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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
FLOC
776
Flowco Holdings
FLOC
$913M
$339K 0.01%
18,072
+1,964
+12% +$32.8K
CF icon
777
CF Industries
CF
$17.9B
$338K 0.01%
4,376
-6,878
-61% -$565K
XP icon
778
XP
XP
$8.38B
$338K 0.01%
20,650
+2,129
+11% +$37.5K
SVRA icon
779
Savara
SVRA
$1.18B
$338K 0.01%
56,013
+2,615
+5% +$12.8K
PEB icon
780
Pebblebrook Hotel Trust
PEB
$2.01B
$337K 0.01%
29,814
+10,125
+51% +$111K
IMCR icon
781
Immunocore
IMCR
$1.73B
$337K 0.01%
9,703
-3,422
-26% -$121K
WAT icon
782
Waters Corp
WAT
$40.2B
$337K 0.01%
+886
New +$326K
SIG icon
783
Signet Jewelers
SIG
$3.68B
$336K 0.01%
4,059
-131
-3% -$12.4K
PKX icon
784
POSCO
PKX
$17.7B
$336K 0.01%
6,312
-1,540
-20% -$81.1K
TCBI icon
785
Texas Capital Bancshares
TCBI
$4.3B
$335K 0.01%
+3,699
New +$325K
PSX icon
786
Phillips 66
PSX
$84.6B
$334K 0.01%
+2,591
New +$349K
MATV icon
787
Mativ Holdings
MATV
$693M
$334K 0.01%
27,504
-2,242
-8% -$26.4K
SGHC icon
788
SGHC Ltd
SGHC
$6.58B
$334K 0.01%
27,913
+16,113
+137% +$194K
CHH icon
789
Choice Hotels
CHH
$4.62B
$333K 0.01%
3,492
-5,782
-62% -$550K
PAYC icon
790
Paycom
PAYC
$9.55B
$332K 0.01%
2,082
-1,837
-47% -$325K
CABA icon
791
Cabaletta Bio
CABA
$452M
$332K 0.01%
+151,451
New +$375K
FIG
792
Figma
FIG
$13.4B
$331K 0.01%
+8,857
New +$400K
DOMO icon
793
Domo
DOMO
$184M
$330K 0.01%
39,117
+18,168
+87% +$214K
NAT icon
794
Nordic American Tanker
NAT
$1.36B
$327K 0.01%
95,150
-72,155
-43% -$255K
LXEO icon
795
Lexeo Therapeutics
LXEO
$362M
$327K 0.01%
+32,898
New +$300K
KRRO icon
796
Korro Bio
KRRO
$201M
$327K 0.01%
+40,766
New +$953K
DAVE icon
797
Dave Inc
DAVE
$3.93B
$326K 0.01%
1,473
-1,315
-47% -$283K
RGNX icon
798
Regenxbio
RGNX
$692M
$326K 0.01%
22,632
-6,676
-23% -$83.2K
AIT icon
799
Applied Industrial Technologies
AIT
$13.3B
$325K 0.01%
+1,267
New +$324K
LPG icon
800
Dorian LPG
LPG
$1.93B
$325K 0.01%
13,351
-10,164
-43% -$266K
30 31
32
33 34

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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.