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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
MTAL
951
DELISTED
Metals Acquisition
MTAL
$241K ﹤0.01%
+19,758
New +$239K
AUTL
952
Autolus Therapeutics
AUTL
$551M
$241K ﹤0.01%
+147,877
New +$289K
LILA icon
953
Liberty Latin America Class A
LILA
$1.67B
$241K ﹤0.01%
42,713
+9,182
+27% +$45.9K
IHS icon
954
IHS Holding
IHS
$2.79B
$240K ﹤0.01%
+35,257
New +$236K
ALDX icon
955
Aldeyra Therapeutics
ALDX
$91.1M
$240K ﹤0.01%
+45,922
New +$239K
CTEV
956
Claritev Corp
CTEV
$581M
$240K ﹤0.01%
+4,516
New +$249K
FLOC
957
Flowco Holdings
FLOC
$934M
$239K ﹤0.01%
+16,108
New +$272K
FFIC
958
DELISTED
Flushing Financial
FFIC
$238K ﹤0.01%
17,219
-1,634
-9% -$21.3K
TBPH icon
959
Theravance Biopharma
TBPH
$876M
$235K ﹤0.01%
16,111
-3,261
-17% -$41.2K
KINS icon
960
Kingstone Companies
KINS
$278M
$234K ﹤0.01%
15,949
-966
-6% -$14.2K
FROG icon
961
JFrog
FROG
$10.7B
$234K ﹤0.01%
4,943
-7,684
-61% -$347K
INFU icon
962
InfuSystem Holdings
INFU
$241M
$234K ﹤0.01%
+22,548
New +$187K
LZ icon
963
LegalZoom.com
LZ
$973M
$234K ﹤0.01%
22,497
-42,300
-65% -$422K
HIPO icon
964
Hippo Holdings
HIPO
$856M
$233K ﹤0.01%
+6,442
New +$200K
EDIT icon
965
Editas Medicine
EDIT
$432M
$233K ﹤0.01%
67,084
+26,451
+65% +$73.8K
HAYW icon
966
Hayward Holdings
HAYW
$3.27B
$232K ﹤0.01%
15,369
-44,482
-74% -$682K
TAK icon
967
Takeda Pharmaceutical
TAK
$56B
$232K ﹤0.01%
15,834
-33,452
-68% -$497K
ESLT icon
968
Elbit Systems
ESLT
$39.6B
$231K ﹤0.01%
+454
New +$213K
AGYS icon
969
Agilysys
AGYS
$3.02B
$231K ﹤0.01%
2,198
-1,294
-37% -$143K
KGS icon
970
Kodiak Gas Services
KGS
$6.21B
$231K ﹤0.01%
6,255
-3,715
-37% -$125K
CNXC icon
971
Concentrix
CNXC
$1.56B
$231K ﹤0.01%
+5,003
New +$267K
AEIS icon
972
Advanced Energy
AEIS
$12.6B
$231K ﹤0.01%
1,356
-3,143
-70% -$473K
ZNTL icon
973
Zentalis Pharmaceuticals
ZNTL
$297M
$230K ﹤0.01%
152,147
+116,672
+329% +$175K
GCO icon
974
Genesco
GCO
$419M
$229K ﹤0.01%
7,896
-6,922
-47% -$190K
TROX icon
975
Tronox
TROX
$993M
$229K ﹤0.01%
56,938
-116,466
-67% -$533K
37 38
39
40 41

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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.