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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
CTS icon
1001
CTS Corp
CTS
$1.85B
$217K ﹤0.01%
+5,440
New +$226K
ALTG icon
1002
Alta Equipment Group
ALTG
$237M
$217K ﹤0.01%
+29,923
New +$233K
FMC icon
1003
FMC
FMC
$1.31B
$216K ﹤0.01%
+6,434
New +$251K
WDS icon
1004
Woodside Energy
WDS
$43.9B
$216K ﹤0.01%
+14,377
New +$237K
SLM icon
1005
SLM Corp
SLM
$5.14B
$215K ﹤0.01%
+7,783
New +$243K
DEC
1006
Diversified Energy Company
DEC
$1.01B
$215K ﹤0.01%
15,349
-10,691
-41% -$160K
SAH icon
1007
Sonic Automotive
SAH
$2.53B
$215K ﹤0.01%
+2,826
New +$225K
ALK icon
1008
Alaska Air
ALK
$5.27B
$214K ﹤0.01%
4,301
-22,906
-84% -$1.27M
DGII icon
1009
Digi International
DGII
$3.14B
$213K ﹤0.01%
+5,847
New +$201K
GME icon
1010
GameStop
GME
$8.43B
$213K ﹤0.01%
7,800
-69,720
-90% -$1.65M
CZR icon
1011
Caesars Entertainment
CZR
$6.13B
$212K ﹤0.01%
+7,861
New +$213K
EXEL icon
1012
Exelixis
EXEL
$13.1B
$212K ﹤0.01%
5,133
-35,709
-87% -$1.44M
OM icon
1013
Outset Medical
OM
$91.4M
$212K ﹤0.01%
+14,991
New +$234K
AGEN
1014
Agenus
AGEN
$291M
$211K ﹤0.01%
+54,820
New +$274K
FNB icon
1015
FNB Corp
FNB
$6.75B
$211K ﹤0.01%
+13,084
New +$208K
AOSL icon
1016
Alpha and Omega Semiconductor
AOSL
$1.03B
$211K ﹤0.01%
+7,529
New +$209K
OXY icon
1017
Occidental Petroleum
OXY
$58.6B
$210K ﹤0.01%
4,454
-122,390
-96% -$5.53M
VAL icon
1018
Valaris
VAL
$5.94B
$210K ﹤0.01%
4,304
-37,038
-90% -$1.81M
CERT icon
1019
Certara
CERT
$1.23B
$210K ﹤0.01%
17,163
-20,528
-54% -$225K
NAVI icon
1020
Navient
NAVI
$796M
$210K ﹤0.01%
15,940
-21,980
-58% -$298K
OLPX
1021
DELISTED
Olaplex Holdings
OLPX
$209K ﹤0.01%
+159,478
New +$229K
DMRC icon
1022
Digimarc Corp
DMRC
$168M
$208K ﹤0.01%
21,262
-4
-0% -$43
CRUS icon
1023
Cirrus Logic
CRUS
$6.11B
$207K ﹤0.01%
1,656
-11,018
-87% -$1.23M
BMI icon
1024
Badger Meter
BMI
$3.95B
$207K ﹤0.01%
1,160
-145
-11% -$28.5K
SEI
1025
Solaris Energy Infrastructure
SEI
$3.86B
$206K ﹤0.01%
+5,164
New +$162K
39 40
41
42 43

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BOK
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ZP
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SHCM
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AP
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BHC
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BG
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CA
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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.