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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
PRKS icon
1601
United Parks & Resorts
PRKS
$2.12B
– –
-13,785
Closed -$713K
SOLV icon
1602
Solventum
SOLV
$14.1B
– –
-5,150
Closed -$376K
HAFN icon
1603
Hafnia
HAFN
$3.75B
– –
-15,869
Closed -$95.1K
MRX
1604
Marex Group Limited Ordinary Shares
MRX
$4.37B
– –
-6,501
Closed -$219K
OKLO
1605
Oklo
OKLO
$8.42B
– –
-32,093
Closed -$3.58M
LB
1606
LandBridge Co
LB
$2.1B
– –
-6,690
Closed -$357K
ATYR
1607
aTyr Pharma
ATYR
$50.1M
– –
-147,851
Closed -$107K
GRAL
1608
GRAIL Inc
GRAL
$3.1B
– –
-3,745
Closed -$221K
SW
1609
Smurfit Westrock
SW
$25.3B
– –
-6,554
Closed -$279K
ARDT
1610
Ardent Health
ARDT
$1.66B
– –
-26,199
Closed -$347K
SEI
1611
CALL
Solaris Energy Infrastructure
SEI
$3.82B
– –
-1,200
Closed -$48K
SARO
1612
StandardAero Inc
SARO
$9.7B
– –
-14,541
Closed -$397K
MAGN
1613
Magnera Corp
MAGN
$460M
– –
-14,376
Closed -$168K
PRMB
1614
Primo Brands
PRMB
$8.54B
– –
-11,075
Closed -$245K
PHLT
1615
DELISTED
Performant Healthcare Inc
PHLT
– –
-16,493
Closed -$127K
PSIX
1616
Power Solutions International
PSIX
$942M
– –
-9,890
Closed -$971K
KRMN
1617
Karman Holdings
KRMN
$7.72B
– –
-3,691
Closed -$266K
CTEV
1618
Claritev Corp
CTEV
$556M
– –
-4,516
Closed -$240K
CEPT
1619
DELISTED
Cantor Equity Partners II
CEPT
– –
-394,318
Closed -$4.16M
ETOR
1620
eToro Group
ETOR
$2.8B
– –
-6,095
Closed -$252K
HNGE
1621
Hinge Health
HNGE
$7.21B
– –
-8,722
Closed -$428K
PCAP
1622
ProCap Acquisition Corp
PCAP
$327M
– –
-437,135
Closed -$4.49M
ARX
1623
Accelerant Holdings
ARX
$2.72B
– –
-10,510
Closed -$156K
61 62 63 64
65

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BOK
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ZP
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AP
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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.