The departure, effective in January, was disclosed in a recent SEC ownership change statement signed in March.

March 20, 2026

Pablo Calderini has stepped down as President and Co-Chief Investment Officer of Graham Capital Management, L.P., according to a statement of changes in beneficial ownership submitted to the U.S. Securities and Exchange Commission.

Calderini’s resignation became effective on January 20, 2026. The form was signed on March 18, 2026, and indicates that Calderini is no longer subject to Section 16 reporting obligations, a designation that typically applies to company insiders such as officers, directors, and significant shareholders.

No Reported Transactions

The document was filed in connection with Graham Alternative Investment Fund I LLC and lists Calderini’s relationship to the issuer as Co-CIO of Graham Capital Management, L.P., the fund’s management entity. Notably, both Table I and Table II of the form — which track non-derivative and derivative securities transactions, respectively — contain no reported transactions, suggesting the departure did not involve any immediate changes to Calderini’s beneficial ownership of fund securities.

Background

Graham Capital Management, headquartered in Rowayton, Connecticut, is a well-known systematic and discretionary macro hedge fund founded by Kenneth Tropin. Calderini had served in senior leadership at the firm and played a significant role in shaping its investment strategy during his tenure.

The filing does not provide a reason for Calderini’s departure or indicate whether a successor has been named. It also does not disclose any future plans for Calderini. His listed address in the filing is in Rowayton, Connecticut, the same town where Graham Capital maintains its offices.

The nearly two-month gap between the effective date of the resignation and the signing of the disclosure is not unusual for these types of filings, which must be submitted within specific regulatory timeframes following changes in insider status or ownership.