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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
RPAY icon
1576
Repay Holdings
RPAY
$317M
– –
-119,374
Closed -$575K
RSG icon
1577
Republic Services
RSG
$65.7B
– –
-5,200
Closed -$1.28M
RUM icon
1578
RUM Group Inc
RUM
$1.71B
– –
-76,569
Closed -$688K
RUN icon
1579
Sunrun
RUN
$2.38B
– –
-66,388
Closed -$889K
RXT icon
1580
Rackspace Technology
RXT
$1.2B
– –
-56,968
Closed -$72.9K
RY icon
1581
Royal Bank of Canada
RY
$293B
– –
-10,440
Closed -$1.37M
RYAM icon
1582
Rayonier Advanced Materials
RYAM
$593M
– –
-57,697
Closed -$222K
SAGE
1583
DELISTED
Sage Therapeutics
SAGE
– –
-154,051
Closed -$1.4M
SAIC icon
1584
Saic
SAIC
$5.3B
– –
-7,817
Closed -$880K
SAM icon
1585
Boston Beer
SAM
$1.86B
– –
-1,075
Closed -$205K
ECHO
1586
EchoStar
ECHO
$25.9B
– –
-10,049
Closed -$278K
ECHO
1587
PUT
EchoStar
ECHO
$25.9B
– –
-432,900
Closed -$12M
SBH icon
1588
Sally Beauty Holdings
SBH
$1.57B
– –
-47,744
Closed -$442K
SCCO icon
1589
Southern Copper
SCCO
$167B
– –
-22,233
Closed -$2.17M
SCS
1590
DELISTED
Steelcase
SCS
– –
-16,547
Closed -$173K
SDGR icon
1591
Schrodinger
SDGR
$1.4B
– –
-58,469
Closed -$1.18M
SEER icon
1592
Seer Inc
SEER
$119M
– –
-15,277
Closed -$32.7K
SEM
1593
DELISTED
Select Medical
SEM
– –
-30,892
Closed -$469K
SENS icon
1594
Senseonics Holdings Inc
SENS
$394M
– –
-9,290
Closed -$88.5K
SID icon
1595
Companhia Siderúrgica Nacional
SID
$1.19B
– –
-100,329
Closed -$140K
SIGI icon
1596
Selective Insurance
SIGI
$5.66B
– –
-10,368
Closed -$898K
SKY icon
1597
Champion Homes
SKY
$5.05B
– –
-57,312
Closed -$3.59M
SKX
1598
DELISTED
Skechers
SKX
– –
-23,676
Closed -$1.49M
SMG icon
1599
ScottsMiracle-Gro
SMG
$3.63B
– –
-10,131
Closed -$668K
SNDL icon
1600
Sundial Growers
SNDL
$318M
– –
-96,453
Closed -$117K
62 63
64
65 66

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SP
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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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CA
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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.