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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
SIBN icon
1526
SI-BONE Inc
SIBN
$834M
– –
-24,400
Closed -$359K
SIGA icon
1527
SIGA Technologies
SIGA
$219M
– –
-18,358
Closed -$168K
SIRI icon
1528
SiriusXM
SIRI
$10.1B
– –
-36,513
Closed -$850K
SLF icon
1529
Sun Life Financial
SLF
$45.4B
– –
-9,565
Closed -$574K
SLM icon
1530
SLM Corp
SLM
$5.15B
– –
-7,783
Closed -$215K
SLP icon
1531
Simulations Plus
SLP
$371M
– –
-11,301
Closed -$170K
SLV icon
1532
CALL
iShares Silver Trust
SLV
$30.9B
– –
-900,000
Closed -$38.1M
SNA icon
1533
Snap-on
SNA
$21.5B
– –
-2,616
Closed -$907K
SNOW icon
1534
PUT
Snowflake
SNOW
$115B
– –
-900
Closed -$203K
SNV
1535
DELISTED
Synovus
SNV
– –
-14,475
Closed -$710K
SO icon
1536
Southern Company
SO
$107B
– –
-35,213
Closed -$3.34M
SPGI icon
1537
S&P Global
SPGI
$120B
– –
-715
Closed -$348K
SPR
1538
DELISTED
Spirit AeroSystems
SPR
– –
-54,317
Closed -$2.1M
SPSC icon
1539
SPS Commerce
SPSC
$2.64B
– –
-4,805
Closed -$500K
SPXC icon
1540
SPX Corp
SPXC
$10.8B
– –
-1,216
Closed -$227K
SSP icon
1541
E.W. Scripps
SSP
$304M
– –
-78,094
Closed -$192K
STGW icon
1542
Stagwell
STGW
$2.24B
– –
-47,575
Closed -$268K
SUPV
1543
Grupo Supervielle
SUPV
$753M
– –
-60,928
Closed -$302K
SXC icon
1544
SunCoke Energy
SXC
$797M
– –
-36,613
Closed -$299K
TAK icon
1545
Takeda Pharmaceutical
TAK
$55.7B
– –
-15,834
Closed -$232K
TD icon
1546
Toronto Dominion Bank
TD
$200B
– –
-6,043
Closed -$483K
TEAM icon
1547
Atlassian
TEAM
$37.8B
– –
-2,308
Closed -$369K
TECK icon
1548
Teck Resources
TECK
$32.6B
– –
-8,943
Closed -$393K
TM icon
1549
Toyota
TM
$225B
– –
-2,488
Closed -$475K
TMC icon
1550
TMC The Metals Company
TMC
$1.98B
– –
-26,536
Closed -$169K
60 61
62
63 64

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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 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.