M 0.02%
+4,246
New +$1.07M
ITW icon
322
Illinois Tool Works
ITW
$84.5B
$1.15M 0.02%
+4,426
New +$1.15M
RTX icon
323
RTX Corp
RTX
$301B
$1.15M 0.02%
6,890
-26,410
-79% -$4.1M
SWKS icon
324
Skyworks Solutions
SWKS
$10.6B
$1.15M 0.02%
+14,915
New +$1.11M
MCHP icon
325
Microchip Technology
MCHP
$46B
$1.14M 0.02%
17,781
-52,651
-75% -$3.57M
11 12
13
14 15

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BOK
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ZP
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SHCM
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AP
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BHC
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BG
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MGP
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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.