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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
AGX icon
1201
Argan
AGX
$8.15B
– –
-1,312
Closed -$289K
AGS
1202
DELISTED
PlayAGS
AGS
– –
-26,799
Closed -$335K
AI icon
1203
C3.ai
AI
$1.62B
– –
-94,418
Closed -$2.32M
ALEX
1204
DELISTED
Alexander & Baldwin
ALEX
– –
-43,780
Closed -$781K
ALGN icon
1205
Align Technology
ALGN
$12.5B
– –
-1,293
Closed -$245K
ALHC icon
1206
Alignment Healthcare
ALHC
$2.86B
– –
-181,644
Closed -$2.54M
AM icon
1207
Antero Midstream
AM
$10.4B
– –
-51,250
Closed -$971K
AMAT icon
1208
Applied Materials
AMAT
$415B
– –
-1,100
Closed -$201K
OSG
1209
Octave Specialty Group
OSG
$210M
– –
-31,418
Closed -$223K
AMCR icon
1210
Amcor
AMCR
$21.8B
– –
-144,193
Closed -$6.63M
AMLX icon
1211
Amylyx Pharmaceuticals
AMLX
$2.53B
– –
-34,153
Closed -$219K
AMP icon
1212
Ameriprise Financial
AMP
$49.2B
– –
-3,014
Closed -$1.61M
AMPH icon
1213
Amphastar Pharmaceuticals
AMPH
$864M
– –
-20,288
Closed -$466K
AMPY icon
1214
Amplify Energy
AMPY
$172M
– –
-47,319
Closed -$151K
GOLD
1215
Gold.com Inc
GOLD
$1.26B
– –
-17,711
Closed -$393K
AMRX icon
1216
Amneal Pharmaceuticals
AMRX
$5.71B
– –
-25,681
Closed -$208K
AMWD
1217
DELISTED
American Woodmark
AMWD
– –
-9,360
Closed -$500K
APLD icon
1218
PUT
Applied Digital
APLD
$8.37B
– –
-1,320,200
Closed -$13.3M
APP icon
1219
Applovin
APP
$113B
– –
-4,906
Closed -$1.72M
ARDX icon
1220
Ardelyx
ARDX
$997M
– –
-55,283
Closed -$217K
ARHS icon
1221
Arhaus
ARHS
$1.34B
– –
-10,833
Closed -$93.9K
AROC icon
1222
Archrock
AROC
$5.81B
– –
-116,728
Closed -$2.9M
ARWR icon
1223
Arrowhead Research
ARWR
$12.5B
– –
-24,063
Closed -$380K
ARW icon
1224
Arrow Electronics
ARW
$10.3B
– –
-1,704
Closed -$217K
ASB icon
1225
Associated Banc-Corp
ASB
$5.92B
– –
-47,851
Closed -$1.17M
47 48
49
50 51

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SP
Stockbridge Partners Boston, Massachusetts $4.14B AUM 16.9% 1-Year Est. Return
BOK
Bank of Korea Seoul, South Korea $4.13B AUM
ZP
Zimmer Partners New York $4.15B AUM 14.2% 1-Year Est. Return
SHCM
Sachem Head Capital Management New York $4.15B AUM 48.05% 1-Year Est. Return
AP
Altarock Partners West Palm Beach, Florida $4.13B AUM 0.04% 1-Year Est. Return
BHC
Bowen Hanes & Co Ponte Vedra Beach, Florida $4.11B AUM 41.61% 1-Year Est. Return
BG
Bellevue Group Kuesnacht, Switzerland $4.2B AUM 54.85% 1-Year Est. Return
CA
CSM Advisors Warrendale, Pennsylvania $4.07B AUM 29.62% 1-Year Est. Return

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.