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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 3.82%
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
PSO icon
1551
Pearson
PSO
$9.89B
– –
-43,848
Closed -$655K
PSTL
1552
Postal Realty Trust
PSTL
$680M
– –
-11,588
Closed -$171K
PTCT icon
1553
PTC Therapeutics
PTCT
$6.23B
– –
-26,061
Closed -$1.27M
PTGX icon
1554
Protagonist Therapeutics
PTGX
$9.71B
– –
-4,979
Closed -$275K
PUBM icon
1555
PubMatic
PUBM
$809M
– –
-14,079
Closed -$175K
PUMP icon
1556
ProPetro Holding
PUMP
$1.43B
– –
-51,808
Closed -$309K
RPC
1557
Ridgepost Capital
RPC
$949M
– –
-26,623
Closed -$272K
QDEL icon
1558
QuidelOrtho
QDEL
$938M
– –
-26,057
Closed -$751K
QGEN icon
1559
Qiagen
QGEN
$9.04B
– –
-47,983
Closed -$2.31M
QQQ icon
1560
CALL
Invesco QQQ Trust
QQQ
$479B
– –
-10,000
Closed -$5.52M
RAIL icon
1561
FreightCar America
RAIL
$259M
– –
-16,534
Closed -$143K
RCEL icon
1562
Avita Medical
RCEL
$235M
– –
-13,976
Closed -$73.9K
RDN icon
1563
Radian Group
RDN
$4.87B
– –
-40,468
Closed -$1.46M
REAL icon
1564
The RealReal
REAL
$1.45B
– –
-13,092
Closed -$62.7K
REZI icon
1565
Resideo Technologies
REZI
$3.67B
– –
-24,849
Closed -$548K
RGR icon
1566
Sturm, Ruger & Co
RGR
$594M
– –
-8,332
Closed -$299K
RIO icon
1567
Rio Tinto
RIO
$166B
– –
-26,546
Closed -$1.55M
RIOT icon
1568
Riot Platforms
RIOT
$7.34B
– –
-186,700
Closed -$2.11M
RIVN icon
1569
Rivian
RIVN
$23.7B
– –
-146,852
Closed -$2.02M
RKT icon
1570
Rocket Companies
RKT
$39B
– –
-229,680
Closed -$3.26M
RMBS icon
1571
Rambus
RMBS
$10.4B
– –
-9,515
Closed -$609K
RMNI icon
1572
Rimini Street
RMNI
$458M
– –
-13,398
Closed -$50.5K
RNG icon
1573
RingCentral
RNG
$5.38B
– –
-19,977
Closed -$566K
RNST icon
1574
Renasant Corp
RNST
$3.9B
– –
-40,266
Closed -$1.45M
ROOT icon
1575
Root
ROOT
$828M
– –
-2,715
Closed -$347K
61 62
63
64 65

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SP
Stockbridge Partners Boston, Massachusetts $4.14B AUM 16.9% 1-Year Est. Return
BOK
Bank of Korea Seoul, South Korea $4.13B AUM
ZP
Zimmer Partners New York $4.15B AUM 14.2% 1-Year Est. Return
SHCM
Sachem Head Capital Management New York $4.15B AUM 48.05% 1-Year Est. Return
AP
Altarock Partners West Palm Beach, Florida $4.13B AUM 0.04% 1-Year Est. Return
BHC
Bowen Hanes & Co Ponte Vedra Beach, Florida $4.11B AUM 41.61% 1-Year Est. Return
BG
Bellevue Group Kuesnacht, Switzerland $4.2B AUM 54.85% 1-Year Est. Return
CA
CSM Advisors Warrendale, Pennsylvania $4.07B AUM 29.62% 1-Year Est. Return

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.