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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
AMC icon
651
AMC Entertainment Holdings
AMC
$2.18B
$440K 0.01%
151,722
+98,008
+182% +$291K
OCUL icon
652
Ocular Therapeutix
OCUL
$2.02B
$436K 0.01%
+37,331
New +$446K
AKAM icon
653
Akamai
AKAM
$16.9B
$436K 0.01%
5,759
+3,034
+111% +$234K
ACAD icon
654
Acadia Pharmaceuticals
ACAD
$5.05B
$436K 0.01%
20,426
+3,371
+20% +$79.7K
RCKT icon
655
Rocket Pharmaceuticals
RCKT
$390M
$435K 0.01%
133,512
-104,738
-44% -$330K
GMAB icon
656
Genmab
GMAB
$19.1B
$435K 0.01%
+14,167
New +$345K
NX icon
657
Quanex
NX
$972M
$434K 0.01%
+30,535
New +$571K
EXTR icon
658
Extreme Networks
EXTR
$3.16B
$434K 0.01%
21,005
+6,535
+45% +$130K
PII icon
659
Polaris
PII
$3.99B
$433K 0.01%
+7,454
New +$402K
ONEW icon
660
OneWater Marine
ONEW
$204M
$432K 0.01%
+27,246
New +$431K
PLAB icon
661
Photronics
PLAB
$1.9B
$430K 0.01%
+18,757
New +$401K
COHU icon
662
Cohu
COHU
$2.4B
$429K 0.01%
+21,114
New +$426K
DOCS icon
663
Doximity
DOCS
$4.57B
$429K 0.01%
5,861
-30,296
-84% -$1.98M
LAD icon
664
Lithia Motors
LAD
$8.31B
$428K 0.01%
+1,356
New +$437K
HNGE
665
Hinge Health
HNGE
$7.39B
$428K 0.01%
+8,722
New +$456K
XPRO icon
666
Expro Ltd
XPRO
$1.98B
$428K 0.01%
36,025
-8,969
-20% -$97.4K
TRUP icon
667
Trupanion
TRUP
$1.27B
$426K 0.01%
+9,839
New +$468K
AD
668
Array Digital Infrastructure
AD
$3.04B
$426K 0.01%
+8,511
New +$529K
SMTC icon
669
Semtech
SMTC
$12.5B
$423K 0.01%
5,925
-16,961
-74% -$921K
NXE icon
670
NexGen Energy
NXE
$6.89B
$423K 0.01%
+47,213
New +$348K
KDP icon
671
Keurig Dr Pepper
KDP
$39.9B
$422K 0.01%
16,548
-62,371
-79% -$1.95M
IVZ icon
672
Invesco
IVZ
$14B
$420K 0.01%
18,321
-151,550
-89% -$3.15M
BRKR icon
673
Bruker
BRKR
$8.54B
$420K 0.01%
+12,918
New +$460K
CE icon
674
Celanese
CE
$4.82B
$418K 0.01%
9,942
-1,076
-10% -$53.6K
HPE icon
675
Hewlett Packard
HPE
$73.2B
$418K 0.01%
+17,006
New +$376K
25 26
27
28 29

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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.