At the 2025 MFA iConnections Global Alts conference in New York, Graham’s Chairman and Founder, Ken Tropin, joined Kadmiel Onodje, Senior Investment Director at NEPC, for a candid and wide-ranging fireside conversation. The discussion offered timely insights into the current environment, the evolving role of global macro in portfolio construction, and how experienced managers are adapting to an increasingly complex world.
Key themes include:
Macro Relevance Today: With rising geopolitical tensions, shifting rate policies, and persistent inflation, global macro has reemerged as a critical diversifier. Ken shares why macro strategies remain essential as traditional asset correlations evolve.
Talent and Tenure in a Dynamic Industry: The conversation explored what it takes to build and sustain a culture that retains top talent for decades.
Discretionary and Quantitative Synergy: Ken speaks about the complementary strengths of discretionary and systematic macro approaches, noting how combining the two can lead to more robust outcomes and better adaptability across varied market environments.
The Role of Innovation and Data: As data becomes increasingly central to investment decision-making, Ken reflected on how innovation must be paired with sound judgment to truly create an edge.
Risk Management in a Shifting World: From regional conflicts to policy-driven shocks, the conversation covered how managers must evolve their risk frameworks to remain resilient in a more volatile and uncertain environment.
The session offered a forward-looking perspective on where opportunities may emerge in the next phase of the global macro cycle, as well as the foundational elements needed to build enduring investment organizations.
Kenneth G. Tropin is the Chairman and the founder of Graham Capital Management, L.P. (“Graham”). Mr. Tropin founded Graham in 1994 and over the last 30 years has grown the firm into an industry leading alternative investment manager focusing on global macro discretionary and quantitative hedge fund strategies. Mr. Tropin is currently the Chairman of the firm’s Executive and Investment Committees and a member of the firm’s Risk Committee. Additionally, Mr. Tropin is responsible for managing the strategic investment of the firm’s proprietary capital. Prior to founding Graham, Mr. Tropin had significant experience in the alternative investment industry, including five years (1989 to 1993) as President and Chief Executive Officer of John W. Henry & Company, Inc. and seven years (1982 to 1989) as Senior Vice President and Director of Managed Futures at Dean Witter Reynolds. Mr. Tropin has also served as Chairman of the Managed Funds Association and its predecessor organization, which he was instrumental in founding during the 1980s.
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