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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
-0.3%
1 Year Est. Return
+17.82%
3 Year Est. Return
+41.13%
5 Year Est. Return
+43.39%
10 Year Est. Return
+148.36%
AUM
$3.06B
AUM Growth
-$336M
Cap. Flow
-$1.26B
Cap. Flow %
-40.96%
Top 10 Hldgs %
71.47%
Holding
110
New
24
Increased
14
Reduced
5
Closed
16

Top Buys

Rank Stock Value
1
XLP icon
State Street Consumer Staples Select Sector SPDR ETF
XLP
+$88.6M
2
EWZ icon
iShares MSCI Brazil ETF
EWZ
+$28.1M
3
EMB icon
iShares JPMorgan USD Emerging Markets Bond ETF
EMB
+$10.9M
4
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$10M
5
EWH icon
iShares MSCI Hong Kong ETF
EWH
+$9.71M

Top Sells

Rank Stock Value
1
MSFT icon
Microsoft
MSFT
+$11M
2
INDA icon
iShares MSCI India ETF
INDA
+$9.9M
3
EPI icon
WisdomTree India Earnings Fund ETF
EPI
+$9.87M
4
EEM icon
iShares MSCI Emerging Markets ETF
EEM
+$9.08M
5
ENPH icon
Enphase Energy
ENPH
+$4.92M

Sector Composition

Rank Sector Weight
1 Technology 2.65%
2 Industrials 1.52%
3 Financials 0.88%
4 Consumer Discretionary 0.63%
5 Materials 0.24%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NVAX icon
51
PUT
Novavax
NVAX
$1.27B
$1.25M 0.04%
+250,000
New +$1.37M
TLRY icon
52
PUT
Tilray
TLRY
$602M
$1.24M 0.04%
+5,030
New +$1.83M
BEST
53
DELISTED
BEST Inc. American Depositary Shares, each representing twenty (20) Class A Ordinary Shares
BEST
$1.2M 0.04%
+11,325
New +$1.13M
NRP icon
54
PUT
Natural Resource Partners
NRP
$1.39B
$1.13M 0.04%
+44,500
New +$1.31M
MDR
55
PUT
DELISTED
McDermott International
MDR
$980K 0.03%
485,500
+39,200
+9% +$241K
RH icon
56
RH
RH
$3.7B
$487K 0.02%
+2,856
New +$407K
NIHD
57
DELISTED
NII Holdings, Inc. Common Stock
NIHD
$377K 0.01%
192,700
– –
AA icon
58
Alcoa
AA
$12.6B
– –
-100,000
Closed -$2.34M
CDE icon
59
Coeur Mining
CDE
$18B
– –
-250,000
Closed -$1.08M
EEM icon
60
iShares MSCI Emerging Markets ETF
EEM
$29.5B
– –
-220,000
Closed -$9.08M
EPI icon
61
WisdomTree India Earnings Fund ETF
EPI
$2.05B
– –
-378,600
Closed -$9.87M
FCX icon
62
Freeport-McMoran
FCX
$99.8B
– –
-200,000
Closed -$2.32M
HCC icon
63
Warrior Met Coal
HCC
$4.45B
– –
-40,000
Closed -$1.04M
HL icon
64
PUT
Hecla Mining
HL
$11.1B
– –
-1,015,900
Closed -$1.83M
INDA icon
65
iShares MSCI India ETF
INDA
$6.63B
– –
-280,400
Closed -$9.9M
LEE icon
66
Lee Enterprises
LEE
$177M
– –
-16,201
Closed -$362K
NOC icon
67
Northrop Grumman
NOC
$79.2B
– –
-7,362
Closed -$2.38M
TECK icon
68
Teck Resources
TECK
$32.4B
– –
-30,000
Closed -$691K
TSLA icon
69
PUT
Tesla
TSLA
$1.27T
– –
-3,000,000
Closed -$44.7M
VXX icon
70
PUT
iPath Series B S&P 500 VIX Short-Term Futures ETN
VXX
$148M
– –
-15,625
Closed -$26M
X
71
DELISTED
US Steel
X
– –
-175,000
Closed -$2.68M
XLI icon
72
State Street Industrial Select Sector SPDR ETF
XLI
$33.9B
– –
-40,000
Closed -$3.1M
MDCO
73
PUT
DELISTED
Medicines Co
MDCO
– –
-253,400
Closed -$9.24M
1 2
3

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Graham Capital Management's Q3 2019 Portfolio in Review

As of Q3 2019, Graham Capital Management held 110 positions worth $3.06B, down 9.9% from $3.4B the previous quarter. Its ten largest holdings account for 71% of the portfolio.

Graham Capital Management withdrew a net $1.26B in Q3 2019, closing 16 positions and reducing 5 holdings. Its most notable exit was iShares MSCI India ETF, an estimated $9.9M position sold in full.

By sector, the portfolio is most concentrated in Technology at 2.6% of assets, up from 2.4% a quarter earlier, followed by Industrials and Financials.

Against the trend, Graham Capital Management opened a new position in iShares JPMorgan USD Emerging Markets Bond ETF worth $10.8M.

  • Graham Capital Management's largest Q3 2019 buy was iShares JPMorgan USD Emerging Markets Bond ETF: 95,600 shares worth $10.8M.
  • Graham Capital Management added most to State Street Consumer Staples Select Sector SPDR ETF in Q3 2019, an estimated $88.6M increase.
  • Graham Capital Management's biggest Q3 2019 reduction was Microsoft, cutting an estimated $11M.
  • Graham Capital Management fully exited iShares MSCI India ETF in Q3 2019, selling an estimated $9.9M.
  • Graham Capital Management's ten largest holdings make up 71% of its $3.06B portfolio in Q3 2019.
  • Graham Capital Management opened 24 new positions and closed 16 in Q3 2019.
  • Graham Capital Management's portfolio value fell 9.9% quarter-over-quarter to $3.06B.

Based on Graham Capital Management's 13F filing for Q3 2019, filed 14 Nov 2019.