2019 Marks the 25^th Anniversary of Graham Capital Management

While the firm has evolved significantly over the years, our goal of generating positive, non-correlated returns remains the same. Similarly, we have always prioritized providing not only compelling performance for our clients, but also transparency and a two-way dialogue that generates confidence in our process and our trading portfolios. We believe that we have extremely talented professionals focused on our alpha generating capabilities, but also have an institutional grade platform that supports our business. We are ultimately a human capital business, and we recognize the many contributions of our employees today and over the last 25 years. We thank our investors and friends for their support and confidence through many market cycles. We sincerely appreciate the partnership with our clients and look forward to continued success in the years ahead.

Milestones

GCM was founded in July 1994 by Kenneth G. Tropin and began its first year as a 4 person, $30 million quantitative trading firm. Over the course of 25 years, GCM has evolved into a firm with three main pillars of its business, comprised of systematic trend-following, quantitative macro, and discretionary macro trading strategies, with approximately $17.2 billion in AUM and 170 employees. Below, we highlight some of the milestones that we have celebrated along the way.

1994
1998
1999
2001
2003
2004
2006
2007
2008
2010
2011
2012
2014
2015
2016
2017
2019

1994:
Founded by Kenneth G. Tropin and commenced trading with $30 million of proprietary capital in GCM’s flagship quantitative program.
1998:
GCM began recruiting discretionary portfolio managers in 1998 to diversify the firm’s trading strategies.
1999:
Launched Proprietary Matrix, a portfolio which provides broad exposure to GCM’s quantitative and discretionary trading strategies.
2001:
Surpassed $1 billion in total assets under management.
2003:
• Bob Murray joined the firm. Bob is currently Vice Chairman and a member of the firm's Executive, Investment, Risk, Compliance and Cybersecurity Awareness Committees.
• GCM's K4D trading strategy posts strong results during the 2001-2002 equity bear market as well as in the 2003 recovery period.
2004:
• Brian Douglas joined the firm. Brian is currently Chief Executive Officer and a member of the firm's Executive, Investment, Risk, Compliance and Cybersecurity Awareness Committees.
• Relocated the firm’s headquarters from Stamford, Connecticut to its current facility in Rowayton, Connecticut.
• Launched first multi-portfolio manager discretionary fund, now known as the Discretionary Portfolio.
• Surpassed $5 Billion in total assets under management.
2006:
Commenced trading the Tactical Trend strategy within GCM's multi-model quantitative strategies prior to launching as a standalone fund in 2013.
2007:
GCM's Risk Committee, comprised of a cross-section of management expertise across the firm, established daily meetings due to concerns leading up to the Global Financial Crisis. The Risk Committee continues to meet daily to review position-level performance, exposures and related risks within the context of prevailing market conditions.
2008:
Despite financial crisis, GCM's strategies generated strong results during this difficult period and the firm continued to provide liquidity to investors.
2010:
Pablo Calderini joined the firm. Pablo is currently President and CIO and a member of the firm's Executive, Investment, Risk and Compliance Committees.
2011:
• Edward Tricker joined the firm. Edward is currently CIO of Quantitative Strategies and a member of the firm's Executive, Investment, Risk and Compliance Committees.
• Formed Graham Capital LLP, GCM's U.K. based affiliate, which is currently authorized by the U.K. Financial Conduct Authority.
2012:
Registered with the Securities and Exchange Commission (“SEC”) as a Registered Investment Advisor.
2014:
• Kelly Tropin Whitridge joined the firm. Kelly is currently Chief Economist and a member of the firm's Executive, Investment and Risk Committees.
• Commenced trading the Graham Quant Macro strategy, which is a directional, long and short strategy that utilizes fundamental and price-based indicators to establish return forecasts across global interest rates, foreign exchange, stock indices and commodities.
2015:
Surpassed $10 billion in total assets under management.
2016:
Created the Employee Advisory Committee to focus on the firm's culture and employee experience, with the objective of recruiting and retaining the most talented professionals in the alternative investment industry.
2017:
Created Women's Network of Graham, which seeks to drive members to make meaningful contributions to the firm, industry and community by inspiring the confidence to participate, challenge, and evolve.
2019:
• The firm celebrates its 25th anniversary of trading.
• $15B in Firm AUM as of September 2019.

