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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
EWY icon
1301
iShares MSCI South Korea ETF
EWY
$25.7B
– –
-165,220
Closed -$13.2M
EXAS
1302
DELISTED
Exact Sciences
EXAS
– –
-11,039
Closed -$604K
EXC icon
1303
Exelon
EXC
$47B
– –
-25,276
Closed -$1.14M
EXEL icon
1304
Exelixis
EXEL
$13.4B
– –
-5,133
Closed -$212K
EXPE icon
1305
Expedia Group
EXPE
$37.3B
– –
-4,181
Closed -$894K
EYE icon
1306
National Vision
EYE
$1.81B
– –
-30,157
Closed -$880K
EZA icon
1307
iShares MSCI South Africa ETF
EZA
$578M
– –
-139,545
Closed -$8.94M
FA icon
1308
First Advantage
FA
$4.12B
– –
-88,520
Closed -$1.36M
FBRT
1309
Franklin BSP Realty Trust
FBRT
$657M
– –
-51,970
Closed -$564K
FCNCA icon
1310
First Citizens BancShares
FCNCA
$25.3B
– –
-196
Closed -$351K
FCPT icon
1311
Four Corners Property Trust
FCPT
$2.75B
– –
-12,386
Closed -$302K
DMC
1312
Del Monte Corp
DMC
$1.45B
– –
-9,856
Closed -$342K
FDX icon
1313
PUT
FedEx
FDX
$75.4B
– –
-50,000
Closed -$11.8M
FERG icon
1314
Ferguson
FERG
$49.8B
– –
-18,300
Closed -$4.11M
FFIV icon
1315
F5
FFIV
$22.7B
– –
-1,148
Closed -$371K
FHN icon
1316
First Horizon
FHN
$12.1B
– –
-83,068
Closed -$1.88M
FIS icon
1317
Fidelity National Information Services
FIS
$22.1B
– –
-17,677
Closed -$1.17M
FIVN icon
1318
FIVE9
FIVN
$2.54B
– –
-64,929
Closed -$1.57M
FNV icon
1319
Franco-Nevada
FNV
$46B
– –
-12,394
Closed -$2.76M
FOUR icon
1320
Shift4
FOUR
$3.26B
– –
-3,719
Closed -$288K
FOX icon
1321
Fox Class B
FOX
$23.9B
– –
-8,342
Closed -$478K
FRPT icon
1322
Freshpet
FRPT
$3.22B
– –
-6,153
Closed -$339K
FRT icon
1323
Federal Realty Investment Trust
FRT
$10.3B
– –
-5,328
Closed -$540K
FSLR icon
1324
CALL
First Solar
FSLR
$26.9B
– –
-400
Closed -$88.2K
FSP
1325
Franklin Street Properties
FSP
$46.8M
– –
-11,911
Closed -$19.1K
51 52
53
54 55

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BOK
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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.