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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 3.84%
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
EWC icon
76
iShares MSCI Canada ETF
EWC
$6.33B
$6.52M 0.1%
+129,000
New +$6.18M
APH icon
77
Amphenol
APH
$209B
$6.52M 0.1%
+52,656
New +$5.78M
BSX icon
78
Boston Scientific
BSX
$71.5B
$6.47M 0.1%
66,240
-113,835
-63% -$11.8M
KRE icon
79
PUT
State Street SPDR S&P Regional Banking ETF
KRE
$4.64B
$6.33M 0.1%
+100,000
New +$6.3M
V icon
80
Visa
V
$677B
$6.24M 0.1%
+18,279
New +$6.33M
PH icon
81
Parker-Hannifin
PH
$135B
$6.07M 0.1%
8,000
+500
+7% +$369K
EME icon
82
Emcor
EME
$36B
$6.04M 0.1%
9,300
+5,150
+124% +$3.12M
MCD icon
83
McDonald's
MCD
$195B
$5.98M 0.09%
+19,671
New +$5.99M
VRSK icon
84
Verisk Analytics
VRSK
$25B
$5.81M 0.09%
23,119
+14,026
+154% +$3.85M
CRM icon
85
Salesforce
CRM
$158B
$5.81M 0.09%
24,532
+616
+3% +$155K
MLM icon
86
Martin Marietta Materials
MLM
$33B
$5.8M 0.09%
9,200
+1,200
+15% +$715K
ED icon
87
Consolidated Edison
ED
$39.9B
$5.53M 0.09%
54,981
-57,380
-51% -$5.76M
SPCE icon
88
PUT
Virgin Galactic
SPCE
$398M
$5.4M 0.09%
1,398,500
+203,800
+17% +$683K
JCI icon
89
Johnson Controls International
JCI
$92.2B
$5.35M 0.08%
48,639
+24,489
+101% +$2.62M
D icon
90
Dominion Energy
D
$59.3B
$5.22M 0.08%
85,400
-328
-0.4% -$19.5K
NVT icon
91
nVent Electric
NVT
$26.7B
$5.2M 0.08%
52,743
+15,243
+41% +$1.32M
PNR icon
92
Pentair
PNR
$11B
$5.18M 0.08%
+46,800
New +$5M
MSFT icon
93
Microsoft
MSFT
$3.71T
$5.18M 0.08%
+10,005
New +$5.1M
ICLN icon
94
iShares Global Clean Energy ETF
ICLN
$2.4B
$5.09M 0.08%
+328,731
New +$4.65M
AWI icon
95
Armstrong World Industries
AWI
$7.84B
$5.03M 0.08%
25,655
-2,434
-9% -$453K
XBI icon
96
State Street SPDR S&P Biotech ETF
XBI
$10.3B
$5.01M 0.08%
50,000
– –
NFLX icon
97
Netflix
NFLX
$309B
$5M 0.08%
41,720
-51,770
-55% -$6.32M
HLT icon
98
Hilton Worldwide
HLT
$71.5B
$5M 0.08%
19,269
-9,871
-34% -$2.67M
LOW icon
99
Lowe's Companies
LOW
$125B
$4.98M 0.08%
19,806
+11,939
+152% +$2.93M
ALL icon
100
Allstate
ALL
$67.5B
$4.94M 0.08%
23,015
+12,754
+124% +$2.57M
2 3
4
5 6

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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.