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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 3.84%
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
XME icon
126
State Street SPDR S&P Metals & Mining ETF
XME
$4.42B
$3.73M 0.06%
40,000
-50,000
-56% -$3.99M
VNT icon
127
Vontier
VNT
$4.74B
$3.71M 0.06%
88,500
+20,500
+30% +$844K
FAST icon
128
Fastenal
FAST
$59.5B
$3.71M 0.06%
75,645
-119,206
-61% -$5.63M
AGNC icon
129
AGNC Investment
AGNC
$12.9B
$3.71M 0.06%
378,760
+168,444
+80% +$1.63M
LAMR icon
130
Lamar Advertising Co
LAMR
$16.3B
$3.67M 0.06%
+30,000
New +$3.73M
YUM icon
131
Yum! Brands
YUM
$41.1B
$3.61M 0.06%
23,765
-17,355
-42% -$2.56M
OKLO
132
Oklo
OKLO
$8.42B
$3.58M 0.06%
+32,093
New +$2.51M
NTRS icon
133
Northern Trust
NTRS
$33.9B
$3.56M 0.06%
26,453
+24,037
+995% +$3.09M
SEIC icon
134
SEI Investments
SEIC
$12.6B
$3.54M 0.06%
41,738
+3,434
+9% +$305K
VEEV icon
135
Veeva Systems
VEEV
$37.4B
$3.51M 0.06%
11,784
-25,141
-68% -$7.08M
JBL icon
136
Jabil
JBL
$35.8B
$3.49M 0.06%
16,053
+7,644
+91% +$1.66M
AAPL icon
137
Apple
AAPL
$4.57T
$3.48M 0.06%
13,654
-1,574
-10% -$356K
COR icon
138
Cencora
COR
$61.2B
$3.47M 0.05%
11,100
-7,119
-39% -$2.09M
FWONK icon
139
Liberty Media Series C
FWONK
$25.8B
$3.44M 0.05%
+32,893
New +$3.34M
CNQ icon
140
Canadian Natural Resources
CNQ
$93.8B
$3.42M 0.05%
107,142
-101,817
-49% -$3.19M
CSCO icon
141
Cisco
CSCO
$479B
$3.4M 0.05%
49,648
-121,402
-71% -$8.28M
TLT icon
142
iShares 20+ Year Treasury Bond ETF
TLT
$41.7B
$3.4M 0.05%
+38,000
New +$3.32M
ABNB icon
143
Airbnb
ABNB
$107B
$3.39M 0.05%
27,928
+2,450
+10% +$317K
MAS icon
144
Masco
MAS
$15.3B
$3.34M 0.05%
47,442
+14,442
+44% +$1.02M
SO icon
145
Southern Company
SO
$107B
$3.34M 0.05%
+35,213
New +$3.29M
CAEP
146
DELISTED
Cantor Equity Partners III
CAEP
$3.32M 0.05%
321,582
– –
KEEL
147
CALL
Keel Infrastructure Corp
KEEL
$2.34B
$3.32M 0.05%
+1,176,500
New +$1.82M
NOC icon
148
Northrop Grumman
NOC
$81.2B
$3.26M 0.05%
+5,354
New +$3.04M
AES icon
149
AES
AES
$10.5B
$3.12M 0.05%
237,316
+70,232
+42% +$912K
SMH icon
150
VanEck Semiconductor ETF
SMH
$73.2B
$3.1M 0.05%
9,501
-10,999
-54% -$3.26M
4 5
6
7 8

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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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MGP
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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.