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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
JKHY icon
301
Jack Henry & Associates
JKHY
$11.1B
$1.34M 0.03%
7,316
-2,060
-22% -$343K
HQY icon
302
HealthEquity
HQY
$8.75B
$1.33M 0.03%
14,556
+3,638
+33% +$348K
VLTO icon
303
Veralto
VLTO
$24B
$1.33M 0.03%
13,362
-28,974
-68% -$2.93M
GLBE icon
304
Global E Online
GLBE
$7.11B
$1.33M 0.03%
33,851
+1,542
+5% +$57.2K
FR icon
305
First Industrial Realty Trust
FR
$8.44B
$1.31M 0.03%
+22,917
New +$1.28M
AWI icon
306
Armstrong World Industries
AWI
$7.84B
$1.31M 0.03%
6,854
-18,801
-73% -$3.59M
HE icon
307
Hawaiian Electric Industries
HE
$2.14B
$1.31M 0.03%
106,110
-39,231
-27% -$455K
SMLR
308
PUT
DELISTED
Semler Scientific
SMLR
$1.3M 0.03%
85,300
– –
WAY
309
Waystar Holding Corp
WAY
$4.65B
$1.29M 0.03%
+39,511
New +$1.41M
BCPC
310
Balchem Corp
BCPC
$5.72B
$1.29M 0.03%
8,420
+3,511
+72% +$536K
YPF icon
311
YPF Sociedad Anonima American Depositary Shares (Each representing ten (10) Class D shares of Capital Stock)
YPF
$19.3B
$1.28M 0.03%
35,379
-14,609
-29% -$485K
XPO icon
312
XPO
XPO
$23.7B
$1.28M 0.03%
9,400
-6,400
-41% -$872K
QRVO icon
313
Qorvo
QRVO
$8.74B
$1.27M 0.03%
15,041
-12,725
-46% -$1.12M
WDAY icon
314
Workday
WDAY
$44.4B
$1.26M 0.03%
5,883
+2,959
+101% +$672K
EQR icon
315
Equity Residential
EQR
$25.1B
$1.26M 0.03%
+20,000
New +$1.23M
FND icon
316
Floor & Decor
FND
$6.68B
$1.26M 0.03%
20,684
+6,723
+48% +$436K
SFNC icon
317
Simmons First National
SFNC
$3.39B
$1.25M 0.03%
66,550
+40,278
+153% +$746K
SOUN icon
318
SoundHound AI
SOUN
$3.49B
$1.25M 0.03%
+125,766
New +$1.81M
SWKS icon
319
Skyworks Solutions
SWKS
$10.6B
$1.25M 0.03%
19,644
+4,729
+32% +$331K
PLTR icon
320
PUT
Palantir
PLTR
$413B
$1.24M 0.03%
+7,000
New +$1.27M
ALRM icon
321
Alarm.com
ALRM
$2.85B
$1.24M 0.03%
24,242
-784
-3% -$40K
AFL icon
322
Aflac
AFL
$62.6B
$1.23M 0.03%
+11,199
New +$1.23M
SKWD icon
323
Skyward Specialty Insurance
SKWD
$2.58B
$1.22M 0.03%
23,842
+536
+2% +$25.8K
CTRE icon
324
CareTrust REIT
CTRE
$9.74B
$1.22M 0.03%
+33,619
New +$1.21M
INCY icon
325
Incyte
INCY
$24.4B
$1.21M 0.03%
12,286
-13,792
-53% -$1.33M
11 12
13
14 15

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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.