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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
+8.47%
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
$6.62B
AUM Growth
+$902M
Cap. Flow
+$1.08B
Cap. Flow %
16.3%
Top 10 Hldgs %
50.26%
Holding
1,697
New
464
Increased
345
Reduced
451
Closed
433

Top Buys

Rank Stock Value
1
IBIT icon
iShares Bitcoin Trust
IBIT
+$19.3M
2
VTV icon
Vanguard Morningstar Value ETF
VTV
+$18.6M
3
ICE icon
Intercontinental Exchange
ICE
+$14.5M
4
EEM icon
iShares MSCI Emerging Markets ETF
EEM
+$14.3M
5
MNST icon
Monster Beverage
MNST
+$13.3M

Top Sells

Rank Stock Value
1
C icon
Citigroup
C
+$16.9M
2
JNJ icon
Johnson & Johnson
JNJ
+$16M
3
ICOW icon
Pacer Developed Markets International Cash Cows 100 ETF
ICOW
+$15.6M
4
HYG icon
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
+$14.5M
5
VUG icon
Vanguard Morningstar Growth ETF
VUG
+$10.8M

Sector Composition

Rank Sector Weight
1 Technology 5.74%
2 Financials 5.16%
3 Industrials 4.35%
4 Consumer Discretionary 3.72%
5 Healthcare 3.09%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
EL icon
1351
Estee Lauder
EL
$32B
– –
-13,513
Closed -$892K
ELF icon
1352
e.l.f. Beauty
ELF
$5.81B
– –
-12,839
Closed -$806K
ELVN icon
1353
Enliven Therapeutics
ELVN
$4.43B
– –
-19,997
Closed -$394K
EMXC icon
1354
iShares MSCI Emerging Markets ex China ETF
EMXC
$24.1B
– –
-132,425
Closed -$7.3M
ERIC icon
1355
Ericsson
ERIC
$33.3B
– –
-83,802
Closed -$650K
ESPR
1356
DELISTED
Esperion Therapeutics
ESPR
– –
-487,735
Closed -$702K
ETD icon
1357
Ethan Allen Interiors
ETD
$603M
– –
-24,891
Closed -$689K
ETSY icon
1358
Etsy
ETSY
$7.85B
– –
-21,992
Closed -$1.04M
EVH icon
1359
Evolent Health
EVH
$447M
– –
-19,062
Closed -$181K
EVR icon
1360
Evercore
EVR
$11.8B
– –
-1,033
Closed -$206K
EWG icon
1361
PUT
iShares MSCI Germany ETF
EWG
$1.62B
– –
-200,000
Closed -$7.42M
EWU icon
1362
iShares MSCI United Kingdom ETF
EWU
$4.16B
– –
-160,969
Closed -$6.03M
EWW icon
1363
iShares MSCI Mexico ETF
EWW
$1.99B
– –
-113,563
Closed -$5.79M
EWZ icon
1364
iShares MSCI Brazil ETF
EWZ
$8.95B
– –
-176,319
Closed -$4.56M
EZA icon
1365
iShares MSCI South Africa ETF
EZA
$592M
– –
-42,026
Closed -$2.02M
FCF icon
1366
First Commonwealth Financial
FCF
$2.17B
– –
-32,210
Closed -$501K
FCNCA icon
1367
First Citizens BancShares
FCNCA
$25.3B
– –
-265
Closed -$491K
FDMT icon
1368
4D Molecular Therapeutics
FDMT
$562M
– –
-43,080
Closed -$139K
FICO icon
1369
Fair Isaac
FICO
$22.5B
– –
-553
Closed -$1.02M
FIP icon
1370
FTAI Infrastructure
FIP
$505M
– –
-128,135
Closed -$580K
FNB icon
1371
FNB Corp
FNB
$6.75B
– –
-29,017
Closed -$390K
FNF icon
1372
Fidelity National Financial
FNF
$13.5B
– –
-48,426
Closed -$3.15M
FNKO icon
1373
Funko
FNKO
$328M
– –
-136,125
Closed -$934K
FORR icon
1374
Forrester Research
FORR
$224M
– –
-11,279
Closed -$104K
FRPT icon
1375
Freshpet
FRPT
$3.22B
– –
-24,614
Closed -$2.05M
53 54
55
56 57

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ZP
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Graham Capital Management's Q2 2025 Portfolio in Review

As of Q2 2025, Graham Capital Management held 1,697 positions worth $6.62B, up 16% from $5.72B the previous quarter. Its ten largest holdings account for 50% of the portfolio.

Graham Capital Management deployed $1.08B of net new capital in Q2 2025, opening 464 new positions and adding to 345 existing holdings. Its largest new stake was Vanguard Morningstar Value ETF: 110,000 shares worth $19.4M.

By sector, the portfolio is most concentrated in Technology at 5.7% of assets, up from 5.5% a quarter earlier, followed by Financials and Industrials.

On the sell side, the largest reduction was Citigroup, an estimated $16.9M trimmed.

  • Graham Capital Management's largest Q2 2025 buy was Vanguard Morningstar Value ETF: 110,000 shares worth $19.4M.
  • Graham Capital Management added most to iShares Bitcoin Trust in Q2 2025, an estimated $19.3M increase.
  • Graham Capital Management's biggest Q2 2025 reduction was Citigroup, cutting an estimated $16.9M.
  • Graham Capital Management fully exited Pacer Developed Markets International Cash Cows 100 ETF in Q2 2025, selling an estimated $15.6M.
  • Graham Capital Management's ten largest holdings make up 50% of its $6.62B portfolio in Q2 2025.
  • Graham Capital Management opened 464 new positions and closed 433 in Q2 2025.
  • Graham Capital Management's portfolio value rose 16% quarter-over-quarter to $6.62B.

Based on Graham Capital Management's 13F filing for Q2 2025, filed 14 Aug 2025.