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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
BANC icon
1026
Banc of California
BANC
$2.97B
$194K ﹤0.01%
+10,046
New +$180K
TBPH icon
1027
Theravance Biopharma
TBPH
$877M
$193K ﹤0.01%
10,296
-5,815
-36% -$96.5K
FATE icon
1028
Fate Therapeutics
FATE
$326M
$192K ﹤0.01%
195,579
-273,492
-58% -$328K
LAND
1029
Gladstone Land Corp
LAND
$360M
$192K ﹤0.01%
20,982
-5,656
-21% -$51.8K
BUR icon
1030
Burford Capital
BUR
$971M
$191K ﹤0.01%
21,400
+10,668
+99% +$104K
PRTH icon
1031
Priority Technology Holdings
PRTH
$444M
$190K ﹤0.01%
34,866
+6,489
+23% +$40.2K
TASK icon
1032
TaskUs
TASK
$669M
$190K ﹤0.01%
+16,090
New +$206K
OM icon
1033
Outset Medical
OM
$90.8M
$189K ﹤0.01%
51,070
+36,079
+241% +$309K
LTRX icon
1034
Lantronix
LTRX
$266M
$189K ﹤0.01%
32,278
+17,425
+117% +$90.7K
CMRC
1035
Commerce.com Inc Series 1
CMRC
$184M
$186K ﹤0.01%
45,120
-6,558
-13% -$30.2K
ORLA
1036
DELISTED
Orla Mining
ORLA
$185K ﹤0.01%
+13,752
New +$167K
MYGN icon
1037
Myriad Genetics
MYGN
$312M
$185K ﹤0.01%
+30,097
New +$218K
VSTM icon
1038
Verastem
VSTM
$610M
$181K ﹤0.01%
+23,438
New +$209K
ACRE
1039
Ares Commercial Real Estate
ACRE
$270M
$180K ﹤0.01%
37,660
-5,500
-13% -$26.7K
DRH icon
1040
Diamondrock Hospitality Co
DRH
$2.56B
$180K ﹤0.01%
20,091
-2,230
-10% -$19K
ALLT icon
1041
Allot
ALLT
$383M
$178K ﹤0.01%
+18,157
New +$174K
ATEN icon
1042
A10 Networks
ATEN
$1.95B
$178K ﹤0.01%
+10,054
New +$178K
SHEN icon
1043
Shenandoah Telecom
SHEN
$746M
$177K ﹤0.01%
+15,317
New +$181K
FLYW icon
1044
Flywire
FLYW
$2.16B
$176K ﹤0.01%
+12,442
New +$170K
VET icon
1045
Vermilion Energy
VET
$1.66B
$175K ﹤0.01%
+21,034
New +$174K
PUBM icon
1046
PubMatic
PUBM
$810M
$175K ﹤0.01%
+19,751
New +$172K
TITN icon
1047
Titan Machinery
TITN
$445M
$175K ﹤0.01%
11,640
+869
+8% +$14K
REKR icon
1048
Rekor Systems
REKR
$91.7M
$171K ﹤0.01%
+124,142
New +$253K
CRBU icon
1049
Caribou Biosciences
CRBU
$164M
$171K ﹤0.01%
107,253
-21,099
-16% -$44.3K
SG icon
1050
Sweetgreen
SG
$642M
$170K ﹤0.01%
+25,144
New +$173K
40 41
42
43 44

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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.