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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
+4.11%
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
$6.66B
AUM Growth
+$848M
Cap. Flow
-$1.13B
Cap. Flow %
-16.93%
Top 10 Hldgs %
57.62%
Holding
1,535
New
470
Increased
412
Reduced
291
Closed
336

Top Buys

Rank Stock Value
1
MSTR icon
Strategy Inc
MSTR
+$35.5M
2
PEP icon
PepsiCo
PEP
+$19.5M
3
JNJ icon
Johnson & Johnson
JNJ
+$17.3M
4
AMZN icon
Amazon
AMZN
+$15.8M
5
SPGI icon
S&P Global
SPGI
+$14.3M

Top Sells

Rank Stock Value
1
IBIT icon
iShares Bitcoin Trust
IBIT
+$69.8M
2
GDX icon
VanEck Gold Miners ETF
GDX
+$21.3M
3
MSFT icon
Microsoft
MSFT
+$21.2M
4
WMT icon
Walmart Inc
WMT
+$17.1M
5
C icon
Citigroup
C
+$16.2M

Sector Composition

Rank Sector Weight
1 Technology 5.84%
2 Industrials 4.12%
3 Financials 3.46%
4 Consumer Discretionary 3.25%
5 Healthcare 2.26%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MSTR icon
1
PUT
Strategy Inc
MSTR
$33.5B
$2.24B 33.6%
7,723,000
+756,500
+11% +$228M
IWM icon
2
PUT
iShares Russell 2000 ETF
IWM
$80.9B
$727M 10.93%
3,291,400
-519,000
-14% -$118M
IBIT icon
3
iShares Bitcoin Trust
IBIT
$47.2B
$125M 1.87%
2,347,889
-1,479,300
-39% -$69.8M
IBIT icon
4
PUT
iShares Bitcoin Trust
IBIT
$47.2B
$109M 1.63%
+2,050,300
New +$96.8M
SPY icon
5
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$778B
$64.5M 0.97%
110,000
-90,000
-45% -$53M
BITO icon
6
PUT
ProShares Bitcoin Strategy ETF
BITO
$1.4B
$57M 0.86%
+2,500,000
New +$55.5M
MARA icon
7
PUT
Marathon Digital Holdings
MARA
$4.62B
$45.8M 0.69%
2,731,000
+535,100
+24% +$10.8M
MSTR icon
8
Strategy Inc
MSTR
$33.5B
$34.1M 0.51%
+117,912
New +$35.5M
NVDA icon
9
NVIDIA
NVDA
$5.01T
$27M 0.41%
201,404
+174
+0.1% +$24K
HYG icon
10
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$16.3B
$25.3M 0.38%
321,633
+146,933
+84% +$11.7M
META icon
11
Meta Platforms (Facebook)
META
$1.51T
$22.2M 0.33%
37,970
-9,240
-20% -$5.42M
AMZN icon
12
Amazon
AMZN
$2.5T
$21.9M 0.33%
99,870
+77,420
+345% +$15.8M
NFLX icon
13
Netflix
NFLX
$292B
$21.8M 0.33%
244,580
-20,450
-8% -$1.68M
BBIO icon
14
PUT
BridgeBio Pharma
BBIO
$16.5B
$19.2M 0.29%
698,900
+17,600
+3% +$455K
HPE icon
15
Hewlett Packard
HPE
$63.2B
$18.5M 0.28%
865,028
+64,191
+8% +$1.36M
SPCE icon
16
PUT
Virgin Galactic
SPCE
$320M
$18.2M 0.27%
3,093,200
– –
PEP icon
17
PepsiCo
PEP
$186B
$18.1M 0.27%
+119,244
New +$19.5M
CME icon
18
CME Group
CME
$92.2B
$17.4M 0.26%
75,000
-1,088
-1% -$250K
ABR icon
19
PUT
Arbor Realty Trust
ABR
$960M
$17.4M 0.26%
1,257,500
+200,200
+19% +$2.95M
GOOGL icon
20
Alphabet (Google) Class A
GOOGL
$3.91T
$17M 0.26%
90,062
-34,954
-28% -$6.12M
IWM icon
21
CALL
iShares Russell 2000 ETF
IWM
$80.9B
$16.6M 0.25%
+75,000
New +$17.1M
JNJ icon
22
Johnson & Johnson
JNJ
$635B
$16.1M 0.24%
+111,325
New +$17.3M
TIP icon
23
iShares TIPS Bond ETF
TIP
$14.5B
$15.7M 0.24%
147,812
+98,312
+199% +$10.6M
SO icon
24
Southern Company
SO
$110B
$15M 0.23%
182,761
+104,450
+133% +$9.16M
CRWD icon
25
CrowdStrike
CRWD
$187B
$14.6M 0.22%
170,836
+26,400
+18% +$2.19M
1
2 3 4 5

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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 Q4 2024 Portfolio in Review

As of Q4 2024, Graham Capital Management held 1,535 positions worth $6.66B, up 15% from $5.81B the previous quarter. Its ten largest holdings account for 58% of the portfolio.

Graham Capital Management withdrew a net $1.13B in Q4 2024, closing 336 positions and reducing 291 holdings. Its most notable exit was VanEck Gold Miners ETF, an estimated $21.3M position sold in full.

By sector, the portfolio is most concentrated in Technology at 5.8% of assets, up from 5.7% a quarter earlier, followed by Industrials and Financials.

Against the trend, Graham Capital Management opened a new position in Strategy Inc worth $34.1M.

  • Graham Capital Management's largest Q4 2024 buy was Strategy Inc: 117,912 shares worth $34.1M.
  • Graham Capital Management added most to Amazon in Q4 2024, an estimated $15.8M increase.
  • Graham Capital Management's biggest Q4 2024 reduction was iShares Bitcoin Trust, cutting an estimated $69.8M.
  • Graham Capital Management fully exited VanEck Gold Miners ETF in Q4 2024, selling an estimated $21.3M.
  • Graham Capital Management's ten largest holdings make up 58% of its $6.66B portfolio in Q4 2024.
  • Graham Capital Management opened 470 new positions and closed 336 in Q4 2024.
  • Graham Capital Management's portfolio value rose 15% quarter-over-quarter to $6.66B.

Based on Graham Capital Management's 13F filing for Q4 2024, filed 14 Feb 2025.