Crabel Capital Management

What Crabel Capital Management does

Crabel Capital Management is a privately held quantitative asset management firm founded in 1987 by short-term trading pioneer Toby Crabel. The firm runs systematic, automated trading programs across approximately 250 global futures and foreign exchange markets covering equities, fixed income, currencies, and commodities, delivering uncorrelated returns to institutional clients through absolute-return and liquid alternatives mandates.

The investment platform is organized around the flagship Crabel Multi-Product (launched 1998), which combines short-term momentum, mean reversion, trend participation, and idiosyncratic strategies, supplemented by three standalone sub-products: Crabel Advanced Trend (pure trend following, 2014), Crabel Gemini (pure alpha with 50+ strategies, 2016), and Crabel Contra (defensive sub-portfolio, 2019). Underpinning the programs is the proprietary Crabel Trading System (CTS), built through a multi-year project beginning in 2010, which integrates data management, internal risk controls, and trade execution, and is supported by four global co-locations (Chicago, New York, Frankfurt, Hong Kong) with microsecond-level execution speeds. The firm combines manual research with machine learning techniques for alpha discovery and risk targeting.

Crabel generates revenue through management and performance fees on approximately $5.0 billion in leverage-adjusted assets under management as of February 1, 2026. Distribution occurs through commingled investments, separately managed accounts, UCITS funds (since October 2017 via the MontLake platform), and bespoke custom portfolio solutions. Go-to-market relies on a direct enterprise sales motion, a dedicated in-house business development and client relations team focused on allocator education, participation in industry events, and content marketing through the firm's website. Ownership remains concentrated with founder Toby Crabel (Chairman/CIO) and CEO Michael Pomada; the firm has operated continuously without external venture or private equity investment.

Name

Crabel Capital Management

Legal name

Crabel Capital Management, LLC

Website

https://crabel.com

Company type

Private

Founded year

1987

Operating status

Operating

Headcount range

101–250 employees

Short description

Crabel Capital Management is a quantitative asset management firm founded in 1987 that runs systematic, automated trading programs across 250+ global futures and FX markets for institutional clients, leveraging proprietary execution infrastructure and machine-learning research.

Ownership category

akta.pro rank

Product category

Quantitative Asset Management (Systematic Managed Futures)

NAICS

Portfolio Management and Investment Advice (523940), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Investment Advice (6282)

akta.pro primary industry

Quantitative/Systematic Equity (Active) (FSAAAIAL)

akta.pro secondary industry

Target-Risk / Risk-Profile Model Portfolios (FSAAAJAD)

Keywords

• Systematic trading strategies
• Quantitative asset management
• Managed futures programs
• Global futures trading
• Liquid alternatives investing

Headquarters

HQ city

Milwaukee

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Infrastructure, Operations, Marketing or Sales

Revenue model

1. Asset Management Fees: Crabel generates revenue through management fees charged on assets under management across its various programs including Crabel Multi-Product, Crabel Gemini, and Crabel Advanced Trend. Programs are available as commingled investments, separately managed accounts, and UCITS funds.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Crabel Capital Management is a quantitative asset management firm that runs systematic, automated trading programs across approximately 250 global futures and foreign exchange markets for institutional clients. Its product suite includes the flagship Crabel Multi-Product uncorrelated alpha program, the pure trend-following Crabel Advanced Trend, the behavioral/structural alpha Crabel Gemini, the defensive Crabel Contra sub-portfolio, and bespoke Custom Solutions, all powered by its proprietary Crabel Trading System (CTS) and low-latency execution infrastructure.

Product overview

Crabel Capital Management offers a multi-product platform of systematic trading programs for institutional clients. The flagship offering is the Crabel Multi-Product pure alpha fund combining short-term momentum, mean reversion, trend participation, and idiosyncratic strategies. From this core, three specialized sub-products have been spun out: Crabel Advanced Trend (pure trend following, 2014), Crabel Gemini (behavioral/structural alpha, 2016), and Crabel Contra (defensive exposure, 2019). The firm also offers custom portfolio solutions. All programs trade across approximately 250 global futures and foreign exchange markets, with exposure balanced across equities, fixed income, FX, and commodities sectors.

