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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
LPRO
1076
DELISTED
Open Lending Corp
LPRO
$170K ﹤0.01%
80,573
+63,402
+369% +$143K
TMC icon
1077
TMC The Metals Company
TMC
$1.92B
$169K ﹤0.01%
+26,536
New +$159K
MAGN
1078
Magnera Corp
MAGN
$466M
$168K ﹤0.01%
+14,376
New +$179K
SONO icon
1079
Sonos
SONO
$1.83B
$168K ﹤0.01%
10,651
-127,244
-92% -$1.63M
KWEB icon
1080
CALL
KraneShares CSI China Internet ETF
KWEB
$5.76B
$168K ﹤0.01%
+4,000
New +$150K
SIGA icon
1081
SIGA Technologies
SIGA
$210M
$168K ﹤0.01%
+18,358
New +$147K
NN icon
1082
NextNav
NN
$2.11B
$166K ﹤0.01%
11,615
-10,981
-49% -$173K
SAND
1083
DELISTED
Sandstorm Gold
SAND
$163K ﹤0.01%
+13,025
New +$138K
MASS icon
1084
908 Devices
MASS
$361M
$161K ﹤0.01%
+18,413
New +$122K
TTI icon
1085
TETRA Technologies
TTI
$1.28B
$161K ﹤0.01%
28,039
-95,731
-77% -$409K
VREX icon
1086
Varex Imaging
VREX
$778M
$160K ﹤0.01%
12,938
-46,806
-78% -$464K
GT icon
1087
Goodyear
GT
$1.74B
$160K ﹤0.01%
+21,395
New +$201K
SANA icon
1088
Sana Biotechnology
SANA
$1B
$158K ﹤0.01%
+44,570
New +$161K
MDXG icon
1089
MiMedx Group
MDXG
$622M
$158K ﹤0.01%
22,655
-57,720
-72% -$401K
TRIN icon
1090
Trinity Capital Inc.
TRIN
$1.75B
$157K ﹤0.01%
+10,149
New +$157K
LFST icon
1091
Lifestance Health
LFST
$4.55B
$157K ﹤0.01%
28,467
-96,572
-77% -$473K
ARX
1092
Accelerant Holdings
ARX
$2.63B
$156K ﹤0.01%
+10,510
New +$246K
RGP icon
1093
Resources Connection
RGP
$145M
$156K ﹤0.01%
30,912
+3,068
+11% +$15.8K
SGHC icon
1094
SGHC Ltd
SGHC
$6.55B
$156K ﹤0.01%
11,800
-66,332
-85% -$781K
KOS icon
1095
Kosmos Energy
KOS
$1.49B
$156K ﹤0.01%
93,725
+70,277
+300% +$131K
CATX icon
1096
Perspective Therapeutics
CATX
$342M
$156K ﹤0.01%
+45,357
New +$165K
CGEM icon
1097
Cullinan Oncology
CGEM
$1.18B
$156K ﹤0.01%
26,234
+6,957
+36% +$50.9K
WNC icon
1098
Wabash National
WNC
$510M
$154K ﹤0.01%
15,638
-30,833
-66% -$329K
DBI icon
1099
Designer Brands
DBI
$334M
$153K ﹤0.01%
43,353
+23,486
+118% +$81K
DSP icon
1100
Viant Technology
DSP
$282M
$153K ﹤0.01%
+17,765
New +$203K
42 43
44
45 46

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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.