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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
GNW icon
351
Genworth Financial
GNW
$3.71B
$1.08M 0.02%
121,046
-129,785
-52% -$1.07M
ADT icon
352
ADT
ADT
$5.58B
$1.07M 0.02%
123,242
+36,806
+43% +$316K
ITB icon
353
iShares US Home Construction ETF
ITB
$2.41B
$1.07M 0.02%
+10,000
New +$1.05M
CRMD icon
354
CorMedix
CRMD
$584M
$1.07M 0.02%
92,151
+29,703
+48% +$359K
FBP icon
355
First Bancorp
FBP
$4.38B
$1.07M 0.02%
48,468
-26,551
-35% -$574K
ZION icon
356
Zions Bancorporation
ZION
$10.3B
$1.06M 0.02%
18,798
-12,212
-39% -$680K
AVA icon
357
Avista
AVA
$3.24B
$1.05M 0.02%
27,863
-4,256
-13% -$158K
CAL icon
358
Caleres
CAL
$487M
$1.05M 0.02%
+80,666
New +$1.17M
LOPE icon
359
Grand Canyon Education
LOPE
$3.98B
$1.04M 0.02%
4,751
-4,001
-46% -$769K
CUBI icon
360
Customers Bancorp
CUBI
$2.77B
$1.04M 0.02%
+15,862
New +$1.04M
HQY icon
361
HealthEquity
HQY
$8.75B
$1.03M 0.02%
10,918
+8,026
+278% +$755K
ES icon
362
Eversource Energy
ES
$27.2B
$1.03M 0.02%
14,535
+1,540
+12% +$101K
FND icon
363
Floor & Decor
FND
$6.68B
$1.03M 0.02%
13,961
-39,043
-74% -$3.2M
DHR icon
364
Danaher
DHR
$144B
$1.02M 0.02%
5,159
+2,676
+108% +$532K
PGY icon
365
Pagaya Technologies
PGY
$1.78B
$1.01M 0.02%
34,136
-56,405
-62% -$1.82M
NET icon
366
Cloudflare
NET
$107B
$1.01M 0.02%
4,719
+2,309
+96% +$471K
LDOS icon
367
Leidos
LDOS
$17.3B
$1.01M 0.02%
5,350
+2,746
+105% +$478K
CF icon
368
CF Industries
CF
$17.3B
$1.01M 0.02%
11,254
+5,987
+114% +$534K
NTST
369
NETSTREIT Corp
NTST
$2.1B
$1M 0.02%
+55,520
New +$1M
WST icon
370
West Pharmaceutical
WST
$24.9B
$998K 0.02%
+3,803
New +$924K
ACM icon
371
Aecom
ACM
$9.75B
$997K 0.02%
7,642
+4,248
+125% +$513K
SPNT icon
372
SiriusPoint
SPNT
$2.68B
$992K 0.02%
+54,861
New +$1.03M
CHH icon
373
Choice Hotels
CHH
$4.8B
$991K 0.02%
+9,274
New +$1.13M
EQH icon
374
Equitable Holdings
EQH
$14.1B
$991K 0.02%
19,521
-131,494
-87% -$6.97M
CART icon
375
Maplebear
CART
$11.8B
$990K 0.02%
26,945
+11,024
+69% +$508K
13 14
15
16 17

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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 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.