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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
(-34%)
Cap. Flow
-$1.72B
Cap. Flow
% of AUM
-41.09%
Top 10 Holdings %
Top 10 Hldgs %
35.08%
Holding
1,653
New
441
Increased
361
Reduced
355
Closed
464
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Cipher Digital
CIFR
|
+$39.9M |
| 2 |
Netflix
NFLX
|
+$38M |
| 3 |
iShares MSCI Canada ETF
EWC
|
+$35M |
| 4 |
United Parcel Service
UPS
|
+$26.1M |
| 5 |
Eos Energy Enterprises
EOSE
|
+$25.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
VanEck Gold Miners ETF
GDX
|
+$62.2M |
| 2 |
iShares Bitcoin Trust
IBIT
|
+$43.4M |
| 3 |
State Street Utilities Select Sector SPDR ETF
XLU
|
+$39.5M |
| 4 |
Vanguard Morningstar Value ETF
VTV
|
+$32.8M |
| 5 |
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 | |
|---|---|---|---|---|---|---|
1501
Porch Group
PRCH
$1.8B
| – | – |
-48,678
| Closed | -$817K |
|
1502
Progress Software
PRGS
$1.76B
| – | – |
-7,438
| Closed | -$327K |
|
1503
Parsons
PSN
$5.08B
| – | – |
-13,000
| Closed | -$1.08M |
|
1504
PayPal
PYPL
$50.5B
| – | – |
-31,308
| Closed | -$2.1M |
|
1505
Invesco QQQ Trust
QQQ
$484B
| – | – |
-8,200
| Closed | -$5.03M |
|
1506
Q2 Holdings
QTWO
$3.92B
| – | – |
-17,402
| Closed | -$1.26M |
|
1507
Quad
QUAD
$525M
| – | – |
-21,761
| Closed | -$136K |
|
1508
Ultragenyx Pharmaceutical
RARE
$2.55B
| – | – |
-31,334
| Closed | -$943K |
|
1509
Dr. Reddy's Laboratories
RDY
$10.2B
| – | – |
-27,782
| Closed | -$388K |
|
1510
Regency Centers
REG
$14.1B
| – | – |
-31,513
| Closed | -$2.3M |
|
1511
Regeneron Pharmaceuticals
REGN
$80.8B
| – | – |
-712
| Closed | -$400K |
|
1512
Remitly
RELY
$5.14B
| – | – |
-33,985
| Closed | -$554K |
|
1513
RH
RH
$3.71B
| – | – |
-4,395
| Closed | -$893K |
|
1514
Rollins
ROL
$18.2B
| – | – |
-14,784
| Closed | -$868K |
|
1515
Rapid7
RPD
$773M
| – | – |
-15,061
| Closed | -$282K |
|
1516
Red Rock Resorts
RRR
$3.62B
| – | – |
-18,596
| Closed | -$1.14M |
|
1517
PUT
Sunrun
RUN
$2.46B
| – | – |
-1,764,700
| Closed | -$30.5M |
|
1518
Rayonier
RYN
$6.55B
| – | – |
-24,333
| Closed | -$616K |
|
1519
Sana Biotechnology
SANA
$980M
| – | – |
-44,570
| Closed | -$158K |
|
|
SAND
1520
DELISTED
Sandstorm Gold
SAND
| – | – |
-13,025
| Closed | -$163K |
|
1521
Star Bulk Carriers
SBLK
$3.22B
| – | – |
-10,205
| Closed | -$190K |
|
1522
Vivid Seats
SEAT
$85.4M
| – | – |
-11,445
| Closed | -$190K |
|
|
SEMR
1523
DELISTED
Semrush
SEMR
| – | – |
-30,710
| Closed | -$217K |
|
1524
Sagimet Biosciences
SGMT
$559M
| – | – |
-49,051
| Closed | -$336K |
|
1525
Sotera Health
SHC
$5.38B
| – | – |
-13,992
| Closed | -$220K |
|
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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.