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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
GT icon
1101
Goodyear
GT
$1.85B
$110K ﹤0.01%
12,572
-8,823
-41% -$69.5K
MASS icon
1102
908 Devices
MASS
$364M
$109K ﹤0.01%
20,787
+2,374
+13% +$16.6K
THRY icon
1103
Thryv Holdings
THRY
$108M
$109K ﹤0.01%
18,023
-8,028
-31% -$63.5K
PTLO icon
1104
Portillo's
PTLO
$321M
$108K ﹤0.01%
23,683
-25,137
-51% -$131K
CFFN icon
1105
Capitol Federal Financial
CFFN
$1.1B
$107K ﹤0.01%
15,719
-22,487
-59% -$146K
ELDN icon
1106
Eledon Pharmaceuticals
ELDN
$285M
$106K ﹤0.01%
+70,260
New +$167K
HAIN icon
1107
Hain Celestial
HAIN
$53.7M
$104K ﹤0.01%
+97,357
New +$120K
ACCO icon
1108
Acco Brands
ACCO
$407M
$101K ﹤0.01%
+27,029
New +$100K
AGEN
1109
Agenus
AGEN
$290M
$99.6K ﹤0.01%
31,706
-23,114
-42% -$92K
EPM icon
1110
Evolution Petroleum
EPM
$131M
$98.7K ﹤0.01%
27,890
+9,538
+52% +$40.2K
OLPX
1111
DELISTED
Olaplex Holdings
OLPX
$98.1K ﹤0.01%
73,218
-86,260
-54% -$103K
INFU icon
1112
InfuSystem Holdings
INFU
$249M
$95.1K ﹤0.01%
10,604
-11,944
-53% -$114K
PLTK icon
1113
Playtika
PLTK
$1.12B
$92K ﹤0.01%
23,286
-44,024
-65% -$172K
RGP icon
1114
Resources Connection
RGP
$145M
$91.8K ﹤0.01%
18,212
-12,700
-41% -$60.6K
UMC icon
1115
United Microelectronic
UMC
$46.9B
$88.1K ﹤0.01%
+11,213
New +$85.1K
MXCT icon
1116
MaxCyte
MXCT
$126M
$86.4K ﹤0.01%
55,736
+29,330
+111% +$46.8K
SKIN icon
1117
SkinHealth Systems
SKIN
$85.7M
$86.3K ﹤0.01%
62,089
+6,043
+11% +$8.73K
PANL icon
1118
Pangaea Logistics
PANL
$485M
$85.4K ﹤0.01%
12,419
-1,010
-8% -$6.11K
RZLV
1119
Rezolve AI
RZLV
$1.09B
$85.3K ﹤0.01%
+33,183
New +$125K
HLX icon
1120
Helix Energy Solutions
HLX
$1.41B
$85K ﹤0.01%
+13,562
New +$90.1K
OPENW
1121
Opendoor Technologies Inc Series K Warrants
OPENW
$7.45M
$83.6K ﹤0.01%
+92,869
New +$125K
IBRX icon
1122
ImmunityBio
IBRX
$8.1B
$83.4K ﹤0.01%
+42,133
New +$95.5K
CCRN
1123
DELISTED
Cross Country Healthcare
CCRN
$82.9K ﹤0.01%
+10,239
New +$112K
ANIX icon
1124
Anixa Biosciences
ANIX
$116M
$81.4K ﹤0.01%
+26,082
New +$107K
ADV icon
1125
Advantage Solutions
ADV
$361M
$78.2K ﹤0.01%
3,554
+2,631
+285% +$76K
43 44
45
46 47

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ZP
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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.