Typhon Capital Management, LLC

Proteus Dynamic Volatility Program *QEP*


Monthly Performance (%)

Date Range: 09/11 - 12/18
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec  YTD 
2018 -2.14 -2.20 -3.48 -1.14 3.61 0.28 -0.96 0.62 0.64 -1.31 -0.85 -1.62  -8.39 
2017 0.20 0.78 0.57 0.44 0.09 -0.24 0.36 2.48 0.38 1.19 0.70 0.97  8.19 
2016 0.12 -1.56 2.28 -2.48 0.22 1.77 -0.72 -0.32 1.40 0.25 -5.41 3.13  -1.60 
2015 -1.71 2.04 0.15 0.44 0.80 -0.38 2.00 0.79 -1.46 2.03 -3.75 -2.52  -1.75 
2014 0.60 -0.45 -1.61 0.82 0.35 1.28 0.33 0.58 -0.44 2.02 1.97 -3.95  1.36 
2013 6.50 0.09 0.46 1.25 -1.03 -1.73 1.67 -2.03 1.69 1.47 1.28 -0.35  9.38 
2012 6.01 -1.40 0.99 -0.75 -3.41 0.01 1.17 3.38 2.68 -0.95 2.15 -2.31  7.43 
2011 3.05 -2.12 2.59  3.48 
Note: Estimates appear in italics. All performance data is since program inception.

Strategy Description

The Proteus Dynamic Volatility Program transforms the VIX from a pure hedge into a unique asset class and powerful portfolio diversifier. Proteus is bi-directional in nature and profits from stressed markets like a traditional hedge while also exploiting the rapid decay of the volatility term structure in calm markets which have been more prevalent historically. Proteus does not trade any options. Prior to April 2013, performance is based on compounded proprietary trading, pro forma for 2% management and 20% incentive fees and, thereafter, CTA performance pro forma for leverage with a composite of actual fees and is not automatically compounded. Proprietary trading was originally conducted on futures-based exchange-traded notes before switching to direct futures contracts in April 2013.

Performance Statistics

Date Range: 09/11 - 12/18
  Program S&P 500 Altegris 40 
Total Return 18.08% 140.11% -1.79% 
Annualized Return 2.32% 12.69% -0.25% 
Annualized Std. Deviation 6.86% 11.38% 8.32% 
Correlation 0.43 0.09 
Sharpe Ratio (rf=2.5%) -0.03 0.90 -0.33 
Worst Month -5.41% -9.03% -6.10% 
Date of Worst Month 11/2016 12/2018 02/2018 
Worst Drawdown -10.48% -13.52% -13.15% 
Date of Worst Drawdown 10/15 - 11/16 9/18 - 12/18 9/11 - 9/13 
Note: Estimates appear in italics. All performance data is since program inception.

Annual Performance (%)

Date Range: 09/11 - 12/18

Year or YTD Program S&P 500 Altegris 40 
2018 -8.39 -4.38 -4.29 
2017 8.19 21.84 1.24 
2016 -1.60 11.98 -3.13 
2015 -1.75 1.41 0.09 
2014 1.36 13.69 15.75 
2013 9.38 32.41 -2.45 
2012 7.43 15.98 -4.75 
2011 3.48 11.81 -2.75 
Note: Estimates appear in italics. All performance data is since program inception.

