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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
PKE icon
626
Park Aerospace
PKE
$819M
$463K 0.01%
21,700
+6,907
+47% +$138K
LGIH icon
627
LGI Homes
LGIH
$1.4B
$462K 0.01%
+10,743
New +$504K
BP icon
628
BP
BP
$107B
$461K 0.01%
13,260
-67,797
-84% -$2.38M
LOMA
629
Loma Negra
LOMA
$1.22B
$460K 0.01%
35,497
-2,984
-8% -$31.9K
SNAP icon
630
Snap
SNAP
$9.01B
$460K 0.01%
56,955
+43,497
+323% +$344K
PI icon
631
Impinj
PI
$5.6B
$457K 0.01%
+2,627
New +$468K
EXPO icon
632
Exponent
EXPO
$3.24B
$457K 0.01%
6,581
+3,693
+128% +$259K
TNGX icon
633
Tango Therapeutics
TNGX
$4.41B
$455K 0.01%
+51,319
New +$442K
ACH
634
Accendra Health
ACH
$214M
$454K 0.01%
162,296
+36,875
+29% +$132K
RPAY icon
635
Repay Holdings
RPAY
$327M
$453K 0.01%
+123,985
New +$497K
AEG icon
636
Aegon
AEG
$14.1B
$452K 0.01%
58,633
-44,323
-43% -$339K
EFXT
637
Enerflex
EFXT
$2.44B
$452K 0.01%
+29,281
New +$389K
R icon
638
Ryder
R
$10.1B
$451K 0.01%
+2,359
New +$424K
SE icon
639
Sea Limited
SE
$69.5B
$450K 0.01%
3,527
-3,604
-51% -$534K
ASPN icon
640
Aspen Aerogels
ASPN
$518M
$450K 0.01%
158,839
+52,959
+50% +$273K
CSL icon
641
Carlisle Companies
CSL
$15.4B
$449K 0.01%
+1,404
New +$455K
MARA icon
642
CALL
Marathon Digital Holdings
MARA
$3.9B
$449K 0.01%
50,000
– –
GPRO icon
643
GoPro
GPRO
$126M
$447K 0.01%
+317,193
New +$576K
HLIT icon
644
Harmonic Inc
HLIT
$1.28B
$447K 0.01%
+45,198
New +$455K
CC icon
645
Chemours
CC
$2.37B
$446K 0.01%
37,857
+13,908
+58% +$179K
WOOF icon
646
Petco
WOOF
$794M
$446K 0.01%
158,714
+262
+0.2% +$848
HCI icon
647
HCI Group
HCI
$2.41B
$446K 0.01%
2,326
+451
+24% +$85K
NG icon
648
NovaGold Resources
NG
$3.33B
$446K 0.01%
47,839
+7,384
+18% +$68.5K
PBH icon
649
Prestige Consumer Healthcare
PBH
$2.6B
$444K 0.01%
7,194
-192
-3% -$11.8K
TERN
650
DELISTED
Terns Pharmaceuticals
TERN
$443K 0.01%
10,958
-13,336
-55% -$308K
24 25
26
27 28

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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.