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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
CBRL icon
601
Cracker Barrel
CBRL
$1.27B
$498K 0.01%
+11,300
New +$653K
XLE icon
602
State Street Energy Select Sector SPDR ETF
XLE
$38.2B
$497K 0.01%
+11,136
New +$488K
BHE icon
603
Benchmark Electronics
BHE
$2.99B
$495K 0.01%
+12,846
New +$508K
VTYX
604
DELISTED
Ventyx Biosciences
VTYX
$495K 0.01%
159,063
+114,691
+258% +$304K
SNOW icon
605
Snowflake
SNOW
$114B
$493K 0.01%
2,186
-1,223
-36% -$263K
AMBP icon
606
Ardagh Metal Packaging
AMBP
$2.99B
$490K 0.01%
122,728
+53,363
+77% +$212K
SSL icon
607
Sasol
SSL
$7.17B
$488K 0.01%
+78,417
New +$458K
PARR icon
608
Par Pacific Holdings
PARR
$3.41B
$486K 0.01%
13,729
-5,641
-29% -$184K
KREF
609
KKR Real Estate Finance Trust
KREF
$496M
$484K 0.01%
53,793
-11,697
-18% -$109K
TD icon
610
Toronto Dominion Bank
TD
$200B
$483K 0.01%
+6,043
New +$454K
JBS
611
JBS N.V.
JBS
$45.9B
$482K 0.01%
+32,263
New +$471K
VAC icon
612
Marriott Vacations Worldwide
VAC
$4.21B
$481K 0.01%
7,231
-29,694
-80% -$2.29M
CSTL icon
613
Castle Biosciences
CSTL
$955M
$481K 0.01%
21,133
-20,650
-49% -$419K
ITRI icon
614
Itron
ITRI
$4.47B
$481K 0.01%
3,861
-7,872
-67% -$1M
FOX icon
615
Fox Class B
FOX
$23.5B
$478K 0.01%
+8,342
New +$440K
FTK icon
616
Flotek Industries
FTK
$1.29B
$478K 0.01%
32,721
+17,074
+109% +$216K
ALGM icon
617
Allegro MicroSystems
ALGM
$8.24B
$477K 0.01%
16,336
+10,289
+170% +$333K
IMCR icon
618
Immunocore
IMCR
$1.73B
$477K 0.01%
13,125
-1,571
-11% -$53.4K
TM icon
619
Toyota
TM
$222B
$475K 0.01%
+2,488
New +$469K
DKNG icon
620
DraftKings
DKNG
$11.8B
$475K 0.01%
12,700
-2,300
-15% -$102K
CMRE icon
621
Costamare
CMRE
$1.76B
$474K 0.01%
39,776
-19,270
-33% -$211K
CASS icon
622
Cass Information Systems
CASS
$736M
$471K 0.01%
+11,981
New +$511K
LYFT icon
623
Lyft
LYFT
$6.68B
$471K 0.01%
21,378
-70,562
-77% -$1.18M
URGN icon
624
UroGen Pharma
URGN
$2.22B
$470K 0.01%
+23,571
New +$423K
ANDE icon
625
Andersons Inc
ANDE
$2.21B
$470K 0.01%
11,805
-1,915
-14% -$73.8K
23 24
25
26 27

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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.