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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
HOMB icon
951
Home BancShares
HOMB
$6.18B
$230K 0.01%
8,272
-51,165
-86% -$1.42M
UFCS icon
952
United Fire Group
UFCS
$1.4B
$228K 0.01%
6,286
-3,208
-34% -$110K
ASND icon
953
Ascendis Pharma A/S
ASND
$16.8B
$228K 0.01%
+1,071
New +$221K
VALE icon
954
Vale
VALE
$62.6B
$228K 0.01%
17,513
-20,547
-54% -$250K
SPNT icon
955
SiriusPoint
SPNT
$2.68B
$227K 0.01%
10,376
-44,485
-81% -$892K
OMER icon
956
Omeros
OMER
$959M
$227K 0.01%
13,222
-21,237
-62% -$183K
GFL icon
957
GFL Environmental
GFL
$14.9B
$227K 0.01%
+5,282
New +$236K
WMB icon
958
Williams Companies
WMB
$86.1B
$227K 0.01%
+3,770
New +$228K
GTE icon
959
Gran Tierra Energy
GTE
$317M
$227K 0.01%
+53,431
New +$225K
CCO icon
960
Clear Channel Outdoor Holdings
CCO
$1.23B
$227K 0.01%
102,507
-59,578
-37% -$111K
IPI icon
961
Intrepid Potash
IPI
$469M
$226K 0.01%
8,141
-1,486
-15% -$39.9K
GPMT
962
Granite Point Mortgage Trust
GPMT
$61.2M
$225K 0.01%
93,899
-5,599
-6% -$15K
CRUS icon
963
Cirrus Logic
CRUS
$6.26B
$224K 0.01%
1,892
+236
+14% +$29.1K
DJCO icon
964
Daily Journal
DJCO
$778M
$224K 0.01%
+459
New +$204K
LMB icon
965
Limbach Holdings
LMB
$581M
$224K 0.01%
2,873
+310
+12% +$25.5K
FTI icon
966
TechnipFMC
FTI
$27.3B
$224K 0.01%
+5,019
New +$212K
TREE icon
967
LendingTree
TREE
$451M
$223K 0.01%
+4,195
New +$235K
CRC icon
968
California Resources
CRC
$4.62B
$222K 0.01%
+4,975
New +$236K
SNDL icon
969
Sundial Growers
SNDL
$320M
$222K 0.01%
+133,694
New +$268K
ZIP icon
970
ZipRecruiter
ZIP
$423M
$222K 0.01%
56,860
+9,544
+20% +$42.9K
SFBS
971
ServisFirst Bancshares
SFBS
$4.86B
$221K 0.01%
+3,083
New +$226K
SAH icon
972
Sonic Automotive
SAH
$2.61B
$221K 0.01%
3,569
+743
+26% +$49.2K
BCAX
973
Bicara Therapeutics
BCAX
$1.84B
$221K 0.01%
+13,116
New +$224K
MSTR icon
974
Strategy Inc
MSTR
$38.4B
$221K 0.01%
1,452
+217
+18% +$50K
CATX icon
975
Perspective Therapeutics
CATX
$342M
$221K 0.01%
80,193
+34,836
+77% +$99.4K
37 38
39
40 41

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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.