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Typhon Capital Management - Vulcan Metals Ultra Strategy

Principal(s): James Gallo, Ed Smith, and Anthony Cicileo
Strategy: Discretionary / Metals
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Investment Restrictions: 4.7 Exempt - QEPs Only++
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Statistics & Program Information

Mar Return 16.94%	Worst Drawdown ⁽²⁾ -17.76%	Minimum Investment $1,000,000
YTD Return 10.80%	Losing Streak ⁽³⁾ 0.00 %	AUM⁽⁵⁾ $1,000
Annualized CROR:¹ 43.87%	Sharpe Ratio ⁽⁴⁾ 1.00	Calmar Ratio ⁽⁶⁾ N/A

Trading Methodology 100% Discretionary	Style Sub-Categories Fundamental Relative Value	Trading Style 100% Trend Following
Market Sector 100% Metals	Holding Period 100% Short Term	Geographic Sector US Contracts: Futures

Start Date Oct-2022	Currency US Dollar	Margin ⁽⁷⁾ 10%
New Money Yes	AUM ⁽⁵⁾ $1,000	Management Fee 1.00%
Min Investment $1,000,000	Annualized CROR ¹ 43.87%	Incentive Fee 25.00%
Fund Minimum $1,000,000	Losing Streak ⁽³⁾ 0.00 %	Other Fees None
Notional Funds Yes	Worst Drawdown ⁽²⁾ -17.76 %	Avg Comm ⁽⁸⁾
NFA Member Yes	Sharpe Ratio ⁽⁴⁾ 1.00	Max Comm ⁽⁹⁾
NFA Number 0398233	Calmar Ratio ⁽⁶⁾ N/A	Round Turns ⁽¹⁰⁾ 0

Starting Date: Oct-2022	Currency: US Dollar
Open to New Investors: Yes	Current Assets: $1,000
Open to US Investors: Yes	Annualized CROR: 43.87%
Minimum Fund Investment: $1,000,000	Worst Monthly Drawdown: -17.76
Minimum Managed Account: $1,000,000	Current Losing Streak: 0.00 %
Domocile:	Calmar: N/A
Subscriptions: N/A	Sharpe Ratio: 1.00
Redemptions: N/A	US Attorney: Not Listed
Lock Up: N/A	Offshore Attorney: Not Listed
Hurdle Rate: N/A	Administrator: Not Listed
Administraton Fee: 0.00%	Prime Broker: Not Listed
Management Fee: 1.00%	Auditor: Not Listed
Incentive Fee: 25.00%	NFA Member: Yes
Selling Fee: 0.00%	FINRA Member: No
Other Fees: None	Other Memberships: None

Type of Fund:	Domicile:	Strategy: Relative Value

Correlations: AG CTA Index: -0.027 AG Discretionary CTA Index: 0.294

Trading Description, Risk Strategy & Background

Trading Description

The Vulcan Metals Ultra Strategy was designed to be a combination of the relative value strategies used in the Vulcan Metals Fund and a much more aggressive directional trading approach. This provides a much higher volatility profile than the original fund, which replicated many of the edge-laden strategies run on a traditional bank metals trading desk. The strategy is managed by Typhon partners James Gallo, Ed Smith, and Anthony Cicileo. Utilizing a global network of information on mining, usage, historical movements, and need, as well as proprietary research, the methodology is exacting yet flexible enough to capitalize on daily market structure irregularities. Vulcan trades a variety of metals including copper, gold, silver, platinum, and palladium. Vulcan adapts to changing market conditions, the strategy employs intra-commodity spreads to target low volatility returns. Vulcan focuses on the highest risk-adjusted opportunities, many of which involve taking the cash-inefficient side of the trade to arbitrage premia created by counterparties who refuse to enter into fully-funded trades like taking title to warrants on physical commodities and cross-exchange arbitrage.

Risk Strategy

N/A

Background

Typhon Capital Management is a leading multi-strategy hedge fund and CTA specializing in tactical trading. Typhon offers a multi-strategy hedge fund, a multi-strategy swap, and deconstructed access to our individual, award-winning sector specialist and capacity-constrained quantitative managers in managed accounts, or in custom portfolios on our US and Cayman fund platforms.

Performance

Monthly Performance Since October 2022

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	ROR	Max DD
2025	3.82%	-8.74%	16.94%										10.8%	-8.74%
2024	-2.74%	0.76%	10.49%	2.30%	4.10%	-2.65%	0.86%	0.05%	9.63%	1.00%	-8.15%	0.10%	15.32%	-8.15%
2023	18.43%	-15.88%	38.37%	13.13%	-4.38%	-5.40%	5.29%	-3.49%	-9.84%	3.51%	12.60%	0.05%	50.71%	-17.13%
2022										-17.76%	37.29%	14.19%	28.93%	-17.76%

Annual Performance

Years	2022	2023	2024	2025 YTD
ROR	28.93%	50.71%	15.32%	10.80%
Max DD	-17.76%	-17.13%	-8.15%	-8.74%

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE SUCCESS. THERE IS A RISK OF LOSS IN FUTURES TRADING.

