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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 7.53%
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
ALTO icon
1076
Alto Ingredients
ALTO
$340M
$146K ﹤0.01%
+50,714
New +$95.6K
ARVN icon
1077
Arvinas
ARVN
$572M
$144K ﹤0.01%
12,143
-75,266
-86% -$822K
WTI icon
1078
W&T Offshore
WTI
$518M
$143K ﹤0.01%
87,530
+6,195
+8% +$11.9K
PR
1079
Permian Resources
PR
$16.9B
$142K ﹤0.01%
10,132
-25,168
-71% -$338K
GOGO icon
1080
Gogo Inc
GOGO
$492M
$142K ﹤0.01%
30,477
-11,886
-28% -$87.1K
AUDC icon
1081
AudioCodes
AUDC
$253M
$141K ﹤0.01%
16,137
-2,457
-13% -$22.4K
REPL icon
1082
Replimune Group
REPL
$1.01B
$140K ﹤0.01%
14,357
-30,340
-68% -$258K
VLN icon
1083
Valens Semiconductor
VLN
$188M
$139K ﹤0.01%
98,084
+32,081
+49% +$52.9K
GPRK icon
1084
GeoPark
GPRK
$612M
$139K ﹤0.01%
+18,739
New +$137K
INVZ icon
1085
Innoviz Technologies
INVZ
$112M
$139K ﹤0.01%
+162,548
New +$257K
APPS icon
1086
Digital Turbine
APPS
$1.74B
$138K ﹤0.01%
27,659
-33,547
-55% -$190K
NPWR icon
1087
NET Power
NPWR
$134M
$136K ﹤0.01%
+59,786
New +$187K
SGMO
1088
DELISTED
SANGAMO THERAPEUTICS INC
SGMO
$135K ﹤0.01%
321,837
+56,656
+21% +$30K
DMRC icon
1089
Digimarc Corp
DMRC
$178M
$134K ﹤0.01%
20,486
-776
-4% -$6.58K
PAYS icon
1090
Paysign
PAYS
$705M
$132K ﹤0.01%
25,711
-18,594
-42% -$100K
LAC
1091
Lithium Americas
LAC
$1.17B
$130K ﹤0.01%
+29,890
New +$173K
TNYA icon
1092
Tenaya Therapeutics
TNYA
$163M
$127K ﹤0.01%
+178,764
New +$243K
LXRX icon
1093
Lexicon Pharmaceuticals
LXRX
$1.1B
$126K ﹤0.01%
+109,900
New +$151K
ATOS icon
1094
Atossa Therapeutics
ATOS
$23.5M
$125K ﹤0.01%
14,091
+3,061
+28% +$38.7K
RLMD icon
1095
Relmada Therapeutics
RLMD
$527M
$124K ﹤0.01%
+25,608
New +$85.8K
CVRX icon
1096
CVRx
CVRX
$63.4M
$123K ﹤0.01%
17,307
-4,535
-21% -$41.4K
ZNTL icon
1097
Zentalis Pharmaceuticals
ZNTL
$302M
$123K ﹤0.01%
90,910
-61,237
-40% -$89.1K
GRAB icon
1098
Grab
GRAB
$14.9B
$121K ﹤0.01%
+24,234
New +$134K
GOSS icon
1099
Gossamer Bio
GOSS
$87M
$113K ﹤0.01%
36,467
-30,900
-46% -$88.2K
LFCR icon
1100
Lifecore Biomedical
LFCR
$190M
$111K ﹤0.01%
+13,580
New +$100K
42 43
44
45 46

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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.