Typhon Capital Management, LLC

Leonidas Energy Strategy *QEP*


Monthly Performance (%)

Date Range: 03/17 - 04/19
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec  YTD 
2019 -2.13 0.30 -0.61 1.19   -1.27 
2018 -0.99 1.53 -2.77 1.12 -0.95 -0.40 -0.99 -1.15 2.75 0.75 2.21 0.62  1.60 
2017 0.22 -0.88 -0.39 -0.18 -0.83 -0.19 -0.30 -0.35 -0.47  -3.32 
Note: Estimates appear in italics. All performance data is since program inception.

Strategy Description

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.

Performance Statistics

Date Range: 03/17 - 04/19
  Program S&P 500 Altegris 40 
Total Return -3.03% 30.02% 1.04% 
Annualized Return -1.47% 12.88% 0.48% 
Annualized Std. Deviation 4.23% 11.95% 7.71% 
Correlation -0.30 -0.21 
Sharpe Ratio (rf=2.5%) -0.94 0.87 -0.26 
Worst Month -2.77% -9.03% -6.10% 
Date of Worst Month 03/2018 12/2018 02/2018 
Worst Drawdown -7.95% -13.52% -9.14% 
Date of Worst Drawdown 4/17 - 8/18 9/18 - 12/18 1/18 - 1/19 
Note: Estimates appear in italics. All performance data is since program inception.

Annual Performance (%)

Date Range: 03/17 - 04/19

Year or YTD Program S&P 500 Altegris 40 
2019 -1.27 18.24 5.17 
2018 1.60 -4.38 -4.29 
2017 -3.32 14.87 1.86 
Note: Estimates appear in italics. All performance data is since program inception.

Performance Comparison

Date Range: 03/17 - 04/19
Date: 4/30/2019
Perf: $1,025.35 Date: 3/31/2019
Perf: $997.91 Date: 2/28/2019
Perf: $963.32 Date: 1/31/2019
Perf: $957.20 Date: 12/31/2018
Perf: $974.94 Date: 11/30/2018
Perf: $970.86 Date: 10/31/2018
Perf: $982.66 Date: 9/30/2018
Perf: $1,007.54 Date: 8/31/2018
Perf: $1,012.10 Date: 7/31/2018
Perf: $986.93 Date: 6/30/2018
Perf: $994.39 Date: 5/31/2018
Perf: $986.11 Date: 4/30/2018
Perf: $998.99 Date: 3/31/2018
Perf: $988.32 Date: 2/28/2018
Perf: $989.21 Date: 1/31/2018
Perf: $1,053.47 Date: 12/31/2017
Perf: $1,018.63 Date: 11/30/2017
Perf: $1,007.65 Date: 10/31/2017
Perf: $1,006.34 Date: 9/30/2017
Perf: $965.87 Date: 8/31/2017
Perf: $986.69 Date: 7/31/2017
Perf: $970.58 Date: 6/30/2017
Perf: $966.81 Date: 5/31/2017
Perf: $995.89 Date: 4/30/2017
Perf: $994.00 Date: 3/31/2017
Perf: $1,000.00 Date: 4/30/2019
Perf: $1,298.68 Date: 3/31/2019
Perf: $1,248.14 Date: 2/28/2019
Perf: $1,224.38 Date: 1/31/2019
Perf: $1,186.30 Date: 12/31/2018
Perf: $1,098.33 Date: 11/30/2018
Perf: $1,207.35 Date: 10/31/2018
Perf: $1,183.21 Date: 9/30/2018
Perf: $1,270.09 Date: 8/31/2018
Perf: $1,262.89 Date: 7/31/2018
Perf: $1,223.02 Date: 6/30/2018
Perf: $1,179.15 Date: 5/31/2018
Perf: $1,171.89 Date: 4/30/2018
Perf: $1,144.31 Date: 3/31/2018
Perf: $1,139.98 Date: 2/28/2018
Perf: $1,169.69 Date: 1/31/2018
Perf: $1,214.50 Date: 12/31/2017
Perf: $1,148.68 Date: 11/30/2017
Perf: $1,136.07 Date: 10/31/2017
Perf: $1,102.23 Date: 9/30/2017
Perf: $1,077.14 Date: 8/31/2017
Perf: $1,055.40 Date: 7/31/2017
Perf: $1,052.13 Date: 6/30/2017
Perf: $1,030.90 Date: 5/31/2017
Perf: $1,024.55 Date: 4/30/2017
Perf: $1,010.30 Date: 3/31/2017
Perf: $1,000.00 Date: 4/30/2019
Perf: $969.69 Date: 3/31/2019
Perf: $958.29 Date: 2/28/2019
Perf: $964.17 Date: 1/31/2019
Perf: $961.28 Date: 12/31/2018
Perf: $982.20 Date: 11/30/2018
Perf: $976.15 Date: 10/31/2018
Perf: $955.05 Date: 9/30/2018
Perf: $947.94 Date: 8/31/2018
Perf: $922.57 Date: 7/31/2018
Perf: $933.30 Date: 6/30/2018
Perf: $942.63 Date: 5/31/2018
Perf: $946.42 Date: 4/30/2018
Perf: $955.49 Date: 3/31/2018
Perf: $944.91 Date: 2/28/2018
Perf: $971.83 Date: 1/31/2018
Perf: $957.19 Date: 12/31/2017
Perf: $966.76 Date: 11/30/2017
Perf: $971.32 Date: 10/31/2017
Perf: $974.73 Date: 9/30/2017
Perf: $977.67 Date: 8/31/2017
Perf: $979.53 Date: 7/31/2017
Perf: $987.73 Date: 6/30/2017
Perf: $989.51 Date: 5/31/2017
Perf: $993.38 Date: 4/30/2017
Perf: $1,002.20 Date: 3/31/2017
Perf: $1,000.00
Note: All performance data is since program inception.

