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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
GDOT icon
1376
Green Dot
GDOT
$752M
– –
-36,192
Closed -$390K
GDRX icon
1377
GoodRx Holdings
GDRX
$1.25B
– –
-54,145
Closed -$270K
GDX icon
1378
PUT
VanEck Gold Miners ETF
GDX
$27.6B
– –
-100,000
Closed -$5.21M
GERN icon
1379
Geron
GERN
$949M
– –
-393,990
Closed -$556K
GFI icon
1380
Gold Fields
GFI
$36.8B
– –
-8,607
Closed -$204K
GFS icon
1381
GlobalFoundries
GFS
$27.5B
– –
-44,873
Closed -$1.71M
GLNG icon
1382
Golar LNG
GLNG
$5.16B
– –
-5,376
Closed -$221K
LKFT
1383
Lakefront Biotherapeutics American Depositary Shares
LKFT
$1.76B
– –
-8,538
Closed -$239K
GNRC icon
1384
Generac Holdings
GNRC
$12.2B
– –
-5,392
Closed -$772K
GOGL
1385
DELISTED
Golden Ocean Group
GOGL
– –
-171,390
Closed -$1.25M
B
1386
CALL
Barrick Mining
B
$68.5B
– –
-184,000
Closed -$3.83M
B
1387
Barrick Mining
B
$68.5B
– –
-4,175
Closed -$86.9K
GOOGL icon
1388
Alphabet (Google) Class A
GOOGL
$4.37T
– –
-17,413
Closed -$3.07M
GOOS
1389
Canada Goose Holdings
GOOS
$849M
– –
-18,916
Closed -$212K
GPRE icon
1390
CALL
Green Plains
GPRE
$1.06B
– –
-1,005,500
Closed -$6.06M
GPRE icon
1391
PUT
Green Plains
GPRE
$1.06B
– –
-1,287,000
Closed -$7.76M
GRAB icon
1392
Grab
GRAB
$15B
– –
-459,206
Closed -$2.31M
GSM icon
1393
FerroAtlántica
GSM
$865M
– –
-735,300
Closed -$2.7M
GTLS
1394
DELISTED
Chart Industries
GTLS
– –
-22,339
Closed -$3.68M
GVA icon
1395
Granite Construction
GVA
$5.51B
– –
-12,398
Closed -$1.16M
GWW icon
1396
W.W. Grainger
GWW
$61.1B
– –
-2,000
Closed -$2.08M
GXO icon
1397
GXO Logistics
GXO
$5.4B
– –
-11,000
Closed -$536K
HAIN icon
1398
Hain Celestial
HAIN
$53.4M
– –
-237,088
Closed -$360K
HASI icon
1399
Hannon Armstrong Sustainable Infrastructure Capital
HASI
$5.21B
– –
-7,823
Closed -$210K
HBAN icon
1400
Huntington Bancshares
HBAN
$35.6B
– –
-343,450
Closed -$5.76M
54 55
56
57 58

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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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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.