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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
+3.85%
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
$2.74B
AUM Growth
-$321M
Cap. Flow
-$420M
Cap. Flow %
-15.31%
Top 10 Hldgs %
71.9%
Holding
105
New
17
Increased
13
Reduced
12
Closed
23

Top Buys

Rank Stock Value
1
INDA icon
iShares MSCI India ETF
INDA
+$32.6M
2
EEM icon
iShares MSCI Emerging Markets ETF
EEM
+$32.2M
3
XLE icon
State Street Energy Select Sector SPDR ETF
XLE
+$26.7M
4
AMZN icon
Amazon
AMZN
+$21.2M
5
XLI icon
State Street Industrial Select Sector SPDR ETF
XLI
+$14.8M

Top Sells

Rank Stock Value
1
XLP icon
State Street Consumer Staples Select Sector SPDR ETF
XLP
+$98.2M
2
MSFT icon
Microsoft
MSFT
+$15.4M
3
XLF icon
State Street Financial Select Sector SPDR ETF
XLF
+$15.2M
4
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$12.7M
5
JPM icon
JPMorgan Chase
JPM
+$10.6M

Sector Composition

Rank Sector Weight
1 Technology 3.34%
2 Industrials 2.32%
3 Consumer Discretionary 1.64%
4 Financials 0.9%
5 Consumer Staples 0.18%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
GLD icon
1
CALL
SPDR Gold Trust
GLD
$131B
$902M 32.88%
6,325,000
-400,000
-6% -$55.9M
QQQ icon
2
CALL
Invesco QQQ Trust
QQQ
$455B
$286M 10.44%
+1,350,000
New +$270M
IWM icon
3
CALL
iShares Russell 2000 ETF
IWM
$80.9B
$215M 7.84%
+1,300,000
New +$205M
IWM icon
4
PUT
iShares Russell 2000 ETF
IWM
$80.9B
$177M 6.45%
1,070,000
-1,070,000
-50% -$169M
XLE icon
5
State Street Energy Select Sector SPDR ETF
XLE
$39.5B
$80.3M 2.93%
2,676,020
+900,000
+51% +$26.7M
EWZ icon
6
iShares MSCI Brazil ETF
EWZ
$9.05B
$46.9M 1.71%
988,300
-12,900
-1% -$565K
EEM icon
7
CALL
iShares MSCI Emerging Markets ETF
EEM
$28B
$44.9M 1.64%
+1,000,000
New +$42.9M
EEM icon
8
iShares MSCI Emerging Markets ETF
EEM
$28B
$33.7M 1.23%
+750,000
New +$32.2M
INDA icon
9
iShares MSCI India ETF
INDA
$6.71B
$33.4M 1.22%
+950,000
New +$32.6M
CRM icon
10
Salesforce
CRM
$134B
$29.3M 1.07%
180,000
– –
CAT icon
11
Caterpillar
CAT
$409B
$27.5M 1%
186,000
– –
AMZN icon
12
Amazon
AMZN
$2.5T
$22.2M 0.81%
+240,000
New +$21.2M
EMB icon
13
iShares JPMorgan USD Emerging Markets Bond ETF
EMB
$14.9B
$21.8M 0.79%
190,000
+94,400
+99% +$10.7M
CRC
14
PUT
DELISTED
California Resources Corporation
CRC
$20.6M 0.75%
2,279,300
+1,082,500
+90% +$8.77M
V icon
15
Visa
V
$677B
$18.8M 0.68%
100,000
+50,000
+100% +$9.01M
NIO icon
16
PUT
NIO
NIO
$11.3B
$18.3M 0.67%
4,554,700
-611,400
-12% -$1.23M
BA icon
17
Boeing
BA
$165B
$16.3M 0.59%
50,000
+15,000
+43% +$5.31M
VXX icon
18
PUT
iPath Series B S&P 500 VIX Short-Term Futures ETN
VXX
$162M
$16.2M 0.59%
+16,016
New +$19.4M
APHA
19
PUT
DELISTED
Aphria Inc. Common Shares
APHA
$15.1M 0.55%
2,902,000
+956,400
+49% +$4.7M
CSCO icon
20
Cisco
CSCO
$450B
$15.1M 0.55%
315,000
+140,000
+80% +$6.51M
XLI icon
21
State Street Industrial Select Sector SPDR ETF
XLI
$33.9B
$15.1M 0.55%
+185,000
New +$14.8M
EWZ icon
22
CALL
iShares MSCI Brazil ETF
EWZ
$9.05B
$14.6M 0.53%
+307,000
New +$13.4M
MDCO
23
DELISTED
Medicines Co
MDCO
$14M 0.51%
+165,100
New +$11M
MMM icon
24
3M
MMM
$89B
$13.2M 0.48%
89,700
+65,780
+275% +$9.21M
MSFT icon
25
Microsoft
MSFT
$2.84T
$12.6M 0.46%
80,000
-105,000
-57% -$15.4M
1
2 3

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ZP
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Graham Capital Management's Q4 2019 Portfolio in Review

As of Q4 2019, Graham Capital Management held 105 positions worth $2.74B, down 10% from $3.06B the previous quarter. Its ten largest holdings account for 72% of the portfolio.

Graham Capital Management withdrew a net $420M in Q4 2019, closing 23 positions and reducing 12 holdings. Its most notable exit was State Street Consumer Staples Select Sector SPDR ETF, an estimated $98.2M position sold in full.

By sector, the portfolio is most concentrated in Technology at 3.3% of assets, up from 2.6% a quarter earlier, followed by Industrials and Consumer Discretionary.

Against the trend, Graham Capital Management opened a new position in iShares MSCI India ETF worth $33.4M.

  • Graham Capital Management's largest Q4 2019 buy was iShares MSCI India ETF: 950,000 shares worth $33.4M.
  • Graham Capital Management added most to State Street Energy Select Sector SPDR ETF in Q4 2019, an estimated $26.7M increase.
  • Graham Capital Management's biggest Q4 2019 reduction was Microsoft, cutting an estimated $15.4M.
  • Graham Capital Management fully exited State Street Consumer Staples Select Sector SPDR ETF in Q4 2019, selling an estimated $98.2M.
  • Graham Capital Management's ten largest holdings make up 72% of its $2.74B portfolio in Q4 2019.
  • Graham Capital Management opened 17 new positions and closed 23 in Q4 2019.
  • Graham Capital Management's portfolio value fell 10% quarter-over-quarter to $2.74B.

Based on Graham Capital Management's 13F filing for Q4 2019, filed 14 Feb 2020.