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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
(-34%)
Cap. Flow
-$1.72B
Cap. Flow
% of AUM
-41.09%
Top 10 Holdings %
Top 10 Hldgs %
35.08%
Holding
1,653
New
441
Increased
361
Reduced
355
Closed
464
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Cipher Digital
CIFR
|
+$39.9M |
| 2 |
Netflix
NFLX
|
+$38M |
| 3 |
iShares MSCI Canada ETF
EWC
|
+$35M |
| 4 |
United Parcel Service
UPS
|
+$26.1M |
| 5 |
Eos Energy Enterprises
EOSE
|
+$25.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
VanEck Gold Miners ETF
GDX
|
+$62.2M |
| 2 |
iShares Bitcoin Trust
IBIT
|
+$43.4M |
| 3 |
State Street Utilities Select Sector SPDR ETF
XLU
|
+$39.5M |
| 4 |
Vanguard Morningstar Value ETF
VTV
|
+$32.8M |
| 5 |
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 | |
|---|---|---|---|---|---|---|
1401
Lamar Advertising Co
LAMR
$16.3B
| – | – |
-30,000
| Closed | -$3.67M |
|
1402
CS Disco
LAW
$279M
| – | – |
-13,759
| Closed | -$88.9K |
|
1403
Leidos
LDOS
$17.3B
| – | – |
-5,350
| Closed | -$1.01M |
|
1404
Lincoln Electric
LECO
$15.4B
| – | – |
-9,051
| Closed | -$2.13M |
|
1405
Lifestance Health
LFST
$4.14B
| – | – |
-28,467
| Closed | -$157K |
|
1406
Littelfuse
LFUS
$11.6B
| – | – |
-1,501
| Closed | -$389K |
|
1407
LifeVantage
LFVN
$85.3M
| – | – |
-10,887
| Closed | -$106K |
|
1408
Labcorp
LH
$25.9B
| – | – |
-913
| Closed | -$262K |
|
1409
LKQ Corp
LKQ
$6.29B
| – | – |
-24,835
| Closed | -$758K |
|
1410
Lockheed Martin
LMT
$136B
| – | – |
-1,765
| Closed | -$881K |
|
1411
Cheniere Energy
LNG
$52.9B
| – | – |
-38,707
| Closed | -$9.1M |
|
1412
Logitech
LOGI
$15.2B
| – | – |
-4,781
| Closed | -$524K |
|
1413
Lowe's Companies
LOW
$125B
| – | – |
-19,806
| Closed | -$4.98M |
|
1414
Liquidia Corp
LQDA
$8.02B
| – | – |
-20,536
| Closed | -$467K |
|
1415
Lam Research
LRCX
$390B
| – | – |
-16,982
| Closed | -$2.27M |
|
1416
Stride
LRN
$3.43B
| – | – |
-7,348
| Closed | -$1.09M |
|
1417
Lattice Semiconductor
LSCC
$18.5B
| – | – |
-4,140
| Closed | -$304K |
|
1418
Life Time Group Holdings
LTH
$9.79B
| – | – |
-29,067
| Closed | -$802K |
|
1419
Mastercard
MA
$493B
| – | – |
-12,421
| Closed | -$7.07M |
|
1420
Marriott International
MAR
$92.3B
| – | – |
-9,000
| Closed | -$2.34M |
|
1421
PUT
Marathon Digital Holdings
MARA
$3.9B
| – | – |
-2,731,000
| Closed | -$49.9M |
|
1422
Masco
MAS
$15.3B
| – | – |
-47,442
| Closed | -$3.34M |
|
1423
Microchip Technology
MCHP
$46B
| – | – |
-17,781
| Closed | -$1.14M |
|
1424
Manulife Financial
MFC
$73.5B
| – | – |
-50,177
| Closed | -$1.56M |
|
1425
MGE Energy Inc
MGEE
$3.08B
| – | – |
-3,967
| Closed | -$334K |
|
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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.