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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
BYND icon
26
PUT
Beyond Meat
BYND
$277M
$21.3M 0.34%
+11,293,500
New +$33.3M
CME icon
27
CME Group
CME
$94.8B
$20.7M 0.33%
76,694
-10,655
-12% -$2.9M
OPEN icon
28
PUT
Opendoor
OPEN
$3.38B
$19.2M 0.3%
+2,491,160
New +$10.1M
NVDA icon
29
NVIDIA
NVDA
$5.42T
$17.7M 0.28%
94,838
-27,899
-23% -$4.86M
BA icon
30
Boeing
BA
$185B
$16.8M 0.27%
77,618
-13,306
-15% -$3M
ETHA
31
iShares Ethereum Trust ETF
ETHA
$5.55B
$16.6M 0.26%
526,904
+1,904
+0.4% +$56.5K
PLUG icon
32
PUT
Plug Power
PLUG
$3.04B
$16.1M 0.25%
6,903,100
+10,000
+0.1% +$17K
BBIO icon
33
BridgeBio Pharma
BBIO
$16.5B
$14.4M 0.23%
278,128
+253,269
+1,019% +$12.4M
IWM icon
34
iShares Russell 2000 ETF
IWM
$83B
$14.1M 0.22%
+58,400
New +$13.4M
MU icon
35
Micron Technology
MU
$991B
$13.9M 0.22%
83,365
-18,901
-18% -$2.42M
EWY icon
36
iShares MSCI South Korea ETF
EWY
$24.1B
$13.2M 0.21%
+165,220
New +$12.3M
FSLR icon
37
First Solar
FSLR
$26.9B
$13.1M 0.21%
59,600
+58,100
+3,873% +$11.2M
LCID icon
38
PUT
Lucid Motors
LCID
$2.77B
$13.1M 0.21%
551,840
+166,050
+43% +$3.75M
TER icon
39
Teradyne
TER
$59.3B
$12.9M 0.2%
+93,830
New +$10.3M
GOOG icon
40
Alphabet (Google) Class C
GOOG
$4.32T
$12.4M 0.2%
50,783
-20,893
-29% -$4.39M
RSP icon
41
Invesco S&P 500 Equal Weight ETF
RSP
$99.5B
$12.3M 0.2%
65,000
+16,900
+35% +$3.15M
DG icon
42
Dollar General
DG
$27.9B
$11.9M 0.19%
115,000
-80,389
-41% -$8.81M
FDX icon
43
PUT
FedEx
FDX
$75.4B
$11.8M 0.19%
+50,000
New +$11.5M
EMBJ
44
Embraer S.A. ADS
EMBJ
$13B
$11.6M 0.18%
192,272
-5,429
-3% -$307K
MELI icon
45
Mercado Libre
MELI
$92.3B
$11.6M 0.18%
4,967
-2,160
-30% -$5.18M
XLF icon
46
State Street Financial Select Sector SPDR ETF
XLF
$58.2B
$11.5M 0.18%
+214,000
New +$11.3M
AAPL icon
47
PUT
Apple
AAPL
$4.57T
$11.5M 0.18%
45,000
-45,000
-50% -$10.2M
C icon
48
Citigroup
C
$226B
$11.3M 0.18%
111,703
+64,500
+137% +$6.12M
KO icon
49
Coca-Cola
KO
$375B
$11.2M 0.18%
168,950
+51,705
+44% +$3.56M
TVTX icon
50
Travere Therapeutics
TVTX
$5.78B
$11.2M 0.18%
+466,998
New +$8.78M
1
2
3 4 5

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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.