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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
SVRA icon
1051
Savara
SVRA
$1.17B
$191K ﹤0.01%
+53,398
New +$158K
XPOF icon
1052
Xponential Fitness
XPOF
$208M
$190K ﹤0.01%
+24,442
New +$223K
SEAT icon
1053
Vivid Seats
SEAT
$82.6M
$190K ﹤0.01%
+11,445
New +$270K
SBLK icon
1054
Star Bulk Carriers
SBLK
$3.17B
$190K ﹤0.01%
+10,205
New +$192K
CXM icon
1055
Sprinklr
CXM
$1.62B
$189K ﹤0.01%
24,434
-188,155
-89% -$1.59M
CHGG icon
1056
Chegg
CHGG
$94.8M
$188K ﹤0.01%
+124,729
New +$175K
EWCZ
1057
DELISTED
European Wax Center
EWCZ
$188K ﹤0.01%
47,179
-5,604
-11% -$25.6K
REPL icon
1058
Replimune Group
REPL
$1.15B
$187K ﹤0.01%
+44,697
New +$286K
FSM icon
1059
Fortuna Silver Mines
FSM
$3.18B
$186K ﹤0.01%
20,716
-135,746
-87% -$991K
AXGN icon
1060
Axogen
AXGN
$2.59B
$185K ﹤0.01%
10,344
-15,681
-60% -$228K
CRON
1061
Cronos Group
CRON
$1.11B
$184K ﹤0.01%
+66,344
New +$156K
DCGO icon
1062
DocGo
DCGO
$56.8M
$183K ﹤0.01%
134,803
-10,875
-7% -$16.5K
BRSP
1063
BrightSpire Capital
BRSP
$620M
$183K ﹤0.01%
33,677
-12,319
-27% -$67K
TERN
1064
DELISTED
Terns Pharmaceuticals
TERN
$182K ﹤0.01%
24,294
-49,674
-67% -$317K
DNUT icon
1065
Krispy Kreme
DNUT
$542M
$180K ﹤0.01%
46,604
-11,410
-20% -$39.3K
TITN icon
1066
Titan Machinery
TITN
$426M
$180K ﹤0.01%
+10,771
New +$211K
SGMO
1067
DELISTED
SANGAMO THERAPEUTICS INC
SGMO
$179K ﹤0.01%
+265,181
New +$143K
DRH icon
1068
Diamondrock Hospitality Co
DRH
$2.48B
$178K ﹤0.01%
22,321
-122,333
-85% -$990K
ZIM icon
1069
ZIM Integrated Shipping Services
ZIM
$3.04B
$177K ﹤0.01%
13,091
-44,756
-77% -$679K
GOSS icon
1070
Gossamer Bio
GOSS
$86.1M
$177K ﹤0.01%
67,367
+20,473
+44% +$45.1K
AUDC icon
1071
AudioCodes
AUDC
$255M
$177K ﹤0.01%
+18,594
New +$183K
CVRX icon
1072
CVRx
CVRX
$62.9M
$176K ﹤0.01%
+21,842
New +$164K
HCSG icon
1073
Healthcare Services Group
HCSG
$1.5B
$172K ﹤0.01%
10,212
-30,855
-75% -$459K
CXDO icon
1074
Crexendo
CXDO
$209M
$172K ﹤0.01%
26,439
+10,856
+70% +$67.3K
SLP icon
1075
Simulations Plus
SLP
$371M
$170K ﹤0.01%
+11,301
New +$164K
41 42
43
44 45

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BOK
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ZP
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AP
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BHC
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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.