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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
+8.47%
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
$6.62B
AUM Growth
+$902M
Cap. Flow
+$1.08B
Cap. Flow %
16.3%
Top 10 Hldgs %
50.26%
Holding
1,697
New
464
Increased
345
Reduced
451
Closed
433

Top Buys

Rank Stock Value
1
IBIT icon
iShares Bitcoin Trust
IBIT
+$19.3M
2
VTV icon
Vanguard Value ETF
VTV
+$18.6M
3
ICE icon
Intercontinental Exchange
ICE
+$14.5M
4
EEM icon
iShares MSCI Emerging Markets ETF
EEM
+$14.3M
5
MNST icon
Monster Beverage
MNST
+$13.3M

Top Sells

Rank Stock Value
1
C icon
Citigroup
C
+$16.9M
2
JNJ icon
Johnson & Johnson
JNJ
+$16M
3
ICOW icon
Pacer Developed Markets International Cash Cows 100 ETF
ICOW
+$15.6M
4
HYG icon
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
+$14.5M
5
VUG icon
Vanguard Growth ETF
VUG
+$10.8M

Sector Composition

Rank Sector Weight
1 Technology 5.74%
2 Financials 5.16%
3 Industrials 4.35%
4 Consumer Discretionary 3.72%
5 Healthcare 3.09%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MSTR icon
1
PUT
Strategy Inc
MSTR
$33.5B
$1.71B 25.88%
4,237,200
-380,900
-8% -$139M
IWM icon
2
PUT
iShares Russell 2000 ETF
IWM
$80.9B
$508M 7.67%
2,352,900
-294,000
-11% -$59.2M
SPY icon
3
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$778B
$216M 3.27%
350,000
+304,600
+671% +$174M
IBIT icon
4
iShares Bitcoin Trust
IBIT
$47.2B
$156M 2.36%
2,555,708
+343,856
+16% +$19.3M
IBIT icon
5
PUT
iShares Bitcoin Trust
IBIT
$47.2B
$153M 2.32%
2,507,600
+207,300
+9% +$11.6M
QQQ icon
6
PUT
Invesco QQQ Trust
QQQ
$455B
$152M 2.29%
+275,000
New +$137M
FBTC icon
7
PUT
Fidelity Wise Origin Bitcoin Fund
FBTC
$11.9B
$101M 1.53%
+1,075,400
New +$92.6M
TLT icon
8
PUT
iShares 20+ Year Treasury Bond ETF
TLT
$42.1B
$57.4M 0.87%
650,000
-124,100
-16% -$10.8M
BITO icon
9
PUT
ProShares Bitcoin Strategy ETF
BITO
$1.4B
$53.8M 0.81%
2,499,900
– –
PCT icon
10
PUT
PureCycle Technologies
PCT
$1.17B
$47.6M 0.72%
3,475,800
+2,310,000
+198% +$20.5M
MARA icon
11
PUT
Marathon Digital Holdings
MARA
$4.62B
$42.8M 0.65%
2,731,000
– –
XLU icon
12
State Street Utilities Select Sector SPDR ETF
XLU
$24.1B
$41.4M 0.63%
1,013,900
+303,900
+43% +$12.1M
CLMT icon
13
PUT
Calumet Specialty Products
CLMT
$3.63B
$41.1M 0.62%
2,610,100
+610,700
+31% +$7.77M
EOSE icon
14
PUT
Eos Energy Enterprises
EOSE
$1.23B
$38.9M 0.59%
+7,601,100
New +$37.3M
AMZN icon
15
Amazon
AMZN
$2.5T
$25.6M 0.39%
116,754
+44,702
+62% +$8.85M
CME icon
16
CME Group
CME
$92.2B
$24.1M 0.36%
87,349
+12,349
+16% +$3.36M
GDX icon
17
CALL
VanEck Gold Miners ETF
GDX
$23B
$22.9M 0.35%
440,000
-223,700
-34% -$11.1M
META icon
18
Meta Platforms (Facebook)
META
$1.51T
$22.4M 0.34%
30,351
-4,114
-12% -$2.54M
DG icon
19
Dollar General
DG
$25.9B
$22.3M 0.34%
195,389
+59,050
+43% +$5.86M
RUN icon
20
PUT
Sunrun
RUN
$2.37B
$19.4M 0.29%
+2,377,700
New +$18.7M
VTV icon
21
Vanguard Value ETF
VTV
$189B
$19.4M 0.29%
+110,000
New +$18.6M
NVDA icon
22
NVIDIA
NVDA
$5.01T
$19.4M 0.29%
122,737
-3,328
-3% -$419K
BSX icon
23
Boston Scientific
BSX
$65.8B
$19.3M 0.29%
180,075
+124,287
+223% +$12.6M
BA icon
24
Boeing
BA
$165B
$19.1M 0.29%
90,924
+7,218
+9% +$1.36M
MELI icon
25
Mercado Libre
MELI
$91.3B
$18.6M 0.28%
7,127
-87
-1% -$203K
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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BHC
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Graham Capital Management's Q2 2025 Portfolio in Review

As of Q2 2025, Graham Capital Management held 1,697 positions worth $6.62B, up 16% from $5.72B the previous quarter. Its ten largest holdings account for 50% of the portfolio.

Graham Capital Management deployed $1.08B of net new capital in Q2 2025, opening 464 new positions and adding to 345 existing holdings. Its largest new stake was Vanguard Value ETF: 110,000 shares worth $19.4M.

By sector, the portfolio is most concentrated in Technology at 5.7% of assets, up from 5.5% a quarter earlier, followed by Financials and Industrials.

On the sell side, the largest reduction was Citigroup, an estimated $16.9M trimmed.

  • Graham Capital Management's largest Q2 2025 buy was Vanguard Value ETF: 110,000 shares worth $19.4M.
  • Graham Capital Management added most to iShares Bitcoin Trust in Q2 2025, an estimated $19.3M increase.
  • Graham Capital Management's biggest Q2 2025 reduction was Citigroup, cutting an estimated $16.9M.
  • Graham Capital Management fully exited Pacer Developed Markets International Cash Cows 100 ETF in Q2 2025, selling an estimated $15.6M.
  • Graham Capital Management's ten largest holdings make up 50% of its $6.62B portfolio in Q2 2025.
  • Graham Capital Management opened 464 new positions and closed 433 in Q2 2025.
  • Graham Capital Management's portfolio value rose 16% quarter-over-quarter to $6.62B.

Based on Graham Capital Management's 13F filing for Q2 2025, filed 14 Aug 2025.