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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 3.84%
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
SPY icon
51
State Street SPDR S&P 500 ETF Trust
SPY
$823B
$10.4M 0.17%
15,650
-9,502
-38% -$6.09M
XOM icon
52
ExxonMobil
XOM
$634B
$10.1M 0.16%
+89,812
New +$9.98M
UBER icon
53
Uber
UBER
$153B
$9.98M 0.16%
101,823
+4,734
+5% +$443K
CMS icon
54
CMS Energy
CMS
$22.3B
$9.54M 0.15%
130,276
-13,732
-10% -$986K
BX icon
55
Blackstone
BX
$110B
$9.44M 0.15%
55,260
-34,463
-38% -$5.9M
MO icon
56
Altria Group
MO
$114B
$9.37M 0.15%
141,853
+103,390
+269% +$6.55M
LNG icon
57
Cheniere Energy
LNG
$52.9B
$9.1M 0.14%
38,707
+10,624
+38% +$2.5M
EZA icon
58
iShares MSCI South Africa ETF
EZA
$592M
$8.94M 0.14%
+139,545
New +$7.99M
TLT icon
59
PUT
iShares 20+ Year Treasury Bond ETF
TLT
$41.7B
$8.94M 0.14%
100,000
-550,000
-85% -$48.1M
CMCSA icon
60
Comcast
CMCSA
$90B
$8.65M 0.14%
275,411
+59,595
+28% +$2M
GIS icon
61
General Mills
GIS
$19.7B
$8.36M 0.13%
165,839
+109,955
+197% +$5.51M
FXI icon
62
iShares China Large-Cap ETF
FXI
$4.31B
$8.27M 0.13%
201,000
+101,000
+101% +$3.9M
AME icon
63
Ametek
AME
$58.2B
$7.91M 0.13%
42,091
+9,029
+27% +$1.66M
HD icon
64
Home Depot
HD
$355B
$7.86M 0.12%
19,400
+4,759
+33% +$1.87M
GDX icon
65
CALL
VanEck Gold Miners ETF
GDX
$27.4B
$7.64M 0.12%
100,000
-340,000
-77% -$20.5M
GTES icon
66
Gates Industrial Corporation Ltd.
GTES
$7.15B
$7.59M 0.12%
305,940
+108,783
+55% +$2.7M
BTDR icon
67
PUT
Bitdeer Technologies
BTDR
$2.65B
$7.36M 0.12%
430,700
– –
NU icon
68
Nu Holdings
NU
$66.9B
$7.28M 0.12%
454,890
-537,019
-54% -$7.49M
JPM icon
69
JPMorgan Chase
JPM
$950B
$7.1M 0.11%
+22,500
New +$6.69M
MA icon
70
Mastercard
MA
$493B
$7.07M 0.11%
12,421
-3,682
-23% -$2.11M
CMI icon
71
Cummins
CMI
$88.7B
$6.97M 0.11%
16,505
+11,798
+251% +$4.52M
KWEB icon
72
KraneShares CSI China Internet ETF
KWEB
$5.67B
$6.85M 0.11%
+163,169
New +$6.12M
HON icon
73
Honeywell
HON
$78B
$6.71M 0.11%
33,808
+17,877
+112% +$3.73M
TEL icon
74
TE Connectivity
TEL
$62.6B
$6.63M 0.1%
+30,184
New +$6.05M
URI icon
75
United Rentals
URI
$72.4B
$6.59M 0.1%
6,900
-1,602
-19% -$1.43M
1 2
3
4 5

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BOK
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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.