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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 7.52%
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
ATEC icon
476
Alphatec Holdings
ATEC
$1.44B
$704K 0.02%
33,476
-19,010
-36% -$352K
TDUP icon
477
ThredUp
TDUP
$422M
$704K 0.02%
110,095
+40,906
+59% +$331K
CENX icon
478
Century Aluminum
CENX
$5.07B
$703K 0.02%
+17,933
New +$560K
WSFS icon
479
WSFS Financial
WSFS
$4.15B
$696K 0.02%
+12,593
New +$689K
RBRK icon
480
Rubrik
RBRK
$18.5B
$694K 0.02%
9,079
-2,721
-23% -$209K
DAL icon
481
Delta Air Lines
DAL
$60.1B
$694K 0.02%
10,000
+3,229
+48% +$202K
HOUS
482
DELISTED
Anywhere Real Estate
HOUS
$691K 0.02%
+48,831
New +$598K
STRL icon
483
Sterling Infrastructure
STRL
$16.7B
$687K 0.02%
2,245
-1,296
-37% -$447K
AVA icon
484
Avista
AVA
$3.24B
$685K 0.02%
17,783
-10,080
-36% -$394K
U icon
485
Unity
U
$18.9B
$682K 0.02%
15,451
+1,103
+8% +$45K
ALGT icon
486
Allegiant Air
ALGT
$2.57B
$682K 0.02%
+8,000
New +$572K
PEGA icon
487
Pegasystems
PEGA
$5.38B
$679K 0.02%
+11,365
New +$666K
KVUE icon
488
Kenvue
KVUE
$36.9B
$677K 0.02%
39,220
+19,272
+97% +$315K
CRVL icon
489
CorVel
CRVL
$3.19B
$676K 0.02%
9,994
+3,951
+65% +$286K
GOOGL icon
490
Alphabet (Google) Class A
GOOGL
$4.33T
$676K 0.02%
+2,160
New +$617K
HAYW icon
491
Hayward Holdings
HAYW
$3.36B
$676K 0.02%
43,722
+28,353
+184% +$448K
SYF icon
492
Synchrony
SYF
$25.6B
$675K 0.02%
8,090
-4,234
-34% -$324K
MSBI icon
493
Midland States Bancorp
MSBI
$695M
$669K 0.02%
31,621
-2,161
-6% -$38.2K
GWRE icon
494
Guidewire Software
GWRE
$14.2B
$668K 0.02%
3,325
+787
+31% +$174K
AIR icon
495
AAR Corp
AIR
$5.76B
$668K 0.02%
8,063
+752
+10% +$62.2K
COKE icon
496
Coca-Cola Consolidated
COKE
$12.8B
$667K 0.02%
4,353
-372
-8% -$54.6K
ORIC icon
497
Oric Pharmaceuticals
ORIC
$1.4B
$667K 0.02%
+81,576
New +$939K
SBS icon
498
Sabesp
SBS
$18.7B
$663K 0.02%
+139,124
New +$672K
ATO icon
499
Atmos Energy
ATO
$28.8B
$662K 0.02%
+3,950
New +$683K
CLS icon
500
Celestica
CLS
$36.5B
$661K 0.02%
+2,235
New +$674K
18 19
20
21 22

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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.