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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
TRNO icon
976
Terreno Realty
TRNO
$7.49B
$220K 0.01%
+3,751
New +$226K
MFA
977
MFA Financial
MFA
$933M
$220K 0.01%
+23,642
New +$220K
IHS icon
978
IHS Holding
IHS
$2.81B
$219K 0.01%
29,392
-5,865
-17% -$40.4K
ARHS icon
979
Arhaus
ARHS
$1.36B
$219K 0.01%
+19,547
New +$203K
JOBY icon
980
Joby Aviation
JOBY
$8.55B
$219K 0.01%
+16,576
New +$254K
HMY icon
981
Harmony Gold Mining
HMY
$12.3B
$217K 0.01%
10,895
-72
-0.7% -$1.34K
OS
982
DELISTED
OneStream Inc
OS
$217K 0.01%
11,785
-26,078
-69% -$497K
PLOW icon
983
Douglas Dynamics
PLOW
$1.02B
$216K 0.01%
6,624
-1,370
-17% -$43.3K
APPN icon
984
Appian
APPN
$2.48B
$216K 0.01%
6,105
-5,049
-45% -$180K
LASR icon
985
nLIGHT
LASR
$3.17B
$216K 0.01%
5,762
-16,934
-75% -$566K
QURE icon
986
uniQure
QURE
$3.22B
$216K 0.01%
+9,013
New +$348K
FE icon
987
FirstEnergy
FE
$27.5B
$214K 0.01%
+4,780
New +$219K
PHAT icon
988
Phathom Pharmaceuticals
PHAT
$692M
$213K 0.01%
+12,867
New +$184K
TSM icon
989
TSMC
TSM
$2.18T
$213K 0.01%
+702
New +$206K
CVSA
990
Covista Inc
CVSA
$4.8B
$213K 0.01%
2,060
-513
-20% -$58.7K
PENG
991
Penguin Solutions Inc
PENG
$2.99B
$213K 0.01%
+10,883
New +$233K
EVTC icon
992
Evertec
EVTC
$1.78B
$213K 0.01%
7,310
-10,234
-58% -$304K
OPRT icon
993
Oportun Financial
OPRT
$372M
$213K 0.01%
40,171
-830
-2% -$4.38K
ACHV icon
994
Achieve Life Sciences
ACHV
$683M
$212K 0.01%
+42,723
New +$186K
PYXS icon
995
Pyxis Oncology
PYXS
$236M
$212K 0.01%
+183,942
New +$649K
MERC icon
996
Mercer International
MERC
$39.8M
$210K 0.01%
106,255
+19,924
+23% +$42K
BDTX icon
997
Black Diamond Therapeutics
BDTX
$112M
$210K 0.01%
86,556
+50,035
+137% +$177K
VAC icon
998
Marriott Vacations Worldwide
VAC
$4.25B
$209K 0.01%
3,631
-3,600
-50% -$213K
OVID icon
999
Ovid Therapeutics
OVID
$491M
$208K 0.01%
+127,459
New +$196K
AVNW icon
1000
Aviat Networks
AVNW
$273M
$207K ﹤0.01%
+9,664
New +$216K
38 39
40
41 42

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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.