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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 7.52%
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
LZ icon
751
LegalZoom.com
LZ
$981M
$356K 0.01%
35,817
+13,320
+59% +$132K
FHI icon
752
Federated Hermes
FHI
$4.73B
$355K 0.01%
6,822
-37,589
-85% -$1.91M
REVG
753
DELISTED
REV Group
REVG
$355K 0.01%
5,840
+971
+20% +$54.5K
MBX
754
MBX Biosciences
MBX
$3.17B
$355K 0.01%
+11,254
New +$273K
WNC icon
755
Wabash National
WNC
$508M
$354K 0.01%
40,960
+25,322
+162% +$221K
DAY
756
DELISTED
Dayforce
DAY
$354K 0.01%
+5,122
New +$353K
RZLT icon
757
Rezolute
RZLT
$446M
$354K 0.01%
+149,952
New +$1.18M
TEN
758
Tsakos Energy Navigation Ltd
TEN
$1.17B
$353K 0.01%
+15,739
New +$368K
PACB icon
759
Pacific Biosciences
PACB
$354M
$352K 0.01%
+188,485
New +$362K
WINA icon
760
Winmark
WINA
$1.32B
$351K 0.01%
+866
New +$371K
TLS icon
761
Telos
TLS
$323M
$351K 0.01%
68,754
+35,431
+106% +$221K
STVN icon
762
Stevanato
STVN
$5.68B
$351K 0.01%
+17,423
New +$405K
CENT icon
763
Central Garden & Pet Co
CENT
$2.73B
$350K 0.01%
+10,898
New +$348K
SSRM icon
764
SSR Mining
SSRM
$6.38B
$350K 0.01%
15,952
+755
+5% +$16.8K
IBKR icon
765
Interactive Brokers
IBKR
$41.2B
$349K 0.01%
5,429
-4,978
-48% -$333K
TGS icon
766
Transportadora de Gas del Sur
TGS
$4.39B
$348K 0.01%
11,190
-4,467
-29% -$126K
GSIT icon
767
GSI Technology
GSIT
$255M
$347K 0.01%
+55,886
New +$399K
FTK icon
768
Flotek Industries
FTK
$1.38B
$346K 0.01%
20,057
-12,664
-39% -$201K
SKYT
769
DELISTED
SkyWater Technology
SKYT
$345K 0.01%
+19,014
New +$330K
FFIC
770
DELISTED
Flushing Financial
FFIC
$344K 0.01%
22,704
+5,485
+32% +$83.1K
GBX icon
771
The Greenbrier Companies
GBX
$1.42B
$343K 0.01%
7,343
-3,519
-32% -$158K
NMRA icon
772
Neumora Therapeutics
NMRA
$298M
$343K 0.01%
191,416
+34,483
+22% +$75.5K
PENN icon
773
PENN Entertainment
PENN
$2.58B
$342K 0.01%
+23,196
New +$362K
RC
774
Ready Capital
RC
$321M
$342K 0.01%
156,913
+23,152
+17% +$64.8K
HG icon
775
Hamilton Insurance Group
HG
$3.44B
$339K 0.01%
12,150
-713
-6% -$18.5K
29 30
31
32 33

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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.