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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
LADR
1451
Ladder Capital
LADR
$1.22B
– –
-20,225
Closed -$217K
LCID icon
1452
Lucid Motors
LCID
$2.6B
– –
-19
Closed -$429
LCII icon
1453
LCI Industries
LCII
$2.55B
– –
-4,162
Closed -$380K
LESL icon
1454
Leslie's
LESL
$10.4M
– –
-9,088
Closed -$76.3K
LNC icon
1455
Lincoln National
LNC
$8.75B
– –
-20,350
Closed -$704K
LOCO icon
1456
El Pollo Loco
LOCO
$463M
– –
-22,869
Closed -$252K
LOVE
1457
LoveSac
LOVE
$253M
– –
-18,365
Closed -$334K
LPX icon
1458
Louisiana-Pacific
LPX
$5.2B
– –
-8,086
Closed -$695K
LTC
1459
LTC Properties
LTC
$2.12B
– –
-9,664
Closed -$334K
LUCD icon
1460
Lucid Diagnostics
LUCD
$183M
– –
-29,950
Closed -$34.4K
LULU icon
1461
lululemon athletica
LULU
$14.5B
– –
-10,766
Closed -$2.56M
LUNG icon
1462
Pulmonx
LUNG
$97.9M
– –
-34,241
Closed -$88.7K
LW icon
1463
Lamb Weston
LW
$7.12B
– –
-37,591
Closed -$1.95M
LXU icon
1464
LSB Industries
LXU
$726M
– –
-11,817
Closed -$92.2K
LYB icon
1465
LyondellBasell Industries
LYB
$20.2B
– –
-8,425
Closed -$487K
MAC icon
1466
Macerich
MAC
$6.9B
– –
-88,931
Closed -$1.44M
MAX icon
1467
MediaAlpha
MAX
$830M
– –
-41,164
Closed -$451K
MCY icon
1468
Mercury Insurance
MCY
$5.92B
– –
-11,933
Closed -$804K
MD icon
1469
Pediatrix Medical
MD
$2.12B
– –
-48,406
Closed -$695K
MDGL icon
1470
Madrigal Pharmaceuticals
MDGL
$11.9B
– –
-4,518
Closed -$1.37M
MEDP icon
1471
Medpace
MEDP
$16.8B
– –
-1,655
Closed -$519K
MET icon
1472
MetLife
MET
$61.7B
– –
-84,597
Closed -$6.8M
MGPI icon
1473
MGP Ingredients
MGPI
$381M
– –
-21,812
Closed -$654K
MHO icon
1474
M/I Homes
MHO
$3.74B
– –
-7,620
Closed -$854K
MIR icon
1475
Mirion Technologies
MIR
$3.75B
– –
-25,000
Closed -$538K
57 58
59
60 61

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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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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.