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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
GEHC icon
801
GE HealthCare
GEHC
$32.9B
$334K 0.01%
4,445
-1,077
-20% -$80.3K
DOMO icon
802
Domo
DOMO
$189M
$332K 0.01%
+20,949
New +$324K
HUBS icon
803
HubSpot
HUBS
$10.8B
$330K 0.01%
+705
New +$355K
TGS icon
804
Transportadora de Gas del Sur
TGS
$4.41B
$329K 0.01%
+15,657
New +$405K
NUS icon
805
Nu Skin
NUS
$250M
$328K 0.01%
26,878
-44,447
-62% -$467K
INDI icon
806
indie Semiconductor
INDI
$786M
$327K 0.01%
+80,371
New +$331K
PRGS icon
807
Progress Software
PRGS
$1.78B
$327K 0.01%
+7,438
New +$343K
ASAN icon
808
Asana
ASAN
$2.13B
$327K 0.01%
24,448
-117,943
-83% -$1.67M
SM icon
809
SM Energy
SM
$7.55B
$324K 0.01%
+12,982
New +$350K
KVUE icon
810
Kenvue
KVUE
$36.5B
$324K 0.01%
19,948
-91,013
-82% -$1.86M
BAH icon
811
Booz Allen Hamilton
BAH
$9.37B
$323K 0.01%
3,227
-21,571
-87% -$2.31M
WVE icon
812
Wave Life Sciences
WVE
$1.2B
$322K 0.01%
+43,946
New +$356K
AMCX icon
813
AMC Global Media
AMCX
$489M
$322K 0.01%
39,022
+24,439
+168% +$169K
BMRN icon
814
BioMarin Pharmaceuticals
BMRN
$13.3B
$321K 0.01%
5,931
-71,977
-92% -$4.12M
CNMD icon
815
CONMED
CNMD
$1.48B
$321K 0.01%
6,823
+368
+6% +$19.1K
PDS
816
Precision Drilling
PDS
$1.05B
$320K 0.01%
+5,674
New +$310K
AII
817
American Integrity Insurance
AII
$403M
$319K 0.01%
+14,319
New +$272K
OIS icon
818
Oil States International
OIS
$534M
$319K 0.01%
52,682
-8,851
-14% -$48.5K
HG icon
819
Hamilton Insurance Group
HG
$3.46B
$319K 0.01%
12,863
-10,219
-44% -$233K
NUVL
820
DELISTED
Nuvalent
NUVL
$318K 0.01%
+3,675
New +$291K
CUK
821
DELISTED
Carnival PLC
CUK
$317K 0.01%
12,006
-37,370
-76% -$1.03M
MIRM icon
822
Mirum Pharmaceuticals
MIRM
$6.02B
$317K 0.01%
4,321
-5,405
-56% -$344K
AXSM icon
823
Axsome Therapeutics
AXSM
$11.4B
$317K 0.01%
2,607
-1,777
-41% -$200K
PTLO icon
824
Portillo's
PTLO
$325M
$315K 0.01%
48,820
+35,900
+278% +$303K
THRY icon
825
Thryv Holdings
THRY
$95.5M
$314K 0.01%
+26,051
New +$330K
31 32
33
34 35

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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.