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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
JAZZ icon
1001
Jazz Pharmaceuticals
JAZZ
$16.7B
$206K ﹤0.01%
+1,214
New +$186K
IMTX icon
1002
Immatics
IMTX
$1.32B
$206K ﹤0.01%
+19,630
New +$198K
THG icon
1003
Hanover Insurance
THG
$7.98B
$206K ﹤0.01%
+1,127
New +$203K
CGTX icon
1004
Cognition Therapeutics
CGTX
$96.7M
$205K ﹤0.01%
151,870
-74,687
-33% -$121K
AGRO icon
1005
Adecoagro
AGRO
$1.36B
$204K ﹤0.01%
25,770
-53,045
-67% -$417K
BCH icon
1006
Banco de Chile
BCH
$20.9B
$204K ﹤0.01%
5,373
-16,403
-75% -$582K
DSP icon
1007
Viant Technology
DSP
$265M
$204K ﹤0.01%
16,921
-844
-5% -$8.43K
ALLO icon
1008
Allogene Therapeutics
ALLO
$694M
$204K ﹤0.01%
148,671
-48,637
-25% -$64.2K
JOE icon
1009
St. Joe Company
JOE
$3.83B
$203K ﹤0.01%
+3,426
New +$192K
VNDA icon
1010
Vanda Pharmaceuticals
VNDA
$302M
$203K ﹤0.01%
+23,060
New +$127K
KREF
1011
KKR Real Estate Finance Trust
KREF
$499M
$203K ﹤0.01%
24,723
-29,070
-54% -$246K
ENVA icon
1012
Enova International
ENVA
$6.29B
$202K ﹤0.01%
1,288
-1,097
-46% -$143K
DEI icon
1013
Douglas Emmett
DEI
$1.96B
$202K ﹤0.01%
18,396
-390
-2% -$4.89K
IDYA icon
1014
IDEAYA Biosciences
IDYA
$3.56B
$202K ﹤0.01%
5,841
-8,871
-60% -$283K
OCUL icon
1015
Ocular Therapeutix
OCUL
$2.02B
$200K ﹤0.01%
16,504
-20,827
-56% -$253K
HRMY icon
1016
Harmony Biosciences
HRMY
$2.24B
$200K ﹤0.01%
5,345
-5,032
-48% -$165K
NRDS icon
1017
NerdWallet
NRDS
$652M
$197K ﹤0.01%
+14,534
New +$190K
VREX icon
1018
Varex Imaging
VREX
$523M
$197K ﹤0.01%
16,880
+3,942
+30% +$46.2K
ORC
1019
Orchid Island Capital
ORC
$1.31B
$196K ﹤0.01%
+27,251
New +$198K
RLAY icon
1020
Relay Therapeutics
RLAY
$4.33B
$196K ﹤0.01%
+23,126
New +$165K
FNKO icon
1021
Funko
FNKO
$328M
$196K ﹤0.01%
+57,531
New +$181K
CCCC icon
1022
C4 Therapeutics
CCCC
$412M
$195K ﹤0.01%
102,198
+61,570
+152% +$146K
CTNM
1023
Contineum Therapeutics
CTNM
$566M
$195K ﹤0.01%
+17,074
New +$195K
DFH icon
1024
Dream Finders Homes
DFH
$1.36B
$195K ﹤0.01%
+11,390
New +$233K
CHGG icon
1025
Chegg
CHGG
$102M
$194K ﹤0.01%
208,863
+84,134
+67% +$91.7K
39 40
41
42 43

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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.