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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
EEM icon
1326
iShares MSCI Emerging Markets ETF
EEM
$29.8B
– –
-318,425
Closed -$16M
EFSC icon
1327
Enterprise Financial Services Corp
EFSC
$2.38B
– –
-4,186
Closed -$231K
EFXT
1328
Enerflex
EFXT
$2.5B
– –
-37,237
Closed -$294K
EG icon
1329
Everest Group
EG
$14.2B
– –
-9,576
Closed -$3.25M
ELS icon
1330
Equity Lifestyle Properties
ELS
$12.5B
– –
-16,157
Closed -$996K
EMR icon
1331
Emerson Electric
EMR
$88.5B
– –
-53,500
Closed -$7.13M
ENS icon
1332
EnerSys
ENS
$6.79B
– –
-15,095
Closed -$1.29M
EOLS icon
1333
Evolus
EOLS
$500M
– –
-24,239
Closed -$223K
EPAM icon
1334
EPAM Systems
EPAM
$5.02B
– –
-2,529
Closed -$447K
EPD icon
1335
CALL
Enterprise Products Partners
EPD
$82B
– –
-75,000
Closed -$2.33M
EQIX icon
1336
Equinix
EQIX
$103B
– –
-1,470
Closed -$1.17M
ERII icon
1337
Energy Recovery
ERII
$408M
– –
-24,461
Closed -$313K
ESAB icon
1338
ESAB
ESAB
$5.32B
– –
-21,840
Closed -$2.63M
ESGR
1339
DELISTED
Enstar Group
ESGR
– –
-8,050
Closed -$2.71M
ESS icon
1340
Essex Property Trust
ESS
$18.2B
– –
-1,986
Closed -$563K
ETN icon
1341
Eaton
ETN
$173B
– –
-12,200
Closed -$4.36M
ETR icon
1342
Entergy
ETR
$49.3B
– –
-85,835
Closed -$7.13M
EVGO icon
1343
EVgo
EVGO
$500M
– –
-203,583
Closed -$743K
EVRI
1344
DELISTED
Everi Holdings
EVRI
– –
-32,155
Closed -$458K
EW icon
1345
Edwards Lifesciences
EW
$53B
– –
-19,192
Closed -$1.5M
EWJ icon
1346
iShares MSCI Japan ETF
EWJ
$22.6B
– –
-158,200
Closed -$11.9M
EWT icon
1347
PUT
iShares MSCI Taiwan ETF
EWT
$11B
– –
-80,500
Closed -$4.62M
EXPD icon
1348
Expeditors International
EXPD
$23.3B
– –
-3,136
Closed -$358K
AGNT
1349
AGNT Inc
AGNT
$715M
– –
-38,893
Closed -$354K
EXR icon
1350
Extra Space Storage
EXR
$31B
– –
-3,485
Closed -$514K
52 53
54
55 56

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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.