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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 3.84%
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
LIN icon
151
Linde
LIN
$226B
$3.06M 0.05%
+6,433
New +$3.05M
XOP icon
152
State Street SPDR S&P Oil & Gas Exploration & Production ETF
XOP
$3.51B
$3.03M 0.05%
22,950
-1,000
-4% -$129K
TT icon
153
Trane Technologies
TT
$106B
$3M 0.05%
7,100
+1,913
+37% +$817K
COUR icon
154
Coursera
COUR
$1.54B
$2.99M 0.05%
255,145
+78,668
+45% +$854K
SBRA icon
155
Sabra Healthcare REIT
SBRA
$5.37B
$2.94M 0.05%
157,594
+33,379
+27% +$623K
FIX icon
156
Comfort Systems
FIX
$59.6B
$2.9M 0.05%
3,511
-2,280
-39% -$1.55M
ADI icon
157
Analog Devices
ADI
$190B
$2.9M 0.05%
11,788
-43,965
-79% -$10.6M
HEI icon
158
HEICO Corp
HEI
$51.4B
$2.88M 0.05%
8,924
+4,752
+114% +$1.51M
ROP icon
159
Roper Technologies
ROP
$39.8B
$2.85M 0.05%
+5,718
New +$3.05M
ANET icon
160
Arista Networks
ANET
$238B
$2.81M 0.04%
19,287
+61
+0.3% +$7.86K
CBRE icon
161
CBRE Group
CBRE
$42.9B
$2.8M 0.04%
17,795
-3,147
-15% -$487K
GGG icon
162
Graco
GGG
$13.5B
$2.8M 0.04%
+32,977
New +$2.82M
BP icon
163
BP
BP
$107B
$2.79M 0.04%
81,057
-170,323
-68% -$5.7M
FNV icon
164
Franco-Nevada
FNV
$46B
$2.76M 0.04%
+12,394
New +$2.23M
GPN icon
165
Global Payments
GPN
$22.8B
$2.76M 0.04%
33,234
-3,430
-9% -$289K
HWM icon
166
Howmet Aerospace
HWM
$112B
$2.74M 0.04%
13,948
-3,117
-18% -$568K
PHM icon
167
Pultegroup
PHM
$25.3B
$2.72M 0.04%
20,618
+13,269
+181% +$1.65M
GEN icon
168
Gen Digital
GEN
$17.5B
$2.72M 0.04%
95,892
-21,139
-18% -$632K
DCI icon
169
Donaldson
DCI
$11.4B
$2.68M 0.04%
+32,700
New +$2.47M
ICE icon
170
Intercontinental Exchange
ICE
$84.4B
$2.66M 0.04%
15,810
-73,068
-82% -$13.1M
MUR icon
171
Murphy Oil
MUR
$4.78B
$2.63M 0.04%
92,440
-170,291
-65% -$4.3M
AYI icon
172
Acuity Brands
AYI
$10.8B
$2.57M 0.04%
7,450
-7,728
-51% -$2.46M
BAC icon
173
Bank of America
BAC
$442B
$2.56M 0.04%
49,708
-138,239
-74% -$6.74M
VOD icon
174
Vodafone
VOD
$37.4B
$2.56M 0.04%
220,605
+37,694
+21% +$430K
SMLR
175
PUT
DELISTED
Semler Scientific
SMLR
$2.56M 0.04%
+85,300
New +$2.93M
5 6
7
8 9

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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.