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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
(-4.5%)
Cap. Flow
-$1.27B
Cap. Flow
% of AUM
-20.09%
Top 10 Holdings %
Top 10 Hldgs %
55.44%
Holding
1,726
New
458
Increased
249
Reduced
476
Closed
529
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
VanEck Gold Miners ETF
GDX
|
+$42.9M |
| 2 |
State Street Industrial Select Sector SPDR ETF
XLI
|
+$20.3M |
| 3 |
iShares Russell 2000 ETF
IWM
|
+$13.4M |
| 4 |
BridgeBio Pharma
BBIO
|
+$12.4M |
| 5 |
iShares MSCI South Korea ETF
EWY
|
+$12.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI Emerging Markets ETF
EEM
|
+$16M |
| 2 |
iShares Bitcoin Trust
IBIT
|
+$15.8M |
| 3 |
Caterpillar
CAT
|
+$15.8M |
| 4 |
Intercontinental Exchange
ICE
|
+$13.1M |
| 5 |
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 | |
|---|---|---|---|---|---|---|
1501
Newmark Group
NMRK
$2.52B
| – | – |
-116,364
| Closed | -$1.41M |
|
1502
Neuropace
NPCE
$507M
| – | – |
-13,065
| Closed | -$146K |
|
1503
Insight Enterprises
NSIT
$4.54B
| – | – |
-4,580
| Closed | -$632K |
|
1504
Napco Security Technologies
NSSC
$1.43B
| – | – |
-7,037
| Closed | -$209K |
|
1505
NETSCOUT
NTCT
$2.81B
| – | – |
-42,310
| Closed | -$1.05M |
|
1506
NETGEAR
NTGR
$619M
| – | – |
-25,000
| Closed | -$727K |
|
1507
Intellia Therapeutics
NTLA
$1.68B
| – | – |
-234,764
| Closed | -$2.2M |
|
1508
Nutanix
NTNX
$17.4B
| – | – |
-109,605
| Closed | -$8.38M |
|
1509
Nucor
NUE
$62.5B
| – | – |
-2,737
| Closed | -$355K |
|
|
NVEE
1510
DELISTED
NV5 Global
NVEE
| – | – |
-12,731
| Closed | -$294K |
|
|
NVO
1511
Novo Nordisk
NVO
$211B
| – | – |
-3,518
| Closed | -$243K |
|
1512
NorthWestern Energy
NWE
$4.38B
| – | – |
-13,239
| Closed | -$679K |
|
1513
News Corp Class A
NWSA
$15.4B
| – | – |
-40,901
| Closed | -$1.22M |
|
1514
Nextpower Inc
NXT
$15.6B
| – | – |
-24,635
| Closed | -$1.34M |
|
1515
iShares S&P 100 ETF
OEF
$20.5B
| – | – |
-23,800
| Closed | -$7.24M |
|
1516
OFG Bancorp
OFG
$2.2B
| – | – |
-11,495
| Closed | -$492K |
|
1517
Orthofix Medical
OFIX
$418M
| – | – |
-11,226
| Closed | -$125K |
|
1518
Omega Healthcare
OHI
$14.4B
| – | – |
-56,051
| Closed | -$2.05M |
|
1519
O-I Glass
OI
$1.08B
| – | – |
-19,476
| Closed | -$287K |
|
1520
Oceaneering
OII
$5.09B
| – | – |
-18,585
| Closed | -$385K |
|
1521
Olin
OLN
$2.15B
| – | – |
-13,032
| Closed | -$262K |
|
|
OLO
1522
DELISTED
Olo Inc
OLO
| – | – |
-26,037
| Closed | -$232K |
|
1523
Old National Bancorp
ONB
$10.1B
| – | – |
-174,308
| Closed | -$3.72M |
|
|
ONL
1524
Orion Office REIT
ONL
$156M
| – | – |
-10,838
| Closed | -$23.1K |
|
1525
Option Care Health
OPCH
$3.67B
| – | – |
-15,241
| Closed | -$495K |
|
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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.