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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
ALIT icon
551
Alight
ALIT
$407M
$573K 0.01%
+8,789
New +$777K
SBUX icon
552
Starbucks
SBUX
$120B
$572K 0.01%
+6,763
New +$605K
DNLI icon
553
Denali Therapeutics
DNLI
$3.97B
$571K 0.01%
39,319
-25,480
-39% -$366K
ESTC icon
554
Elastic
ESTC
$7.81B
$567K 0.01%
6,711
-45,145
-87% -$3.8M
OC icon
555
Owens Corning
OC
$12.4B
$566K 0.01%
+4,000
New +$587K
FBRT
556
Franklin BSP Realty Trust
FBRT
$657M
$564K 0.01%
51,970
+8,376
+19% +$92.3K
PAGS icon
557
PagSeguro Digital
PAGS
$2.55B
$560K 0.01%
55,952
+10,562
+23% +$95.1K
RDDT icon
558
Reddit
RDDT
$31.1B
$559K 0.01%
2,432
-7,045
-74% -$1.44M
DAVE icon
559
Dave Inc
DAVE
$4.06B
$556K 0.01%
2,788
-6,335
-69% -$1.37M
PTON icon
560
Peloton Interactive
PTON
$2.49B
$555K 0.01%
61,701
-603,175
-91% -$4.49M
VKTX icon
561
Viking Therapeutics
VKTX
$4B
$554K 0.01%
+21,080
New +$629K
RELY icon
562
Remitly
RELY
$5.14B
$554K 0.01%
33,985
-11,004
-24% -$197K
COKE icon
563
Coca-Cola Consolidated
COKE
$12.8B
$554K 0.01%
+4,725
New +$547K
CMP icon
564
Compass Minerals
CMP
$1.15B
$552K 0.01%
28,728
-1,062
-4% -$21.1K
LSTR icon
565
Landstar System
LSTR
$6.21B
$551K 0.01%
+4,493
New +$596K
DYN icon
566
Dyne Therapeutics
DYN
$4.9B
$546K 0.01%
43,176
+29,688
+220% +$339K
VFC icon
567
VF Corp
VFC
$5.89B
$545K 0.01%
37,741
-90,172
-70% -$1.21M
VITL icon
568
Vital Farms
VITL
$525M
$544K 0.01%
+13,232
New +$575K
GH icon
569
Guardant Health
GH
$22.6B
$540K 0.01%
8,650
-8,340
-49% -$454K
FRT icon
570
Federal Realty Investment Trust
FRT
$10.3B
$540K 0.01%
5,328
-14,922
-74% -$1.44M
PTEN icon
571
Patterson-UTI
PTEN
$3.76B
$536K 0.01%
103,430
-124,282
-55% -$715K
XRX icon
572
Xerox
XRX
$425M
$530K 0.01%
+140,931
New +$623K
FUL icon
573
H.B. Fuller
FUL
$3.28B
$530K 0.01%
8,938
+826
+10% +$49.6K
ADTN icon
574
Adtran
ADTN
$616M
$530K 0.01%
56,485
+896
+2% +$8.35K
NAT icon
575
Nordic American Tanker
NAT
$1.37B
$525K 0.01%
167,305
+61,987
+59% +$183K
21 22
23
24 25

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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.