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.
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]
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