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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
ANIP icon
776
ANI Pharmaceuticals
ANIP
$1.73B
$345K 0.01%
3,762
-6,124
-62% -$499K
CNI icon
777
Canadian National Railway
CNI
$75.6B
$344K 0.01%
3,649
+1,380
+61% +$133K
PL icon
778
Planet Labs
PL
$8.33B
$344K 0.01%
26,469
-72,780
-73% -$561K
WDFC icon
779
WD-40
WDFC
$3.12B
$343K 0.01%
1,738
+309
+22% +$66.9K
FLNA
780
Filana Therapeutics
FLNA
$48.3M
$343K 0.01%
+117,927
New +$271K
MGY icon
781
Magnolia Oil & Gas
MGY
$6.21B
$342K 0.01%
14,342
-23,663
-62% -$564K
DMC
782
Del Monte Corp
DMC
$1.42B
$342K 0.01%
+9,856
New +$349K
TR icon
783
Tootsie Roll Industries
TR
$2.97B
$342K 0.01%
+8,393
New +$317K
BOW
784
Bowhead Specialty Holdings
BOW
$1.1B
$342K 0.01%
12,630
-4,823
-28% -$151K
APPN icon
785
Appian
APPN
$2.54B
$341K 0.01%
11,154
-18,150
-62% -$545K
BRY
786
DELISTED
Berry Corp
BRY
$341K 0.01%
90,113
-48,894
-35% -$158K
ORCL icon
787
Oracle
ORCL
$437B
$339K 0.01%
1,206
-10,067
-89% -$2.56M
FRPT icon
788
Freshpet
FRPT
$3.24B
$339K 0.01%
+6,153
New +$381K
PRM icon
789
Perimeter Solutions
PRM
$5.63B
$339K 0.01%
+15,137
New +$287K
MTX icon
790
Minerals Technologies
MTX
$2.33B
$338K 0.01%
+5,439
New +$332K
AGL icon
791
Agilon Health
AGL
$1.65B
$338K 0.01%
13,119
+9,533
+266% +$360K
DAVA icon
792
Endava
DAVA
$161M
$337K 0.01%
+37,064
New +$462K
IRTC icon
793
iRhythm Holdings
IRTC
$4.11B
$337K 0.01%
1,958
-3,489
-64% -$555K
RGEN icon
794
Repligen
RGEN
$9.21B
$337K 0.01%
+2,519
New +$306K
SGMT icon
795
Sagimet Biosciences
SGMT
$581M
$336K 0.01%
+49,051
New +$398K
MATV icon
796
Mativ Holdings
MATV
$700M
$336K 0.01%
29,746
-61,119
-67% -$606K
DSGX icon
797
Descartes Systems
DSGX
$6.85B
$336K 0.01%
+3,566
New +$365K
HBNC icon
798
Horizon Bancorp
HBNC
$1.03B
$335K 0.01%
20,945
+7,245
+53% +$116K
HDSN
799
Hudson Technologies
HDSN
$240M
$335K 0.01%
+33,729
New +$317K
MGEE icon
800
MGE Energy Inc
MGEE
$3.04B
$334K 0.01%
3,967
-3,244
-45% -$277K
30 31
32
33 34

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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.