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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
MGY icon
1426
Magnolia Oil & Gas
MGY
$5.94B
– –
-14,342
Closed -$342K
MITK icon
1427
Mitek Systems
MITK
$834M
– –
-28,905
Closed -$282K
MOD icon
1428
Modine Manufacturing
MOD
$10.4B
– –
-17,479
Closed -$2.48M
CALY
1429
Callaway Golf Company
CALY
$3.14B
– –
-26,770
Closed -$254K
MPU icon
1430
Mega Matrix
MPU
$13.7M
– –
-48,726
Closed -$58.5K
MRNA icon
1431
Moderna
MRNA
$23.6B
– –
-31,068
Closed -$802K
MSM icon
1432
MSC Industrial Direct
MSM
$6.86B
– –
-42,962
Closed -$3.96M
MT icon
1433
ArcelorMittal
MT
$55.3B
– –
-6,055
Closed -$219K
MTAL
1434
DELISTED
Metals Acquisition
MTAL
– –
-19,758
Closed -$241K
MTCH icon
1435
Match Group
MTCH
$8.55B
– –
-6,409
Closed -$226K
MTH icon
1436
Meritage Homes
MTH
$4.86B
– –
-16,774
Closed -$1.21M
MTX icon
1437
Minerals Technologies
MTX
$2.34B
– –
-5,439
Closed -$338K
MXL icon
1438
MaxLinear
MXL
$6.8B
– –
-13,536
Closed -$218K
NAK
1439
Northern Dynasty Minerals
NAK
$958M
– –
-326,815
Closed -$392K
NAVI icon
1440
Navient
NAVI
$853M
– –
-15,940
Closed -$210K
NFE icon
1441
PUT
New Fortress Energy
NFE
$101M
– –
-676,200
Closed -$1.49M
NJR icon
1442
New Jersey Resources
NJR
$5.58B
– –
-14,212
Closed -$684K
NN icon
1443
NextNav
NN
$2.23B
– –
-11,615
Closed -$166K
NRDY icon
1444
Nerdy
NRDY
$96.7M
– –
-23,765
Closed -$29.9K
NRG icon
1445
NRG Energy
NRG
$24.8B
– –
-5,990
Closed -$970K
NRIX icon
1446
Nurix Therapeutics
NRIX
$2.65B
– –
-16,210
Closed -$150K
NSC icon
1447
Norfolk Southern
NSC
$75.1B
– –
-4,250
Closed -$1.28M
NTR icon
1448
Nutrien
NTR
$30.7B
– –
-15,227
Closed -$894K
NUVB icon
1449
Nuvation Bio
NUVB
$2.32B
– –
-105,812
Closed -$392K
NVS icon
1450
Novartis
NVS
$297B
– –
-10,455
Closed -$1.34M
56 57
58
59 60

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AP
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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.