Performance Comparison

Date Range: 09/11 - 12/18
Date: 12/31/2018
Perf: $982.73 Date: 11/30/2018
Perf: $978.62 Date: 10/31/2018
Perf: $990.51 Date: 9/30/2018
Perf: $1,015.59 Date: 8/31/2018
Perf: $1,020.18 Date: 7/31/2018
Perf: $994.82 Date: 6/30/2018
Perf: $1,002.33 Date: 5/31/2018
Perf: $993.98 Date: 4/30/2018
Perf: $1,006.97 Date: 3/31/2018
Perf: $996.21 Date: 2/28/2018
Perf: $997.11 Date: 1/31/2018
Perf: $1,061.89 Date: 12/31/2017
Perf: $1,026.77 Date: 11/30/2017
Perf: $1,015.70 Date: 10/31/2017
Perf: $1,014.38 Date: 9/30/2017
Perf: $973.59 Date: 8/31/2017
Perf: $994.57 Date: 7/31/2017
Perf: $978.33 Date: 6/30/2017
Perf: $974.53 Date: 5/31/2017
Perf: $1,003.84 Date: 4/30/2017
Perf: $1,001.94 Date: 3/31/2017
Perf: $1,007.99 Date: 2/28/2017
Perf: $1,022.92 Date: 1/31/2017
Perf: $1,001.10 Date: 12/31/2016
Perf: $1,014.18 Date: 11/30/2016
Perf: $1,006.53 Date: 10/31/2016
Perf: $1,017.73 Date: 9/30/2016
Perf: $1,044.68 Date: 8/31/2016
Perf: $1,058.33 Date: 7/31/2016
Perf: $1,087.59 Date: 6/30/2016
Perf: $1,076.61 Date: 5/31/2016
Perf: $1,032.72 Date: 4/30/2016
Perf: $1,051.11 Date: 3/31/2016
Perf: $1,078.17 Date: 2/29/2016
Perf: $1,110.03 Date: 1/31/2016
Perf: $1,083.38 Date: 12/31/2015
Perf: $1,046.95 Date: 11/30/2015
Perf: $1,071.59 Date: 10/31/2015
Perf: $1,036.26 Date: 9/30/2015
Perf: $1,054.61 Date: 8/31/2015
Perf: $1,032.21 Date: 7/31/2015
Perf: $1,050.38 Date: 6/30/2015
Perf: $1,010.86 Date: 5/31/2015
Perf: $1,066.30 Date: 4/30/2015
Perf: $1,074.04 Date: 3/31/2015
Perf: $1,117.16 Date: 2/28/2015
Perf: $1,093.00 Date: 1/31/2015
Perf: $1,094.76 Date: 12/31/2014
Perf: $1,046.01 Date: 11/30/2014
Perf: $1,027.92 Date: 10/31/2014
Perf: $970.19 Date: 9/30/2014
Perf: $956.14 Date: 8/31/2014
Perf: $942.10 Date: 7/31/2014
Perf: $903.87 Date: 6/30/2014
Perf: $911.16 Date: 5/31/2014
Perf: $903.39 Date: 4/30/2014
Perf: $880.84 Date: 3/31/2014
Perf: $874.19 Date: 2/28/2014
Perf: $887.33 Date: 1/31/2014
Perf: $880.11 Date: 12/31/2013
Perf: $903.70 Date: 11/30/2013
Perf: $904.96 Date: 10/31/2013
Perf: $888.87 Date: 9/30/2013
Perf: $868.97 Date: 8/31/2013
Perf: $874.22 Date: 7/31/2013
Perf: $891.33 Date: 6/30/2013
Perf: $899.16 Date: 5/31/2013
Perf: $934.58 Date: 4/30/2013
Perf: $976.57 Date: 3/31/2013
Perf: $952.01 Date: 2/28/2013
Perf: $938.49 Date: 1/31/2013
Perf: $943.97 Date: 12/31/2012
Perf: $926.37 Date: 11/30/2012
Perf: $921.85 Date: 10/31/2012
Perf: $919.28 Date: 9/30/2012
Perf: $953.80 Date: 8/31/2012
Perf: $969.81 Date: 7/31/2012
Perf: $983.18 Date: 6/30/2012
Perf: $944.54 Date: 5/31/2012
Perf: $981.45 Date: 4/30/2012
Perf: $963.15 Date: 3/31/2012
Perf: $957.40 Date: 2/29/2012
Perf: $979.64 Date: 1/31/2012
Perf: $975.64 Date: 12/31/2011
Perf: $972.53 Date: 11/30/2011
Perf: $963.28 Date: 10/31/2011
Perf: $960.40 Date: 9/30/2011
Perf: $1,000.00 Date: 12/31/2018
Perf: $2,582.70 Date: 11/30/2018
