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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
BCBP icon
1201
BCB Bancorp
BCBP
$161M
– –
-10,319
Closed -$89.6K
BCYC
1202
Bicycle Therapeutics
BCYC
$292M
– –
-12,375
Closed -$95.8K
BEAM icon
1203
Beam Therapeutics
BEAM
$2.84B
– –
-15,811
Closed -$384K
BEN icon
1204
Franklin Resources
BEN
$17.2B
– –
-35,515
Closed -$821K
BGC icon
1205
BGC Group
BGC
$4.89B
– –
-20,257
Closed -$192K
BHF icon
1206
Brighthouse Financial
BHF
$3.5B
– –
-23,161
Closed -$1.23M
BIPC icon
1207
Brookfield Infrastructure
BIPC
$4.85B
– –
-6,096
Closed -$251K
KEEL
1208
CALL
Keel Infrastructure Corp
KEEL
$2.34B
– –
-1,176,500
Closed -$3.32M
BKNG icon
1209
Booking.com
BKNG
$161B
– –
-8,375
Closed -$1.81M
BKU icon
1210
Bankunited
BKU
$3.36B
– –
-25,671
Closed -$980K
SRTA
1211
Strata Critical Medical Inc
SRTA
$512M
– –
-21,803
Closed -$110K
BLFS icon
1212
BioLife Solutions
BLFS
$1.7B
– –
-14,716
Closed -$375K
BLMN icon
1213
Bloomin' Brands
BLMN
$938M
– –
-61,555
Closed -$441K
BMA icon
1214
Banco Macro
BMA
$5.35B
– –
-8,527
Closed -$361K
BMI icon
1215
Badger Meter
BMI
$4.03B
– –
-1,160
Closed -$207K
BMRN icon
1216
BioMarin Pharmaceuticals
BMRN
$12.4B
– –
-5,931
Closed -$321K
BOOM icon
1217
DMC Global
BOOM
$157M
– –
-12,789
Closed -$108K
BRBS icon
1218
Blue Ridge Bankshares
BRBS
$332M
– –
-13,169
Closed -$55.7K
BRKR icon
1219
Bruker
BRKR
$8.14B
– –
-12,918
Closed -$420K
BRSP
1220
BrightSpire Capital
BRSP
$648M
– –
-33,677
Closed -$183K
BRY
1221
DELISTED
Berry Corp
BRY
– –
-90,113
Closed -$341K
BSBR icon
1222
Santander
BSBR
$43.5B
– –
-21,864
Closed -$122K
BTE icon
1223
Baytex Energy
BTE
$2.92B
– –
-163,701
Closed -$383K
BTDR icon
1224
Bitdeer Technologies
BTDR
$2.65B
– –
-105,428
Closed -$1.8M
BTDR icon
1225
PUT
Bitdeer Technologies
BTDR
$2.65B
– –
-430,700
Closed -$7.36M
47 48
49
50 51

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BOK
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ZP
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SHCM
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AP
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BHC
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BG
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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.