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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
VRE
1051
DELISTED
Veris Residential
VRE
$168K ﹤0.01%
+11,292
New +$167K
VG
1052
Venture Global Inc
VG
$32.9B
$168K ﹤0.01%
+24,618
New +$205K
BMBL icon
1053
Bumble
BMBL
$373M
$167K ﹤0.01%
46,735
-20,871
-31% -$92.4K
DHC
1054
Diversified Healthcare Trust
DHC
$2.14B
$167K ﹤0.01%
+34,347
New +$156K
TRIN icon
1055
Trinity Capital Inc.
TRIN
$1.71B
$165K ﹤0.01%
11,234
+1,085
+11% +$16.2K
ALEC icon
1056
Alector
ALEC
$199M
$164K ﹤0.01%
104,851
+83,636
+394% +$148K
UUUU icon
1057
Energy Fuels
UUUU
$3.53B
$161K ﹤0.01%
+11,080
New +$188K
LRMR icon
1058
Larimar Therapeutics
LRMR
$432M
$161K ﹤0.01%
+42,255
New +$164K
ASC icon
1059
Ardmore Shipping
ASC
$683M
$159K ﹤0.01%
15,038
-23,883
-61% -$284K
CLNE icon
1060
Clean Energy Fuels
CLNE
$346M
$159K ﹤0.01%
75,732
+29,664
+64% +$72.6K
FUBO icon
1061
FuboTV Inc
FUBO
$273M
$159K ﹤0.01%
+5,258
New +$210K
FORR icon
1062
Forrester Research
FORR
$224M
$159K ﹤0.01%
19,522
+6,787
+53% +$53.3K
ASYS icon
1063
Amtech Systems
ASYS
$272M
$158K ﹤0.01%
+12,608
New +$114K
VIV icon
1064
Telefônica Brasil
VIV
$19.2B
$155K ﹤0.01%
+13,048
New +$162K
SEM
1065
DELISTED
Select Medical
SEM
$154K ﹤0.01%
+10,390
New +$147K
FRST icon
1066
Primis Financial Corp
FRST
$404M
$154K ﹤0.01%
+11,084
New +$125K
CMTG icon
1067
Claros Mortgage Trust
CMTG
$274M
$154K ﹤0.01%
50,202
-54,264
-52% -$177K
ULCC icon
1068
Frontier Group Holdings
ULCC
$1.7B
$152K ﹤0.01%
+32,313
New +$143K
ABAT icon
1069
American Battery Technology Co
ABAT
$356M
$151K ﹤0.01%
+45,337
New +$212K
CERT icon
1070
Certara
CERT
$1.25B
$151K ﹤0.01%
17,163
– –
OPK icon
1071
Opko Health
OPK
$1.02B
$151K ﹤0.01%
119,654
+21,286
+22% +$29.6K
SVM
1072
Silvercorp Metals
SVM
$2.53B
$151K ﹤0.01%
18,052
+6,972
+63% +$50.6K
MNKD icon
1073
MannKind Corp
MNKD
$1.32B
$151K ﹤0.01%
+26,548
New +$146K
POET icon
1074
POET Technologies
POET
$1.54B
$150K ﹤0.01%
+23,634
New +$150K
CRVS icon
1075
Corvus Pharmaceuticals
CRVS
$1.17B
$148K ﹤0.01%
+19,274
New +$152K
41 42
43
44 45

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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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MGP
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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.