"We genuinely thank our investors and friends for your support and confidence through many market cycles. We greatly appreciate the partnership with our clients and look forward to continued success in the years ahead."

"Performance is one measure of the firm’s success, but employee tenure is another…We have so many incredibly dedicated employees that have been with Graham for 15 or 20 years, and I cannot tell you how grateful I am for their contributions to the firm."

"The importance of the people who work at Graham is the reason why we started the Employee Advisory Committee. The purpose of the EAC is to take the feedback of the Graham community and drive change within the firm to create the best employee experience possible."

"In 2008, our ability to perform well during a very difficult year for equities and other hedge funds gave Graham a great deal of credibility with investors and really was the catalyst for institutions to start investing in macro strategies."

"Over the course of the past 25 years, Graham’s employees and culture have made this firm a success."

Executive Committee Views

Ken Tropin
Chairman and Founder

"Graham’s human capital is the foundation of our success. We strive to have some of the most talented and motivated people in the alternative investment industry to enable us to achieve our goals. Our principles of collaboration, innovation and integrity have been the foundation of our success over the last 25 years and will continue to serve us well in the future."

Pablo Calderini
President and CIO

"To me, coming to work every day is a pleasure. We face knowledgeable investors that constantly push us to improve - and we have such a talented team of people across the firm that doing so is a gratifying exercise. As we look forward, we collectively need to maintain the balance between innovation and collaboration so that every employee is and feels part of the success of GCM."

Bob Murray
Vice Chairman

"Through more than 35 years in the hedge fund industry, the last 16 of which have been at Graham, I have witnessed quantitative and discretionary macro strategies play an increasingly larger and more critical role in institutional and high net worth investor portfolios. As we complete our 25th year, I am proud to have been associated with a Firm who has been an industry leader and played a key part in the increased acceptance and growth of the entire hedge fund industry. I am inspired by the professionalism of Graham and the dedication of our employees, 65 of which have been here for more than a decade."

Brian Douglas
CEO

"Among the many characteristics that have contributed to the success of Graham Capital Management over the past 25 years is our dedication to people and process. We have a long history of encouraging and supporting people to set professional goals and then giving them the support they need to achieve them. With respect to process, the discipline and rigor required to maintain the highest level of internal controls and regard for our fiduciary responsibilities to our clients results in an attention to detail across all areas of our firm that manifests itself in the long tenure of many of our clients and team members.”

Edward Tricker
CIO of Quantitative Strategies

“GCM is unusual in that it can combine commercial intelligence with academic excellence. This rare amalgam has allowed us to develop innovative solutions to challenging problems in an environment where more narrow-minded firms could struggle. However, we do not want to rest on our laurels. As with past success, the future responsibility does not sit on the shoulders of any single individual. Instead, we can all encourage new ideas rather than complacency, promote a culture of inquiry without judgment, and foster innovation without fear of failure. We all share the obligation, but also the benefits, of making GCM an inspiring place.”

Kelly Tropin Whitridge
Chief Economist

“As Graham has grown over the past 25 years, it has developed a supportive and inclusive culture that encourages employees to innovate, collaborate, and engage in the free exchange of ideas in order to develop the best alpha for our clients. We are proud of the environment we have created here at Graham and will continue to build for generations to come.”

Then and Now

GCM is headquartered in Rowayton, CT, at a site historically named “Rock Ledge.” Since moving to our headquarters in 2004, many of the historical features of Rock Ledge have been preserved while achieving a proper balance of tradition and functionality. If these halls could tell their story, they would include the years of care shown by each and every owner – James A. Farrell (former president of U.S. Steel), General Douglas MacArthur, Sperry-Rand, the Thomas School, Continental Group, Hewitt Associates and now GCM. We are pleased to continue this tradition of care and pride in calling Rock Ledge our home.

Welcome to Graham Capital

2019 Marks the 25th Anniversary of Graham Capital Management