Clients
Graham Capital Management serves 35 clients, 28 of them pooled investment vehicles. The average client has about $1.22 billion with the firm.
- Pooled investment vehicles28 clients100%
Show client breakdownHide client breakdown
| Client type | Clients | Regulatory AUM | Share | Avg. per client |
|---|---|---|---|---|
| Investment companies | 7 | $0 | 0.0% | $0 |
| Pooled investment vehicles | 28 | $42,865,979,000 | 100.0% | $1.53B |
| Total | 35 | $42,865,979,000 | 100% | $1.22B |
- Clients
- 7
- Regulatory AUM
- $0
- Share
- 0.0%
- Avg. per client
- $0
- Clients
- 28
- Regulatory AUM
- $42,865,979,000
- Share
- 100.0%
- Avg. per client
- $1.53B
Total
- Clients
- 35
- Regulatory AUM
- $42,865,979,000
- Share
- 100%
- Avg. per client
- $1.22B
What it does
Graham Capital Management provides portfolio management for investment companies and portfolio management for pooled vehicles. It is paid through a percentage of assets, performance-based fees and other arrangements.
Graham Capital Management advises 18 private funds.
100.0% of assets ($42.87B across 35 accounts) are managed with discretion. 78% of clients are outside the U.S., and 7 clients received advice without assets under management last fiscal year.
Custodians
Graham Capital Management has custody of $12.54B for 27 clients.
- All other custodians$42.87B100%
Ownership and leadership
KGT Investment Partners, L.P. owns 75% or more of Graham Capital Management.
- Owns 75% or more of Graham Capital Management, L.P.
KGT Investment Partners, L.P.
Control person · since June 1994
- Owns 75% or more of KGT Investment Partners, L.P.
KGT Capital Limited Partnership
Control person · since June 1994
- Owns 25% to 50% of KGT Capital Limited Partnership
The Kenneth G. Tropin Family Trust
Control person · since August 2020
Paul Sedlack
Trustee · Control person · since August 2020
Bachir Karam
Trustee · Control person · since August 2020
- Owns 75% or more of Graham Capital Management, L.P.
KGT, Inc.
Control person · since January 2025
- Owns 75% or more of KGT, Inc.
Kenneth G. Tropin Revocable Trust
Control person · since June 1994
Kenneth Tropin
Trustee · Control person · since June 1994
Leadership
- Jens FoehrenbachPresident and Chief Investment Officer
- George SchradeChief Financial Officer
- Jason SlutskyChief Operating Officer and General Counsel
- Timothy SperryChief Compliance Officer
- Kenneth TropinChairman
Staff
- 209 employees
- 98 in advisory functions
Reported holdings
Graham Capital Management’s reported 13F holdings total $5.50B across 1,222 positions, and the ten largest make up 35.0% of it.
- $5.50B
- Reported 13F value
- 1,222
- Positions
- 35.0%
- In the 10 largest
- +32.7%
- Value vs. prior quarter
- iShares TR · Russell 2000 ETFPut17.2%
- Vaneck ETF Trust · Gold Miners ETFCall3.4%
- Gamestop Corp. · Note 6/12.7%
- Penguin Solutions Inc. · Note 2.000% 8/12.2%
- Invesco Qqq TR · Unit Ser 1Call2.1%
- Applied Digital Corp. · Note 2.750% 6/01.8%
- Nvidia Corporation1.5%
- Green Plains Inc. · Note 5.250%11/01.4%
- Amazon Com Inc.1.4%
- Groupon Inc. · Note 4.875% 6/31.3%
Together, the ten largest are 35.0% of reported value.
A 13F covers only exchange-traded long positions the firm holds with discretion, so this $5.50B is not its $42.87B in regulatory assets and does not represent any individual client's portfolio.
Fees
Graham Capital Management is paid through a percentage of assets under management, performance-based fees and other.
Graham Capital Management’s fee rates are not included in this profile. Find its brochure on the SEC’s site.
Offices and registrations
Besides its headquarters, Graham Capital Management has 3 offices, with 3 listed addresses across 3 states.
Connecticut · 1 listed address
- 40 Highland Avenue, RowaytonHQ
Florida · 1 listed address
- 505 South Flagler Drive, West Palm Beach
New York · 1 listed address
- 712 Fifth Avenue, New York
Registration details
- Legal name
- Graham Capital Management, L.P.
- Headquarters
- 40 Highland Avenue, Rowayton, CT 06853
- Phone
- 203-899-3400
- Website
- www.grahamcapital.com
- SEC file
- 801-73422
- Structure
- Delaware limited partnership
- Fiscal year end
- December
This directory does not report disciplinary history, for any firm or individual, in either direction. The SEC publishes the complete record, including any disciplinary events, and it is the authoritative place to check one. See this firm's record on adviserinfo.sec.gov
Common questions
How many clients does Graham Capital Management have?
Graham Capital Management has 35 clients and manages $42.9 billion for them, as of July 2026. They include 28 pooled investment vehicles and 7 investment companies.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 7 July 2026
What services does Graham Capital Management offer?
Graham Capital Management provides portfolio management for investment companies and portfolio management for pooled vehicles.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
How many financial advisors does Graham Capital Management have?
Graham Capital Management has 0 investment adviser representatives registered with state securities authorities, out of 209 employees, and 98 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
Who owns Graham Capital Management?
Graham Capital Management’s direct owners are KGT Investment Partners, L.P. (75% or more) and KGT, Inc. (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 7 July 2026
How does Graham Capital Management get paid?
Graham Capital Management is paid through a percentage of assets under management, performance-based fees and other arrangements. Its Form ADV lists no commissions among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file