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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
CLFD icon
926
Clearfield
CLFD
$391M
$251K ﹤0.01%
+7,304
New +$272K
BWA icon
927
BorgWarner
BWA
$14.1B
$251K ﹤0.01%
+5,706
New +$228K
JACK icon
928
Jack in the Box
JACK
$340M
$251K ﹤0.01%
12,680
-3,062
-19% -$60.8K
BIPC icon
929
Brookfield Infrastructure
BIPC
$4.71B
$251K ﹤0.01%
6,096
-34,235
-85% -$1.39M
KODK icon
930
Kodak
KODK
$978M
$250K ﹤0.01%
39,071
-49,608
-56% -$312K
STNG icon
931
Scorpio Tankers
STNG
$3.83B
$250K ﹤0.01%
4,459
-3,648
-45% -$180K
PLOW icon
932
Douglas Dynamics
PLOW
$984M
$250K ﹤0.01%
7,994
-852
-10% -$26.7K
GRND icon
933
Grindr
GRND
$2.91B
$250K ﹤0.01%
+16,619
New +$291K
HAE icon
934
Haemonetics
HAE
$3.94B
$249K ﹤0.01%
5,116
-1,300
-20% -$80.5K
LMB icon
935
Limbach Holdings
LMB
$552M
$249K ﹤0.01%
+2,563
New +$309K
MCW
936
DELISTED
Mister Car Wash
MCW
$249K ﹤0.01%
46,653
-117,143
-72% -$690K
MERC icon
937
Mercer International
MERC
$34.2M
$249K ﹤0.01%
86,331
+22,557
+35% +$74.4K
KSS icon
938
Kohl's
KSS
$2.16B
$246K ﹤0.01%
+16,017
New +$214K
NEWT icon
939
NewtekOne
NEWT
$372M
$246K ﹤0.01%
+21,447
New +$254K
UPBD icon
940
Upbound Group
UPBD
$1.12B
$245K ﹤0.01%
10,386
-46,546
-82% -$1.15M
EVER icon
941
EverQuote
EVER
$900M
$245K ﹤0.01%
10,706
-25,146
-70% -$607K
PRMB
942
Primo Brands
PRMB
$8.52B
$245K ﹤0.01%
+11,075
New +$287K
ALLO icon
943
Allogene Therapeutics
ALLO
$725M
$245K ﹤0.01%
197,308
-104,962
-35% -$125K
IE icon
944
Ivanhoe Electric
IE
$1.74B
$244K ﹤0.01%
19,479
+5,355
+38% +$52.9K
LAND
945
Gladstone Land Corp
LAND
$351M
$244K ﹤0.01%
26,638
+15,390
+137% +$146K
IMVT icon
946
Immunovant
IMVT
$8.24B
$244K ﹤0.01%
+15,119
New +$245K
KEP icon
947
Korea Electric Power
KEP
$15.7B
$243K ﹤0.01%
+18,632
New +$254K
CFFN icon
948
Capitol Federal Financial
CFFN
$1.08B
$243K ﹤0.01%
38,206
-55,949
-59% -$350K
FRO icon
949
Frontline
FRO
$8.56B
$242K ﹤0.01%
10,636
-50,953
-83% -$1.03M
WTFC icon
950
Wintrust Financial
WTFC
$10.7B
$241K ﹤0.01%
+1,822
New +$241K
36 37
38
39 40

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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.