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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
CRM icon
26
Salesforce
CRM
$157B
$22.2M 0.53%
83,752
+59,220
+241% +$14.7M
CME icon
27
CME Group
CME
$95.2B
$21.9M 0.52%
80,032
+3,338
+4% +$907K
MCD icon
28
McDonald's
MCD
$195B
$21M 0.5%
68,737
+49,066
+249% +$15M
EOSE icon
29
Eos Energy Enterprises
EOSE
$1.49B
$20.5M 0.49%
+1,791,515
New +$25.7M
KWEB icon
30
KraneShares CSI China Internet ETF
KWEB
$5.66B
$18.9M 0.45%
555,390
+392,221
+240% +$15.1M
NVAX icon
31
PUT
Novavax
NVAX
$1.31B
$17M 0.41%
2,530,600
-19,300
-0.8% -$145K
OPEN icon
32
Opendoor
OPEN
$3.44B
$16.1M 0.39%
+2,768,208
New +$19.8M
XLU icon
33
State Street Utilities Select Sector SPDR ETF
XLU
$22.6B
$16.1M 0.39%
377,830
-892,582
-70% -$39.5M
EMBJ
34
Embraer S.A. ADS
EMBJ
$12.9B
$15.8M 0.38%
245,272
+53,000
+28% +$3.32M
OIH icon
35
VanEck Oil Services ETF
OIH
$1.94B
$13.7M 0.33%
+48,000
New +$13.5M
SPY icon
36
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$822B
$13.6M 0.33%
20,000
-180,000
-90% -$122M
INTC icon
37
Intel
INTC
$512B
$13.5M 0.32%
+367,124
New +$13.9M
FXI icon
38
iShares China Large-Cap ETF
FXI
$4.31B
$12.8M 0.31%
333,000
+132,000
+66% +$5.24M
MSFT icon
39
Microsoft
MSFT
$3.72T
$11.8M 0.28%
24,483
+14,478
+145% +$7.26M
VZ icon
40
Verizon
VZ
$195B
$11.6M 0.28%
+284,227
New +$11.5M
PG icon
41
Procter & Gamble
PG
$339B
$11.4M 0.27%
79,619
+69,988
+727% +$10.3M
RSP icon
42
Invesco S&P 500 Equal Weight ETF
RSP
$99.5B
$11.3M 0.27%
58,800
-6,200
-10% -$1.18M
HD icon
43
Home Depot
HD
$352B
$11.2M 0.27%
32,408
+13,008
+67% +$4.76M
COF icon
44
Capital One
COF
$133B
$10.8M 0.26%
+44,664
New +$9.94M
TER icon
45
Teradyne
TER
$59.6B
$10.7M 0.26%
55,151
-38,679
-41% -$6.64M
ADP icon
46
Automatic Data Processing
ADP
$108B
$10.3M 0.25%
+39,971
New +$10.6M
ADBE icon
47
Adobe
ADBE
$106B
$10.1M 0.24%
28,824
+14,876
+107% +$5.06M
TJX icon
48
TJX Companies
TJX
$178B
$10.1M 0.24%
+65,468
New +$9.68M
V icon
49
Visa
V
$676B
$9.83M 0.24%
28,032
+9,753
+53% +$3.32M
JPM icon
50
JPMorgan Chase
JPM
$950B
$9.67M 0.23%
30,000
+7,500
+33% +$2.32M
1
2
3 4 5

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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.