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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
URI icon
101
United Rentals
URI
$72.4B
$4.39M 0.11%
5,420
-1,480
-21% -$1.28M
LIN icon
102
Linde
LIN
$226B
$4.35M 0.1%
10,207
+3,774
+59% +$1.62M
AAPL icon
103
Apple
AAPL
$4.57T
$4.35M 0.1%
16,000
+2,346
+17% +$630K
FTV icon
104
Fortive
FTV
$18.6B
$4.27M 0.1%
+77,318
New +$4.01M
XLI icon
105
State Street Industrial Select Sector SPDR ETF
XLI
$33.7B
$4.27M 0.1%
27,500
-132,602
-83% -$20.4M
RAL
106
Ralliant Corp
RAL
$7.46B
$4.25M 0.1%
+83,512
New +$3.91M
VMC icon
107
Vulcan Materials
VMC
$36.9B
$4.21M 0.1%
+14,750
New +$4.33M
PWR icon
108
Quanta Services
PWR
$101B
$4.13M 0.1%
9,792
+5,927
+153% +$2.6M
APG icon
109
APi Group
APG
$18B
$4.12M 0.1%
107,747
-22,948
-18% -$849K
MNST icon
110
Monster Beverage
MNST
$88.5B
$4.08M 0.1%
53,188
-13,947
-21% -$999K
FCX icon
111
Freeport-McMoran
FCX
$97.5B
$4.05M 0.1%
79,802
+42,953
+117% +$1.86M
GM icon
112
General Motors
GM
$76.8B
$4.05M 0.1%
49,744
+13,946
+39% +$983K
ZM icon
113
Zoom
ZM
$30.6B
$4.03M 0.1%
46,720
+27,984
+149% +$2.36M
SLB icon
114
SLB Ltd
SLB
$75B
$4.03M 0.1%
+105,000
New +$3.81M
NNN icon
115
NNN REIT
NNN
$8.99B
$3.98M 0.1%
100,320
+44,502
+80% +$1.82M
XOP icon
116
State Street SPDR S&P Oil & Gas Exploration & Production ETF
XOP
$3.51B
$3.93M 0.09%
31,150
+8,200
+36% +$1.06M
DLTR icon
117
Dollar Tree
DLTR
$25.2B
$3.93M 0.09%
31,934
-10,667
-25% -$1.14M
ADC icon
118
Agree Realty
ADC
$9.41B
$3.91M 0.09%
54,346
+33,595
+162% +$2.45M
RELX icon
119
RELX
RELX
$62B
$3.91M 0.09%
+96,787
New +$4.13M
SMH icon
120
VanEck Semiconductor ETF
SMH
$73.2B
$3.89M 0.09%
10,800
+1,299
+14% +$456K
CMI icon
121
Cummins
CMI
$88.7B
$3.88M 0.09%
7,609
-8,896
-54% -$4.16M
SCHW
122
Charles Schwab
SCHW
$187B
$3.82M 0.09%
38,255
+16,943
+79% +$1.61M
EWW icon
123
iShares MSCI Mexico ETF
EWW
$1.99B
$3.81M 0.09%
+55,000
New +$3.71M
BX icon
124
Blackstone
BX
$110B
$3.78M 0.09%
24,497
-30,763
-56% -$4.67M
TDG icon
125
TransDigm Group
TDG
$67.7B
$3.72M 0.09%
+2,800
New +$3.67M
3 4
5
6 7

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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.