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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
VNT icon
1576
Vontier
VNT
$4.74B
– –
-88,500
Closed -$3.71M
VRNA
1577
DELISTED
Verona Pharma
VRNA
– –
-5,909
Closed -$631K
VRSK icon
1578
Verisk Analytics
VRSK
$25B
– –
-23,119
Closed -$5.81M
VSEC icon
1579
VSE Corp
VSEC
$6.12B
– –
-2,380
Closed -$396K
VST icon
1580
Vistra
VST
$47.4B
– –
-3,750
Closed -$735K
VTLE
1581
DELISTED
Vital Energy
VTLE
– –
-81,829
Closed -$1.38M
VTV icon
1582
Vanguard Morningstar Value ETF
VTV
$191B
– –
-176,000
Closed -$32.8M
WDS icon
1583
Woodside Energy
WDS
$42.6B
– –
-14,377
Closed -$216K
WEST icon
1584
Westrock Coffee
WEST
$803M
– –
-16,323
Closed -$79.3K
WGS icon
1585
GeneDx Holdings
WGS
$2.3B
– –
-2,485
Closed -$268K
WIX icon
1586
WIX.com
WIX
$2.52B
– –
-2,014
Closed -$358K
WLDN icon
1587
Willdan Group
WLDN
$1.3B
– –
-2,089
Closed -$202K
WRBY icon
1588
Warby Parker
WRBY
$3.27B
– –
-13,382
Closed -$369K
WTFC icon
1589
Wintrust Financial
WTFC
$10.7B
– –
-1,822
Closed -$241K
WTRG icon
1590
Essential Utilities
WTRG
$11.4B
– –
-11,247
Closed -$449K
WVE icon
1591
Wave Life Sciences
WVE
$1.2B
– –
-43,946
Closed -$322K
XBI icon
1592
State Street SPDR S&P Biotech ETF
XBI
$10.3B
– –
-50,000
Closed -$5.01M
XLF icon
1593
State Street Financial Select Sector SPDR ETF
XLF
$58.2B
– –
-214,000
Closed -$11.5M
XLU icon
1594
CALL
State Street Utilities Select Sector SPDR ETF
XLU
$22.5B
– –
-50,000
Closed -$2.18M
XME icon
1595
State Street SPDR S&P Metals & Mining ETF
XME
$4.42B
– –
-40,000
Closed -$3.73M
XPER icon
1596
Xperi
XPER
$348M
– –
-22,822
Closed -$148K
ZVRA icon
1597
Zevra Therapeutics
ZVRA
$686M
– –
-41,452
Closed -$394K
BTSG icon
1598
BrightSpring Health Services
BTSG
$12.4B
– –
-24,439
Closed -$722K
AS icon
1599
Amer Sports
AS
$21.4B
– –
-32,194
Closed -$1.12M
TBBB icon
1600
BBB Foods
TBBB
$4.92B
– –
-22,498
Closed -$607K
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.