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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
HBM icon
1401
Hudbay
HBM
$12.4B
– –
-23,874
Closed -$253K
HIG icon
1402
Hartford Financial Services
HIG
$38.7B
– –
-6,514
Closed -$826K
HIMX
1403
Himax Technologies
HIMX
$2.57B
– –
-65,103
Closed -$581K
HL icon
1404
Hecla Mining
HL
$11.8B
– –
-84,036
Closed -$503K
HLIT icon
1405
Harmonic Inc
HLIT
$1.26B
– –
-39,868
Closed -$378K
HLLY icon
1406
Holley
HLLY
$382M
– –
-36,666
Closed -$73.3K
HLI icon
1407
Houlihan Lokey
HLI
$8.62B
– –
-3,426
Closed -$617K
HLMN icon
1408
Hillman Solutions
HLMN
$1.77B
– –
-82,419
Closed -$588K
HLN icon
1409
Haleon
HLN
$43.7B
– –
-93,783
Closed -$973K
HMC icon
1410
Honda
HMC
$41.2B
– –
-10,596
Closed -$305K
HNRG icon
1411
Hallador Energy
HNRG
$748M
– –
-30,391
Closed -$481K
HNST icon
1412
The Honest Company
HNST
$561M
– –
-213,344
Closed -$1.09M
HOUS
1413
DELISTED
Anywhere Real Estate
HOUS
– –
-77,937
Closed -$282K
HTBK
1414
DELISTED
Heritage Commerce
HTBK
– –
-25,827
Closed -$256K
HUM icon
1415
Humana
HUM
$46.3B
– –
-3,766
Closed -$921K
HVT icon
1416
Haverty Furniture Companies
HVT
$451M
– –
-11,068
Closed -$225K
HYLN icon
1417
Hyliion Holdings
HYLN
$701M
– –
-33,523
Closed -$44.3K
IAS
1418
DELISTED
Integral Ad Science
IAS
– –
-19,166
Closed -$159K
IBM icon
1419
IBM
IBM
$223B
– –
-9,207
Closed -$2.71M
IBN icon
1420
ICICI Bank
IBN
$108B
– –
-141,795
Closed -$4.77M
IBP icon
1421
Installed Building Products
IBP
$6.27B
– –
-9,500
Closed -$1.71M
ICFI icon
1422
ICF International
ICFI
$1.66B
– –
-2,728
Closed -$231K
BRSL
1423
Brightstar Lottery PLC
BRSL
$2.02B
– –
-55,143
Closed -$872K
IHG icon
1424
InterContinental Hotels
IHG
$23B
– –
-3,812
Closed -$440K
IMKTA icon
1425
Ingles Markets
IMKTA
$1.62B
– –
-3,322
Closed -$211K
55 56
57
58 59

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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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BG
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CA
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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.