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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
DGII icon
1276
Digi International
DGII
$3.1B
– –
-5,847
Closed -$213K
DGX icon
1277
Quest Diagnostics
DGX
$26.3B
– –
-3,673
Closed -$700K
DHR icon
1278
Danaher
DHR
$144B
– –
-5,159
Closed -$1.02M
DNUT icon
1279
Krispy Kreme
DNUT
$577M
– –
-46,604
Closed -$180K
DOW icon
1280
Dow Inc
DOW
$21.2B
– –
-11,935
Closed -$274K
DXC icon
1281
DXC Technology
DXC
$1.73B
– –
-22,573
Closed -$308K
EBAY icon
1282
CALL
eBay
EBAY
$49.8B
– –
-4,000
Closed -$364K
EBAY icon
1283
eBay
EBAY
$49.8B
– –
-1,568
Closed -$143K
EBS icon
1284
Emergent Biosolutions
EBS
$248M
– –
-51,072
Closed -$450K
EEM icon
1285
CALL
iShares MSCI Emerging Markets ETF
EEM
$30B
– –
-700,000
Closed -$37.4M
EFX icon
1286
Equifax
EFX
$21.4B
– –
-3,548
Closed -$910K
EHAB
1287
DELISTED
Enhabit
EHAB
– –
-49,315
Closed -$395K
EHTH icon
1288
eHealth
EHTH
$43.9M
– –
-19,712
Closed -$85K
EME icon
1289
Emcor
EME
$36B
– –
-9,300
Closed -$6.04M
EMX
1290
DELISTED
EMX Royalty
EMX
– –
-53,865
Closed -$277K
ENPH icon
1291
Enphase Energy
ENPH
$5.53B
– –
-27,305
Closed -$966K
ENTA icon
1292
Enanta Pharmaceuticals
ENTA
$400M
– –
-37,323
Closed -$447K
ENSG icon
1293
The Ensign Group
ENSG
$10.7B
– –
-7,040
Closed -$1.22M
EPR icon
1294
EPR Properties
EPR
$4.77B
– –
-12,450
Closed -$722K
ERAS icon
1295
Erasca
ERAS
$6.39B
– –
-62,705
Closed -$137K
ES icon
1296
Eversource Energy
ES
$27.2B
– –
-14,535
Closed -$1.03M
ESLT icon
1297
Elbit Systems
ESLT
$40.3B
– –
-454
Closed -$231K
EVC icon
1298
Entravision Communication
EVC
$1.1B
– –
-11,525
Closed -$26.9K
EVER icon
1299
EverQuote
EVER
$906M
– –
-10,706
Closed -$245K
EWCZ
1300
DELISTED
European Wax Center
EWCZ
– –
-47,179
Closed -$188K
50 51
52
53 54

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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.