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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
BMY icon
501
Bristol-Myers Squibb
BMY
$132B
$663K 0.01%
14,703
-46,282
-76% -$2.16M
ZWS icon
502
Zurn Elkay Water Solutions
ZWS
$8.53B
$661K 0.01%
14,047
-3,352
-19% -$145K
BCH icon
503
Banco de Chile
BCH
$20.9B
$660K 0.01%
21,776
+14,536
+201% +$423K
FG icon
504
F&G Annuities & Life
FG
$3.62B
$658K 0.01%
21,049
-5,849
-22% -$193K
AIR icon
505
AAR Corp
AIR
$5.76B
$656K 0.01%
7,311
-10,065
-58% -$766K
TDUP icon
506
ThredUp
TDUP
$422M
$654K 0.01%
69,189
+21,536
+45% +$204K
CTVA icon
507
Corteva
CTVA
$51.3B
$649K 0.01%
9,601
+4,226
+79% +$306K
ROK icon
508
Rockwell Automation
ROK
$49B
$648K 0.01%
1,854
-3,293
-64% -$1.14M
XRAY icon
509
Dentsply Sirona
XRAY
$2.43B
$647K 0.01%
50,966
+40,141
+371% +$582K
FFBC icon
510
First Financial Bancorp
FFBC
$3.53B
$643K 0.01%
25,466
-2,398
-9% -$60.8K
NXST icon
511
Nexstar Media Group
NXST
$5.97B
$642K 0.01%
+3,245
New +$635K
CDW icon
512
CDW
CDW
$17B
$638K 0.01%
4,006
+2,152
+116% +$366K
QNST icon
513
QuinStreet
QNST
$1.21B
$636K 0.01%
41,084
-34,444
-46% -$547K
DEA
514
Easterly Government Properties
DEA
$1.18B
$635K 0.01%
27,712
-6,463
-19% -$147K
PBA icon
515
Pembina Pipeline
PBA
$27.6B
$633K 0.01%
15,652
+9,111
+139% +$344K
FWONA icon
516
Liberty Media Series A
FWONA
$23.6B
$633K 0.01%
6,648
+2,904
+78% +$265K
VRNA
517
DELISTED
Verona Pharma
VRNA
$631K 0.01%
+5,909
New +$617K
FTDR icon
518
Frontdoor
FTDR
$6.26B
$630K 0.01%
9,367
-10,939
-54% -$666K
AKBA icon
519
Akebia Therapeutics
AKBA
$252M
$628K 0.01%
229,976
+191,817
+503% +$638K
SBCF icon
520
Seacoast Banking Corp of Florida
SBCF
$3.35B
$625K 0.01%
20,531
+7,308
+55% +$217K
LMAT icon
521
LeMaitre Vascular
LMAT
$1.86B
$625K 0.01%
7,139
-2,286
-24% -$204K
ACGL icon
522
Arch Capital
ACGL
$33.6B
$624K 0.01%
6,879
-102,529
-94% -$9.19M
APPF icon
523
AppFolio
APPF
$7.04B
$624K 0.01%
2,264
-3,213
-59% -$868K
AGRO icon
524
Adecoagro
AGRO
$1.36B
$618K 0.01%
78,815
-20,689
-21% -$182K
BOOT icon
525
Boot Barn
BOOT
$4.95B
$617K 0.01%
+3,724
New +$642K
19 20
21
22 23

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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.