Perf: $2,839.06 Date: 10/31/2018
Perf: $2,782.30 Date: 9/30/2018
Perf: $2,986.59 Date: 8/31/2018
Perf: $2,969.66 Date: 7/31/2018
Perf: $2,875.90 Date: 6/30/2018
Perf: $2,772.76 Date: 5/31/2018
Perf: $2,755.67 Date: 4/30/2018
Perf: $2,690.82 Date: 3/31/2018
Perf: $2,680.64 Date: 2/28/2018
Perf: $2,750.50 Date: 1/31/2018
Perf: $2,855.88 Date: 12/31/2017
Perf: $2,701.11 Date: 11/30/2017
Perf: $2,671.46 Date: 10/31/2017
Perf: $2,591.88 Date: 9/30/2017
Perf: $2,532.87 Date: 8/31/2017
Perf: $2,481.74 Date: 7/31/2017
Perf: $2,474.08 Date: 6/30/2017
Perf: $2,424.14 Date: 5/31/2017
Perf: $2,409.20 Date: 4/30/2017
Perf: $2,375.70 Date: 3/31/2017
Perf: $2,351.48 Date: 2/28/2017
Perf: $2,348.66 Date: 1/31/2017
Perf: $2,258.98 Date: 12/31/2016
Perf: $2,216.86 Date: 11/30/2016
Perf: $2,173.82 Date: 10/31/2016
Perf: $2,096.26 Date: 9/30/2016
Perf: $2,135.12 Date: 8/31/2016
Perf: $2,134.69 Date: 7/31/2016
Perf: $2,131.71 Date: 6/30/2016
Perf: $2,055.85 Date: 5/31/2016
Perf: $2,050.52 Date: 4/30/2016
Perf: $2,014.26 Date: 3/31/2016
Perf: $2,006.43 Date: 2/29/2016
Perf: $1,879.03 Date: 1/31/2016
Perf: $1,881.48 Date: 12/31/2015
Perf: $1,979.67 Date: 11/30/2015
Perf: $2,011.45 Date: 10/31/2015
Perf: $2,005.44 Date: 9/30/2015
Perf: $1,849.35 Date: 8/31/2015
Perf: $1,896.19 Date: 7/31/2015
Perf: $2,017.87 Date: 6/30/2015
Perf: $1,976.36 Date: 5/31/2015
Perf: $2,015.46 Date: 4/30/2015
Perf: $1,989.79 Date: 3/31/2015
Perf: $1,970.87 Date: 2/28/2015
Perf: $2,002.51 Date: 1/31/2015
Perf: $1,893.63 Date: 12/31/2014
Perf: $1,952.19 Date: 11/30/2014
Perf: $1,957.09 Date: 10/31/2014
Perf: $1,905.82 Date: 9/30/2014
Perf: $1,860.43 Date: 8/31/2014
Perf: $1,886.84 Date: 7/31/2014
Perf: $1,814.27 Date: 6/30/2014
Perf: $1,839.66 Date: 5/31/2014
Perf: $1,802.35 Date: 4/30/2014
Perf: $1,760.97 Date: 3/31/2014
Perf: $1,748.03 Date: 2/28/2014
Perf: $1,733.47 Date: 1/31/2014
Perf: $1,657.71 Date: 12/31/2013
Perf: $1,717.13 Date: 11/30/2013
Perf: $1,674.75 Date: 10/31/2013
Perf: $1,625.19 Date: 9/30/2013
Perf: $1,553.72 Date: 8/31/2013
Perf: $1,506.41 Date: 7/31/2013
Perf: $1,551.40 Date: 6/30/2013
Perf: $1,476.26 Date: 5/31/2013
Perf: $1,496.31 Date: 4/30/2013
Perf: $1,462.10 Date: 3/31/2013
Perf: $1,434.42 Date: 2/28/2013
Perf: $1,382.57 Date: 1/31/2013
Perf: $1,364.02 Date: 12/31/2012
Perf: $1,296.84 Date: 11/30/2012
Perf: $1,285.15 Date: 10/31/2012
Perf: $1,277.74 Date: 9/30/2012
Perf: $1,301.82 Date: 8/31/2012
Perf: $1,269.08 Date: 7/31/2012
Perf: $1,241.15 Date: 6/30/2012
Perf: $1,224.14 Date: 5/31/2012
Perf: $1,175.70 Date: 4/30/2012
Perf: $1,250.88 Date: 3/31/2012
Perf: $1,258.81 Date: 2/29/2012
Perf: $1,218.71 Date: 1/31/2012
Perf: $1,168.24 Date: 12/31/2011
Perf: $1,118.15 Date: 11/30/2011
Perf: $1,106.86 Date: 10/31/2011
Perf: $1,109.30 Date: 9/30/2011
Perf: $1,000.00 Date: 12/31/2018
Perf: $1,180.83 Date: 11/30/2018
