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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
TFII icon
1626
TFI International
TFII
$11.4B
– –
-4,673
Closed -$419K
THG icon
1627
Hanover Insurance
THG
$7.86B
– –
-1,792
Closed -$304K
THRD
1628
DELISTED
Third Harmonic Bio
THRD
– –
-17,112
Closed -$92.9K
TMCI icon
1629
Treace Medical Concepts
TMCI
$303M
– –
-15,748
Closed -$92.6K
TMHC
1630
DELISTED
Taylor Morrison
TMHC
– –
-34,653
Closed -$2.13M
TMUS icon
1631
T-Mobile US
TMUS
$191B
– –
-7,519
Closed -$1.79M
TNC icon
1632
Tennant Co
TNC
$1.18B
– –
-5,108
Closed -$396K
TNL icon
1633
Travel + Leisure Co
TNL
$4.5B
– –
-4,679
Closed -$241K
TPR icon
1634
Tapestry
TPR
$33.3B
– –
-22,199
Closed -$1.95M
TRGP icon
1635
Targa Resources
TRGP
$57.1B
– –
-12,282
Closed -$2.14M
TRMB icon
1636
Trimble
TRMB
$13.6B
– –
-3,010
Closed -$229K
TRMK icon
1637
Trustmark
TRMK
$2.75B
– –
-14,443
Closed -$527K
TRN icon
1638
Trinity Industries
TRN
$2.3B
– –
-43,376
Closed -$1.17M
TRTX
1639
TPG RE Finance Trust
TRTX
$608M
– –
-14,130
Closed -$109K
TSM icon
1640
TSMC
TSM
$2.17T
– –
-5,333
Closed -$1.21M
TWST icon
1641
Twist Bioscience
TWST
$7.83B
– –
-53,911
Closed -$1.98M
TYL icon
1642
Tyler Technologies
TYL
$13B
– –
-5,910
Closed -$3.5M
U icon
1643
CALL
Unity
U
$19B
– –
-500
Closed -$12.1K
UAL icon
1644
United Airlines
UAL
$40.2B
– –
-42,143
Closed -$3.36M
UGI icon
1645
UGI
UGI
$7.29B
– –
-14,395
Closed -$524K
UHS icon
1646
Universal Health Services
UHS
$10.5B
– –
-2,515
Closed -$456K
UIS icon
1647
Unisys
UIS
$211M
– –
-49,519
Closed -$224K
ULCC icon
1648
Frontier Group Holdings
ULCC
$1.56B
– –
-148,323
Closed -$538K
UNH icon
1649
UnitedHealth
UNH
$371B
– –
-3,800
Closed -$1.19M
UNP icon
1650
Union Pacific
UNP
$174B
– –
-4,900
Closed -$1.13M
64 65
66
67 68

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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.