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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
CHTR icon
426
Charter Communications
CHTR
$18.2B
$818K 0.01%
2,975
-3,294
-53% -$995K
PRCH icon
427
Porch Group
PRCH
$1.8B
$817K 0.01%
48,678
-8,375
-15% -$129K
KEYS icon
428
Keysight
KEYS
$58.3B
$817K 0.01%
4,668
-15,606
-77% -$2.6M
PAYC icon
429
Paycom
PAYC
$9.69B
$816K 0.01%
3,919
+1,579
+67% +$356K
PANW icon
430
Palo Alto Networks
PANW
$297B
$814K 0.01%
+4,000
New +$766K
GRPN icon
431
Groupon
GRPN
$1.02B
$813K 0.01%
34,797
-3,635
-9% -$105K
VRDN icon
432
Viridian Therapeutics
VRDN
$2.67B
$809K 0.01%
37,490
-17,706
-32% -$319K
AVGO icon
433
Broadcom
AVGO
$2.04T
$805K 0.01%
2,439
-27,181
-92% -$8.34M
MRNA icon
434
Moderna
MRNA
$23.6B
$802K 0.01%
31,068
-86,885
-74% -$2.42M
LTH icon
435
Life Time Group Holdings
LTH
$9.79B
$802K 0.01%
29,067
-175,327
-86% -$5M
CRS icon
436
Carpenter Technology
CRS
$28.4B
$799K 0.01%
3,255
+2,278
+233% +$583K
IMAX icon
437
IMAX
IMAX
$2.66B
$799K 0.01%
24,383
-12,183
-33% -$345K
AKRO
438
DELISTED
Akero Therapeutics
AKRO
$795K 0.01%
16,752
-1,551
-8% -$75.1K
ISRG icon
439
Intuitive Surgical
ISRG
$134B
$795K 0.01%
+1,778
New +$853K
SHG icon
440
Shinhan Financial Group
SHG
$35.6B
$794K 0.01%
+15,757
New +$771K
PCAR icon
441
PACCAR
PCAR
$70.1B
$792K 0.01%
8,052
-4,266
-35% -$421K
DUOL icon
442
Duolingo
DUOL
$6.12B
$783K 0.01%
2,433
-5,974
-71% -$2M
BKE icon
443
Buckle
BKE
$2.37B
$781K 0.01%
13,311
-8,000
-38% -$433K
EGBN icon
444
Eagle Bancorp
EGBN
$845M
$780K 0.01%
38,564
+4,179
+12% +$81K
ZS icon
445
Zscaler
ZS
$27.3B
$778K 0.01%
+2,596
New +$740K
TEX icon
446
Terex
TEX
$7.74B
$770K 0.01%
+15,000
New +$764K
ATEC icon
447
Alphatec Holdings
ATEC
$1.44B
$763K 0.01%
52,486
+32,034
+157% +$446K
LKQ icon
448
LKQ Corp
LKQ
$6.29B
$758K 0.01%
+24,835
New +$816K
RGA icon
449
Reinsurance Group of America
RGA
$16.1B
$753K 0.01%
3,920
-42,029
-91% -$8.05M
RL icon
450
Ralph Lauren
RL
$23.6B
$751K 0.01%
2,396
-11,024
-82% -$3.28M
16 17
18
19 20

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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.