Perf: $1,200.28 Date: 10/31/2018
Perf: $1,210.57 Date: 9/30/2018
Perf: $1,226.63 Date: 8/31/2018
Perf: $1,218.83 Date: 7/31/2018
Perf: $1,211.32 Date: 6/30/2018
Perf: $1,223.07 Date: 5/31/2018
Perf: $1,219.65 Date: 4/30/2018
Perf: $1,177.15 Date: 3/31/2018
Perf: $1,190.73 Date: 2/28/2018
Perf: $1,233.66 Date: 1/31/2018
Perf: $1,261.41 Date: 12/31/2017
Perf: $1,289.00 Date: 11/30/2017
Perf: $1,276.61 Date: 10/31/2017
Perf: $1,267.74 Date: 9/30/2017
Perf: $1,252.83 Date: 8/31/2017
Perf: $1,248.09 Date: 7/31/2017
Perf: $1,217.88 Date: 6/30/2017
Perf: $1,213.52 Date: 5/31/2017
Perf: $1,216.43 Date: 4/30/2017
Perf: $1,215.34 Date: 3/31/2017
Perf: $1,210.02 Date: 2/28/2017
Perf: $1,203.16 Date: 1/31/2017
Perf: $1,193.85 Date: 12/31/2016
Perf: $1,191.46 Date: 11/30/2016
Perf: $1,155.30 Date: 10/31/2016
Perf: $1,221.38 Date: 9/30/2016
Perf: $1,218.33 Date: 8/31/2016
Perf: $1,201.51 Date: 7/31/2016
Perf: $1,205.37 Date: 6/30/2016
Perf: $1,214.11 Date: 5/31/2016
Perf: $1,193.00 Date: 4/30/2016
Perf: $1,190.38 Date: 3/31/2016
Perf: $1,220.65 Date: 2/29/2016
Perf: $1,193.44 Date: 1/31/2016
Perf: $1,212.35 Date: 12/31/2015
Perf: $1,210.90 Date: 11/30/2015
Perf: $1,242.20 Date: 10/31/2015
Perf: $1,290.60 Date: 9/30/2015
Perf: $1,264.92 Date: 8/31/2015
Perf: $1,283.66 Date: 7/31/2015
Perf: $1,273.60 Date: 6/30/2015
Perf: $1,248.63 Date: 5/31/2015
Perf: $1,253.39 Date: 4/30/2015
Perf: $1,243.44 Date: 3/31/2015
Perf: $1,238.00 Date: 2/28/2015
Perf: $1,236.14 Date: 1/31/2015
Perf: $1,211.43 Date: 12/31/2014
Perf: $1,232.50 Date: 11/30/2014
Perf: $1,283.19 Date: 10/31/2014
Perf: $1,258.40 Date: 9/30/2014
Perf: $1,233.48 Date: 8/31/2014
Perf: $1,238.94 Date: 7/31/2014
Perf: $1,231.79 Date: 6/30/2014
Perf: $1,227.74 Date: 5/31/2014
Perf: $1,212.22 Date: 4/30/2014
Perf: $1,207.99 Date: 3/31/2014
Perf: $1,198.17 Date: 2/28/2014
Perf: $1,217.78 Date: 1/31/2014
Perf: $1,223.28 Date: 12/31/2013
Perf: $1,215.98 Date: 11/30/2013
Perf: $1,220.26 Date: 10/31/2013
Perf: $1,204.83 Date: 9/30/2013
Perf: $1,187.38 Date: 8/31/2013
Perf: $1,167.65 Date: 7/31/2013
Perf: $1,191.84 Date: 6/30/2013
Perf: $1,172.26 Date: 5/31/2013
Perf: $1,192.90 Date: 4/30/2013
Perf: $1,205.32 Date: 3/31/2013
Perf: $1,190.44 Date: 2/28/2013
Perf: $1,184.98 Date: 1/31/2013
Perf: $1,183.92 Date: 12/31/2012
Perf: $1,111.66 Date: 11/30/2012
Perf: $1,137.95 Date: 10/31/2012
Perf: $1,114.00 Date: 9/30/2012
Perf: $1,124.68 Date: 8/31/2012
Perf: $1,095.33 Date: 7/31/2012
Perf: $1,059.51 Date: 6/30/2012
Perf: $1,047.26 Date: 5/31/2012
Perf: $1,047.16 Date: 4/30/2012
Perf: $1,084.13 Date: 3/31/2012
Perf: $1,092.32 Date: 2/29/2012
Perf: $1,081.61 Date: 1/31/2012
Perf: $1,096.97 Date: 12/31/2011
Perf: $1,034.78 Date: 11/30/2011
Perf: $1,008.65 Date: 10/31/2011
Perf: $1,030.50 Date: 9/30/2011
Perf: $1,000.00
Note: All performance data is since program inception.

