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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
WLY icon
1676
John Wiley & Sons Class A
WLY
$2.62B
– –
-9,007
Closed -$402K
WMB icon
1677
Williams Companies
WMB
$87.9B
– –
-17,974
Closed -$1.13M
WOR icon
1678
Worthington Enterprises
WOR
$2.79B
– –
-6,740
Closed -$429K
WOW
1679
DELISTED
WideOpenWest
WOW
– –
-17,828
Closed -$72.4K
WPP icon
1680
WPP
WPP
$5.76B
– –
-10,032
Closed -$351K
WSFS icon
1681
WSFS Financial
WSFS
$4.12B
– –
-4,828
Closed -$266K
XERS icon
1682
Xeris Biopharma Holdings
XERS
$1.46B
– –
-125,417
Closed -$586K
XHB icon
1683
State Street SPDR S&P Homebuilders ETF
XHB
$1.58B
– –
-86,000
Closed -$8.48M
XLF icon
1684
PUT
State Street Financial Select Sector SPDR ETF
XLF
$59B
– –
-50,000
Closed -$2.62M
XYL icon
1685
Xylem
XYL
$28.3B
– –
-23,402
Closed -$3.03M
Z icon
1686
Zillow
Z
$7.59B
– –
-4,606
Closed -$323K
ZBRA icon
1687
Zebra Technologies
ZBRA
$17.9B
– –
-15,392
Closed -$4.75M
GTM
1688
ZoomInfo Technologies
GTM
$1.23B
– –
-12,891
Closed -$130K
ZTS icon
1689
Zoetis
ZTS
$30.9B
– –
-17,823
Closed -$2.78M
ZYME icon
1690
Zymeworks
ZYME
$1.71B
– –
-21,660
Closed -$272K
DAY
1691
DELISTED
Dayforce
DAY
– –
-3,819
Closed -$212K
ULS icon
1692
UL Solutions
ULS
$15.8B
– –
-6,130
Closed -$447K
LOAR icon
1693
Loar Holdings
LOAR
$6.62B
– –
-15,646
Closed -$1.35M
VIK icon
1694
Viking Holdings
VIK
$46.3B
– –
-42,603
Closed -$2.27M
WAY
1695
Waystar Holding Corp
WAY
$4.74B
– –
-71,523
Closed -$2.92M
WBTN
1696
WEBTOON Entertainment Inc
WBTN
$1.28B
– –
-11,038
Closed -$100K
TWFG
1697
TWFG Inc
TWFG
$359M
– –
-7,635
Closed -$267K
CON
1698
Concentra Group Holdings
CON
$4.36B
– –
-71,482
Closed -$1.47M
GAP
1699
The Gap Inc
GAP
$7.74B
– –
-111,673
Closed -$2.44M
FVR
1700
FrontView REIT
FVR
$453M
– –
-17,640
Closed -$212K
65 66 67
68
69

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SP
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BOK
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ZP
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SHCM
Sachem Head Capital Management New York $4.15B AUM 48.05% 1-Year Est. Return
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.