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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
-2.99%
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
$5.72B
AUM Growth
-$941M
Cap. Flow
-$1.63B
Cap. Flow %
-28.57%
Top 10 Hldgs %
49.29%
Holding
1,579
New
380
Increased
586
Reduced
258
Closed
326

Top Buys

Rank Stock Value
1
XLU icon
State Street Utilities Select Sector SPDR ETF
XLU
+$22M
2
MA icon
Mastercard
MA
+$16.9M
3
C icon
Citigroup
C
+$16.6M
4
ICOW icon
Pacer Developed Markets International Cash Cows 100 ETF
ICOW
+$15.3M
5
MELI icon
Mercado Libre
MELI
+$13.2M

Top Sells

Rank Stock Value
1
MSTR icon
Strategy Inc
MSTR
+$37.4M
2
HPE icon
Hewlett Packard
HPE
+$18.5M
3
PEP icon
PepsiCo
PEP
+$18.1M
4
TIP icon
iShares TIPS Bond ETF
TIP
+$15.7M
5
SO icon
Southern Company
SO
+$15M

Sector Composition

Rank Sector Weight
1 Financials 5.71%
2 Technology 5.51%
3 Industrials 4.33%
4 Consumer Discretionary 4.17%
5 Healthcare 3.18%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MSEX icon
801
Middlesex Water
MSEX
$1.09B
$491K 0.01%
+7,666
New +$417K
FCNCA icon
802
First Citizens BancShares
FCNCA
$25.4B
$491K 0.01%
265
-50
-16% -$102K
LFST icon
803
Lifestance Health
LFST
$4.55B
$491K 0.01%
+73,732
New +$561K
AGX icon
804
Argan
AGX
$8.15B
$491K 0.01%
3,741
+359
+11% +$50.1K
LILAK icon
805
Liberty Latin America Class C
LILAK
$1.65B
$489K 0.01%
+86,612
New +$526K
EHAB
806
DELISTED
Enhabit
EHAB
$488K 0.01%
55,478
-21,440
-28% -$180K
TPH
807
DELISTED
Tri Pointe Homes
TPH
$487K 0.01%
+15,272
New +$521K
LSPD icon
808
Lightspeed Commerce
LSPD
$1.36B
$483K 0.01%
+55,250
New +$712K
CNM icon
809
Core & Main
CNM
$8.67B
$483K 0.01%
+10,000
New +$518K
VICR icon
810
Vicor
VICR
$9.63B
$481K 0.01%
10,289
+1,519
+17% +$80.5K
GRAB icon
811
Grab
GRAB
$15B
$481K 0.01%
106,220
+850
+0.8% +$3.97K
FULC icon
812
Fulcrum Therapeutics
FULC
$286M
$479K 0.01%
166,243
+21,301
+15% +$78.2K
ASC icon
813
Ardmore Shipping
ASC
$670M
$477K 0.01%
48,724
+34,804
+250% +$380K
HTBK
814
DELISTED
Heritage Commerce
HTBK
$476K 0.01%
+49,948
New +$489K
HMY icon
815
Harmony Gold Mining
HMY
$12.4B
$472K 0.01%
31,964
-22,921
-42% -$256K
CUBI icon
816
Customers Bancorp
CUBI
$2.78B
$472K 0.01%
9,395
+1,653
+21% +$86.8K
LIND icon
817
Lindblad Expeditions
LIND
$2.16B
$472K 0.01%
50,871
+19,123
+60% +$218K
HTLD icon
818
Heartland Express
HTLD
$911M
$471K 0.01%
51,051
+4,904
+11% +$51.9K
GNW icon
819
Genworth Financial
GNW
$3.75B
$470K 0.01%
66,343
-53,586
-45% -$373K
PBA icon
820
Pembina Pipeline
PBA
$27.8B
$469K 0.01%
+11,719
New +$440K
HCAT icon
821
Health Catalyst
HCAT
$127M
$468K 0.01%
103,401
+52,070
+101% +$276K
TBLA icon
822
Taboola.com
TBLA
$1.12B
$468K 0.01%
158,726
+96,969
+157% +$331K
U icon
823
Unity
U
$19B
$465K 0.01%
23,762
-43,233
-65% -$976K
BRFS
824
DELISTED
BRF SA
BRFS
$465K 0.01%
135,177
+40,983
+44% +$144K
HMN icon
825
Horace Mann Educators
HMN
$2.13B
$464K 0.01%
+10,865
New +$437K
31 32
33
34 35

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Graham Capital Management's Q1 2025 Portfolio in Review

As of Q1 2025, Graham Capital Management held 1,579 positions worth $5.72B, down 14% from $6.66B the previous quarter. Its ten largest holdings account for 49% of the portfolio.

Graham Capital Management withdrew a net $1.63B in Q1 2025, closing 326 positions and reducing 258 holdings. Its most notable exit was Strategy Inc, an estimated $37.4M position sold in full.

By sector, the portfolio is most concentrated in Financials at 5.7% of assets, up from 3.5% a quarter earlier, followed by Technology and Industrials.

Against the trend, Graham Capital Management opened a new position in Mastercard worth $17M.

  • Graham Capital Management's largest Q1 2025 buy was Mastercard: 31,082 shares worth $17M.
  • Graham Capital Management added most to State Street Utilities Select Sector SPDR ETF in Q1 2025, an estimated $22M increase.
  • Graham Capital Management's biggest Q1 2025 reduction was Netflix, cutting an estimated $13.5M.
  • Graham Capital Management fully exited Strategy Inc in Q1 2025, selling an estimated $37.4M.
  • Graham Capital Management's ten largest holdings make up 49% of its $5.72B portfolio in Q1 2025.
  • Graham Capital Management opened 380 new positions and closed 326 in Q1 2025.
  • Graham Capital Management's portfolio value fell 14% quarter-over-quarter to $5.72B.

Based on Graham Capital Management's 13F filing for Q1 2025, filed 15 May 2025.