Monthly Returns

Date Range: 09/11 - 12/18
Date: 12/31/2018
Return: -1.62 % Date: 11/30/2018
Return: -0.85 % Date: 10/31/2018
Return: -1.31 % Date: 9/30/2018
Return: 0.64 % Date: 8/31/2018
Return: 0.62 % Date: 7/31/2018
Return: -0.96 % Date: 6/30/2018
Return: 0.28 % Date: 5/31/2018
Return: 3.61 % Date: 4/30/2018
Return: -1.14 % Date: 3/31/2018
Return: -3.48 % Date: 2/28/2018
Return: -2.20 % Date: 1/31/2018
Return: -2.14 % Date: 12/31/2017
Return: 0.97 % Date: 11/30/2017
Return: 0.70 % Date: 10/31/2017
Return: 1.19 % Date: 9/30/2017
Return: 0.38 % Date: 8/31/2017
Return: 2.48 % Date: 7/31/2017
Return: 0.36 % Date: 6/30/2017
Return: -0.24 % Date: 5/31/2017
Return: 0.09 % Date: 4/30/2017
Return: 0.44 % Date: 3/31/2017
Return: 0.57 % Date: 2/28/2017
Return: 0.78 % Date: 1/31/2017
Return: 0.20 % Date: 12/31/2016
Return: 3.13 % Date: 11/30/2016
Return: -5.41 % Date: 10/31/2016
Return: 0.25 % Date: 9/30/2016
Return: 1.40 % Date: 8/31/2016
Return: -0.32 % Date: 7/31/2016
Return: -0.72 % Date: 6/30/2016
Return: 1.77 % Date: 5/31/2016
Return: 0.22 % Date: 4/30/2016
Return: -2.48 % Date: 3/31/2016
Return: 2.28 % Date: 2/29/2016
Return: -1.56 % Date: 1/31/2016
Return: 0.12 % Date: 12/31/2015
Return: -2.52 % Date: 11/30/2015
Return: -3.75 % Date: 10/31/2015
Return: 2.03 % Date: 9/30/2015
Return: -1.46 % Date: 8/31/2015
Return: 0.79 % Date: 7/31/2015
Return: 2.00 % Date: 6/30/2015
Return: -0.38 % Date: 5/31/2015
Return: 0.80 % Date: 4/30/2015
Return: 0.44 % Date: 3/31/2015
Return: 0.15 % Date: 2/28/2015
Return: 2.04 % Date: 1/31/2015
Return: -1.71 % Date: 12/31/2014
Return: -3.95 % Date: 11/30/2014
Return: 1.97 % Date: 10/31/2014
Return: 2.02 % Date: 9/30/2014
Return: -0.44 % Date: 8/31/2014
Return: 0.58 % Date: 7/31/2014
Return: 0.33 % Date: 6/30/2014
Return: 1.28 % Date: 5/31/2014
Return: 0.35 % Date: 4/30/2014
Return: 0.82 % Date: 3/31/2014
Return: -1.61 % Date: 2/28/2014
Return: -0.45 % Date: 1/31/2014
Return: 0.60 % Date: 12/31/2013
Return: -0.35 % Date: 11/30/2013
Return: 1.28 % Date: 10/31/2013
Return: 1.47 % Date: 9/30/2013
Return: 1.69 % Date: 8/31/2013
Return: -2.03 % Date: 7/31/2013
Return: 1.67 % Date: 6/30/2013
Return: -1.73 % Date: 5/31/2013
Return: -1.03 % Date: 4/30/2013
Return: 1.25 % Date: 3/31/2013
Return: 0.46 % Date: 2/28/2013
Return: 0.09 % Date: 1/31/2013
Return: 6.50 % Date: 12/31/2012
Return: -2.31 % Date: 11/30/2012
Return: 2.15 % Date: 10/31/2012
Return: -0.95 % Date: 9/30/2012
Return: 2.68 % Date: 8/31/2012
Return: 3.38 % Date: 7/31/2012
Return: 1.17 % Date: 6/30/2012
Return: 0.01 % Date: 5/31/2012
Return: -3.41 % Date: 4/30/2012
Return: -0.75 % Date: 3/31/2012
Return: 0.99 % Date: 2/29/2012
Return: -1.40 % Date: 1/31/2012
Return: 6.01 % Date: 12/31/2011
Return: 2.59 % Date: 11/30/2011
Return: -2.12 % Date: 10/31/2011
Return: 3.05 % Date: 9/30/2011
Return: 0.00 %
Note: All performance data is since program inception.

