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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
APLS
576
DELISTED
Apellis Pharmaceuticals
APLS
$525K 0.01%
23,196
-19,895
-46% -$464K
LOGI icon
577
Logitech
LOGI
$15.2B
$524K 0.01%
+4,781
New +$481K
OBE
578
Obsidian Energy
OBE
$662M
$523K 0.01%
79,893
+31,609
+65% +$188K
FLEX icon
579
Flex
FLEX
$44.8B
$522K 0.01%
9,000
-37,397
-81% -$1.99M
SFIX
580
Stitch Fix
SFIX
$560M
$521K 0.01%
119,816
-62,040
-34% -$306K
EVH icon
581
Evolent Health
EVH
$447M
$521K 0.01%
+61,603
New +$598K
PRTA icon
582
Prothena Corp
PRTA
$450M
$521K 0.01%
53,393
+19,351
+57% +$149K
INDV icon
583
Indivior Pharmaceuticals
INDV
$4.58B
$521K 0.01%
+21,591
New +$452K
COMP icon
584
Compass
COMP
$9.66B
$520K 0.01%
64,762
-302,000
-82% -$2.45M
BNL icon
585
Broadstone Net Lease
BNL
$4.02B
$519K 0.01%
29,070
-55,387
-66% -$952K
RC
586
Ready Capital
RC
$308M
$518K 0.01%
133,761
-21,670
-14% -$91.4K
HOPE icon
587
Hope Bancorp
HOPE
$1.79B
$515K 0.01%
+47,810
New +$518K
MAN icon
588
ManpowerGroup
MAN
$2.63B
$514K 0.01%
13,566
+2,772
+26% +$114K
TPB icon
589
Turning Point Brands
TPB
$1.74B
$510K 0.01%
+5,160
New +$467K
UNFI icon
590
United Natural Foods
UNFI
$2.85B
$508K 0.01%
13,500
-58,252
-81% -$1.6M
USFD icon
591
US Foods
USFD
$24B
$507K 0.01%
+6,617
New +$526K
AMPX icon
592
Amprius Technologies
AMPX
$1.73B
$505K 0.01%
48,045
-93,500
-66% -$735K
BHVN icon
593
Biohaven
BHVN
$2.21B
$505K 0.01%
33,624
-85,669
-72% -$1.25M
SFNC icon
594
Simmons First National
SFNC
$3.39B
$504K 0.01%
26,272
-6,963
-21% -$139K
UAA icon
595
Under Armour
UAA
$2.6B
$502K 0.01%
+100,524
New +$586K
GBX icon
596
The Greenbrier Companies
GBX
$1.46B
$501K 0.01%
10,862
+4,660
+75% +$222K
TTEK icon
597
Tetra Tech
TTEK
$9.07B
$501K 0.01%
15,003
+8,334
+125% +$303K
SPSC icon
598
SPS Commerce
SPSC
$2.64B
$500K 0.01%
+4,805
New +$572K
NTRA icon
599
Natera
NTRA
$46.4B
$499K 0.01%
3,103
-11,975
-79% -$1.89M
NCNO icon
600
nCino
NCNO
$2.1B
$499K 0.01%
+18,410
New +$538K
22 23
24
25 26

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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.