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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
NBHC icon
901
National Bank Holdings
NBHC
$1.9B
$260K 0.01%
+6,831
New +$257K
NBIX icon
902
Neurocrine Biosciences
NBIX
$16.6B
$259K 0.01%
1,829
-944
-34% -$137K
CRSR icon
903
Corsair Gaming
CRSR
$1.49B
$259K 0.01%
+43,647
New +$303K
GVA icon
904
Granite Construction
GVA
$5.56B
$259K 0.01%
+2,245
New +$241K
RCKT icon
905
Rocket Pharmaceuticals
RCKT
$400M
$259K 0.01%
73,743
-59,769
-45% -$205K
ALKT icon
906
Alkami Technology
ALKT
$2.1B
$258K 0.01%
+11,200
New +$247K
VAL icon
907
Valaris
VAL
$5.86B
$256K 0.01%
5,078
+774
+18% +$41.5K
FLNA
908
Filana Therapeutics
FLNA
$49.3M
$255K 0.01%
128,703
+10,776
+9% +$34.5K
DLX icon
909
Deluxe
DLX
$1.13B
$255K 0.01%
11,408
-3,691
-24% -$74.3K
ADI icon
910
Analog Devices
ADI
$188B
$254K 0.01%
937
-10,851
-92% -$2.73M
MNTN
911
MNTN Inc
MNTN
$825M
$254K 0.01%
+21,259
New +$306K
HDSN
912
Hudson Technologies
HDSN
$239M
$253K 0.01%
36,985
+3,256
+10% +$25.7K
DBI icon
913
Designer Brands
DBI
$334M
$253K 0.01%
34,077
-9,276
-21% -$44.6K
DDD icon
914
3D Systems Corp
DDD
$625M
$253K 0.01%
+142,948
New +$348K
GPGI
915
GPGI Inc
GPGI
$4.17B
$252K 0.01%
+13,094
New +$261K
CBRL icon
916
Cracker Barrel
CBRL
$1.26B
$252K 0.01%
9,925
-1,375
-12% -$44K
ACVA icon
917
ACV Auctions
ACVA
$1.23B
$251K 0.01%
31,334
-9,910
-24% -$80.2K
INBK icon
918
First Internet Bancorp
INBK
$257M
$251K 0.01%
+12,032
New +$242K
ACLS icon
919
Axcelis
ACLS
$4.09B
$250K 0.01%
3,114
-1,084
-26% -$90.8K
SEPN
920
Septerna Inc
SEPN
$1.77B
$250K 0.01%
+8,971
New +$214K
ASAN icon
921
Asana
ASAN
$2.11B
$250K 0.01%
18,211
-6,237
-26% -$85.8K
CMPS
922
Compass Pathways
CMPS
$1.79B
$249K 0.01%
36,144
+21,520
+147% +$131K
DEA
923
Easterly Government Properties
DEA
$1.14B
$249K 0.01%
11,744
-15,968
-58% -$347K
GCO icon
924
Genesco
GCO
$433M
$248K 0.01%
10,011
+2,115
+27% +$60.7K
EVLV icon
925
Evolv Technologies
EVLV
$1.07B
$248K 0.01%
34,612
+17,833
+106% +$127K
35 36
37
38 39

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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.