Distribution of Monthly Returns

Date Range: 09/11 - 12/18
Return: 4.00 %
Count: 1 Return: -5.00 %
Count: 1 Return: -4.00 %
Count: 2 Return: 2.00 %
Count: 11 Return: -3.00 %
Count: 3 Return: 1.00 %
Count: 19 Return: -1.00 %
Count: 10 Return: 6.00 %
Count: 2 Return: -2.00 %
Count: 11 Return: 3.00 %
Count: 5 Return: 0.00 %
Count: 23
Note: All performance data is since program inception.

Underwater Curve

Date Range: 09/11 - 12/18
Date: 12/31/2018
Drawdown: -8.51 % Date: 11/30/2018
Drawdown: -7.00 % Date: 10/31/2018
Drawdown: -6.20 % Date: 9/30/2018
Drawdown: -4.96 % Date: 8/31/2018
Drawdown: -5.56 % Date: 7/31/2018
Drawdown: -6.14 % Date: 6/30/2018
Drawdown: -5.23 % Date: 5/31/2018
Drawdown: -5.50 % Date: 4/30/2018
Drawdown: -8.79 % Date: 3/31/2018
Drawdown: -7.74 % Date: 2/28/2018
Drawdown: -4.41 % Date: 1/31/2018
Drawdown: -2.26 % Date: 12/31/2017
Drawdown: -0.12 % Date: 11/30/2017
Drawdown: -1.08 % Date: 10/31/2017
Drawdown: -1.77 % Date: 9/30/2017
Drawdown: -2.93 % Date: 8/31/2017
Drawdown: -3.29 % Date: 7/31/2017
Drawdown: -5.63 % Date: 6/30/2017
Drawdown: -5.97 % Date: 5/31/2017
Drawdown: -5.75 % Date: 4/30/2017
Drawdown: -5.83 % Date: 3/31/2017
Drawdown: -6.24 % Date: 2/28/2017
Drawdown: -6.78 % Date: 1/31/2017
Drawdown: -7.50 % Date: 12/31/2016
Drawdown: -7.68 % Date: 11/30/2016
Drawdown: -10.48 % Date: 10/31/2016
Drawdown: -5.36 % Date: 9/30/2016
Drawdown: -5.60 % Date: 8/31/2016
Drawdown: -6.90 % Date: 7/31/2016
Drawdown: -6.60 % Date: 6/30/2016
Drawdown: -5.93 % Date: 5/31/2016
Drawdown: -7.56 % Date: 4/30/2016
Drawdown: -7.77 % Date: 3/31/2016
Drawdown: -5.42 % Date: 2/29/2016
Drawdown: -7.53 % Date: 1/31/2016
Drawdown: -6.06 % Date: 12/31/2015
Drawdown: -6.18 % Date: 11/30/2015
Drawdown: -3.75 % Date: 10/31/2015
Drawdown: 0.00 % Date: 9/30/2015
Drawdown: -1.46 % Date: 8/31/2015
Drawdown: 0.00 % Date: 7/31/2015
Drawdown: -0.75 % Date: 6/30/2015
Drawdown: -2.69 % Date: 5/31/2015
Drawdown: -2.32 % Date: 4/30/2015
Drawdown: -3.10 % Date: 3/31/2015
Drawdown: -3.52 % Date: 2/28/2015
Drawdown: -3.67 % Date: 1/31/2015
Drawdown: -5.59 % Date: 12/31/2014
Drawdown: -3.95 % Date: 11/30/2014
Drawdown: 0.00 % Date: 10/31/2014
Drawdown: 0.00 % Date: 9/30/2014
Drawdown: -0.44 % Date: 8/31/2014
Drawdown: 0.00 % Date: 7/31/2014
Drawdown: 0.00 % Date: 6/30/2014
Drawdown: 0.00 % Date: 5/31/2014
Drawdown: -0.90 % Date: 4/30/2014
Drawdown: -1.25 % Date: 3/31/2014
Drawdown: -2.05 % Date: 2/28/2014
Drawdown: -0.45 % Date: 1/31/2014
Drawdown: 0.00 % Date: 12/31/2013
Drawdown: -0.35 % Date: 11/30/2013
Drawdown: 0.00 % Date: 10/31/2013
Drawdown: -0.04 % Date: 9/30/2013
Drawdown: -1.49 % Date: 8/31/2013
Drawdown: -3.13 % Date: 7/31/2013
Drawdown: -1.12 % Date: 6/30/2013
Drawdown: -2.74 % Date: 5/31/2013
Drawdown: -1.03 % Date: 4/30/2013
Drawdown: 0.00 % Date: 3/31/2013
Drawdown: 0.00 % Date: 2/28/2013
Drawdown: 0.00 % Date: 1/31/2013
Drawdown: 0.00 % Date: 12/31/2012
Drawdown: -2.31 % Date: 11/30/2012
Drawdown: 0.00 % Date: 10/31/2012
Drawdown: -0.95 % Date: 9/30/2012
Drawdown: 0.00 % Date: 8/31/2012
Drawdown: -0.15 % Date: 7/31/2012
Drawdown: -3.41 % Date: 6/30/2012
Drawdown: -4.53 % Date: 5/31/2012
Drawdown: -4.54 % Date: 4/30/2012
Drawdown: -1.17 % Date: 3/31/2012
Drawdown: -0.42 % Date: 2/29/2012
Drawdown: -1.40 % Date: 1/31/2012
Drawdown: 0.00 % Date: 12/31/2011
Drawdown: 0.00 % Date: 11/30/2011
Drawdown: -2.12 % Date: 10/31/2011
Drawdown: 0.00 %
Note: All performance data is since program inception.

