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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
BSBR icon
1126
Santander
BSBR
$43.1B
$122K ﹤0.01%
+21,864
New +$112K
CLNE icon
1127
Clean Energy Fuels
CLNE
$355M
$119K ﹤0.01%
+46,068
New +$108K
IVVD icon
1128
Invivyd
IVVD
$198M
$118K ﹤0.01%
+107,429
New +$95.3K
VLN icon
1129
Valens Semiconductor
VLN
$181M
$118K ﹤0.01%
66,003
+29,278
+80% +$66.1K
KLTR icon
1130
Kaltura
KLTR
$250M
$118K ﹤0.01%
81,876
+48,300
+144% +$81.4K
UA icon
1131
Under Armour Class C
UA
$2.42B
$117K ﹤0.01%
+24,320
New +$136K
CGNT icon
1132
Cognyte Software
CGNT
$689M
$116K ﹤0.01%
13,854
+3,686
+36% +$32.6K
NWL icon
1133
Newell Brands
NWL
$2.51B
$112K ﹤0.01%
+21,432
New +$121K
RWAY icon
1134
Runway Growth Finance
RWAY
$278M
$112K ﹤0.01%
11,009
-9,599
-47% -$103K
SKIN icon
1135
SkinHealth Systems
SKIN
$82.9M
$112K ﹤0.01%
+56,046
New +$114K
SRTA
1136
Strata Critical Medical Inc
SRTA
$525M
$110K ﹤0.01%
21,803
+8,998
+70% +$39.8K
BOOM icon
1137
DMC Global
BOOM
$153M
$108K ﹤0.01%
12,789
-4,698
-27% -$35.2K
ATYR
1138
aTyr Pharma
ATYR
$51.9M
$107K ﹤0.01%
+147,851
New +$670K
LFVN icon
1139
LifeVantage
LFVN
$84.3M
$106K ﹤0.01%
10,887
-3,875
-26% -$48.5K
SNAP icon
1140
Snap
SNAP
$9.05B
$104K ﹤0.01%
13,458
-7,378
-35% -$61.2K
ASTL icon
1141
Algoma Steel
ASTL
$468M
$102K ﹤0.01%
28,741
+10,789
+60% +$57.3K
PPTA
1142
Perpetua Resources
PPTA
$3.11B
$101K ﹤0.01%
+5,000
New +$84.5K
CEPU
1143
Central Puerto
CEPU
$2.07B
$96.5K ﹤0.01%
+12,045
New +$129K
INTR icon
1144
Inter&Co
INTR
$2.36B
$95.8K ﹤0.01%
+10,380
New +$81.6K
BCYC
1145
Bicycle Therapeutics
BCYC
$288M
$95.8K ﹤0.01%
12,375
-727
-6% -$5.49K
HAFN icon
1146
Hafnia
HAFN
$3.74B
$95.1K ﹤0.01%
+15,869
New +$90.8K
ILPT
1147
Industrial Logistics Properties Trust
ILPT
$583M
$91.5K ﹤0.01%
+15,695
New +$90.3K
CCCC icon
1148
C4 Therapeutics
CCCC
$400M
$90.2K ﹤0.01%
+40,628
New +$97.5K
BCBP icon
1149
BCB Bancorp
BCBP
$155M
$89.6K ﹤0.01%
+10,319
New +$90.1K
LAW icon
1150
CS Disco
LAW
$271M
$88.9K ﹤0.01%
+13,759
New +$68.6K
44 45
46
47 48

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BOK
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ZP
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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.