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GCM

Graham Capital Management Portfolio holdings

AUM $5.5B
1-Year Est. Return 26.66%
This Fund
S&P 500
This Quarter Est. Return
-2.99%
1 Year Est. Return
+26.66%
3 Year Est. Return
+60.37%
5 Year Est. Return
+53.44%
10 Year Est. Return
+161.9%
AUM
$5.72B
AUM Growth
-$941M
Cap. Flow
-$815M
Cap. Flow %
-14.27%
Top 10 Hldgs %
49.29%
Holding
1,579
New
380
Increased
586
Reduced
258
Closed
326

Top Buys

Rank Stock Value
1
XLU icon
State Street Utilities Select Sector SPDR ETF
XLU
+$22M
2
MA icon
Mastercard
MA
+$16.9M
3
C icon
Citigroup
C
+$16.6M
4
ICOW icon
Pacer Developed Markets International Cash Cows 100 ETF
ICOW
+$15.3M
5
MELI icon
Mercado Libre
MELI
+$13.2M

Top Sells

Rank Stock Value
1
MSTR icon
Strategy Inc
MSTR
+$37.4M
2
HPE icon
Hewlett Packard
HPE
+$18.5M
3
PEP icon
PepsiCo
PEP
+$18.1M
4
TIP icon
iShares TIPS Bond ETF
TIP
+$15.7M
5
SO icon
Southern Company
SO
+$15M

Sector Composition

Rank Sector Weight
1 Miscellaneous 67.2%
2 Financials 5.71%
3 Technology 5.51%
4 Industrials 4.36%
5 Consumer Discretionary 4.17%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MSTR icon
1
PUT
Strategy Inc
MSTR
$52B
$1.33B 23.29%
4,618,100
-3,104,900
-40% -$986M
IWM icon
2
PUT
iShares Russell 2000 ETF
IWM
$78.5B
$528M 9.24%
2,646,900
-644,500
-20% -$140M
HYG icon
3
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$15.3B
$262M 4.59%
+3,322,900
New +$264M
IBIT icon
4
PUT
iShares Bitcoin Trust
IBIT
$60.2B
$108M 1.88%
2,300,300
+250,000
+12% +$13.2M
IBIT icon
5
iShares Bitcoin Trust
IBIT
$60.2B
$104M 1.81%
2,211,852
-136,037
-6% -$7.2M
TLT icon
6
PUT
iShares 20+ Year Treasury Bond ETF
TLT
$46.4B
$70.5M 1.23%
+774,100
New +$68.9M
BITO icon
7
PUT
ProShares Bitcoin Strategy ETF
BITO
$1.65B
$45.8M 0.8%
2,499,900
-100
-0% -$2.17K
MARA icon
8
PUT
Marathon Digital Holdings
MARA
$4.63B
$31.4M 0.55%
2,731,000
– –
GDX icon
9
CALL
VanEck Gold Miners ETF
GDX
$29.5B
$30.5M 0.53%
663,700
+438,700
+195% +$17.7M
SPY icon
10
CALL
State Street SPDR S&P 500 ETF Trust
SPY
$808B
$28.4M 0.5%
+50,800
New +$29.9M
XLU icon
11
State Street Utilities Select Sector SPDR ETF
XLU
$22B
$28M 0.49%
710,000
+562,000
+380% +$22M
SPY icon
12
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$808B
$25.4M 0.44%
45,400
-64,600
-59% -$38M
CLMT icon
13
PUT
Calumet Specialty Products
CLMT
$4.99B
$25.4M 0.44%
+1,999,400
New +$31.4M
C icon
14
Citigroup
C
$233B
$20M 0.35%
281,047
+217,454
+342% +$16.6M
CME icon
15
CME Group
CME
$99.1B
$19.9M 0.35%
75,000
– –
META icon
16
Meta Platforms (Facebook)
META
$1.65T
$19.9M 0.35%
34,465
-3,505
-9% -$2.26M
MMM icon
17
3M
MMM
$85.1B
$19.1M 0.33%
130,090
+21,404
+20% +$3.14M
JNJ icon
18
Johnson & Johnson
JNJ
$640B
$19M 0.33%
114,555
+3,230
+3% +$505K
MA icon
19
Mastercard
MA
$499B
$17M 0.3%
+31,082
New +$16.9M
ICOW icon
20
Pacer Developed Markets International Cash Cows 100 ETF
ICOW
$1.81B
$15.6M 0.27%
+495,435
New +$15.3M
HYG icon
21
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$15.3B
$14.5M 0.25%
184,200
-137,433
-43% -$10.9M
BA icon
22
Boeing
BA
$166B
$14.3M 0.25%
83,706
+6,400
+8% +$1.11M
MELI icon
23
Mercado Libre
MELI
$96.2B
$14.1M 0.25%
7,214
+6,628
+1,131% +$13.2M
AMZN icon
24
Amazon
AMZN
$2.77T
$13.7M 0.24%
72,052
-27,818
-28% -$6.04M
NVDA icon
25
NVIDIA
NVDA
$5.27T
$13.7M 0.24%
126,065
-75,339
-37% -$9.55M
1
2 3 4 5

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Graham Capital Management's Q1 2025 Portfolio in Review

As of Q1 2025, Graham Capital Management held 1,579 positions worth $5.72B, down 14% from $6.66B the previous quarter. Its ten largest holdings account for 49% of the portfolio.

Graham Capital Management withdrew a net $815M in Q1 2025, closing 326 positions and reducing 258 holdings. Its most notable exit was Strategy Inc, an estimated $37.4M position sold in full.

By sector, the portfolio is most concentrated in Miscellaneous at 67% of assets, down from 73% a quarter earlier, followed by Financials and Technology.

Against the trend, Graham Capital Management opened a new position in Mastercard worth $17M.

  • Graham Capital Management's largest Q1 2025 buy was Mastercard: 31,082 shares worth $17M.
  • Graham Capital Management added most to State Street Utilities Select Sector SPDR ETF in Q1 2025, an estimated $22M increase.
  • Graham Capital Management's biggest Q1 2025 reduction was Netflix, cutting an estimated $13.5M.
  • Graham Capital Management fully exited Strategy Inc in Q1 2025, selling an estimated $37.4M.
  • Graham Capital Management's ten largest holdings make up 49% of its $5.72B portfolio in Q1 2025.
  • Graham Capital Management opened 380 new positions and closed 326 in Q1 2025.
  • Graham Capital Management's portfolio value fell 14% quarter-over-quarter to $5.72B.

Based on Graham Capital Management's 13F filing for Q1 2025, filed 15 May 2025.