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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
NPKI
676
NPK International
NPKI
$1.15B
$415K 0.01%
36,724
-4,628
-11% -$45.1K
ITUB icon
677
Itaú Unibanco
ITUB
$86.9B
$414K 0.01%
58,157
-98,974
-63% -$654K
VALE icon
678
Vale
VALE
$63B
$413K 0.01%
38,060
-170,232
-82% -$1.74M
OPRA
679
Opera Ltd
OPRA
$1.78B
$413K 0.01%
19,991
+2,642
+15% +$47.2K
BMBL icon
680
Bumble
BMBL
$360M
$412K 0.01%
+67,606
New +$462K
TRU icon
681
TransUnion
TRU
$15.2B
$411K 0.01%
+4,905
New +$445K
ONT
682
Onterris Inc
ONT
$534M
$411K 0.01%
+14,960
New +$391K
TROW icon
683
T. Rowe Price
TROW
$24.4B
$411K 0.01%
+4,000
New +$420K
WASH icon
684
Washington Trust Bancorp
WASH
$730M
$410K 0.01%
+14,194
New +$411K
ADNT icon
685
Adient
ADNT
$1.45B
$410K 0.01%
17,024
+3,722
+28% +$86.9K
ACLS icon
686
Axcelis
ACLS
$4.1B
$410K 0.01%
+4,198
New +$338K
ACVA icon
687
ACV Auctions
ACVA
$1.24B
$409K 0.01%
+41,244
New +$528K
ATRC icon
688
AtriCure
ATRC
$2.13B
$405K 0.01%
11,483
-5,756
-33% -$198K
PNTG icon
689
Pennant Group
PNTG
$1.38B
$404K 0.01%
16,006
+616
+4% +$15.1K
SIG icon
690
Signet Jewelers
SIG
$3.67B
$402K 0.01%
+4,190
New +$359K
REGN icon
691
Regeneron Pharmaceuticals
REGN
$82.8B
$400K 0.01%
+712
New +$403K
IDYA icon
692
IDEAYA Biosciences
IDYA
$3.55B
$400K 0.01%
+14,712
New +$356K
MSTR icon
693
Strategy Inc
MSTR
$37.3B
$398K 0.01%
1,235
-4,845
-80% -$1.8M
CVSA
694
Covista Inc
CVSA
$4.64B
$397K 0.01%
2,573
-2,438
-49% -$312K
FDS icon
695
Factset
FDS
$10.2B
$397K 0.01%
+1,386
New +$529K
SARO
696
StandardAero Inc
SARO
$9.43B
$397K 0.01%
14,541
-91,913
-86% -$2.58M
GLDD
697
DELISTED
Great Lakes Dredge & Dock
GLDD
$397K 0.01%
33,077
-15,506
-32% -$180K
VSEC icon
698
VSE Corp
VSEC
$6.16B
$396K 0.01%
+2,380
New +$363K
HI
699
DELISTED
Hillenbrand
HI
$395K 0.01%
+14,625
New +$343K
SSTK icon
700
Shutterstock
SSTK
$217M
$395K 0.01%
18,966
+7,241
+62% +$148K
26 27
28
29 30

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BOK
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ZP
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SHCM
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AP
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BHC
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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.