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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
CRTO icon
1301
Criteo S.A. Ordinary Shares
CRTO
$902M
– –
-20,829
Closed -$499K
CSGS
1302
DELISTED
CSG Systems International
CSGS
– –
-5,853
Closed -$382K
CVE icon
1303
Cenovus Energy
CVE
$54.5B
– –
-30,976
Closed -$421K
CWAN
1304
DELISTED
Clearwater Analytics
CWAN
– –
-108,097
Closed -$2.37M
CWEN.A
1305
DELISTED
Clearway Energy Class A
CWEN.A
– –
-15,377
Closed -$465K
CWT icon
1306
California Water Service
CWT
$3.06B
– –
-10,900
Closed -$496K
CXW icon
1307
CoreCivic
CXW
$3.26B
– –
-54,071
Closed -$1.14M
CYBR
1308
DELISTED
CyberArk
CYBR
– –
-1,262
Closed -$513K
DD icon
1309
DuPont de Nemours
DD
$19.1B
– –
-14,483
Closed -$1.25M
DDD icon
1310
3D Systems Corp
DDD
$611M
– –
-146,335
Closed -$225K
DECK icon
1311
Deckers Outdoor
DECK
$13.3B
– –
-2,800
Closed -$289K
DEO icon
1312
Diageo
DEO
$54B
– –
-21,473
Closed -$2.17M
DHI icon
1313
D.R. Horton
DHI
$41B
– –
-6,500
Closed -$838K
DIN icon
1314
Dine Brands
DIN
$453M
– –
-37,656
Closed -$916K
DNB
1315
DELISTED
Dun & Bradstreet
DNB
– –
-277,802
Closed -$2.53M
DNOW icon
1316
DNOW Inc
DNOW
$3.01B
– –
-65,138
Closed -$966K
DOCN icon
1317
DigitalOcean
DOCN
$15.3B
– –
-45,326
Closed -$1.29M
DOUG icon
1318
Douglas Elliman
DOUG
$166M
– –
-58,389
Closed -$135K
DRI icon
1319
Darden Restaurants
DRI
$24.9B
– –
-14,709
Closed -$3.21M
DT icon
1320
Dynatrace
DT
$14.6B
– –
-46,262
Closed -$2.55M
DUOL icon
1321
PUT
Duolingo
DUOL
$6.42B
– –
-200
Closed -$82K
DX
1322
Dynex Capital
DX
$3.17B
– –
-25,568
Closed -$312K
ECL icon
1323
Ecolab
ECL
$79.7B
– –
-19,865
Closed -$5.35M
EE icon
1324
Excelerate Energy
EE
$1.11B
– –
-25,647
Closed -$752K
EEFT icon
1325
Euronet Worldwide
EEFT
$2.65B
– –
-2,861
Closed -$290K
51 52
53
54 55

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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.