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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
AGL icon
1151
Agilon Health
AGL
$1.6B
$36.4K ﹤0.01%
2,112
-11,007
-84% -$213K
OPENZ
1152
Opendoor Technologies Inc Series Z Warrants
OPENZ
$4.14M
$31.7K ﹤0.01%
+79,421
New +$48.1K
TMCI icon
1153
Treace Medical Concepts
TMCI
$309M
$27K ﹤0.01%
+11,007
New +$47.8K
EXFY icon
1154
Expensify
EXFY
$245M
$22.9K ﹤0.01%
+15,176
New +$24.1K
ARAY icon
1155
Accuray
ARAY
$34M
$19.6K ﹤0.01%
23,748
-15,823
-40% -$19.8K
BRCC icon
1156
BRC Inc
BRCC
$250M
$16K ﹤0.01%
14,423
-13,634
-49% -$17.7K
QSI icon
1157
Quantum-Si Incorporated
QSI
$177M
$15.9K ﹤0.01%
+14,422
New +$23.5K
GERN icon
1158
Geron
GERN
$949M
$15.1K ﹤0.01%
+11,436
New +$14.3K
MAPS
1159
DELISTED
WM TECHNOLOGY INC A
MAPS
$10.6K ﹤0.01%
12,814
-9,656
-43% -$9.5K
AAPL icon
1160
PUT
Apple
AAPL
$4.57T
– –
-45,000
Closed -$11.5M
ABNB icon
1161
Airbnb
ABNB
$107B
– –
-27,928
Closed -$3.39M
ABUS icon
1162
Arbutus Biopharma
ABUS
$915M
– –
-13,265
Closed -$60.2K
ACAD icon
1163
Acadia Pharmaceuticals
ACAD
$5.03B
– –
-20,426
Closed -$436K
ACGL icon
1164
Arch Capital
ACGL
$33.6B
– –
-6,879
Closed -$624K
ACIW icon
1165
ACI Worldwide
ACIW
$5.42B
– –
-5,897
Closed -$311K
ADM icon
1166
Archer Daniels Midland
ADM
$36.9B
– –
-15,428
Closed -$922K
ADNT icon
1167
Adient
ADNT
$1.5B
– –
-17,024
Closed -$410K
ADT icon
1168
ADT
ADT
$5.58B
– –
-123,242
Closed -$1.07M
AEIS icon
1169
Advanced Energy
AEIS
$13B
– –
-1,356
Closed -$231K
AESI icon
1170
Atlas Energy Solutions
AESI
$1.41B
– –
-11,094
Closed -$126K
AGCO icon
1171
AGCO
AGCO
$7.2B
– –
-12,164
Closed -$1.3M
AGO icon
1172
Assured Guaranty
AGO
$3.34B
– –
-3,550
Closed -$301K
AGYS icon
1173
Agilysys
AGYS
$3.06B
– –
-2,198
Closed -$231K
AKRO
1174
DELISTED
Akero Therapeutics
AKRO
– –
-16,752
Closed -$795K
ALB icon
1175
Albemarle
ALB
$15.5B
– –
-2,704
Closed -$219K
45 46
47
48 49

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ZP
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MGP
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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.