Diversifying Investment Strategies

By leveraging the unique synergies between the firm’s quantitative and discretionary trading businesses, we have developed and refined a broad range of alpha strategies that complement a broader portfolio.

Our Mission

We endeavor to meet our fiduciary responsibility to clients by delivering robust alternative investment solutions through three guiding principles:


We aim to create a collaborative environment where people are motivated to contribute ideas and work together in the pursuit of alpha.


We continuously evolve in a strategic and thoughtful way by developing new trading strategies, enhancing portfolio construction and risk management techniques, and offering a diverse range of investment products that are designed to meet various client needs.


Integrity underpins our operations and is a core part of our fiduciary responsibility to clients. We promote honesty, fairness, and respect through our strong ethical culture.

Our People

The foundation of Graham’s sustainability and success is the experience and contributions of its people. The firm seeks to cultivate talent, encourage the diversity of ideas, and respect the contributions of all. In turn, each employee shares in the responsibility of strengthening those around them.

We believe that this culture has fueled the individual growth and collective success of our firm:

An average tenure of
15 years for members of our Investment Committee

With team members from around the world, we believe that diverse perspectives drive innovation and make us a stronger team.


Approximately 40% of our employees have been with Graham for more than 10 years.


Over 200 personnel across all our offices

Diverse expertise
that spans a range of investment specialisms

Graham Capital Management, Ken Tropin, Pablo E. Calderini, Brian K. Douglas.

Corporate Social Responsibility

Our fiduciary responsibility to investors is at the core of how we manage all aspects of the business, including Corporate Social Responsibility (“CSR”).  Our approach to CSR is based on the firm’s mission statement and highlights our commitment to our clients and to the longevity of our business.

Our history


The firm is founded by Kenneth G. Tropin. We commence trading with $30 million of proprietary capital in our flagship quantitative program.


Began recruiting discretionary portfolio managers.


Launched multi-portfolio manager discretionary macro funds.


Established a Risk Committee, which meets daily.


Began trading UCITS-compliant funds.


Opened our London office.


Registered with the SEC.


Began sub-advising ‘40 Act Mutual Funds.


Opened an office in Florida and created our Employee Advisory Committee, which focuses on firm culture initiatives.


Formed the Women’s Network of Graham.


Became a SBAI signatory.


Became a PRI signatory


The firm marks 30 years of pioneering innovation in alternative investments.

Join our team

We value diversity of thought and welcome talent from a range of backgrounds. In return, we offer a collaborative culture in which differing perspectives are appreciated, along with a working environment that is dynamic and stimulating.

Subscribe to our Resource Center

Welcome to Graham Capital Management

By entering this website you are agreeing to its Terms of Use.

The risk of loss in trading commodities can be substantial. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition. The high degree of leverage that is often obtainable in commodity trading can work against you as well as for you. The use of leverage can lead to large losses as well as gains.

In some cases, managed commodity accounts are subject to substantial charges for management and advisory fees. It may be necessary for those accounts that are subject to these charges to make substantial trading profits to avoid depletion or exhaustion of their assets. The disclosure document contains a complete description of the principal risk factors and each fee to be charged to your account by the commodity trading advisor (“CTA”). The regulations of the commodity futures trading commission (“CFTC”) require that prospective clients of a CTA receive a disclosure document when they are solicited to enter into an agreement whereby the CTA will direct or guide the client’s commodity interest trading and that certain risk factors be highlighted. This brief statement cannot disclose all of the risks and other significant aspects of the commodity markets. Therefore, eligible investors should carefully study the disclosure document to determine whether such trading is appropriate for you in light of your financial condition. Eligible investors are encouraged to access the disclosure document by contacting Graham, which will be provided  at no additional cost. The CFTC has not passed upon the merits of participating in this trading program nor on the adequacy or accuracy of the disclosure document. Other disclosure statements are required to be provided to you before a commodity account may be opened for you.  By accepting the terms of this statement and entering the site you are confirming your understanding of this statement.

Any “benefit plan investor” (e.g. An IRA or other ERISA investor) investor is hereby deemed to represent to Graham Capital Management (“Graham”) that an independent fiduciary (as defined in the ERISA fiduciary rule) is exercising its independent judgment with regard to such investor’s investment in any Graham managed fund and is aware of and acknowledges and agrees that Graham and its affiliates are relying on the exception set forth in clause (c)(1) of the ERISA fiduciary rule (i.e., the “transactions with independent fiduciaries with financial expertise” exception) with respect to any communications made to the investor or the investor’s fiduciary that are considered recommendations concerning any transaction and such benefit plan investor.

Although the site may include investment-related information, nothing on the site is a recommendation that you purchase, sell or hold any security or other investment, or that you pursue any investment style or strategy.

We do not give any advice or make any representations through the site as to whether any investment is suitable to you or will be profitable.

Nothing on the site is intended to be, and you should not consider anything on the site to be, investment, accounting, tax or legal advice. If you would like investment, accounting, tax or legal advice, you should consult with your own financial advisors, accountants or attorneys regarding your individual circumstances and needs.

The past performance of any investment, investment strategy or investment style is not indicative of future performance.

If you have been provided with a password to access the site you are solely responsible for maintaining the confidentiality and security of your password. You may not disclose your password to any third party. You accept full responsibility for any use of your password. You must notify Graham immediately of any actual or suspected loss, theft or unauthorized use of your password.

We are not obligated to inquire as to the authority or propriety of any use of or action taken under your password. We will not be responsible for any loss to you that arises from such use or action or from your failure to comply with these provisions.

The site, including all content, is provided as is and as available.

We disclaim all representations and warranties, express or implied, of any kind with respect to the site and the content including warranties of merchantability, fitness for a particular purpose and non-infringement of intellectual property and proprietary rights.

Without limiting our general disclaimer, we do not warrant the availability, accuracy, completeness, timeliness, functionality, reliability, sequencing or speed of delivery of the site or the content.