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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
ATI icon
1226
ATI
ATI
$31.1B
– –
-3,645
Closed -$315K
ATRO icon
1227
Astronics
ATRO
$3.72B
– –
-11,272
Closed -$314K
OPTU
1228
Optimum Communications Inc
OPTU
$306M
– –
-12,326
Closed -$26.4K
AUPH icon
1229
Aurinia Pharmaceuticals
AUPH
$2.06B
– –
-17,323
Closed -$147K
AVD icon
1230
American Vanguard Corp
AVD
$65.5M
– –
-20,489
Closed -$80.3K
AWR icon
1231
American States Water
AWR
$3.43B
– –
-4,717
Closed -$362K
AX icon
1232
Axos Financial
AX
$5.63B
– –
-4,432
Closed -$337K
AXON
1233
Axon Enterprise
AXON
$48.4B
– –
-730
Closed -$604K
AZEK
1234
DELISTED
The AZEK Co
AZEK
– –
-76,500
Closed -$4.16M
AZN icon
1235
AstraZeneca
AZN
$251B
– –
-5,014
Closed -$701K
AZTA icon
1236
Azenta
AZTA
$1.54B
– –
-58,700
Closed -$1.81M
BARK icon
1237
BARK
BARK
$96.7M
– –
-1,094
Closed -$19.2K
BBWI icon
1238
Bath & Body Works
BBWI
$3.89B
– –
-69,882
Closed -$2.09M
BE icon
1239
Bloom Energy
BE
$62B
– –
-32,964
Closed -$788K
BE icon
1240
PUT
Bloom Energy
BE
$62B
– –
-100
Closed -$2.39K
BF.B icon
1241
Brown-Forman Class B
BF.B
$12.9B
– –
-58,077
Closed -$1.56M
BFH icon
1242
Bread Financial
BFH
$4.38B
– –
-17,133
Closed -$979K
BFLY icon
1243
Butterfly Network
BFLY
$2.58B
– –
-238,790
Closed -$478K
BBT
1244
Beacon Financial Corp
BBT
$2.64B
– –
-13,529
Closed -$339K
BILL icon
1245
BILL Holdings
BILL
$4.91B
– –
-22,362
Closed -$1.03M
BJ icon
1246
BJs Wholesale Club
BJ
$12.3B
– –
-14,430
Closed -$1.56M
BKH icon
1247
Black Hills Corp
BKH
$5.62B
– –
-8,882
Closed -$498K
BLBD icon
1248
Blue Bird Corp
BLBD
$2.07B
– –
-5,457
Closed -$236K
BLD
1249
DELISTED
TopBuild
BLD
– –
-2,600
Closed -$842K
BNS icon
1250
Scotiabank
BNS
$108B
– –
-10,981
Closed -$607K
48 49
50
51 52

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SP
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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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CA
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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.