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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
+1.47%
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
$4.18B
AUM Growth
-$2.14B
Cap. Flow
-$190M
Cap. Flow %
-4.54%
Top 10 Hldgs %
35.08%
Holding
1,653
New
441
Increased
361
Reduced
355
Closed
464

Top Buys

Rank Stock Value
1
CIFR icon
Cipher Digital
CIFR
+$39.9M
2
NFLX icon
Netflix
NFLX
+$38M
3
EWC icon
iShares MSCI Canada ETF
EWC
+$35M
4
UPS icon
United Parcel Service
UPS
+$26.1M
5
EOSE icon
Eos Energy Enterprises
EOSE
+$25.7M

Top Sells

Rank Stock Value
1
GDX icon
VanEck Gold Miners ETF
GDX
+$62.2M
2
IBIT icon
iShares Bitcoin Trust
IBIT
+$43.4M
3
XLU icon
State Street Utilities Select Sector SPDR ETF
XLU
+$39.5M
4
VTV icon
Vanguard Morningstar Value ETF
VTV
+$32.8M
5
XLI icon
State Street Industrial Select Sector SPDR ETF
XLI
+$20.4M

Sector Composition

Rank Sector Weight
1 Miscellaneous 58.96%
2 Technology 8.87%
3 Industrials 7.52%
4 Financials 5.36%
5 Consumer Discretionary 5.16%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MSTR icon
1
PUT
Strategy Inc
MSTR
$52.7B
$632M 15.13%
4,160,600
-76,600
-2% -$17.6M
QQQ icon
2
PUT
Invesco QQQ Trust
QQQ
$489B
$117M 2.79%
190,000
-10,000
-5% -$6.14M
IBIT icon
3
PUT
iShares Bitcoin Trust
IBIT
$60.9B
$107M 2.57%
2,161,700
-215,900
-9% -$12.3M
FBTC icon
4
PUT
Fidelity Wise Origin Bitcoin Fund
FBTC
$14.5B
$88.9M 2.13%
1,166,800
– –
IBIT icon
5
iShares Bitcoin Trust
IBIT
$60.9B
$76.9M 1.84%
1,547,855
-764,557
-33% -$43.4M
AMZN icon
6
Amazon
AMZN
$2.72T
$57M 1.36%
246,872
+80,174
+48% +$18.3M
CLMT icon
7
PUT
Calumet Specialty Products
CLMT
$4.9B
$51.9M 1.24%
2,610,100
– –
META icon
8
Meta Platforms (Facebook)
META
$1.67T
$49.7M 1.19%
75,237
+35,584
+90% +$23.8M
EWC icon
9
iShares MSCI Canada ETF
EWC
$6.81B
$43.5M 1.04%
806,849
+677,849
+525% +$35M
NVDA icon
10
NVIDIA
NVDA
$5.4T
$41.5M 0.99%
222,279
+127,441
+134% +$23.7M
TLT icon
11
PUT
iShares 20+ Year Treasury Bond ETF
TLT
$46.9B
$39.2M 0.94%
450,000
+350,000
+350% +$31.3M
NFLX icon
12
Netflix
NFLX
$317B
$36.9M 0.88%
393,923
+352,203
+844% +$38M
GME icon
13
PUT
GameStop
GME
$8.92B
$33.6M 0.8%
1,675,100
– –
CIFR icon
14
Cipher Digital
CIFR
$7.01B
$33.3M 0.8%
+2,258,042
New +$39.9M
HYG icon
15
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$15.4B
$32.3M 0.77%
400,000
-199,700
-33% -$16.1M
EOSE icon
16
PUT
Eos Energy Enterprises
EOSE
$1.51B
$30.4M 0.73%
2,655,100
-5,088,800
-66% -$73.1M
BITO icon
17
PUT
ProShares Bitcoin Strategy ETF
BITO
$1.67B
$30.4M 0.73%
2,499,900
– –
UPS icon
18
United Parcel Service
UPS
$84.4B
$29.9M 0.72%
301,414
+279,434
+1,271% +$26.1M
KWEB icon
19
CALL
KraneShares CSI China Internet ETF
KWEB
$4.78B
$29.5M 0.7%
865,000
+861,000
+21,525% +$33.1M
C icon
20
Citigroup
C
$231B
$28.1M 0.67%
241,094
+129,391
+116% +$13.4M
MU icon
21
Micron Technology
MU
$1.16T
$27.4M 0.66%
96,114
+12,749
+15% +$2.93M
BA icon
22
Boeing
BA
$163B
$25.6M 0.61%
118,056
+40,438
+52% +$8.32M
FSLR icon
23
First Solar
FSLR
$21.8B
$25.6M 0.61%
98,074
+38,474
+65% +$9.7M
GOOG icon
24
Alphabet (Google) Class C
GOOG
$4.02T
$25.3M 0.61%
80,654
+29,871
+59% +$8.56M
PCT icon
25
PUT
PureCycle Technologies
PCT
$1.26B
$22.4M 0.54%
2,609,600
+95,400
+4% +$1.01M
1
2 3 4 5

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Graham Capital Management's Q4 2025 Portfolio in Review

As of Q4 2025, Graham Capital Management held 1,653 positions worth $4.18B, down 34% from $6.32B the previous quarter. Its ten largest holdings account for 35% of the portfolio.

Graham Capital Management withdrew a net $190M in Q4 2025, closing 464 positions and reducing 355 holdings. Its most notable exit was Vanguard Morningstar Value ETF, an estimated $32.8M position sold in full.

By sector, the portfolio is most concentrated in Miscellaneous at 59% of assets, down from 78% a quarter earlier, followed by Technology and Industrials.

Against the trend, Graham Capital Management opened a new position in Cipher Digital worth $33.3M.

  • Graham Capital Management's largest Q4 2025 buy was Cipher Digital: 2,258,042 shares worth $33.3M.
  • Graham Capital Management added most to Netflix in Q4 2025, an estimated $38M increase.
  • Graham Capital Management's biggest Q4 2025 reduction was VanEck Gold Miners ETF, cutting an estimated $62.2M.
  • Graham Capital Management fully exited Vanguard Morningstar Value ETF in Q4 2025, selling an estimated $32.8M.
  • Graham Capital Management's ten largest holdings make up 35% of its $4.18B portfolio in Q4 2025.
  • Graham Capital Management opened 441 new positions and closed 464 in Q4 2025.
  • Graham Capital Management's portfolio value fell 34% quarter-over-quarter to $4.18B.

Based on Graham Capital Management's 13F filing for Q4 2025, filed 17 Feb 2026.