Differentiator

Problem solved

Functional benefit

Products and services

• Crabel Multi-Product Flagship uncorrelated pure alpha systematic trading program combining unique portfolio research streams with short-term momentum, mean reversion, trend participation, and other idiosyncratic strategies. Available as a commingled investment or separately managed account for institutional clients.
• Crabel Advanced Trend Pure trend following product built on decades of medium- to long-term trend research, using pure momentum with modulation signals that adjust exposure based on trend quality and market dynamics. Available as a separately managed account and through the MontLake UCITS platform for European investors.
• Crabel Gemini Pure alpha product targeting behavioral and structural market inefficiencies with 50+ strategies incorporating volatility breakout, reversal, factor timing, and other uncorrelated opportunistic concepts. Available as a commingled investment, separately managed account, or through the MontLake UCITS platform.
• Crabel Contra Sub-portfolio of Crabel Multi-Product designed as a defensive component for custom portfolios seeking defensive systematic exposure.
• Custom Solutions Bespoke portfolio solutions customized to meet specific institutional client needs, drawing on Crabel's systematic strategy universe across Multi-Product, Advanced Trend, Gemini, and Contra.

Quantifiable outcome

• Delivered over three decades of uncorrelated returns for institutional clients
• +2 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability5 records

Feature4 records

Partnerships

One partnership is on record.

• MontLake UCITS PlatformcoreChannel Partner/ Reseller/ Distributor · 1 October 2017Crabel Gemini and Crabel Advanced Trend launched as European UCITS funds through the MontLake UCITS platform in October 2017, enabling broader distribution to European institutional investors.

Scale indicators4 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• Man Group (AHL): Man Group's AHL division is one of the world's largest systematic managed futures managers trading across global futures and FX, the exact same product category in which Crabel competes. Both firms run multi-strategy systematic programs for institutional clients via commingled funds, SMAs, and UCITS, making Man AHL the closest direct comparable to Crabel's Multi-Product and Advanced Trend programs.
• Winton Group: Winton is a London-based systematic investment manager managing billions in trend-following and statistical arbitrage strategies across global futures and FX. Winton's research-driven, multi-strategy systematic approach and institutional client base closely parallel Crabel's franchise.
• Graham Capital Management: Graham is a large systematic global macro and managed futures firm trading global futures, FX, and fixed income via discretionary and systematic programs for institutional clients. Graham's blend of quantitative and discretionary systematic trading and product breadth is highly comparable to Crabel.
• AQR Capital Management: AQR is a quant asset manager offering multi-asset systematic strategies including managed futures (e.g., AQR Managed Futures), trend-following, and alternative risk premia. AQR's systematic, multi-product, multi-asset platform and institutional client base overlap substantially with Crabel's approach and distribution strategy.
• Aspect Capital: Aspect is a systematic investment manager focused on global futures and FX trend-following and diversified programs for institutional clients. Aspect's product set and customer segment directly mirror Crabel Multi-Product and Crabel Advanced Trend.
• Campbell & Company: Campbell & Company is a managed futures CTA running systematic, trend-following, and global macro programs for institutional investors via commingled funds and SMAs. Campbell's product offering and institutional target market match Crabel's multi-program structure.

Broad incumbents

• Two Sigma Investments: Two Sigma is a much larger quantitative investment firm applying systematic, technology-driven strategies across liquid alternatives and broader alpha capture. While its scope far exceeds Crabel's, its systematic futures and FX strategies compete for institutional allocator mind share and talent.
• DE Shaw Group: D.E. Shaw operates systematic and multi-strategy investment businesses across global equities, commodities, and macro. Its systematic global macro and commodities strategies compete with Crabel for institutional risk-premia allocations.
• Millennium Management: Millennium is a multi-strategy hedge fund platform that has extended into global macro and systematic strategies. Its size and scale make it a competitor for institutional liquid alternatives mandates and for the research talent Crabel relies upon.
• Bridgewater Associates: Bridgewater is a global macro asset manager running systematic strategies across global markets for institutional clients. Its research-driven systematic approach and institutional client base place it in the same alternatives allocator conversation as Crabel.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/crabel-capital-management

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Crabel Capital Management