Graham Capital Management, L.P.
Graham Capital Management, L.P. is a prominent hedge fund and asset management firm headquartered in Rowayton, Connecticut, United States. Founded in 1994, the firm specializes in discretionary and quantitative macro trading. Graham Capital leverages decades of macro trading experience and has developed innovative alpha strategies for institutional clients and private wealth partners. The firm is known for its rigorous risk management, active portfolio construction, and commitment to transparency. As of mid-2025, Graham Capital employs approximately 200 professionals and serves a global client base, including pension funds, endowments, and sovereign wealth entities.
Investment Strategy
Graham Capital Management focuses on both quantitative and discretionary global macro strategies. The firm seeks to generate alpha and diversify client portfolios through systematic and human-driven approaches, actively combining proprietary quantitative models with seasoned discretionary trading to adapt to changing market conditions. Their investment philosophy emphasizes diversification by design, proactive risk management—such as daily risk committee meetings and real-time portfolio monitoring—and thoughtful portfolio construction based on well-defined objectives that consider liquidity, volatility, and correlation characteristics. Graham continually evolves its strategies to maintain robust performance and risk-adjusted returns for institutional and private wealth clients.
Top Holdings
Equity Positions (1,189)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
I IBIT | ISHARES BITCOIN TRUST ETF | 2.36% | $156.4M | 2,555,708 | $41.49 | $61.21 | +$52.9M |
X XLU | SELECT SECTOR SPDR TR | 0.63% | $41.4M | 506,950 | $79.90 | $81.66 | +$13.4M |
A AMZN | AMAZON COM INC | 0.39% | $25.6M | 116,754 | $206.23 | $219.39 | +$11.9M |
C CME | CME GROUP INC | 0.36% | $24.1M | 87,349 | $163.47 | $275.62 | +$4.2M |
M META | META PLATFORMS INC | 0.34% | $22.4M | 30,351 | $387.52 | $738.09 | +$2.5M |
Options Positions (10)
| Ticker | Security | Action | Type | Notional Value | Contracts | Underlying Price | Premium Paid | Change (Contracts) | Change (Value) |
|---|---|---|---|---|---|---|---|---|---|
M MSTR | MICROSTRATEGY INC | Sold | Put | $1.71B | 42,372 | $404.23 | $96.52 | -3,809 | +$381.5M |
I IWM | ISHARES TR | Sold | Put | $507.7M | 23,529 | $215.79 | $198.48 | -2,940 | -$20.3M |
S SPY | SPDR S&P 500 ETF TR | Bought | Put | $216.2M | 3,500 | $617.85 | $612.13 | +3,046 | +$190.9M |
I IBIT | ISHARES BITCOIN TRUST ETF | Bought | Put | $153.5M | 25,076 | $61.21 | $53.10 | +2,073 | +$45.8M |
Q QQQ | INVESCO QQQ TR | New | Put | $151.7M | 2,750 | $551.64 | $551.64 | +2,750 | +$151.7M |