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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
RF icon
551
Regions Financial
RF
$26.8B
$577K 0.01%
+21,299
New +$544K
ING icon
552
ING
ING
$102B
$577K 0.01%
20,608
+9,385
+84% +$242K
JACK icon
553
Jack in the Box
JACK
$335M
$576K 0.01%
30,374
+17,694
+140% +$320K
GNTX icon
554
Gentex
GNTX
$5.07B
$573K 0.01%
24,610
-28,302
-53% -$682K
ACN icon
555
Accenture
ACN
$108B
$570K 0.01%
2,125
-5,920
-74% -$1.5M
STAG icon
556
STAG Industrial
STAG
$7.19B
$568K 0.01%
+15,463
New +$587K
ZETA icon
557
Zeta Global
ZETA
$6.69B
$568K 0.01%
+27,899
New +$521K
MIRM icon
558
Mirum Pharmaceuticals
MIRM
$6.14B
$567K 0.01%
7,180
+2,859
+66% +$205K
EVH icon
559
Evolent Health
EVH
$447M
$567K 0.01%
141,759
+80,156
+130% +$446K
HRTG icon
560
Heritage Insurance Holdings
HRTG
$991M
$567K 0.01%
19,378
+789
+4% +$21.3K
BTG icon
561
B2Gold
BTG
$6.64B
$566K 0.01%
+125,493
New +$585K
VCYT icon
562
Veracyte
VCYT
$3.8B
$561K 0.01%
+13,317
New +$537K
L icon
563
Loews
L
$23.6B
$561K 0.01%
+5,323
New +$550K
RIO icon
564
Rio Tinto
RIO
$164B
$560K 0.01%
+7,000
New +$504K
SDGR icon
565
Schrodinger
SDGR
$1.36B
$560K 0.01%
+31,294
New +$593K
ARMK icon
566
Aramark
ARMK
$14.7B
$558K 0.01%
+15,126
New +$577K
GME icon
567
GameStop
GME
$8.6B
$556K 0.01%
27,690
+19,890
+255% +$446K
BEPC icon
568
Brookfield Renewable
BEPC
$6.26B
$552K 0.01%
14,398
-5,731
-28% -$231K
ALKS icon
569
Alkermes
ALKS
$8.25B
$550K 0.01%
+19,646
New +$588K
AXGN icon
570
Axogen
AXGN
$2.5B
$549K 0.01%
16,764
+6,420
+62% +$158K
SHLS icon
571
Shoals Technologies Group
SHLS
$1.5B
$549K 0.01%
64,532
+15,196
+31% +$137K
CVE icon
572
Cenovus Energy
CVE
$52.1B
$548K 0.01%
+32,408
New +$563K
FULC icon
573
Fulcrum Therapeutics
FULC
$297M
$548K 0.01%
48,464
+17,978
+59% +$183K
WAFD icon
574
WaFd
WAFD
$2.75B
$548K 0.01%
17,098
-3,091
-15% -$95.5K
IOT icon
575
Samsara
IOT
$23.8B
$546K 0.01%
15,401
-7,061
-31% -$273K
21 22
23
24 25

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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.