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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
HGV icon
1351
Hilton Grand Vacations
HGV
$3.55B
– –
-6,885
Closed -$288K
HI
1352
DELISTED
Hillenbrand
HI
– –
-14,625
Closed -$395K
HIW icon
1353
Highwoods Properties
HIW
$3.47B
– –
-8,746
Closed -$278K
HOG icon
1354
Harley-Davidson
HOG
$2.71B
– –
-9,746
Closed -$272K
HOLX
1355
DELISTED
Hologic
HOLX
– –
-32,534
Closed -$2.2M
HPE icon
1356
Hewlett Packard
HPE
$70.5B
– –
-17,006
Closed -$418K
HURN icon
1357
Huron Consulting
HURN
$2.42B
– –
-4,572
Closed -$671K
HWC icon
1358
Hancock Whitney
HWC
$6.24B
– –
-11,487
Closed -$719K
HWM icon
1359
Howmet Aerospace
HWM
$112B
– –
-13,948
Closed -$2.74M
ICE icon
1360
Intercontinental Exchange
ICE
$84.4B
– –
-15,810
Closed -$2.66M
ICLN icon
1361
iShares Global Clean Energy ETF
ICLN
$2.1B
– –
-328,731
Closed -$5.09M
ICLR icon
1362
Icon
ICLR
$12.7B
– –
-2,009
Closed -$352K
IE icon
1363
Ivanhoe Electric
IE
$1.74B
– –
-19,479
Closed -$244K
IFF icon
1364
International Flavors & Fragrances
IFF
$21.9B
– –
-39,345
Closed -$2.42M
IHRT icon
1365
iHeartMedia
IHRT
$583M
– –
-25,423
Closed -$73K
ILPT
1366
Industrial Logistics Properties Trust
ILPT
$586M
– –
-15,695
Closed -$91.5K
ILMN icon
1367
Illumina
ILMN
$28.4B
– –
-3,174
Closed -$301K
IMVT icon
1368
Immunovant
IMVT
$8.25B
– –
-15,119
Closed -$244K
INDI icon
1369
indie Semiconductor
INDI
$854M
– –
-80,371
Closed -$327K
INDV icon
1370
Indivior Pharmaceuticals
INDV
$4.58B
– –
-21,591
Closed -$521K
INSW icon
1371
International Seaways
INSW
$4.57B
– –
-9,683
Closed -$446K
INTA icon
1372
Intapp
INTA
$2.91B
– –
-9,540
Closed -$390K
INTR icon
1373
Inter&Co
INTR
$2.33B
– –
-10,380
Closed -$95.8K
IRDM icon
1374
Iridium Communications
IRDM
$5.29B
– –
-41,369
Closed -$722K
ITB icon
1375
iShares US Home Construction ETF
ITB
$2.41B
– –
-10,000
Closed -$1.07M
53 54
55
56 57

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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.