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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
AMBA icon
326
Ambarella
AMBA
$3.81B
$1.21M 0.03%
17,105
+629
+4% +$50.8K
CE icon
327
Celanese
CE
$4.82B
$1.21M 0.03%
28,626
+18,684
+188% +$762K
SKYW icon
328
Skywest
SKYW
$4.34B
$1.19M 0.03%
11,889
-7,531
-39% -$754K
TEL icon
329
TE Connectivity
TEL
$62.6B
$1.19M 0.03%
5,240
-24,944
-83% -$5.77M
HII icon
330
Huntington Ingalls Industries
HII
$12.8B
$1.19M 0.03%
+3,500
New +$1.09M
DDOG icon
331
Datadog
DDOG
$84B
$1.19M 0.03%
8,723
+6,259
+254% +$989K
ASX icon
332
ASE Group
ASX
$82.2B
$1.17M 0.03%
72,900
-44,408
-38% -$631K
WW
333
WW International
WW
$181M
$1.17M 0.03%
+40,000
New +$1.12M
LHX icon
334
L3Harris
LHX
$53.4B
$1.16M 0.03%
3,968
-8,823
-69% -$2.55M
CGNX icon
335
Cognex
CGNX
$11.3B
$1.16M 0.03%
32,157
+5,232
+19% +$212K
VOYG
336
Voyager Technologies
VOYG
$2.54B
$1.15M 0.03%
+44,116
New +$1.2M
IDCC icon
337
InterDigital
IDCC
$8.89B
$1.15M 0.03%
3,618
+18
+0.5% +$6.36K
AAL icon
338
American Airlines Group
AAL
$10.6B
$1.14M 0.03%
74,336
-24,157
-25% -$326K
AMRX icon
339
Amneal Pharmaceuticals
AMRX
$5.79B
$1.14M 0.03%
+90,424
New +$1.03M
AMN icon
340
AMN Healthcare
AMN
$1.4B
$1.14M 0.03%
72,152
+6,751
+10% +$121K
CUBI icon
341
Customers Bancorp
CUBI
$2.77B
$1.13M 0.03%
15,445
-417
-3% -$28.6K
XRAY icon
342
Dentsply Sirona
XRAY
$2.43B
$1.13M 0.03%
98,621
+47,655
+94% +$559K
RRX icon
343
Regal Rexnord
RRX
$11.9B
$1.12M 0.03%
8,006
-5,923
-43% -$843K
GTLS
344
DELISTED
Chart Industries
GTLS
$1.12M 0.03%
+5,438
New +$1.1M
BBAI icon
345
PUT
BigBear.ai
BBAI
$1.57B
$1.12M 0.03%
207,500
– –
LUMN icon
346
Lumen
LUMN
$6.44B
$1.12M 0.03%
143,831
-52,479
-27% -$432K
TREX icon
347
Trex
TREX
$5.01B
$1.09M 0.03%
+31,118
New +$1.26M
ORLY icon
348
O'Reilly Automotive
ORLY
$76.3B
$1.08M 0.03%
11,880
+5,100
+75% +$498K
PGY icon
349
Pagaya Technologies
PGY
$1.78B
$1.08M 0.03%
51,709
+17,573
+51% +$448K
CALX icon
350
Calix
CALX
$2.39B
$1.08M 0.03%
20,353
-1,346
-6% -$78.4K
12 13
14
15 16

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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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MGP
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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.