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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 3.82%
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
DGX icon
476
Quest Diagnostics
DGX
$26.2B
$700K 0.01%
+3,673
New +$652K
SPT icon
477
Sprout Social
SPT
$613M
$700K 0.01%
54,158
-25,442
-32% -$415K
HPP
478
Hudson Pacific Properties
HPP
$737M
$699K 0.01%
36,169
+31,144
+620% +$587K
OS
479
DELISTED
OneStream Inc
OS
$698K 0.01%
+37,863
New +$831K
LOB icon
480
Live Oak Bancshares
LOB
$1.94B
$697K 0.01%
19,783
+2,564
+15% +$88.3K
BC icon
481
Brunswick
BC
$5.19B
$695K 0.01%
+10,995
New +$682K
BEPC icon
482
Brookfield Renewable
BEPC
$6.21B
$693K 0.01%
20,129
+12,240
+155% +$420K
OPLN
483
Openlane
OPLN
$4.58B
$691K 0.01%
24,000
-20,510
-46% -$559K
AAT
484
American Assets Trust
AAT
$1.37B
$690K 0.01%
33,949
+2,357
+7% +$47.5K
NJR icon
485
New Jersey Resources
NJR
$5.48B
$684K 0.01%
14,212
-40,356
-74% -$1.88M
AUR icon
486
Aurora
AUR
$13.6B
$680K 0.01%
+126,173
New +$740K
ASO icon
487
Academy Sports + Outdoors
ASO
$3.03B
$679K 0.01%
+13,582
New +$693K
OPFI icon
488
OppFi
OPFI
$745M
$678K 0.01%
59,825
-10,567
-15% -$119K
CVBF icon
489
CVB Financial
CVBF
$3.96B
$678K 0.01%
35,831
-32
-0.1% -$637
BN icon
490
Brookfield
BN
$108B
$675K 0.01%
+14,757
New +$654K
BLKB icon
491
Blackbaud
BLKB
$2.1B
$674K 0.01%
+10,477
New +$686K
LASR icon
492
nLIGHT
LASR
$2.92B
$672K 0.01%
+22,696
New +$563K
RIG icon
493
Transocean
RIG
$6.33B
$672K 0.01%
+215,256
New +$649K
HURN icon
494
Huron Consulting
HURN
$2.44B
$671K 0.01%
4,572
-2,713
-37% -$370K
CNA icon
495
CNA Financial
CNA
$13.9B
$670K 0.01%
14,431
-11,229
-44% -$521K
ALAB icon
496
Astera Labs
ALAB
$56.7B
$668K 0.01%
3,414
-30,698
-90% -$5.05M
BROS icon
497
Dutch Bros
BROS
$8.96B
$666K 0.01%
12,719
+4,397
+53% +$278K
RIGL icon
498
Rigel Pharmaceuticals
RIGL
$766M
$665K 0.01%
23,485
+6,731
+40% +$201K
ARQT icon
499
Arcutis Biotherapeutics
ARQT
$3.26B
$665K 0.01%
35,278
-36,342
-51% -$573K
COST icon
500
Costco
COST
$421B
$665K 0.01%
718
-5,223
-88% -$5.01M
18 19
20
21 22

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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.