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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
IAG icon
501
IAMGOLD
IAG
$10.5B
$660K 0.02%
40,018
+20,044
+100% +$282K
MZTI
502
The Marzetti Company
MZTI
$3.11B
$656K 0.02%
3,991
-940
-19% -$157K
BCRX icon
503
BioCryst Pharmaceuticals
BCRX
$2.4B
$654K 0.02%
83,876
-183,854
-69% -$1.33M
RCI icon
504
Rogers Communications
RCI
$18.6B
$652K 0.02%
+17,286
New +$648K
GH icon
505
Guardant Health
GH
$22.6B
$652K 0.02%
6,385
-2,265
-26% -$203K
UPBD icon
506
Upbound Group
UPBD
$1.16B
$649K 0.02%
36,932
+26,546
+256% +$513K
PAY icon
507
Paymentus
PAY
$4.86B
$648K 0.02%
20,500
-3,253
-14% -$106K
KOS icon
508
Kosmos Energy
KOS
$1.48B
$644K 0.02%
710,185
+616,460
+658% +$813K
CNDT icon
509
Conduent
CNDT
$264M
$643K 0.02%
334,752
+233,988
+232% +$513K
IVR icon
510
Invesco Mortgage Capital
IVR
$805M
$642K 0.02%
76,384
-79,000
-51% -$619K
RGEN icon
511
Repligen
RGEN
$9.25B
$640K 0.02%
3,908
+1,389
+55% +$218K
WWW icon
512
Wolverine World Wide
WWW
$1.55B
$640K 0.02%
35,265
+18,270
+108% +$369K
PLTR icon
513
Palantir
PLTR
$413B
$639K 0.02%
3,596
-7,702
-68% -$1.39M
USB icon
514
US Bancorp
USB
$99.6B
$636K 0.02%
11,918
-24,284
-67% -$1.19M
DINO icon
515
HF Sinclair
DINO
$14.5B
$635K 0.02%
13,782
-9,409
-41% -$485K
PHG icon
516
Philips
PHG
$26.1B
$634K 0.02%
+24,270
New +$647K
PCTY icon
517
Paylocity
PCTY
$7.98B
$633K 0.02%
4,150
-5,032
-55% -$749K
FFBC icon
518
First Financial Bancorp
FFBC
$3.53B
$633K 0.02%
25,293
-173
-0.7% -$4.32K
OZK icon
519
Bank OZK
OZK
$5.61B
$630K 0.02%
13,693
-563
-4% -$26.3K
AES icon
520
AES
AES
$10.5B
$630K 0.02%
43,913
-193,403
-81% -$2.73M
AII
521
American Integrity Insurance
AII
$411M
$627K 0.02%
30,087
+15,768
+110% +$351K
MAN icon
522
ManpowerGroup
MAN
$2.63B
$623K 0.01%
20,971
+7,405
+55% +$231K
AAT
523
American Assets Trust
AAT
$1.4B
$622K 0.01%
32,870
-1,079
-3% -$20.8K
TOWN icon
524
Towne Bank
TOWN
$3.42B
$621K 0.01%
18,603
+10,081
+118% +$339K
MDGL icon
525
Madrigal Pharmaceuticals
MDGL
$11.8B
$618K 0.01%
+1,062
New +$542K
19 20
21
22 23

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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.