Monthly Returns

Date Range: 03/17 - 04/19
Date: 4/30/2019
Return: 1.19 % Date: 3/31/2019
Return: -0.61 % Date: 2/28/2019
Return: 0.30 % Date: 1/31/2019
Return: -2.13 % Date: 12/31/2018
Return: 0.62 % Date: 11/30/2018
Return: 2.21 % Date: 10/31/2018
Return: 0.75 % Date: 9/30/2018
Return: 2.75 % Date: 8/31/2018
Return: -1.15 % Date: 7/31/2018
Return: -0.99 % Date: 6/30/2018
Return: -0.40 % Date: 5/31/2018
Return: -0.95 % Date: 4/30/2018
Return: 1.12 % Date: 3/31/2018
Return: -2.77 % Date: 2/28/2018
Return: 1.53 % Date: 1/31/2018
Return: -0.99 % Date: 12/31/2017
Return: -0.47 % Date: 11/30/2017
Return: -0.35 % Date: 10/31/2017
Return: -0.30 % Date: 9/30/2017
Return: -0.19 % Date: 8/31/2017
Return: -0.83 % Date: 7/31/2017
Return: -0.18 % Date: 6/30/2017
Return: -0.39 % Date: 5/31/2017
Return: -0.88 % Date: 4/30/2017
Return: 0.22 % Date: 3/31/2017
Return: 0.00 %
Note: All performance data is since program inception.

Distribution of Monthly Returns

Date Range: 03/17 - 04/19
Return: -2.00 %
Count: 1 Return: 3.00 %
Count: 1 Return: 1.00 %
Count: 4 Return: -3.00 %
Count: 1 Return: 2.00 %
Count: 2 Return: -1.00 %
Count: 7 Return: 0.00 %
Count: 10
Note: All performance data is since program inception.

Underwater Curve

Date Range: 03/17 - 04/19
Date: 4/30/2019
Drawdown: -3.24 % Date: 3/31/2019
Drawdown: -4.38 % Date: 2/28/2019
Drawdown: -3.79 % Date: 1/31/2019
Drawdown: -4.08 % Date: 12/31/2018
Drawdown: -2.00 % Date: 11/30/2018
Drawdown: -2.60 % Date: 10/31/2018
Drawdown: -4.71 % Date: 9/30/2018
Drawdown: -5.41 % Date: 8/31/2018
Drawdown: -7.95 % Date: 7/31/2018
Drawdown: -6.87 % Date: 6/30/2018
Drawdown: -5.94 % Date: 5/31/2018
Drawdown: -5.57 % Date: 4/30/2018
Drawdown: -4.66 % Date: 3/31/2018
Drawdown: -5.72 % Date: 2/28/2018
Drawdown: -3.03 % Date: 1/31/2018
Drawdown: -4.49 % Date: 12/31/2017
Drawdown: -3.54 % Date: 11/30/2017
Drawdown: -3.08 % Date: 10/31/2017
Drawdown: -2.74 % Date: 9/30/2017
Drawdown: -2.45 % Date: 8/31/2017
Drawdown: -2.26 % Date: 7/31/2017
Drawdown: -1.44 % Date: 6/30/2017
Drawdown: -1.27 % Date: 5/31/2017
Drawdown: -0.88 % Date: 4/30/2017
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
 Energies Yes 
 Investment Methodology
 Fundamental Analysis Yes 
 Macro-economic Yes 
 Discretionary Yes 
 Sector Specialist Yes 
 Instruments Traded
 Futures Yes 
 Geographical Focus
 United States Yes 
 Europe Yes 
 Holding Period
 Investment Terms & Information
 Managed Account Minimum: $500,000 
 Margin / Equity Ratio: 10% 
 Managed Account Availability: Open