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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
COLL icon
801
Collegium Pharmaceutical
COLL
$895M
$324K 0.01%
+6,990
New +$292K
KRNY icon
802
Kearny Financial
KRNY
$596M
$322K 0.01%
43,471
+12,387
+40% +$85.5K
NPB
803
Northpointe Bancshares
NPB
$584M
$322K 0.01%
+19,177
New +$325K
MLTX icon
804
MoonLake Immunotherapeutics
MLTX
$1.45B
$320K 0.01%
+24,292
New +$287K
ORRF icon
805
Orrstown Financial Services
ORRF
$831M
$319K 0.01%
+9,006
New +$314K
OIS icon
806
Oil States International
OIS
$532M
$319K 0.01%
47,085
-5,597
-11% -$35.9K
AEVA
807
Aeva Technologies
AEVA
$1.68B
$318K 0.01%
23,969
-43,898
-65% -$625K
EMBC icon
808
Embecta
EMBC
$287M
$317K 0.01%
+26,673
New +$352K
CTOS icon
809
Custom Truck One Source
CTOS
$2.44B
$317K 0.01%
54,949
+31,197
+131% +$190K
DUOL icon
810
Duolingo
DUOL
$6.28B
$315K 0.01%
1,795
-638
-26% -$150K
TRNS icon
811
Transcat
TRNS
$847M
$312K 0.01%
5,508
+670
+14% +$41.8K
SSTK icon
812
Shutterstock
SSTK
$217M
$312K 0.01%
16,349
-2,617
-14% -$55.9K
SRAD icon
813
Sportradar
SRAD
$3.91B
$311K 0.01%
13,076
– –
TTI icon
814
TETRA Technologies
TTI
$1.28B
$309K 0.01%
32,973
+4,934
+18% +$38.1K
NRC icon
815
NRC Health Common Stock
NRC
$458M
$308K 0.01%
16,424
-4,277
-21% -$64.6K
SLNO
816
DELISTED
Soleno Therapeutics
SLNO
$307K 0.01%
6,630
-9,744
-60% -$534K
FCN icon
817
FTI Consulting
FCN
$4.18B
$306K 0.01%
+1,794
New +$296K
HSY icon
818
Hershey
HSY
$36.5B
$305K 0.01%
+1,677
New +$307K
PATH icon
819
UiPath
PATH
$8.02B
$305K 0.01%
18,592
-62,066
-77% -$966K
KDP icon
820
Keurig Dr Pepper
KDP
$39.8B
$304K 0.01%
10,866
-5,682
-34% -$156K
FISI icon
821
Financial Institutions
FISI
$812M
$303K 0.01%
+9,734
New +$287K
MAX icon
822
MediaAlpha
MAX
$826M
$303K 0.01%
+23,427
New +$286K
WDFC icon
823
WD-40
WDFC
$3.13B
$302K 0.01%
1,536
-202
-12% -$39.8K
HEI icon
824
HEICO Corp
HEI
$50.9B
$302K 0.01%
934
-7,990
-90% -$2.52M
OEC icon
825
Orion
OEC
$395M
$302K 0.01%
57,204
+8,992
+19% +$48.8K
31 32
33
34 35

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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.