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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
+1.47%
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
$4.18B
AUM Growth
-$2.14B
Cap. Flow
-$1.72B
Cap. Flow %
-41.09%
Top 10 Hldgs %
35.08%
Holding
1,653
New
441
Increased
361
Reduced
355
Closed
464

Top Buys

Rank Stock Value
1
CIFR icon
Cipher Digital
CIFR
+$39.9M
2
NFLX icon
Netflix
NFLX
+$38M
3
EWC icon
iShares MSCI Canada ETF
EWC
+$35M
4
UPS icon
United Parcel Service
UPS
+$26.1M
5
EOSE icon
Eos Energy Enterprises
EOSE
+$25.7M

Top Sells

Rank Stock Value
1
GDX icon
VanEck Gold Miners ETF
GDX
+$62.2M
2
IBIT icon
iShares Bitcoin Trust
IBIT
+$43.4M
3
XLU icon
State Street Utilities Select Sector SPDR ETF
XLU
+$39.5M
4
VTV icon
Vanguard Morningstar Value ETF
VTV
+$32.8M
5
XLI icon
State Street Industrial Select Sector SPDR ETF
XLI
+$20.4M

Sector Composition

Rank Sector Weight
1 Technology 8.87%
2 Industrials 7.53%
3 Financials 5.36%
4 Consumer Discretionary 5.16%
5 Communication Services 4.02%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IREN icon
51
Iris Energy
IREN
$14.7B
$9.17M 0.22%
+242,729
New +$12.5M
XHB icon
52
State Street SPDR S&P Homebuilders ETF
XHB
$1.56B
$8.98M 0.21%
+87,200
New +$9.26M
IGV icon
53
iShares Expanded Tech-Software Sector ETF
IGV
$14.5B
$8.72M 0.21%
+82,500
New +$9.07M
AVGO icon
54
Broadcom
AVGO
$2.04T
$8.65M 0.21%
25,000
+22,561
+925% +$8.07M
MO icon
55
Altria Group
MO
$114B
$8.46M 0.2%
146,797
+4,944
+3% +$299K
IEX icon
56
IDEX
IEX
$17.3B
$8.38M 0.2%
47,105
+45,293
+2,500% +$7.74M
CMS icon
57
CMS Energy
CMS
$22.3B
$8.3M 0.2%
118,748
-11,528
-9% -$838K
SRLN icon
58
State Street Blackstone Senior Loan ETF
SRLN
$5.34B
$8.25M 0.2%
+200,000
New +$8.26M
MELI icon
59
Mercado Libre
MELI
$92.3B
$7.85M 0.19%
3,898
-1,069
-22% -$2.25M
BBIO icon
60
BridgeBio Pharma
BBIO
$16.5B
$7.73M 0.19%
101,051
-177,077
-64% -$11.6M
GIS icon
61
General Mills
GIS
$19.7B
$7.7M 0.18%
165,515
-324
-0.2% -$15.4K
XLV icon
62
State Street Health Care Select Sector SPDR ETF
XLV
$42.7B
$7.66M 0.18%
+49,500
New +$7.41M
XOM icon
63
ExxonMobil
XOM
$634B
$7.65M 0.18%
63,585
-26,227
-29% -$3.04M
CHKP icon
64
Check Point Software Technologies
CHKP
$13.1B
$7.57M 0.18%
40,770
+32,155
+373% +$6.22M
AME icon
65
Ametek
AME
$58.2B
$7.35M 0.18%
35,810
-6,281
-15% -$1.22M
COR icon
66
Cencora
COR
$61.2B
$7.33M 0.18%
21,715
+10,615
+96% +$3.62M
WMT icon
67
Walmart Inc
WMT
$890B
$7.13M 0.17%
64,020
+49,048
+328% +$5.27M
ALL icon
68
Allstate
ALL
$67.5B
$7.08M 0.17%
34,011
+10,996
+48% +$2.25M
BCI icon
69
abrdn Bloomberg All Commodity Strategy K-1 Free ETF
BCI
$2.96B
$6.84M 0.16%
+350,000
New +$7.78M
UBER icon
70
Uber
UBER
$153B
$6.74M 0.16%
82,491
-19,332
-19% -$1.74M
ETHA
71
iShares Ethereum Trust ETF
ETHA
$5.55B
$6.73M 0.16%
300,000
-226,904
-43% -$5.93M
ETN icon
72
Eaton
ETN
$174B
$6.7M 0.16%
+21,042
New +$7.46M
DG icon
73
Dollar General
DG
$27.9B
$6.64M 0.16%
50,000
-65,000
-57% -$7.25M
CTAS icon
74
Cintas
CTAS
$81.3B
$6.64M 0.16%
35,285
+29,312
+491% +$5.52M
RL icon
75
Ralph Lauren
RL
$23.6B
$6.43M 0.15%
18,178
+15,782
+659% +$5.38M
1 2
3
4 5

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Graham Capital Management's Q4 2025 Portfolio in Review

As of Q4 2025, Graham Capital Management held 1,653 positions worth $4.18B, down 34% from $6.32B the previous quarter. Its ten largest holdings account for 35% of the portfolio.

Graham Capital Management withdrew a net $1.72B in Q4 2025, closing 464 positions and reducing 355 holdings. Its most notable exit was Vanguard Morningstar Value ETF, an estimated $32.8M position sold in full.

By sector, the portfolio is most concentrated in Technology at 8.9% of assets, up from 3.7% a quarter earlier, followed by Industrials and Financials.

Against the trend, Graham Capital Management opened a new position in Cipher Digital worth $33.3M.

  • Graham Capital Management's largest Q4 2025 buy was Cipher Digital: 2,258,042 shares worth $33.3M.
  • Graham Capital Management added most to Netflix in Q4 2025, an estimated $38M increase.
  • Graham Capital Management's biggest Q4 2025 reduction was VanEck Gold Miners ETF, cutting an estimated $62.2M.
  • Graham Capital Management fully exited Vanguard Morningstar Value ETF in Q4 2025, selling an estimated $32.8M.
  • Graham Capital Management's ten largest holdings make up 35% of its $4.18B portfolio in Q4 2025.
  • Graham Capital Management opened 441 new positions and closed 464 in Q4 2025.
  • Graham Capital Management's portfolio value fell 34% quarter-over-quarter to $4.18B.

Based on Graham Capital Management's 13F filing for Q4 2025, filed 17 Feb 2026.