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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 7.52%
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
IRTC icon
601
iRhythm Holdings
IRTC
$4.2B
$503K 0.01%
2,832
+874
+45% +$155K
NVCR icon
602
NovoCure
NVCR
$1.91B
$502K 0.01%
38,857
+28,762
+285% +$369K
NCNO icon
603
nCino
NCNO
$2.1B
$499K 0.01%
19,474
+1,064
+6% +$27K
MRP
604
Millrose Properties Inc
MRP
$4.81B
$499K 0.01%
+16,702
New +$524K
AVAH icon
605
Aveanna Healthcare
AVAH
$2.07B
$499K 0.01%
61,046
+21,507
+54% +$194K
DK icon
606
Delek US
DK
$3.58B
$498K 0.01%
+16,788
New +$599K
XLE icon
607
State Street Energy Select Sector SPDR ETF
XLE
$37.6B
$498K 0.01%
11,136
– –
RIVN icon
608
Rivian
RIVN
$23.2B
$493K 0.01%
+25,000
New +$397K
ABR icon
609
Arbor Realty Trust
ABR
$998M
$485K 0.01%
62,564
+46,186
+282% +$453K
CPNG icon
610
Coupang
CPNG
$29.2B
$482K 0.01%
20,423
+8,171
+67% +$232K
AOS icon
611
A.O. Smith
AOS
$8.7B
$482K 0.01%
7,203
-23,443
-76% -$1.58M
LDI icon
612
loanDepot
LDI
$516M
$480K 0.01%
+232,081
New +$644K
STX icon
613
Seagate
STX
$184B
$478K 0.01%
+1,736
New +$451K
BBD icon
614
Banco Bradesco
BBD
$36.7B
$477K 0.01%
143,308
+56,310
+65% +$192K
COIN icon
615
Coinbase
COIN
$40.5B
$475K 0.01%
+2,100
New +$626K
EVTL icon
616
Vertical Aerospace
EVTL
$173M
$473K 0.01%
+88,701
New +$449K
SEI
617
Solaris Energy Infrastructure
SEI
$3.82B
$471K 0.01%
10,239
+5,075
+98% +$245K
NVRI icon
618
Enviri
NVRI
$620M
$471K 0.01%
26,258
-1,803
-6% -$26.9K
DAWN
619
DELISTED
Day One Biopharmaceuticals
DAWN
$469K 0.01%
+50,355
New +$421K
HVT icon
620
Haverty Furniture Companies
HVT
$454M
$468K 0.01%
+20,016
New +$451K
CMRE icon
621
Costamare
CMRE
$1.77B
$467K 0.01%
29,571
-10,205
-26% -$141K
MOS icon
622
The Mosaic Company
MOS
$7.33B
$467K 0.01%
19,373
-13,207
-41% -$356K
ANIP icon
623
ANI Pharmaceuticals
ANIP
$1.78B
$466K 0.01%
5,907
+2,145
+57% +$186K
AIZ icon
624
Assurant
AIZ
$14.3B
$466K 0.01%
1,934
+150
+8% +$33.5K
ALAB icon
625
Astera Labs
ALAB
$58B
$465K 0.01%
2,796
-618
-18% -$103K
23 24
25
26 27

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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.