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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
TMO icon
1551
Thermo Fisher Scientific
TMO
$220B
– –
-2,290
Closed -$1.11M
STLN
1552
Starling Oncology, Inc. Common Stock
STLN
$641M
– –
-72,408
Closed -$253K
TOL icon
1553
Toll Brothers
TOL
$14.5B
– –
-10,224
Closed -$1.41M
TROW icon
1554
T. Rowe Price
TROW
$24.3B
– –
-4,000
Closed -$411K
TROX icon
1555
Tronox
TROX
$1.04B
– –
-56,938
Closed -$229K
TRVI icon
1556
Trevi Therapeutics
TRVI
$2.64B
– –
-49,043
Closed -$449K
TS icon
1557
Tenaris
TS
$26.8B
– –
-7,999
Closed -$286K
TSLA icon
1558
Tesla
TSLA
$1.3T
– –
-653
Closed -$289K
TT icon
1559
Trane Technologies
TT
$106B
– –
-7,100
Closed -$3M
TTC icon
1560
Toro Company
TTC
$9.49B
– –
-9,356
Closed -$713K
TTWO icon
1561
Take-Two Interactive
TTWO
$46.1B
– –
-4,234
Closed -$1.09M
TVTX icon
1562
Travere Therapeutics
TVTX
$5.78B
– –
-466,998
Closed -$11.2M
UA icon
1563
Under Armour Class C
UA
$2.53B
– –
-24,320
Closed -$117K
UAA icon
1564
Under Armour
UAA
$2.6B
– –
-100,524
Closed -$502K
UBS icon
1565
UBS Group
UBS
$176B
– –
-26,903
Closed -$1.1M
UDMY
1566
DELISTED
Udemy
UDMY
– –
-50,529
Closed -$354K
UMH
1567
UMH Properties
UMH
$1.36B
– –
-29,708
Closed -$441K
UPST icon
1568
PUT
Upstart Holdings
UPST
$3.03B
– –
-1,000
Closed -$50.8K
UPWK icon
1569
Upwork
UPWK
$1.19B
– –
-20,031
Closed -$372K
URBN icon
1570
Urban Outfitters
URBN
$6.59B
– –
-10,386
Closed -$742K
URGN icon
1571
UroGen Pharma
URGN
$2.29B
– –
-23,571
Closed -$470K
USFD icon
1572
US Foods
USFD
$24B
– –
-6,617
Closed -$507K
VBTX
1573
DELISTED
Veritex Holdings
VBTX
– –
-13,170
Closed -$442K
VKTX icon
1574
Viking Therapeutics
VKTX
$4B
– –
-21,080
Closed -$554K
VNO icon
1575
Vornado Realty Trust
VNO
$7.38B
– –
-7,298
Closed -$296K
61 62
63
64 65

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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.