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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
+7.17%
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
$6.32B
AUM Growth
-$299M
Cap. Flow
-$1.27B
Cap. Flow %
-20.09%
Top 10 Hldgs %
55.44%
Holding
1,726
New
458
Increased
249
Reduced
476
Closed
529

Top Buys

Rank Stock Value
1
GDX icon
VanEck Gold Miners ETF
GDX
+$42.9M
2
XLI icon
State Street Industrial Select Sector SPDR ETF
XLI
+$20.3M
3
IWM icon
iShares Russell 2000 ETF
IWM
+$13.4M
4
BBIO icon
BridgeBio Pharma
BBIO
+$12.4M
5
EWY icon
iShares MSCI South Korea ETF
EWY
+$12.3M

Top Sells

Rank Stock Value
1
EEM icon
iShares MSCI Emerging Markets ETF
EEM
+$16M
2
IBIT icon
iShares Bitcoin Trust
IBIT
+$15.8M
3
CAT icon
Caterpillar
CAT
+$15.8M
4
ICE icon
Intercontinental Exchange
ICE
+$13.1M
5
CVX icon
Chevron
CVX
+$12.9M

Sector Composition

Rank Sector Weight
1 Industrials 3.84%
2 Technology 3.72%
3 Financials 3.06%
4 Consumer Discretionary 2.78%
5 Healthcare 2.27%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MSTR icon
1
PUT
Strategy Inc
MSTR
$33.5B
$1.37B 21.61%
4,237,200
– –
IWM icon
2
PUT
iShares Russell 2000 ETF
IWM
$80.9B
$943M 14.92%
3,897,000
+1,544,100
+66% +$354M
IBIT icon
3
PUT
iShares Bitcoin Trust
IBIT
$47.2B
$155M 2.45%
2,377,600
-130,000
-5% -$8.46M
IBIT icon
4
iShares Bitcoin Trust
IBIT
$47.2B
$150M 2.38%
2,312,412
-243,296
-10% -$15.8M
IWM icon
5
CALL
iShares Russell 2000 ETF
IWM
$80.9B
$142M 2.25%
+588,200
New +$135M
SPY icon
6
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$778B
$133M 2.11%
200,000
-150,000
-43% -$96.2M
QQQ icon
7
PUT
Invesco QQQ Trust
QQQ
$455B
$120M 1.9%
200,000
-75,000
-27% -$42.9M
FBTC icon
8
PUT
Fidelity Wise Origin Bitcoin Fund
FBTC
$11.9B
$116M 1.84%
1,166,800
+91,400
+8% +$9.13M
EOSE icon
9
PUT
Eos Energy Enterprises
EOSE
$1.23B
$88.2M 1.4%
7,743,900
+142,800
+2% +$977K
GDX icon
10
VanEck Gold Miners ETF
GDX
$23B
$62.1M 0.98%
812,500
+712,500
+713% +$42.9M
XLU icon
11
State Street Utilities Select Sector SPDR ETF
XLU
$24.1B
$55.4M 0.88%
1,270,412
+256,512
+25% +$10.9M
MARA icon
12
PUT
Marathon Digital Holdings
MARA
$4.62B
$49.9M 0.79%
2,731,000
– –
BITO icon
13
PUT
ProShares Bitcoin Strategy ETF
BITO
$1.4B
$49.2M 0.78%
2,499,900
– –
HYG icon
14
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$16.3B
$48.7M 0.77%
+599,700
New +$48.3M
CLMT icon
15
PUT
Calumet Specialty Products
CLMT
$3.63B
$47.6M 0.75%
2,610,100
– –
GME icon
16
PUT
GameStop
GME
$9.5B
$45.7M 0.72%
1,675,100
+1,674,100
+167,410% +$39.7M
SLV icon
17
CALL
iShares Silver Trust
SLV
$28.1B
$38.1M 0.6%
900,000
-1,426,000
-61% -$51.2M
EEM icon
18
CALL
iShares MSCI Emerging Markets ETF
EEM
$28B
$37.4M 0.59%
+700,000
New +$35.2M
AMZN icon
19
Amazon
AMZN
$2.5T
$36.6M 0.58%
166,698
+49,944
+43% +$11.3M
PCT icon
20
PUT
PureCycle Technologies
PCT
$1.17B
$33.1M 0.52%
2,514,200
-961,600
-28% -$13.4M
VTV icon
21
Vanguard Value ETF
VTV
$189B
$32.8M 0.52%
176,000
+66,000
+60% +$11.9M
RUN icon
22
PUT
Sunrun
RUN
$2.37B
$30.5M 0.48%
1,764,700
-613,000
-26% -$8.21M
META icon
23
Meta Platforms (Facebook)
META
$1.51T
$29.1M 0.46%
39,653
+9,302
+31% +$6.92M
XLI icon
24
State Street Industrial Select Sector SPDR ETF
XLI
$33.9B
$24.7M 0.39%
160,102
+134,002
+513% +$20.3M
NVAX icon
25
PUT
Novavax
NVAX
$1.23B
$22.1M 0.35%
2,549,900
+100,000
+4% +$778K
1
2 3 4 5

Similar funds

SP
Stockbridge Partners Boston, Massachusetts $4.14B AUM 16.9% 1-Year Est. Return
BOK
Bank of Korea Seoul, South Korea $4.13B AUM
ZP
Zimmer Partners New York $4.15B AUM 14.2% 1-Year Est. Return
SHCM
Sachem Head Capital Management New York $4.15B AUM 48.05% 1-Year Est. Return
AP
Altarock Partners West Palm Beach, Florida $4.13B AUM 0.04% 1-Year Est. Return
CG
Caprock Group Boise, Idaho $4.12B AUM
BT
Banque Transatlantique Paris, France $4.17B AUM 28.5% 1-Year Est. Return
BHC
Bowen Hanes & Co Ponte Vedra Beach, Florida $4.11B AUM 41.61% 1-Year Est. Return

Graham Capital Management's Q3 2025 Portfolio in Review

As of Q3 2025, Graham Capital Management held 1,726 positions worth $6.32B, down 4.5% from $6.62B the previous quarter. Its ten largest holdings account for 55% of the portfolio.

Graham Capital Management withdrew a net $1.27B in Q3 2025, closing 529 positions and reducing 476 holdings. Its most notable exit was iShares MSCI Emerging Markets ETF, an estimated $16M position sold in full.

By sector, the portfolio is most concentrated in Industrials at 3.8% of assets, down from 4.3% a quarter earlier, followed by Technology and Financials.

Against the trend, Graham Capital Management opened a new position in iShares Russell 2000 ETF worth $14.1M.

  • Graham Capital Management's largest Q3 2025 buy was iShares Russell 2000 ETF: 58,400 shares worth $14.1M.
  • Graham Capital Management added most to VanEck Gold Miners ETF in Q3 2025, an estimated $42.9M increase.
  • Graham Capital Management's biggest Q3 2025 reduction was iShares Bitcoin Trust, cutting an estimated $15.8M.
  • Graham Capital Management fully exited iShares MSCI Emerging Markets ETF in Q3 2025, selling an estimated $16M.
  • Graham Capital Management's ten largest holdings make up 55% of its $6.32B portfolio in Q3 2025.
  • Graham Capital Management opened 458 new positions and closed 529 in Q3 2025.
  • Graham Capital Management's portfolio value fell 4.5% quarter-over-quarter to $6.32B.

Based on Graham Capital Management's 13F filing for Q3 2025, filed 14 Nov 2025.