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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
(-34%)
Cap. Flow
-$1.72B
Cap. Flow
% of AUM
-41.09%
Top 10 Holdings %
Top 10 Hldgs %
35.08%
Holding
1,653
New
441
Increased
361
Reduced
355
Closed
464
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Cipher Digital
CIFR
|
+$39.9M |
| 2 |
Netflix
NFLX
|
+$38M |
| 3 |
iShares MSCI Canada ETF
EWC
|
+$35M |
| 4 |
United Parcel Service
UPS
|
+$26.1M |
| 5 |
Eos Energy Enterprises
EOSE
|
+$25.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
VanEck Gold Miners ETF
GDX
|
+$62.2M |
| 2 |
iShares Bitcoin Trust
IBIT
|
+$43.4M |
| 3 |
State Street Utilities Select Sector SPDR ETF
XLU
|
+$39.5M |
| 4 |
Vanguard Morningstar Value ETF
VTV
|
+$32.8M |
| 5 |
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 | |
|---|---|---|---|---|---|---|
1126
Compass Diversified
CODI
$828M
| $78.2K | ﹤0.01% |
+16,290
| New | +$103K |
|
1127
Future Fuel
FF
$223M
| $76.2K | ﹤0.01% |
23,893
+1,612
| +7% | +$5.78K |
|
1128
Epsilon Energy
EPSN
$173M
| $76K | ﹤0.01% |
16,385
-476
| -3% | -$2.29K |
|
1129
Rayonier Advanced Materials
RYAM
$610M
| $76K | ﹤0.01% |
+12,905
| New | +$83.9K |
|
1130
DocGo
DCGO
$62.6M
| $75K | ﹤0.01% |
85,435
-49,368
| -37% | -$52.7K |
|
1131
SelectQuote
SLQT
$121M
| $72.1K | ﹤0.01% |
51,104
-47,032
| -48% | -$78.7K |
|
1132
Groupon
GRPN
$1.02B
| $71.1K | ﹤0.01% |
4,040
-30,757
| -88% | -$579K |
|
1133
Kaltura
KLTR
$267M
| $68.6K | ﹤0.01% |
41,859
-40,017
| -49% | -$63.2K |
|
1134
Ultrapar
UGP
$6.54B
| $62K | ﹤0.01% |
+16,443
| New | +$65K |
|
1135
SES AI
SES
$208M
| $61.9K | ﹤0.01% |
+34,365
| New | +$77K |
|
1136
OraSure Technologies
OSUR
$279M
| $61.3K | ﹤0.01% |
25,339
+14,133
| +126% | +$37.2K |
|
1137
Zevia
ZVIA
$111M
| $60.8K | ﹤0.01% |
26,219
-5,047
| -16% | -$12.5K |
|
1138
Nkarta
NKTX
$172M
| $58.7K | ﹤0.01% |
31,751
-649
| -2% | -$1.3K |
|
1139
American Vanguard Corp
AVD
$68.9M
| $58.3K | ﹤0.01% |
+15,261
| New | +$71.3K |
|
1140
TechTarget
TTGT
$278M
| $57.9K | ﹤0.01% |
+10,729
| New | +$57.7K |
|
|
APLT
1141
DELISTED
Applied Therapeutics
APLT
| $57.3K | ﹤0.01% |
+572,759
| New | +$364K |
|
|
HEPS
1142
D-Market Electronic Services & Trading
HEPS
$990M
| $54.5K | ﹤0.01% |
+21,995
| New | +$54.6K |
|
|
LPRO
1143
DELISTED
Open Lending Corp
LPRO
| $50.1K | ﹤0.01% |
32,324
-48,249
| -60% | -$85.6K |
|
1144
Full House Resorts
FLL
$89M
| $49.8K | ﹤0.01% |
19,062
-27,658
| -59% | -$74.3K |
|
|
MREO
1145
Mereo BioPharma
MREO
$47.3M
| $48.5K | ﹤0.01% |
+116,286
| New | +$221K |
|
|
OPENL
1146
Opendoor Technologies Inc Series A Warrants
OPENL
$5.13M
| $48.3K | ﹤0.01% |
+92,869
| New | +$79.3K |
|
1147
Atea Pharmaceuticals
AVIR
$420M
| $45.3K | ﹤0.01% |
12,678
-57,312
| -82% | -$182K |
|
1148
Aemetis
AMTX
$124M
| $45.1K | ﹤0.01% |
+32,455
| New | +$65.3K |
|
1149
Gold Royalty Corp
GROY
$699M
| $41.3K | ﹤0.01% |
10,223
-40,857
| -80% | -$156K |
|
1150
National CineMedia
NCMI
$378M
| $40K | ﹤0.01% |
+10,271
| New | +$42.5K |
|
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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.