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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
EHAB
701
DELISTED
Enhabit
EHAB
$395K 0.01%
49,315
+18,565
+60% +$140K
CPNG icon
702
Coupang
CPNG
$29.2B
$395K 0.01%
12,252
-34,273
-74% -$1.04M
ZVRA icon
703
Zevra Therapeutics
ZVRA
$675M
$394K 0.01%
+41,452
New +$416K
HTZ icon
704
Hertz
HTZ
$766M
$393K 0.01%
+57,789
New +$371K
TECK icon
705
Teck Resources
TECK
$32.9B
$393K 0.01%
8,943
-7,354
-45% -$267K
NAK
706
Northern Dynasty Minerals
NAK
$947M
$392K 0.01%
+326,815
New +$351K
APPS icon
707
Digital Turbine
APPS
$1.75B
$392K 0.01%
+61,206
New +$304K
ODP
708
DELISTED
ODP
ODP
$392K 0.01%
14,061
-8,366
-37% -$172K
NUVB icon
709
Nuvation Bio
NUVB
$2.29B
$392K 0.01%
+105,812
New +$288K
INTA icon
710
Intapp
INTA
$3.02B
$390K 0.01%
9,540
-43,804
-82% -$1.89M
UPST icon
711
Upstart Holdings
UPST
$2.96B
$390K 0.01%
+7,677
New +$540K
BBAR icon
712
BBVA Argentina
BBAR
$3.52B
$390K 0.01%
+46,865
New +$633K
NBIX icon
713
Neurocrine Biosciences
NBIX
$16.7B
$389K 0.01%
+2,773
New +$376K
LFUS icon
714
Littelfuse
LFUS
$11.7B
$389K 0.01%
+1,501
New +$376K
RDY icon
715
Dr. Reddy's Laboratories
RDY
$10.1B
$388K 0.01%
+27,782
New +$400K
UVE icon
716
Universal Insurance Holdings
UVE
$1.21B
$387K 0.01%
14,700
-540
-4% -$13.3K
AIZ icon
717
Assurant
AIZ
$14.2B
$386K 0.01%
1,784
-16,118
-90% -$3.27M
PKX icon
718
POSCO
PKX
$17.6B
$386K 0.01%
7,852
-18,982
-71% -$1.02M
DAL icon
719
Delta Air Lines
DAL
$59B
$384K 0.01%
6,771
-7,457
-52% -$426K
BEAM icon
720
Beam Therapeutics
BEAM
$2.81B
$384K 0.01%
15,811
-5,464
-26% -$109K
BTE icon
721
Baytex Energy
BTE
$3.1B
$383K 0.01%
163,701
-172,846
-51% -$371K
FFWM
722
DELISTED
First Foundation Inc
FFWM
$381K 0.01%
68,429
+16,990
+33% +$93.8K
ARLO icon
723
Arlo Technologies
ARLO
$1.56B
$380K 0.01%
+22,433
New +$381K
CC icon
724
Chemours
CC
$2.22B
$379K 0.01%
23,949
-91,835
-79% -$1.33M
GGAL icon
725
Galicia Financial Group
GGAL
$7.44B
$377K 0.01%
13,671
-2,315
-14% -$99.4K
27 28
29
30 31

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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.