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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
(-4.5%)
Cap. Flow
-$1.27B
Cap. Flow
% of AUM
-20.09%
Top 10 Holdings %
Top 10 Hldgs %
55.44%
Holding
1,726
New
458
Increased
249
Reduced
476
Closed
529
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
VanEck Gold Miners ETF
GDX
|
+$42.9M |
| 2 |
State Street Industrial Select Sector SPDR ETF
XLI
|
+$20.3M |
| 3 |
iShares Russell 2000 ETF
IWM
|
+$13.4M |
| 4 |
BridgeBio Pharma
BBIO
|
+$12.4M |
| 5 |
iShares MSCI South Korea ETF
EWY
|
+$12.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI Emerging Markets ETF
EEM
|
+$16M |
| 2 |
iShares Bitcoin Trust
IBIT
|
+$15.8M |
| 3 |
Caterpillar
CAT
|
+$15.8M |
| 4 |
Intercontinental Exchange
ICE
|
+$13.1M |
| 5 |
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 | |
|---|---|---|---|---|---|---|
1651
Universal Technical Institute
UTI
$1.47B
| – | – |
-26,681
| Closed | -$904K |
|
1652
Utz Brands
UTZ
$1.25B
| – | – |
-19,030
| Closed | -$239K |
|
1653
PUT
Visa
V
$675B
| – | – |
-10,000
| Closed | -$3.55M |
|
1654
Veracyte
VCYT
$3.72B
| – | – |
-17,686
| Closed | -$478K |
|
1655
Vicor
VICR
$9.63B
| – | – |
-14,686
| Closed | -$666K |
|
1656
Vir Biotechnology
VIR
$1.5B
| – | – |
-234,614
| Closed | -$1.18M |
|
1657
Virtu Financial
VIRT
$4.92B
| – | – |
-5,544
| Closed | -$248K |
|
1658
Valmont Industries
VMI
$9.5B
| – | – |
-901
| Closed | -$294K |
|
1659
Voya Financial
VOYA
$9.09B
| – | – |
-7,248
| Closed | -$515K |
|
|
VRE
1660
DELISTED
Veris Residential
VRE
| – | – |
-23,037
| Closed | -$343K |
|
1661
Vertiv
VRT
$104B
| – | – |
-22,000
| Closed | -$2.83M |
|
1662
Viasat
VSAT
$11.7B
| – | – |
-26,437
| Closed | -$386K |
|
1663
Verastem
VSTM
$615M
| – | – |
-16,361
| Closed | -$67.9K |
|
1664
Vestis
VSTS
$1.83B
| – | – |
-137,257
| Closed | -$786K |
|
1665
Ventas
VTR
$47.2B
| – | – |
-7,992
| Closed | -$505K |
|
1666
Wabtec
WAB
$49.7B
| – | – |
-3,810
| Closed | -$798K |
|
|
WBA
1667
DELISTED
Walgreens Boots Alliance
WBA
| – | – |
-90,641
| Closed | -$1.04M |
|
1668
Warner Bros
WBD
$67.4B
| – | – |
-36,444
| Closed | -$418K |
|
|
WCC
1669
WESCO International
WCC
$17.9B
| – | – |
-29,226
| Closed | -$5.41M |
|
1670
Weave Communications
WEAV
$426M
| – | – |
-18,129
| Closed | -$151K |
|
1671
WEC Energy
WEC
$34.6B
| – | – |
-5,981
| Closed | -$623K |
|
1672
Welltower
WELL
$169B
| – | – |
-4,041
| Closed | -$621K |
|
1673
Cactus
WHD
$5.7B
| – | – |
-6,497
| Closed | -$284K |
|
1674
Whirlpool
WHR
$2.75B
| – | – |
-18,097
| Closed | -$1.84M |
|
1675
Westlake Corp
WLK
$10.1B
| – | – |
-11,704
| Closed | -$889K |
|
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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.