Underwater Curve

Manager Information

Manager Name:  Typhon Capital Management, LLC
Address: 190 S LaSalle St, Suite 2100
City: Chicago
State: IL
Zip: 60603
Country: United States

Key People

Name:  James L. Koutoulas, Esq.
Position:  Chief Executive Officer
Biography: 

University: BA 1999-2003, National Merit Scholar Finance University of Florida, JD 2003 - 2006 Law with Business Concentration Northwestern University School of Law Professional Experience: 1996 - 1998 Webmaster & Network Administrator Ursus Telecom Corp. Sunrise, Florida Mr. Koutoulas designed and maintained the company’s website and multiple servers, wrote telephony and web software in 11 different programming languages, and assisted in the preparation of the financial statements for the company’s IPO. 1998 - 1999 Consultant Smith Barney Created computer software the analyzed the branch’s operational performance, and broker’s production levels. Trained staff in the usage of branch’s trading systems. 2002 - 2007 CEO Khaos Enterprises, Inc. Founded firm that provided comprehensive IT outsourcing for small businesses in four major metropolitan US markets. Engineered corporate networks, provided security and administration services. 2005 - 2006 Head of Operations and Software Development Risk Analytics Firm (name under NDA) Led development of market & operational risk software package. Supervised outside legal counsel and drafted patents and private placement memorandum. Implemented accounting system, corporate network, website, and VOIP platform. 2007-2008 Chief Operating Officer St. Esprit Asset Management, LLC Engineered multi-strategy fund of funds hybrid and pure funds of funds products. Developed the firm’s analytics, marketing materials, risk systems, and IT infrastructure. Served as lead drafter for: Cayman Islands Exempt Company and Segregated Portfolio Company PPM’s, Sub-Advisory Agreements, Investment Management Agreements. Negotiated and advised prospective investors on several types of structured notes. Managed over 150 relationships with outside trading firms, brokerages, and banks.


Additional Information

 Futures Sectors Traded
 Other Futures Yes 
 Investment Methodology
 Systematic Yes 
 Sector Specialist Yes 
 Volatility Trading Yes 
 Instruments Traded
 Geographical Focus
 United States Yes 
 Holding Period
 Investment Terms & Information
 Managed Account Minimum: $250,000 
 Margin / Equity Ratio: 2% 
 Managed Account Availability: Open