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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
BLD
151
DELISTED
TopBuild
BLD
$3.14M 0.08%
+7,533
New +$3.23M
CVX icon
152
Chevron
CVX
$366B
$3.1M 0.07%
20,344
+17,318
+572% +$2.64M
ED icon
153
Consolidated Edison
ED
$39.9B
$3.08M 0.07%
31,054
-23,927
-44% -$2.37M
H icon
154
Hyatt Hotels
H
$16.7B
$3.06M 0.07%
+19,100
New +$2.93M
KBH icon
155
KB Home
KBH
$3.59B
$3.04M 0.07%
+53,936
New +$3.32M
RCL icon
156
Royal Caribbean
RCL
$85.6B
$3.04M 0.07%
10,900
-885
-8% -$250K
JCI icon
157
Johnson Controls International
JCI
$92.2B
$3.04M 0.07%
25,354
-23,285
-48% -$2.67M
WCC
158
WESCO International
WCC
$17.7B
$3.03M 0.07%
+12,400
New +$3.04M
EPHE icon
159
iShares MSCI Philippines ETF
EPHE
$145M
$3.03M 0.07%
+121,605
New +$3.01M
W icon
160
Wayfair
W
$14.6B
$3.03M 0.07%
30,150
+19,174
+175% +$1.84M
TKR icon
161
Timken Company
TKR
$9.03B
$3.02M 0.07%
+35,900
New +$2.86M
GXO icon
162
GXO Logistics
GXO
$5.55B
$3.02M 0.07%
+57,360
New +$3.01M
EWM icon
163
iShares MSCI Malaysia ETF
EWM
$325M
$3.01M 0.07%
+110,000
New +$2.9M
PBF icon
164
PBF Energy
PBF
$7.31B
$3.01M 0.07%
+110,898
New +$3.55M
DTE icon
165
DTE Energy
DTE
$29.1B
$2.99M 0.07%
23,193
+13,733
+145% +$1.86M
SPOT icon
166
Spotify
SPOT
$100B
$2.99M 0.07%
5,149
+3,085
+149% +$1.93M
EVRG icon
167
Evergy
EVRG
$19.2B
$2.97M 0.07%
+40,999
New +$3.11M
EZU icon
168
iShare MSCI Eurozone ETF
EZU
$9.91B
$2.95M 0.07%
+46,000
New +$2.89M
BAC icon
169
Bank of America
BAC
$442B
$2.95M 0.07%
53,560
+3,852
+8% +$204K
VLO icon
170
Valero Energy
VLO
$85.9B
$2.93M 0.07%
+18,000
New +$3.05M
TEX icon
171
Terex
TEX
$7.74B
$2.85M 0.07%
53,302
+38,302
+255% +$1.93M
AZO icon
172
AutoZone
AZO
$51.1B
$2.83M 0.07%
835
+285
+52% +$1.08M
YUM icon
173
Yum! Brands
YUM
$41.1B
$2.82M 0.07%
18,646
-5,119
-22% -$758K
ROK icon
174
Rockwell Automation
ROK
$49B
$2.8M 0.07%
7,185
+5,331
+288% +$2M
VICI icon
175
VICI Properties
VICI
$29.4B
$2.79M 0.07%
+99,146
New +$2.95M
5 6
7
8 9

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BOK
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ZP
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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.