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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
PAG icon
1476
Penske Automotive Group
PAG
$14.2B
– –
-4,146
Closed -$721K
PAGS icon
1477
PagSeguro Digital
PAGS
$2.55B
– –
-55,952
Closed -$560K
PANW icon
1478
Palo Alto Networks
PANW
$297B
– –
-4,000
Closed -$814K
PAR icon
1479
PAR Technology
PAR
$735M
– –
-7,598
Closed -$301K
PAYO icon
1480
Payoneer
PAYO
$2.41B
– –
-47,786
Closed -$289K
PBA icon
1481
Pembina Pipeline
PBA
$27.6B
– –
-15,652
Closed -$633K
PBYI icon
1482
Puma Biotechnology
PBYI
$454M
– –
-52,708
Closed -$280K
PCAR icon
1483
PACCAR
PCAR
$70.1B
– –
-8,052
Closed -$792K
PDS
1484
Precision Drilling
PDS
$974M
– –
-5,674
Closed -$320K
PECO icon
1485
Phillips Edison & Co
PECO
$5.24B
– –
-8,854
Closed -$304K
PERI icon
1486
Perion Network
PERI
$386M
– –
-20,111
Closed -$193K
PFG icon
1487
Principal Financial Group
PFG
$24.3B
– –
-27,573
Closed -$2.29M
PFS icon
1488
Provident Financial Services
PFS
$3.19B
– –
-18,382
Closed -$354K
PGRE
1489
DELISTED
Paramount Group
PGRE
– –
-10,116
Closed -$66.2K
PGNY icon
1490
Progyny
PGNY
$2.2B
– –
-59,451
Closed -$1.28M
PHR icon
1491
Phreesia
PHR
$773M
– –
-9,538
Closed -$224K
PINS icon
1492
Pinterest
PINS
$13.4B
– –
-26,135
Closed -$841K
PL icon
1493
Planet Labs
PL
$8.53B
– –
-26,469
Closed -$344K
PLNT icon
1494
Planet Fitness
PLNT
$3.78B
– –
-13,419
Closed -$1.39M
PLUG icon
1495
PUT
Plug Power
PLUG
$3.04B
– –
-6,903,100
Closed -$16.1M
PNR icon
1496
Pentair
PNR
$11B
– –
-46,800
Closed -$5.18M
PNTG icon
1497
Pennant Group
PNTG
$1.36B
– –
-16,006
Closed -$404K
PODD icon
1498
Insulet
PODD
$9.79B
– –
-1,954
Closed -$603K
PPTA
1499
CALL
Perpetua Resources
PPTA
$3.09B
– –
-100,000
Closed -$2.02M
PPTA
1500
Perpetua Resources
PPTA
$3.09B
– –
-5,000
Closed -$101K
58 59
60
61 62

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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.