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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
FTDR icon
1326
Frontdoor
FTDR
$6.26B
– –
-9,367
Closed -$630K
FUL icon
1327
H.B. Fuller
FUL
$3.28B
– –
-8,938
Closed -$530K
FWONK icon
1328
Liberty Media Series C
FWONK
$25.8B
– –
-32,893
Closed -$3.44M
GAU
1329
Galiano Gold
GAU
$538M
– –
-104,243
Closed -$228K
GCMG icon
1330
GCM Grosvenor
GCMG
$820M
– –
-18,084
Closed -$218K
GDX icon
1331
CALL
VanEck Gold Miners ETF
GDX
$27.4B
– –
-100,000
Closed -$7.64M
GEHC icon
1332
GE HealthCare
GEHC
$32.4B
– –
-4,445
Closed -$334K
GEN icon
1333
Gen Digital
GEN
$17.5B
– –
-95,892
Closed -$2.72M
GGAL icon
1334
Galicia Financial Group
GGAL
$7.42B
– –
-13,671
Closed -$377K
GIL icon
1335
Gildan
GIL
$10.6B
– –
-31,416
Closed -$1.82M
GMAB icon
1336
Genmab
GMAB
$19.5B
– –
-14,167
Closed -$435K
GNL icon
1337
Global Net Lease
GNL
$1.95B
– –
-17,752
Closed -$144K
GO icon
1338
Grocery Outlet
GO
$980M
– –
-21,882
Closed -$351K
GRMN
1339
Garmin
GRMN
$60B
– –
-9,757
Closed -$2.4M
GRND icon
1340
Grindr
GRND
$2.95B
– –
-16,619
Closed -$250K
GTES icon
1341
Gates Industrial Corporation Ltd.
GTES
$7.15B
– –
-305,940
Closed -$7.59M
GTN icon
1342
Gray Television
GTN
$552M
– –
-38,914
Closed -$225K
HAE icon
1343
Haemonetics
HAE
$4B
– –
-5,116
Closed -$249K
HALO icon
1344
Halozyme
HALO
$12.2B
– –
-6,094
Closed -$447K
HAS icon
1345
Hasbro
HAS
$13.2B
– –
-3,612
Closed -$274K
HBI
1346
DELISTED
Hanesbrands
HBI
– –
-21,665
Closed -$143K
HCAT icon
1347
Health Catalyst
HCAT
$128M
– –
-10,098
Closed -$28.8K
HCSG icon
1348
Healthcare Services Group
HCSG
$1.53B
– –
-10,212
Closed -$172K
HELE icon
1349
Helen of Troy
HELE
$693M
– –
-17,826
Closed -$449K
HESM icon
1350
Hess Midstream
HESM
$5.11B
– –
-10,387
Closed -$359K
52 53
54
55 56

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ZP
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AP
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MGP
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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.