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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
FSS icon
851
Federal Signal
FSS
$7.74B
$295K ﹤0.01%
2,482
-3,560
-59% -$427K
IEX icon
852
IDEX
IEX
$17.2B
$295K ﹤0.01%
+1,812
New +$306K
TOWN icon
853
Towne Bank
TOWN
$3.4B
$295K ﹤0.01%
+8,522
New +$305K
IPI icon
854
Intrepid Potash
IPI
$508M
$294K ﹤0.01%
9,627
+2,200
+30% +$69.2K
BBD icon
855
Banco Bradesco
BBD
$36.3B
$294K ﹤0.01%
86,998
-78,740
-48% -$238K
ING icon
856
ING
ING
$101B
$293K ﹤0.01%
+11,223
New +$270K
DEI icon
857
Douglas Emmett
DEI
$1.93B
$292K ﹤0.01%
18,786
-74,383
-80% -$1.16M
DLX icon
858
Deluxe
DLX
$1.12B
$292K ﹤0.01%
15,099
-7,857
-34% -$143K
CNH
859
CNH Industrial
CNH
$16.9B
$291K ﹤0.01%
+26,862
New +$328K
CTGO icon
860
Contango Silver & Gold Inc
CTGO
$654M
$291K ﹤0.01%
+11,678
New +$248K
CNX icon
861
CNX Resources
CNX
$5.32B
$291K ﹤0.01%
+9,053
New +$277K
TSLA icon
862
Tesla
TSLA
$1.31T
$290K ﹤0.01%
653
-5,153
-89% -$1.79M
CBSH icon
863
Commerce Bancshares
CBSH
$8.44B
$289K ﹤0.01%
5,082
-17,197
-77% -$1.01M
PAYO icon
864
Payoneer
PAYO
$2.4B
$289K ﹤0.01%
47,786
-67,687
-59% -$454K
UFCS icon
865
United Fire Group
UFCS
$1.37B
$289K ﹤0.01%
9,494
-2,242
-19% -$66.1K
HGV icon
866
Hilton Grand Vacations
HGV
$3.31B
$288K ﹤0.01%
6,885
-1,108
-14% -$51K
FOUR icon
867
Shift4
FOUR
$3.41B
$288K ﹤0.01%
3,719
-7,520
-67% -$699K
OGN icon
868
Organon & Co
OGN
$3.58B
$286K ﹤0.01%
26,813
-115,846
-81% -$1.14M
TS icon
869
Tenaris
TS
$27.4B
$286K ﹤0.01%
7,999
-21,410
-73% -$778K
HRMY icon
870
Harmony Biosciences
HRMY
$2.27B
$286K ﹤0.01%
10,377
-2,471
-19% -$85.1K
NMRA icon
871
Neumora Therapeutics
NMRA
$300M
$286K ﹤0.01%
156,933
-308,932
-66% -$499K
LOMA
872
Loma Negra
LOMA
$1.21B
$284K ﹤0.01%
+38,481
New +$383K
RGNX icon
873
Regenxbio
RGNX
$688M
$283K ﹤0.01%
29,308
-30,827
-51% -$273K
MITK icon
874
Mitek Systems
MITK
$837M
$282K ﹤0.01%
28,905
-16,508
-36% -$162K
RPD icon
875
Rapid7
RPD
$776M
$282K ﹤0.01%
+15,061
New +$318K
33 34
35
36 37

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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.