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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
ITGR icon
1376
Integer Holdings
ITGR
$4.26B
– –
-6,851
Closed -$708K
ITRI icon
1377
Itron
ITRI
$4.54B
– –
-3,861
Closed -$481K
IVVD icon
1378
Invivyd
IVVD
$218M
– –
-107,429
Closed -$118K
IVZ icon
1379
Invesco
IVZ
$13.9B
– –
-18,321
Closed -$420K
IWM icon
1380
CALL
iShares Russell 2000 ETF
IWM
$81.9B
– –
-588,200
Closed -$142M
IWM icon
1381
iShares Russell 2000 ETF
IWM
$81.9B
– –
-58,400
Closed -$14.1M
IWM icon
1382
PUT
iShares Russell 2000 ETF
IWM
$81.9B
– –
-3,897,000
Closed -$943M
JHG
1383
DELISTED
Janus Henderson
JHG
– –
-24,658
Closed -$1.1M
KALU icon
1384
Kaiser Aluminum
KALU
$3.02B
– –
-2,854
Closed -$220K
OPLN
1385
Openlane
OPLN
$4.54B
– –
-24,000
Closed -$691K
KEP icon
1386
Korea Electric Power
KEP
$16B
– –
-18,632
Closed -$243K
KGS icon
1387
Kodiak Gas Services
KGS
$6.05B
– –
-6,255
Closed -$231K
KINS icon
1388
Kingstone Companies
KINS
$276M
– –
-15,949
Closed -$234K
KKR icon
1389
KKR & Co
KKR
$92.3B
– –
-14,109
Closed -$1.83M
KLAC icon
1390
KLA
KLAC
$259B
– –
-16,430
Closed -$1.77M
KODK icon
1391
Kodak
KODK
$983M
– –
-39,071
Closed -$250K
KRE icon
1392
PUT
State Street SPDR S&P Regional Banking ETF
KRE
$4.57B
– –
-100,000
Closed -$6.33M
KRG icon
1393
Kite Realty
KRG
$5.36B
– –
-16,636
Closed -$371K
KRO icon
1394
KRONOS Worldwide
KRO
$989M
– –
-12,028
Closed -$69K
KRP icon
1395
Kimbell Royalty Partners
KRP
$1.48B
– –
-14,197
Closed -$192K
KRUS icon
1396
Kura Sushi USA
KRUS
$593M
– –
-6,174
Closed -$367K
KSS icon
1397
PUT
Kohl's
KSS
$2.19B
– –
-2,000
Closed -$30.7K
KT icon
1398
KT
KT
$8.81B
– –
-104,542
Closed -$2.04M
KURA icon
1399
Kura Oncology
KURA
$850M
– –
-15,463
Closed -$137K
LAD icon
1400
Lithia Motors
LAD
$8.26B
– –
-1,356
Closed -$428K
54 55
56
57 58

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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.