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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
BWA icon
1226
BorgWarner
BWA
$13.9B
– –
-5,706
Closed -$251K
BYND icon
1227
PUT
Beyond Meat
BYND
$277M
– –
-11,293,500
Closed -$21.3M
CAL icon
1228
Caleres
CAL
$487M
– –
-80,666
Closed -$1.05M
CART icon
1229
Maplebear
CART
$11.8B
– –
-26,945
Closed -$990K
CBSH icon
1230
Commerce Bancshares
CBSH
$8.5B
– –
-5,082
Closed -$289K
CDW icon
1231
CDW
CDW
$17B
– –
-4,006
Closed -$638K
CEPU
1232
Central Puerto
CEPU
$2.1B
– –
-12,045
Closed -$96.5K
CERS icon
1233
Cerus
CERS
$474M
– –
-21,010
Closed -$33.4K
CGEM icon
1234
Cullinan Oncology
CGEM
$1.14B
– –
-26,234
Closed -$156K
CGNT icon
1235
Cognyte Software
CGNT
$680M
– –
-13,854
Closed -$116K
CHDN icon
1236
Churchill Downs
CHDN
$6.12B
– –
-12,087
Closed -$1.17M
CHEF icon
1237
Chefs' Warehouse
CHEF
$4.5B
– –
-3,923
Closed -$229K
CIEN icon
1238
Ciena
CIEN
$58.4B
– –
-1,725
Closed -$251K
CLDT
1239
Chatham Lodging
CLDT
$586M
– –
-10,900
Closed -$73.1K
CLFD icon
1240
Clearfield
CLFD
$374M
– –
-7,304
Closed -$251K
CMA
1241
DELISTED
Comerica
CMA
– –
-3,236
Closed -$222K
CMP icon
1242
Compass Minerals
CMP
$1.15B
– –
-28,728
Closed -$552K
CNC icon
1243
Centene
CNC
$32.5B
– –
-13,000
Closed -$464K
CNMD icon
1244
CONMED
CNMD
$1.47B
– –
-6,823
Closed -$321K
CNXC icon
1245
Concentrix
CNXC
$1.57B
– –
-5,003
Closed -$231K
COHU icon
1246
Cohu
COHU
$2.5B
– –
-21,114
Closed -$429K
COMP icon
1247
Compass
COMP
$9.66B
– –
-64,762
Closed -$520K
COOK icon
1248
Traeger
COOK
$172M
– –
-575
Closed -$35.1K
CRCT icon
1249
Cricut
CRCT
$1.22B
– –
-44,821
Closed -$282K
CRMD icon
1250
CorMedix
CRMD
$584M
– –
-92,151
Closed -$1.07M
48 49
50
51 52

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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.