Typhon Capital Management
Leonidas Energy Strategy
Principal(s): James Koutoulas & Typhon Holdings
Strategy: Discretionary / Global Macro / Energy
Investment Restrictions: 4.7 Exempt - QEPs Only
Statistical Reports are Subscription Based
Trading Description, Risk Strategy & Background
The Leonidas Energy Strategy is a pure discretionary macro trading strategy managed by George Michalopolous, who was an energy portfolio manager for Citadel Investment Group for six years. Mr. Michalopolous has a unique understanding of global supply and demand dynamics as they relate to WTI, Brent, and Henry Hub natural gas. Because these are physically-delivered contracts, there arises a unique trading advantage for those understanding the fundamental dynamics. Often without taking the risk profile of outright positioning (long/short) in the underlying commodity. This can be expressed in grade differentials, like WTI-BRT, WTI spreads, BRT spreads, and even WTI vs BRT spreads.
Protection is a key element in generating returns - robust risk management is at the core of this protection. We believe that associated costs are more than compensated for in times of market stress, and the strategy generates good positive returns in rising markets. Risk is actively managed through strict risk budget limits at portfolio and individual metals levels, with drawdown limits.
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
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | ROR* | Max DD | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.09% | 0.01% | 0.86% | 1.34% | – | – | – | – | – | – | – | – | 2.30% | 0.00% |
| 2025 | -0.16% | -0.11% | -0.07% | -0.02% | 0.01% | 1.09% | -0.40% | 0.10% | 0.00% | -0.03% | 0.12% | 1.41% | 1.94% | -0.40% |
| 2024 | -0.34% | -0.09% | -0.60% | -0.20% | 1.90% | -0.75% | 1.22% | -1.18% | 0.30% | 0.44% | 0.10% | -0.07% | 0.73% | -1.23% |
| 2023 | -0.04% | 0.31% | 0.24% | 0.50% | 0.24% | 0.86% | -0.38% | -0.11% | -0.11% | 2.01% | 0.62% | 0.75% | 4.89% | -0.60% |
| 2022 | -2.07% | -2.58% | 1.46% | -1.54% | -0.64% | -2.32% | -1.16% | -2.44% | -1.89% | 2.11% | -0.40% | 3.11% | -8.36% | -12.49% |
| 2021 | 0.16% | 1.32% | 3.46% | 0.55% | 0.11% | 0.46% | 0.49% | 0.29% | 0.86% | -0.90% | -0.37% | 0.62% | 7.05% | -1.27% |
| 2020 | -0.04% | 0.75% | 14.22% | 0.24% | -0.07% | -0.28% | -0.28% | -0.81% | 0.47% | 1.00% | 0.53% | -0.28% | 15.45% | -1.43% |
| 2019 | -1.99% | 0.31% | -0.62% | 1.18% | 1.09% | -0.08% | -0.97% | 1.43% | 0.46% | 0.86% | 0.85% | -1.24% | 1.28% | -2.30% |
| 2018 | -0.99% | 1.68% | -2.63% | 1.26% | -0.82% | -0.27% | 0.25% | -1.01% | 2.88% | 0.89% | 2.34% | 0.75% | 4.33% | -3.22% |
| 2017 | – | – | – | 0.30% | -0.70% | -0.23% | -0.20% | -0.67% | -0.02% | -0.14% | -0.19% | -0.31% | -2.16% | -2.44% |
Accounting Notes: Performance is a composite of standalone client SMAs net of actual fees and commissions charged to each account as well as an energy-only managed account within the Leonidas Macro Fund, net of commission and pro forma for 0/20, and is not automatically compounded. YTD returns are calculated for capital invested from January 1 and do not reflect compounding. Actual returns may differ from reported results due to differences in contribution dates, commissions, and fee structures.
PAST PERFORMANCE DOES NOT GUARANTEE FUTURE SUCCESS. THERE IS A RISK OF LOSS IN FUTURES TRADING.
Risk Disclosure
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.