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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
RYN icon
526
Rayonier
RYN
$6.55B
$616K 0.01%
24,333
-9,563
-28% -$229K
WOOF icon
527
Petco
WOOF
$794M
$613K 0.01%
158,452
+10,871
+7% +$36.4K
WAFD icon
528
WaFd
WAFD
$2.75B
$612K 0.01%
+20,189
New +$619K
HMN icon
529
Horace Mann Educators
HMN
$2.11B
$610K 0.01%
13,502
-5,113
-27% -$225K
TOST icon
530
Toast
TOST
$19.9B
$609K 0.01%
16,691
-50,315
-75% -$2.18M
FIGS icon
531
FIGS
FIGS
$2.37B
$608K 0.01%
+90,931
New +$600K
TBBB icon
532
BBB Foods
TBBB
$4.92B
$607K 0.01%
22,498
+14,543
+183% +$378K
WMS icon
533
Advanced Drainage Systems
WMS
$10.9B
$606K 0.01%
+4,366
New +$573K
VRSN icon
534
VeriSign
VRSN
$26.6B
$604K 0.01%
+2,161
New +$604K
EXAS
535
DELISTED
Exact Sciences
EXAS
$604K 0.01%
11,039
-26,478
-71% -$1.32M
PODD icon
536
Insulet
PODD
$9.79B
$603K 0.01%
1,954
-6,862
-78% -$2.15M
ACH
537
Accendra Health
ACH
$214M
$602K 0.01%
125,421
+78,029
+165% +$496K
WT icon
538
WisdomTree
WT
$3.22B
$602K 0.01%
43,301
-23,264
-35% -$311K
OVV icon
539
Ovintiv
OVV
$16.4B
$600K 0.01%
14,848
+7,473
+101% +$305K
TWO
540
Two Harbors Investment
TWO
$1.27B
$598K 0.01%
60,595
+29,994
+98% +$302K
EVTC icon
541
Evertec
EVTC
$1.78B
$593K 0.01%
+17,544
New +$612K
ODD icon
542
ODDITY Tech
ODD
$651M
$591K 0.01%
9,489
-6,217
-40% -$404K
EIX icon
543
Edison International
EIX
$26.4B
$591K 0.01%
10,693
-47,696
-82% -$2.57M
FATE icon
544
Fate Therapeutics
FATE
$326M
$591K 0.01%
469,071
+383,438
+448% +$413K
GWRE icon
545
Guidewire Software
GWRE
$14.2B
$583K 0.01%
2,538
-1,853
-42% -$421K
MSBI icon
546
Midland States Bancorp
MSBI
$695M
$579K 0.01%
+33,782
New +$607K
U icon
547
Unity
U
$18.9B
$574K 0.01%
14,348
+1,846
+15% +$68.5K
AQN icon
548
Algonquin Power & Utilities
AQN
$4.42B
$574K 0.01%
106,955
+65,831
+160% +$378K
SLF icon
549
Sun Life Financial
SLF
$45.4B
$574K 0.01%
+9,565
New +$575K
NWS icon
550
News Corp Class B
NWS
$17.5B
$574K 0.01%
+16,606
New +$561K
20 21
22
23 24

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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.