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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
INDA icon
1426
iShares MSCI India ETF
INDA
$6.6B
– –
-111,200
Closed -$6.19M
INSG icon
1427
Inseego
INSG
$87.7M
– –
-10,079
Closed -$83.1K
INSP icon
1428
Inspire Medical Systems
INSP
$1.73B
– –
-1,676
Closed -$217K
INTC icon
1429
Intel
INTC
$492B
– –
-150,602
Closed -$3.37M
INTU icon
1430
Intuit
INTU
$91.5B
– –
-7,904
Closed -$6.23M
INVH icon
1431
Invitation Homes
INVH
$17.8B
– –
-139,305
Closed -$4.57M
IPAR icon
1432
Interparfums
IPAR
$3.83B
– –
-3,834
Closed -$503K
IQV icon
1433
IQVIA
IQV
$39.8B
– –
-16,224
Closed -$2.56M
IRT icon
1434
Independence Realty Trust
IRT
$3.94B
– –
-40,186
Closed -$711K
IRWD icon
1435
Ironwood Pharmaceuticals
IRWD
$669M
– –
-523,378
Closed -$375K
IT icon
1436
Gartner
IT
$12.2B
– –
-6,847
Closed -$2.77M
ITOS
1437
DELISTED
iTeos Therapeutics
ITOS
– –
-20,637
Closed -$206K
JAMF
1438
DELISTED
Jamf
JAMF
– –
-102,640
Closed -$976K
JLL icon
1439
Jones Lang LaSalle
JLL
$16.4B
– –
-1,421
Closed -$363K
K
1440
DELISTED
Kellanova
K
– –
-5,926
Closed -$471K
KGC icon
1441
Kinross Gold
KGC
$32.5B
– –
-71,027
Closed -$1.11M
KIM icon
1442
Kimco Realty
KIM
$16.2B
– –
-9,981
Closed -$210K
NXDR
1443
Nextdoor Holdings
NXDR
$1.04B
– –
-160,298
Closed -$266K
KMPR icon
1444
Kemper
KMPR
$1.55B
– –
-4,438
Closed -$286K
KMT icon
1445
Kennametal
KMT
$2.41B
– –
-48,764
Closed -$1.12M
KMX icon
1446
CarMax
KMX
$8.34B
– –
-17,056
Closed -$1.15M
KOD icon
1447
Kodiak Sciences
KOD
$2.72B
– –
-33,588
Closed -$125K
KRYS icon
1448
Krystal Biotech
KRYS
$9.81B
– –
-2,435
Closed -$335K
KVYO icon
1449
Klaviyo
KVYO
$5.09B
– –
-14,002
Closed -$470K
KW
1450
DELISTED
Kennedy-Wilson Holdings
KW
– –
-11,758
Closed -$80K
56 57
58
59 60

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SP
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BOK
Bank of Korea Seoul, South Korea $4.13B AUM
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.