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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
CMPX icon
851
Compass Therapeutics
CMPX
$391M
$287K 0.01%
+53,427
New +$247K
EDIT icon
852
Editas Medicine
EDIT
$441M
$287K 0.01%
139,904
+72,820
+109% +$210K
QS icon
853
QuantumScape Corp
QS
$3.73B
$286K 0.01%
+27,471
New +$379K
SHCO
854
DELISTED
Soho House & Co
SHCO
$285K 0.01%
+31,788
New +$282K
GLXY
855
Galaxy Digital Inc
GLXY
$3.82B
$284K 0.01%
+12,715
New +$394K
EXPD icon
856
Expeditors International
EXPD
$23.3B
$283K 0.01%
+1,902
New +$259K
GDOT icon
857
Green Dot
GDOT
$745M
$283K 0.01%
+22,110
New +$275K
LILA icon
858
Liberty Latin America Class A
LILA
$1.68B
$283K 0.01%
56,383
+13,670
+32% +$75.5K
FSS icon
859
Federal Signal
FSS
$7.75B
$282K 0.01%
2,597
+115
+5% +$13.2K
EGAN icon
860
eGain
EGAN
$203M
$282K 0.01%
+27,397
New +$327K
ATRC icon
861
AtriCure
ATRC
$2.13B
$280K 0.01%
7,087
-4,396
-38% -$161K
AXSM icon
862
Axsome Therapeutics
AXSM
$11.2B
$280K 0.01%
1,532
-1,075
-41% -$150K
NATR icon
863
Nature's Sunshine
NATR
$284M
$280K 0.01%
+12,958
New +$238K
ARWR icon
864
Arrowhead Research
ARWR
$12.5B
$279K 0.01%
+4,209
New +$206K
NUS icon
865
Nu Skin
NUS
$257M
$279K 0.01%
28,955
+2,077
+8% +$21.5K
TFX icon
866
Teleflex
TFX
$5.95B
$278K 0.01%
2,282
-1,339
-37% -$162K
HIPO icon
867
Hippo Holdings
HIPO
$850M
$278K 0.01%
9,231
+2,789
+43% +$93.2K
VISN
868
Vistance Networks Inc
VISN
$2.59B
$278K 0.01%
15,310
-39,561
-72% -$682K
CASS icon
869
Cass Information Systems
CASS
$736M
$277K 0.01%
6,661
-5,320
-44% -$217K
BLBD icon
870
Blue Bird Corp
BLBD
$2.04B
$276K 0.01%
+5,879
New +$307K
ESTC icon
871
Elastic
ESTC
$7.92B
$276K 0.01%
3,661
-3,050
-45% -$249K
CHD icon
872
Church & Dwight Co
CHD
$24.5B
$276K 0.01%
+3,293
New +$281K
SSL icon
873
Sasol
SSL
$7.35B
$275K 0.01%
42,235
-36,182
-46% -$229K
DKNG icon
874
DraftKings
DKNG
$12.4B
$275K 0.01%
7,974
-4,726
-37% -$155K
P
875
Everpure Inc
P
$32.8B
$275K 0.01%
+4,098
New +$342K
33 34
35
36 37

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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.