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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
JELD icon
926
JELD-WEN Holding
JELD
$164M
$247K 0.01%
100,260
+55,709
+125% +$183K
ELME
927
Elme Communities
ELME
$144M
$246K 0.01%
14,133
-37,662
-73% -$639K
DH icon
928
Definitive Healthcare
DH
$75.3M
$246K 0.01%
85,677
+63,868
+293% +$177K
RSI icon
929
Rush Street Interactive
RSI
$2.88B
$244K 0.01%
+12,533
New +$232K
MLM icon
930
Martin Marietta Materials
MLM
$33B
$242K 0.01%
388
-8,812
-96% -$5.48M
SITC icon
931
SITE Centers
SITC
$165M
$240K 0.01%
37,353
+9,152
+32% +$69.2K
CYH icon
932
Community Health Systems
CYH
$423M
$240K 0.01%
+76,766
New +$258K
AVDL
933
DELISTED
Avadel Pharmaceuticals
AVDL
$239K 0.01%
+11,112
New +$216K
DXCM icon
934
DexCom
DXCM
$32B
$238K 0.01%
3,593
-1,047
-23% -$67.7K
EXLS icon
935
EXL Service
EXLS
$5.29B
$238K 0.01%
+5,610
New +$229K
URNM icon
936
Sprott Uranium Miners ETF
URNM
$2B
$237K 0.01%
+4,323
New +$250K
FBK icon
937
FB Financial Corp
FBK
$3.04B
$237K 0.01%
+4,247
New +$237K
ITW icon
938
Illinois Tool Works
ITW
$84.5B
$235K 0.01%
955
-3,471
-78% -$865K
EWTX icon
939
Edgewise Therapeutics
EWTX
$4.73B
$235K 0.01%
9,468
-9,321
-50% -$187K
GEF icon
940
Greif
GEF
$5.04B
$234K 0.01%
3,460
-2,613
-43% -$164K
STKL
941
DELISTED
SunOpta
STKL
$234K 0.01%
+61,624
New +$280K
TTMI icon
942
TTM Technologies
TTMI
$14.5B
$234K 0.01%
3,391
-20,290
-86% -$1.32M
ALNY icon
943
Alnylam Pharmaceuticals
ALNY
$29.3B
$234K 0.01%
588
-2,427
-80% -$1.07M
APLS
944
DELISTED
Apellis Pharmaceuticals
APLS
$234K 0.01%
9,302
-13,894
-60% -$326K
HLIO icon
945
Helios Technologies
HLIO
$2.76B
$234K 0.01%
4,366
-2,729
-38% -$147K
XPOF icon
946
Xponential Fitness
XPOF
$211M
$233K 0.01%
28,329
+3,887
+16% +$27.6K
MPT
947
Medical Properties Trust
MPT
$2.81B
$233K 0.01%
46,508
+35,711
+331% +$186K
ACIC icon
948
American Coastal Insurance
ACIC
$493M
$231K 0.01%
18,279
-7,694
-30% -$92.9K
AUPH icon
949
Aurinia Pharmaceuticals
AUPH
$2.11B
$230K 0.01%
+14,432
New +$205K
NFBK
950
DELISTED
Northfield Bancorp
NFBK
$230K 0.01%
20,128
-1,431
-7% -$15.9K
36 37
38
39 40

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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.