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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
-0.3%
1 Year Est. Return
+17.82%
3 Year Est. Return
+41.13%
5 Year Est. Return
+43.39%
10 Year Est. Return
+148.36%
AUM
$3.06B
AUM Growth
-$336M
Cap. Flow
-$1.26B
Cap. Flow %
-40.96%
Top 10 Hldgs %
71.47%
Holding
110
New
24
Increased
14
Reduced
5
Closed
16

Top Buys

Rank Stock Value
1
XLP icon
State Street Consumer Staples Select Sector SPDR ETF
XLP
+$88.6M
2
EWZ icon
iShares MSCI Brazil ETF
EWZ
+$28.1M
3
EMB icon
iShares JPMorgan USD Emerging Markets Bond ETF
EMB
+$10.9M
4
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$10M
5
EWH icon
iShares MSCI Hong Kong ETF
EWH
+$9.71M

Top Sells

Rank Stock Value
1
MSFT icon
Microsoft
MSFT
+$11M
2
INDA icon
iShares MSCI India ETF
INDA
+$9.9M
3
EPI icon
WisdomTree India Earnings Fund ETF
EPI
+$9.87M
4
EEM icon
iShares MSCI Emerging Markets ETF
EEM
+$9.08M
5
ENPH icon
Enphase Energy
ENPH
+$4.92M

Sector Composition

Rank Sector Weight
1 Technology 2.65%
2 Industrials 1.52%
3 Financials 0.88%
4 Consumer Discretionary 0.63%
5 Materials 0.24%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
GLD icon
1
CALL
SPDR Gold Trust
GLD
$131B
$934M 30.47%
6,725,000
-4,200,000
-38% -$584M
IWM icon
2
PUT
iShares Russell 2000 ETF
IWM
$80.9B
$324M 10.57%
2,140,000
+10,000
+0.5% +$1.53M
SPY icon
3
CALL
State Street SPDR S&P 500 ETF Trust
SPY
$778B
$227M 7.4%
764,000
-396,000
-34% -$117M
XLP icon
4
State Street Consumer Staples Select Sector SPDR ETF
XLP
$14.2B
$98.2M 3.2%
1,598,268
+1,473,268
+1,179% +$88.6M
XLF icon
5
PUT
State Street Financial Select Sector SPDR ETF
XLF
$55.6B
$70M 2.28%
+2,500,000
New +$69M
XLE icon
6
State Street Energy Select Sector SPDR ETF
XLE
$39.5B
$52.6M 1.72%
1,776,020
– –
EWZ icon
7
iShares MSCI Brazil ETF
EWZ
$9.05B
$42.2M 1.38%
1,001,200
+651,200
+186% +$28.1M
CRM icon
8
Salesforce
CRM
$134B
$26.7M 0.87%
180,000
– –
MSFT icon
9
Microsoft
MSFT
$2.84T
$25.7M 0.84%
185,000
-80,000
-30% -$11M
CAT icon
10
Caterpillar
CAT
$409B
$23.5M 0.77%
186,000
– –
IQ icon
11
PUT
iQIYI
IQ
$1.18B
$16.8M 0.55%
1,041,000
+625,000
+150% +$11.5M
XLF icon
12
State Street Financial Select Sector SPDR ETF
XLF
$55.6B
$15.2M 0.5%
544,000
+350,000
+180% +$9.66M
BA icon
13
Boeing
BA
$165B
$13.3M 0.43%
35,000
+10,000
+40% +$3.57M
SPY icon
14
State Street SPDR S&P 500 ETF Trust
SPY
$778B
$12.7M 0.41%
42,850
+33,850
+376% +$10M
EEM icon
15
PUT
iShares MSCI Emerging Markets ETF
EEM
$28B
$12.3M 0.4%
+300,000
New +$12.4M
CRC
16
PUT
DELISTED
California Resources Corporation
CRC
$12.2M 0.4%
+1,196,800
New +$15.3M
EMB icon
17
iShares JPMorgan USD Emerging Markets Bond ETF
EMB
$14.9B
$10.8M 0.35%
+95,600
New +$10.9M
JPM icon
18
JPMorgan Chase
JPM
$939B
$10.6M 0.35%
90,000
-10,000
-10% -$1.13M
UBER icon
19
PUT
Uber
UBER
$134B
$10.4M 0.34%
+341,600
New +$12.9M
APHA
20
PUT
DELISTED
Aphria Inc. Common Shares
APHA
$10.1M 0.33%
1,945,600
+694,900
+56% +$4.42M
AVGO icon
21
Broadcom
AVGO
$1.82T
$9.11M 0.3%
330,000
+130,000
+65% +$3.7M
EWH icon
22
iShares MSCI Hong Kong ETF
EWH
$1.22B
$9.08M 0.3%
+400,000
New +$9.71M
CSCO icon
23
Cisco
CSCO
$450B
$8.65M 0.28%
+175,000
New +$9.1M
V icon
24
Visa
V
$677B
$8.6M 0.28%
+50,000
New +$8.91M
EWW icon
25
iShares MSCI Mexico ETF
EWW
$1.89B
$8.54M 0.28%
+200,000
New +$8.35M
1
2 3

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BOK
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ZP
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SHCM
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AP
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BT
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BHC
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Graham Capital Management's Q3 2019 Portfolio in Review

As of Q3 2019, Graham Capital Management held 110 positions worth $3.06B, down 9.9% from $3.4B the previous quarter. Its ten largest holdings account for 71% of the portfolio.

Graham Capital Management withdrew a net $1.26B in Q3 2019, closing 16 positions and reducing 5 holdings. Its most notable exit was iShares MSCI India ETF, an estimated $9.9M position sold in full.

By sector, the portfolio is most concentrated in Technology at 2.6% of assets, up from 2.4% a quarter earlier, followed by Industrials and Financials.

Against the trend, Graham Capital Management opened a new position in iShares JPMorgan USD Emerging Markets Bond ETF worth $10.8M.

  • Graham Capital Management's largest Q3 2019 buy was iShares JPMorgan USD Emerging Markets Bond ETF: 95,600 shares worth $10.8M.
  • Graham Capital Management added most to State Street Consumer Staples Select Sector SPDR ETF in Q3 2019, an estimated $88.6M increase.
  • Graham Capital Management's biggest Q3 2019 reduction was Microsoft, cutting an estimated $11M.
  • Graham Capital Management fully exited iShares MSCI India ETF in Q3 2019, selling an estimated $9.9M.
  • Graham Capital Management's ten largest holdings make up 71% of its $3.06B portfolio in Q3 2019.
  • Graham Capital Management opened 24 new positions and closed 16 in Q3 2019.
  • Graham Capital Management's portfolio value fell 9.9% quarter-over-quarter to $3.06B.

Based on Graham Capital Management's 13F filing for Q3 2019, filed 14 Nov 2019.