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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
GIC icon
876
Global Industrial
GIC
$1.51B
$274K 0.01%
9,361
+3,228
+53% +$98.3K
NVAX icon
877
Novavax
NVAX
$1.3B
$273K 0.01%
40,620
+33,756
+492% +$254K
MVST icon
878
Microvast
MVST
$285M
$271K 0.01%
+96,843
New +$405K
EGHT icon
879
8x8 Inc
EGHT
$328M
$271K 0.01%
+137,583
New +$271K
MIST icon
880
Milestone Pharmaceuticals
MIST
$154M
$270K 0.01%
+133,620
New +$288K
MTA
881
Metalla Royalty & Streaming
MTA
$833M
$269K 0.01%
34,621
-7,759
-18% -$55.8K
TBLA icon
882
Taboola.com
TBLA
$1.09B
$269K 0.01%
58,400
-20,829
-26% -$78.4K
PPIH
883
Perma-Pipe International
PPIH
$211M
$268K 0.01%
+8,838
New +$242K
FSM icon
884
Fortuna Silver Mines
FSM
$3.14B
$268K 0.01%
27,338
+6,622
+32% +$59.6K
MKTX icon
885
MarketAxess Holdings
MKTX
$5.72B
$267K 0.01%
1,475
-233
-14% -$39.8K
BLZE icon
886
Backblaze
BLZE
$1.23B
$267K 0.01%
+57,295
New +$393K
CMCO icon
887
Columbus McKinnon
CMCO
$568M
$266K 0.01%
+15,420
New +$247K
PRTA icon
888
Prothena Corp
PRTA
$442M
$265K 0.01%
27,756
-25,637
-48% -$261K
OPRA
889
Opera Ltd
OPRA
$1.77B
$265K 0.01%
18,715
-1,276
-6% -$18.8K
EGP icon
890
EastGroup Properties
EGP
$10.8B
$265K 0.01%
+1,486
New +$264K
YOU icon
891
Clear Secure
YOU
$5.36B
$265K 0.01%
+7,542
New +$257K
CRI icon
892
Carter's
CRI
$1.5B
$264K 0.01%
+8,141
New +$254K
NTLA icon
893
Intellia Therapeutics
NTLA
$1.7B
$264K 0.01%
+29,346
New +$404K
COGT icon
894
Cogent Biosciences
COGT
$7.16B
$263K 0.01%
7,418
-17,062
-70% -$480K
ISSC icon
895
Innovative Solutions & Support
ISSC
$356M
$262K 0.01%
+13,825
New +$157K
MDXG icon
896
MiMedx Group
MDXG
$619M
$262K 0.01%
38,662
+16,007
+71% +$112K
AMCX icon
897
AMC Global Media
AMCX
$483M
$262K 0.01%
27,491
-11,531
-30% -$97.2K
RXST icon
898
RxSight
RXST
$267M
$262K 0.01%
+25,100
New +$252K
FELE icon
899
Franklin Electric
FELE
$4.79B
$261K 0.01%
+2,731
New +$261K
CLOV icon
900
Clover Health Investments
CLOV
$2.46B
$261K 0.01%
+110,863
New +$303K
34 35
36
37 38

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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.