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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
NPKI
576
NPK International
NPKI
$1.14B
$546K 0.01%
45,768
+9,044
+25% +$110K
FLEX icon
577
Flex
FLEX
$44.8B
$544K 0.01%
9,000
– –
MCW
578
DELISTED
Mister Car Wash
MCW
$541K 0.01%
97,382
+50,729
+109% +$267K
VRTX icon
579
Vertex Pharmaceuticals
VRTX
$126B
$541K 0.01%
+1,193
New +$514K
CSTM icon
580
Constellium
CSTM
$3.99B
$536K 0.01%
28,448
+10,966
+63% +$182K
KNSA icon
581
Kiniksa Pharmaceuticals
KNSA
$5.93B
$535K 0.01%
12,960
+6,366
+97% +$255K
RBLX icon
582
Roblox
RBLX
$27B
$534K 0.01%
6,591
-6,953
-51% -$738K
DVN icon
583
Devon Energy
DVN
$47.3B
$525K 0.01%
14,325
-51,805
-78% -$1.81M
HAL icon
584
Halliburton
HAL
$26.6B
$524K 0.01%
+18,550
New +$490K
IBM icon
585
IBM
IBM
$224B
$524K 0.01%
+1,768
New +$529K
LYFT icon
586
Lyft
LYFT
$6.63B
$523K 0.01%
27,018
+5,640
+26% +$117K
SMTC icon
587
Semtech
SMTC
$13B
$523K 0.01%
7,096
+1,171
+20% +$83.1K
REI icon
588
Ring Energy
REI
$339M
$522K 0.01%
600,042
+472,304
+370% +$450K
CNH
589
CNH Industrial
CNH
$17.5B
$522K 0.01%
56,575
+29,713
+111% +$297K
SPHR icon
590
Sphere Entertainment
SPHR
$5.73B
$521K 0.01%
+5,480
New +$418K
AXTI icon
591
AXT Inc
AXTI
$5.8B
$518K 0.01%
+31,707
New +$306K
ELS icon
592
Equity Lifestyle Properties
ELS
$12.6B
$517K 0.01%
+8,523
New +$527K
SFD
593
Smithfield Foods
SFD
$9.99B
$514K 0.01%
23,032
+8,317
+57% +$183K
RGA icon
594
Reinsurance Group of America
RGA
$16.1B
$514K 0.01%
2,524
-1,396
-36% -$270K
GPRE icon
595
Green Plains
GPRE
$1.03B
$513K 0.01%
52,359
+21,481
+70% +$216K
MOFG
596
DELISTED
MidWestOne Financial Group
MOFG
$510K 0.01%
+13,240
New +$483K
NMRK icon
597
Newmark Group
NMRK
$2.63B
$507K 0.01%
+29,211
New +$512K
CRNC icon
598
Cerence
CRNC
$413M
$506K 0.01%
+47,347
New +$520K
OPFI icon
599
OppFi
OPFI
$803M
$505K 0.01%
48,243
-11,582
-19% -$117K
BATRK icon
600
Atlanta Braves Holdings Series B
BATRK
$3.21B
$504K 0.01%
+12,778
New +$505K
22 23
24
25 26

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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.