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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
CTOS icon
1101
Custom Truck One Source
CTOS
$2.42B
$152K ﹤0.01%
+23,752
New +$138K
OPK icon
1102
Opko Health
OPK
$1.04B
$152K ﹤0.01%
98,368
-1,812,763
-95% -$2.49M
FLL icon
1103
Full House Resorts
FLL
$90.5M
$150K ﹤0.01%
+46,720
New +$184K
NRIX icon
1104
Nurix Therapeutics
NRIX
$2.69B
$150K ﹤0.01%
+16,210
New +$168K
ARRY icon
1105
Array Technologies
ARRY
$819M
$149K ﹤0.01%
18,228
-233,551
-93% -$1.77M
WTI icon
1106
W&T Offshore
WTI
$577M
$148K ﹤0.01%
+81,335
New +$144K
XPER icon
1107
Xperi
XPER
$332M
$148K ﹤0.01%
22,822
+3,358
+17% +$22.2K
GNL icon
1108
Global Net Lease
GNL
$1.95B
$144K ﹤0.01%
17,752
-140,127
-89% -$1.07M
ATOS icon
1109
Atossa Therapeutics
ATOS
$23.6M
$143K ﹤0.01%
+11,030
New +$136K
HBI
1110
DELISTED
Hanesbrands
HBI
$143K ﹤0.01%
21,665
-271,353
-93% -$1.5M
EBAY icon
1111
eBay
EBAY
$47.9B
$143K ﹤0.01%
+1,568
New +$139K
OMER icon
1112
Omeros
OMER
$986M
$141K ﹤0.01%
34,459
-66,099
-66% -$262K
REI icon
1113
Ring Energy
REI
$354M
$139K ﹤0.01%
127,738
-127,769
-50% -$116K
BDTX icon
1114
Black Diamond Therapeutics
BDTX
$114M
$138K ﹤0.01%
36,521
-35,499
-49% -$104K
KURA icon
1115
Kura Oncology
KURA
$874M
$137K ﹤0.01%
15,463
-132,459
-90% -$944K
ERAS icon
1116
Erasca
ERAS
$6.29B
$137K ﹤0.01%
62,705
-1,119
-2% -$1.78K
QUAD icon
1117
Quad
QUAD
$507M
$136K ﹤0.01%
+21,761
New +$134K
FORR icon
1118
Forrester Research
FORR
$221M
$135K ﹤0.01%
+12,735
New +$129K
ABCL icon
1119
AbCellera Biologics
ABCL
$2.85B
$131K ﹤0.01%
26,113
-116,922
-82% -$515K
NVCR icon
1120
NovoCure
NVCR
$2.02B
$130K ﹤0.01%
10,095
-17,950
-64% -$240K
BUR icon
1121
Burford Capital
BUR
$940M
$128K ﹤0.01%
+10,732
New +$143K
PHLT
1122
DELISTED
Performant Healthcare Inc
PHLT
$127K ﹤0.01%
+16,493
New +$105K
CRNT icon
1123
Ceragon Networks
CRNT
$192M
$127K ﹤0.01%
+54,502
New +$120K
EVLV icon
1124
Evolv Technologies
EVLV
$1.05B
$127K ﹤0.01%
+16,779
New +$122K
AESI icon
1125
Atlas Energy Solutions
AESI
$1.47B
$126K ﹤0.01%
+11,094
New +$136K
43 44
45
46 47

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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.