Graham Capital Management

Graham Capital Management (or simply Graham) is an American investment management firm headquartered in Rowayton, Connecticut. The firm has a focus on global macro and trend-following investing. It has additional offices in Florida and London.

Graham Capital Management, L.P.

Headquarters at Rock Ledge
Company type	Private
Industry	Investment management
Founded	July 1994; 31 years ago (1994-07)
Founder	Kenneth Tropin
Headquarters	Rowayton, Connecticut
Products	Hedge funds Alternative investments Global macro Trend following
AUM	US$17.7 billion (April 1, 2023)
Number of employees	190+ (April 1, 2023)
Website	grahamcapital.com
Footnotes / references [1][2]

History

GCM was founded in July 1994 by Kenneth Tropin.^{[2][3][4][5][6][7][8]} Prior to this, Tropin was president and CEO of John W. Henry & Company, a commodities trading firm established by John W. Henry.^[2][3][7] In 1993, after Tropin parted ways with Henry, Paul Tudor Jones, a friend of Tropin encouraged him to start his own hedge fund and provided initial capital as a strategic investor.^[2][3] The early strategies were Systematic trend following.^[2][3][5]

In 1998, the firm began recruiting discretionary portfolio managers to diversify the firm's trading strategies. Then the firm launched Proprietary Matrix, a portfolio which provides broad exposure to Graham's quantitative finance and discretionary trading strategies.^[2][3][7]

In November 2007, Graham enhanced its risk management procedures and started holding daily risk management meetings which is still continued to this day.^[2][4][5][7]

In 2014, Graham launched its Graham Quant Macro strategy to clients.^[8]

In February 2025, Jens Foehrenbach joined the firm as President and Co-Chief Investment Officer (CIO). Former president Pablo Calderini was named Vice-Chairman and Co-CIO.^[9]