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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
IBP icon
401
Installed Building Products
IBP
$6.49B
$895K 0.02%
+3,451
New +$892K
STRA icon
402
Strategic Education
STRA
$1.92B
$883K 0.02%
11,007
-1,662
-13% -$133K
ABCL icon
403
AbCellera Biologics
ABCL
$2.12B
$882K 0.02%
257,838
+231,725
+887% +$1.03M
HUBS icon
404
HubSpot
HUBS
$10.5B
$879K 0.02%
2,191
+1,486
+211% +$616K
LTC
405
LTC Properties
LTC
$2.15B
$879K 0.02%
+25,565
New +$901K
SONY icon
406
Sony
SONY
$138B
$874K 0.02%
+34,123
New +$958K
FBP icon
407
First Bancorp
FBP
$4.38B
$872K 0.02%
42,049
-6,419
-13% -$132K
AWR icon
408
American States Water
AWR
$3.46B
$871K 0.02%
+12,019
New +$885K
HUN icon
409
Huntsman Corp
HUN
$1.77B
$871K 0.02%
87,090
-109,939
-56% -$1.01M
PII icon
410
Polaris
PII
$4.07B
$864K 0.02%
13,659
+6,205
+83% +$409K
ALIT icon
411
Alight
ALIT
$407M
$861K 0.02%
22,085
+13,296
+151% +$662K
UCB
412
United Community Banks
UCB
$4.28B
$856K 0.02%
27,417
+16,388
+149% +$506K
QLYS icon
413
Qualys
QLYS
$6.35B
$852K 0.02%
6,411
-5,306
-45% -$730K
BLKB icon
414
Blackbaud
BLKB
$2.08B
$850K 0.02%
13,419
+2,942
+28% +$182K
WTS icon
415
Watts Water Technologies
WTS
$13.1B
$842K 0.02%
3,051
-993
-25% -$274K
LITE icon
416
Lumentum
LITE
$69.3B
$840K 0.02%
2,278
-10,381
-82% -$2.67M
NVT icon
417
nVent Electric
NVT
$26.7B
$832K 0.02%
8,164
-44,579
-85% -$4.63M
SPT icon
418
Sprout Social
SPT
$621M
$832K 0.02%
73,861
+19,703
+36% +$213K
BDN
419
Brandywine Realty Trust
BDN
$554M
$828K 0.02%
283,570
+68,239
+32% +$232K
APPF icon
420
AppFolio
APPF
$7.04B
$827K 0.02%
3,555
+1,291
+57% +$307K
WGO icon
421
Winnebago Industries
WGO
$909M
$822K 0.02%
20,297
+9,700
+92% +$354K
SBRA icon
422
Sabra Healthcare REIT
SBRA
$5.37B
$814K 0.02%
42,999
-114,595
-73% -$2.12M
TPB icon
423
Turning Point Brands
TPB
$1.74B
$813K 0.02%
7,501
+2,341
+45% +$229K
LOB icon
424
Live Oak Bancshares
LOB
$1.97B
$812K 0.02%
23,641
+3,858
+20% +$129K
OTIS icon
425
Otis Worldwide
OTIS
$28.2B
$811K 0.02%
+9,282
New +$830K
15 16
17
18 19

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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.