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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
CNDT icon
876
Conduent
CNDT
$242M
$282K ﹤0.01%
100,764
-14,444
-13% -$39.1K
CRCT icon
877
Cricut
CRCT
$1.24B
$282K ﹤0.01%
+44,821
New +$263K
FULC icon
878
Fulcrum Therapeutics
FULC
$286M
$280K ﹤0.01%
30,486
+18,434
+153% +$133K
PBYI icon
879
Puma Biotechnology
PBYI
$442M
$280K ﹤0.01%
+52,708
New +$224K
SW
880
Smurfit Westrock
SW
$25B
$279K ﹤0.01%
+6,554
New +$297K
PAYS icon
881
Paysign
PAYS
$707M
$279K ﹤0.01%
+44,305
New +$283K
CVGW
882
DELISTED
Calavo Growers
CVGW
$279K ﹤0.01%
10,824
-4,472
-29% -$121K
HIW icon
883
Highwoods Properties
HIW
$3.41B
$278K ﹤0.01%
+8,746
New +$268K
EMX
884
DELISTED
EMX Royalty
EMX
$277K ﹤0.01%
+53,865
New +$186K
IDT icon
885
IDT Corp
IDT
$1.61B
$277K ﹤0.01%
+5,297
New +$330K
REVG
886
DELISTED
REV Group
REVG
$276K ﹤0.01%
4,869
-13,249
-73% -$703K
DAN icon
887
Dana Inc
DAN
$3.21B
$275K ﹤0.01%
13,717
-55,746
-80% -$1.03M
ENVA icon
888
Enova International
ENVA
$6.29B
$274K ﹤0.01%
2,385
-1,305
-35% -$149K
HAS icon
889
Hasbro
HAS
$13.3B
$274K ﹤0.01%
+3,612
New +$280K
DCOM icon
890
Dime Commercial Bancshares
DCOM
$1.77B
$274K ﹤0.01%
+9,182
New +$269K
DOW icon
891
Dow Inc
DOW
$22.1B
$274K ﹤0.01%
+11,935
New +$297K
BLDP
892
Ballard Power Systems
BLDP
$769M
$273K ﹤0.01%
100,204
-417,479
-81% -$854K
HOG icon
893
Harley-Davidson
HOG
$2.72B
$272K ﹤0.01%
+9,746
New +$262K
GPRE icon
894
Green Plains
GPRE
$1.06B
$271K ﹤0.01%
+30,878
New +$271K
TBLA icon
895
Taboola.com
TBLA
$1.12B
$270K ﹤0.01%
79,229
+12,493
+19% +$42.8K
MTA
896
Metalla Royalty & Streaming
MTA
$839M
$269K ﹤0.01%
42,380
+29,178
+221% +$138K
STGW icon
897
Stagwell
STGW
$2.22B
$268K ﹤0.01%
47,575
-33,435
-41% -$177K
WGS icon
898
GeneDx Holdings
WGS
$2.32B
$268K ﹤0.01%
+2,485
New +$271K
OABI icon
899
OmniAb
OABI
$491M
$267K ﹤0.01%
+167,172
New +$305K
SFL icon
900
SFL Corp
SFL
$1.58B
$267K ﹤0.01%
+35,494
New +$306K
34 35
36
37 38

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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.