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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 7.53%
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
MET icon
76
MetLife
MET
$62.1B
$6.12M 0.15%
+77,510
New +$6.13M
SABR icon
77
Sabre
SABR
$835M
$6.05M 0.14%
+4,451,200
New +$7.67M
CNI icon
78
Canadian National Railway
CNI
$76.6B
$5.92M 0.14%
59,880
+56,231
+1,541% +$5.41M
PRU icon
79
Prudential Financial
PRU
$41.8B
$5.91M 0.14%
+52,320
New +$5.61M
NTRA icon
80
Natera
NTRA
$46.4B
$5.9M 0.14%
25,747
+22,644
+730% +$4.72M
CAT icon
81
Caterpillar
CAT
$387B
$5.73M 0.14%
+10,000
New +$5.56M
RTX icon
82
RTX Corp
RTX
$301B
$5.67M 0.14%
30,890
+24,000
+348% +$4.17M
GD icon
83
General Dynamics
GD
$106B
$5.66M 0.14%
16,802
+3,802
+29% +$1.3M
LQD icon
84
PUT
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$33B
$5.51M 0.13%
+50,000
New +$5.56M
SPY icon
85
State Street SPDR S&P 500 ETF Trust
SPY
$823B
$5.46M 0.13%
8,000
-7,650
-49% -$5.17M
T icon
86
AT&T
T
$163B
$5.36M 0.13%
215,797
+184,544
+590% +$4.67M
CMCSA icon
87
Comcast
CMCSA
$90B
$5.35M 0.13%
178,840
-96,571
-35% -$2.76M
SBUX icon
88
Starbucks
SBUX
$120B
$5.18M 0.12%
61,493
+54,730
+809% +$4.62M
RMD icon
89
ResMed
RMD
$30.7B
$5.17M 0.12%
21,477
+13,801
+180% +$3.53M
NU icon
90
Nu Holdings
NU
$66.9B
$5.06M 0.12%
302,035
-152,855
-34% -$2.46M
FIX icon
91
Comfort Systems
FIX
$59.6B
$4.92M 0.12%
5,277
+1,766
+50% +$1.63M
RSG icon
92
Republic Services
RSG
$65.7B
$4.9M 0.12%
+23,100
New +$4.97M
BNY
93
Bank of New York Mellon
BNY
$107B
$4.81M 0.12%
41,456
+19,807
+91% +$2.19M
HSAI
94
Hesai Group
HSAI
$3.02B
$4.59M 0.11%
+204,871
New +$4.48M
AYI icon
95
Acuity Brands
AYI
$10.8B
$4.57M 0.11%
12,694
+5,244
+70% +$1.9M
FLS icon
96
Flowserve
FLS
$10.2B
$4.54M 0.11%
+65,494
New +$4.21M
APH icon
97
Amphenol
APH
$209B
$4.54M 0.11%
33,595
-19,061
-36% -$2.55M
AGNC icon
98
AGNC Investment
AGNC
$12.9B
$4.51M 0.11%
420,443
+41,683
+11% +$428K
MCK icon
99
McKesson
MCK
$101B
$4.4M 0.11%
5,370
+340
+7% +$277K
FDX icon
100
FedEx
FDX
$75.4B
$4.4M 0.11%
+15,224
New +$4M
2 3
4
5 6

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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.