VAMI, Assets under Management & Worst Drawdown

Monthly Returns

Accounting Notes:

Performance of the Vulcan Metals Ultra Strategy as a whole pro forma for a 1% management fee and 25% incentive fee. YTD returns are calculated for capital invested from January 1 and reflect compounding. Actual returns may differ from reported results due to differences in contribution dates, commissions, and fee structures.1 Any indices and other financial benchmarks shown are provided for illustrative purposes only, are unmanaged, reflect reinvestment of income and dividends and do not reflect the impact of advisory fees. Typhon Capital Management, LLC is an Appointed Representative of Starmark Investment Management Limited which is Authorized and Regulated by the Financial Conduct Authority. THIS COMMUNICATION IS NOT TO BE CONSTRUED AS AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO INVEST IN ANY MANAGED FUTURES PRODUCT. ANY SUCH OFFER OR SOLICITATION CAN BE MADE ONLY BY MEANS OF A DISCLOSURE DOCUMENT AND TRADING AUTHORIZATION AGREEMENT (WHICH CONTAIN A DETAILED DESCRIPTION OF RISK FACTORS). PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RETURNS.

++Qualified Eligible Investors Only:

A Qualified Eligible Person must meet the following two requirements: 1) the investor must first be an accredited investor. The most common ways for this are to either have a net worth of $1,000,000 or more OR an annual income of $200,000 or more for the last two years OR, combined with a spouse, $300,000 per year for two years, 2) the investor must meet an additional portfolio requirement, which is having $4,000,000 in securities holdings OR the person must have on deposit with a Futures Commission Merchant at least $400,000 in exchange-specified initial margin and option premiums, and required minimum security deposit for retail forex transactions).

Exemptions:

PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH THE ACCOUNTS OF QUALIFIED ELIBIBLE PERSONS, THIS BROCHURE OR ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUANCY OR ACCURACY OF THE COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE OR ACCOUNT DOCUMENT.

RISK DISCLOSURE

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

THIS MATTER IS INTENDED AS A SOLICITATION FOR MANAGED FUTURES. THE RISK OF TRADING COMMODITY FUTURES, OPTIONS, FOREIGN EXCHANGE ('FOREX') AND/OR CRYPTOCURRENCIES IS SUBSTANTIAL. THE HIGH DEGREE OF LEVERAGE ASSOCIATED WITH COMMODITY FUTURES, OPTIONS AND FOREX CAN WORK AGAINST YOU AS WELL AS FOR YOU. THIS HIGH DEGREE OF LEVERAGE CAN RESULT IN SUBSTANTIAL LOSSES, AS WELL AS GAINS. YOU SHOULD THEREFORE CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. IF YOU ARE UNSURE YOU SHOULD SEEK PROFESSIONAL ADVICE. AN INVESTOR MUST READ AND UNDERSTAND THE CTA’S CURRENT DISCLOSURE DOCUMENT BEFORE INVESTING. THERE ARE NO GUARANTEES OF PROFIT NO MATTER WHO IS MANAGING YOUR MONEY.

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE SUCCESS. IN SOME CASES MANAGED ACCOUNTS ARE CHARGED SUBSTANTIAL COMMISSIONS AND ADVISORY FEES. THOSE ACCOUNTS SUBJECT TO THESE CHARGES, MAY NEED TO MAKE SUBSTANTIAL TRADING PROFITS JUST TO AVOID DEPLETION OF THEIR ASSETS. EACH COMMODITY TRADING ADVISOR ("CTA") IS REQUIRED BY THE COMMODITY FUTURES TRADING COMMISSION ("CFTC") TO ISSUE TO PROSPECTIVE CLIENTS A RISK DISCLOSURE DOCUMENT OUTLINING THESE FEES, CONFLICTS OF INTEREST AND OTHER ASSOCIATED RISKS. A HARD COPY OF THESE RISK DISCLOSURE DOCUMENTS ARE READILY AVAILABLE BY CLICKING ON EACH CTA'S "REQUEST DISCLOSURE DOCUMENT" BUTTON.

THE FULL RISK OF COMMODITY FUTURES, OPTIONS AND FOREX TRADING CAN NOT BE ADDRESSED IN THIS RISK DISCLOSURE STATEMENT. NO CONSIDERATION TO INVEST SHOULD BE MADE WITHOUT THOROUGHLY READING THE DISCLOSURE DOCUMENT OF EACH OF THE CTAS IN WHICH YOU MAY HAVE AN INTEREST. REQUESTING A DISCLOSURE DOCUMENT PLACES YOU UNDER NO OBLIGATION AND EACH DOCUMENT IS PROVIDED AT NO COST. THE CFTC HAS NOT PASSED UPON THE MERITS OF PARTICIPATING IN ANY OF THE FOLLOWING PROGRAMS NOR ON THE ADEQUACY OR ACCURACY OF THE DISCLOSURE DOCUMENTS. OTHER DISCLOSURE STATEMENTS ARE REQUIRED TO BE PROVIDED TO YOU BEFORE AN ACCOUNT MAY BE OPENED FOR YOU.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. PROSPECTIVE CLIENTS SHOULD NOT BASE THEIR DECISION ON INVESTING IN THIS TRADING PROGRAM SOLELY ON THE PAST PERFORMANCE PRESENTED. ADDITIONALLY, IN MAKING AN INVESTMENT DECISION, PROSPECTIVE CLIENTS MUST ALSO RELY ON THEIR OWN EXAMINATION OF THE PERSON OR ENTITY MAKING THE TRADING DECISIONS AND THE TERMS OF THE ADVISORY AGREEMENT INCLUDING THE MERITS AND RISKS INVOLVED.

AUTUMN GOLD CTA INDEXES ARE NON-INVESTABLE INDEXES COMPRISED OF THE CLIENT PERFORMANCE OF CTA PROGRAMS INCLUDED IN THE AUTUMN GOLD DATABASE AND DO NOT REPRESENT THE COMPLETE UNIVERSE OF CTAS. INVESTORS SHOULD NOTE THAT IT IS NOT POSSIBLE TO INVEST IN THESE INDEXES.