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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
DLB icon
176
Dolby
DLB
$5.79B
$2.53M 0.04%
35,025
+28,887
+471% +$2.12M
QRVO icon
177
Qorvo
QRVO
$8.74B
$2.53M 0.04%
27,766
+21,886
+372% +$1.95M
MOD icon
178
Modine Manufacturing
MOD
$10.4B
$2.48M 0.04%
+17,479
New +$2.22M
PSA icon
179
Public Storage
PSA
$61.3B
$2.43M 0.04%
8,411
-8,491
-50% -$2.44M
IFF icon
180
International Flavors & Fragrances
IFF
$21.9B
$2.42M 0.04%
+39,345
New +$2.7M
GRMN
181
Garmin
GRMN
$60B
$2.4M 0.04%
9,757
+3,278
+51% +$756K
NNN icon
182
NNN REIT
NNN
$8.99B
$2.38M 0.04%
55,818
+21,191
+61% +$900K
AZO icon
183
AutoZone
AZO
$51.1B
$2.36M 0.04%
+550
New +$2.21M
BNY
184
Bank of New York Mellon
BNY
$107B
$2.36M 0.04%
21,649
+10,225
+90% +$1.04M
SFM icon
185
Sprouts Farmers Market
SFM
$8.01B
$2.35M 0.04%
21,582
-25,460
-54% -$3.7M
MAR icon
186
Marriott International
MAR
$92.3B
$2.34M 0.04%
9,000
-699
-7% -$188K
DVN icon
187
Devon Energy
DVN
$47.3B
$2.32M 0.04%
66,130
+8,146
+14% +$277K
FHI icon
188
Federated Hermes
FHI
$4.72B
$2.31M 0.04%
44,411
+23,489
+112% +$1.19M
REG icon
189
Regency Centers
REG
$14.1B
$2.3M 0.04%
31,513
-1,116
-3% -$79.6K
PFG icon
190
Principal Financial Group
PFG
$24.3B
$2.29M 0.04%
27,573
-10,101
-27% -$807K
LRCX icon
191
Lam Research
LRCX
$390B
$2.27M 0.04%
16,982
-103,425
-86% -$11M
HST icon
192
Host Hotels & Resorts
HST
$16B
$2.26M 0.04%
132,981
-60,361
-31% -$1M
GE icon
193
GE Aerospace
GE
$384B
$2.26M 0.04%
+7,500
New +$2.05M
GIB icon
194
CGI
GIB
$15.5B
$2.25M 0.04%
+25,291
New +$2.45M
AOS icon
195
A.O. Smith
AOS
$8.7B
$2.25M 0.04%
30,646
+20,050
+189% +$1.43M
BHP icon
196
BHP
BHP
$230B
$2.23M 0.04%
40,000
-41,856
-51% -$2.23M
INCY icon
197
Incyte
INCY
$24.4B
$2.21M 0.04%
+26,078
New +$2.06M
HOLX
198
DELISTED
Hologic
HOLX
$2.2M 0.03%
+32,534
New +$2.16M
GM icon
199
General Motors
GM
$76.8B
$2.18M 0.03%
35,798
-63,715
-64% -$3.55M
XLU icon
200
CALL
State Street Utilities Select Sector SPDR ETF
XLU
$22.5B
$2.18M 0.03%
+50,000
New +$2.12M
6 7
8
9 10

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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.