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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
KRMN
901
Karman Holdings
KRMN
$8.24B
$266K ﹤0.01%
3,691
-6,945
-65% -$381K
NRC icon
902
NRC Health Common Stock
NRC
$462M
$265K ﹤0.01%
+20,701
New +$310K
LH icon
903
Labcorp
LH
$26.1B
$262K ﹤0.01%
+913
New +$245K
PLTK icon
904
Playtika
PLTK
$1.07B
$262K ﹤0.01%
+67,310
New +$275K
NVST icon
905
Envista
NVST
$4.53B
$261K ﹤0.01%
12,804
+2,720
+27% +$55.9K
CSTM icon
906
Constellium
CSTM
$3.98B
$260K ﹤0.01%
+17,482
New +$250K
NOG icon
907
Northern Oil and Gas
NOG
$2.56B
$259K ﹤0.01%
10,449
-4,180
-29% -$111K
CWK icon
908
Cushman & Wakefield Ltd
CWK
$3.12B
$258K ﹤0.01%
16,234
-34,179
-68% -$482K
ALLY icon
909
Ally Financial
ALLY
$13.3B
$258K ﹤0.01%
6,589
-40,271
-86% -$1.61M
IAG icon
910
IAMGOLD
IAG
$10.5B
$258K ﹤0.01%
19,974
-234,417
-92% -$2.05M
CMRC
911
Commerce.com Inc Series 1
CMRC
$175M
$258K ﹤0.01%
51,678
-37,600
-42% -$181K
LQDT icon
912
Liquidity Services
LQDT
$1.28B
$257K ﹤0.01%
+9,376
New +$241K
SNBR
913
DELISTED
Sleep Number
SNBR
$257K ﹤0.01%
+36,592
New +$320K
CCO icon
914
Clear Channel Outdoor Holdings
CCO
$1.23B
$256K ﹤0.01%
162,085
-17,947
-10% -$22.4K
KNSA icon
915
Kiniksa Pharmaceuticals
KNSA
$5.97B
$256K ﹤0.01%
+6,594
New +$214K
WSO icon
916
Watsco Inc
WSO
$13.5B
$255K ﹤0.01%
631
-6,369
-91% -$2.72M
NFBK
917
DELISTED
Northfield Bancorp
NFBK
$254K ﹤0.01%
+21,559
New +$248K
CALY
918
Callaway Golf Company
CALY
$3.04B
$254K ﹤0.01%
+26,770
New +$249K
SITC icon
919
SITE Centers
SITC
$158M
$254K ﹤0.01%
28,201
-78,124
-73% -$830K
OPRT icon
920
Oportun Financial
OPRT
$356M
$253K ﹤0.01%
41,001
+24,307
+146% +$157K
STLN
921
Starling Oncology, Inc. Common Stock
STLN
$616M
$253K ﹤0.01%
72,408
-13,798
-16% -$47.3K
OSK icon
922
Oshkosh
OSK
$9.59B
$252K ﹤0.01%
1,940
-5,199
-73% -$690K
ETOR
923
eToro Group
ETOR
$2.7B
$252K ﹤0.01%
+6,095
New +$314K
CIEN icon
924
Ciena
CIEN
$54.9B
$251K ﹤0.01%
+1,725
New +$176K
PDM
925
Piedmont Realty Trust
PDM
$1.16B
$251K ﹤0.01%
+27,915
New +$225K
35 36
37
38 39

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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.