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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
BOH icon
1251
Bank of Hawaii
BOH
$3.1B
– –
-23,928
Closed -$1.62M
BRBR icon
1252
BellRing Brands
BRBR
$1.32B
– –
-34,129
Closed -$1.98M
BRFS
1253
DELISTED
BRF SA
BRFS
– –
-166,498
Closed -$608K
BRK.B icon
1254
Berkshire Hathaway Class B
BRK.B
$1.13T
– –
-15,761
Closed -$7.66M
BRKL
1255
DELISTED
Brookline Bancorp
BRKL
– –
-33,469
Closed -$353K
BRZE icon
1256
Braze
BRZE
$3.24B
– –
-52,881
Closed -$1.49M
BV icon
1257
BrightView Holdings
BV
$1.05B
– –
-20,474
Closed -$341K
BVS icon
1258
Bioventus
BVS
$1.17B
– –
-18,049
Closed -$119K
BXC icon
1259
BlueLinx
BXC
$719M
– –
-4,056
Closed -$302K
BXMT icon
1260
Blackstone Mortgage Trust
BXMT
$2.39B
– –
-34,817
Closed -$670K
CADE
1261
DELISTED
Cadence Bank
CADE
– –
-19,726
Closed -$631K
CAE icon
1262
CAE Inc. Common Shares
CAE
$8.64B
– –
-26,638
Closed -$780K
CALM icon
1263
Cal-Maine
CALM
$3.85B
– –
-4,157
Closed -$414K
CARG icon
1264
CarGurus
CARG
$3.35B
– –
-42,968
Closed -$1.44M
CARR icon
1265
Carrier Global
CARR
$52.3B
– –
-16,959
Closed -$1.24M
CAT icon
1266
Caterpillar
CAT
$385B
– –
-40,582
Closed -$15.8M
CBT icon
1267
Cabot Corp
CBT
$4.46B
– –
-8,290
Closed -$622K
CCK icon
1268
Crown Holdings
CCK
$13.1B
– –
-9,379
Closed -$966K
CCRN
1269
DELISTED
Cross Country Healthcare
CCRN
– –
-33,790
Closed -$441K
CDP icon
1270
COPT Defense Properties
CDP
$4.14B
– –
-13,588
Closed -$375K
CFLT
1271
DELISTED
Confluent
CFLT
– –
-16,358
Closed -$408K
CFR icon
1272
Cullen/Frost Bankers
CFR
$10.3B
– –
-22,359
Closed -$2.87M
CHCT
1273
Community Healthcare Trust
CHCT
$433M
– –
-15,439
Closed -$257K
CHRD icon
1274
Chord Energy
CHRD
$7.58B
– –
-26,537
Closed -$2.57M
CHRS icon
1275
Coherus Oncology
CHRS
$192M
– –
-231,255
Closed -$169K
49 50
51
52 53

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SP
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BOK
Bank of Korea Seoul, South Korea $4.13B AUM
ZP
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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
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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.