Typhon Capital Management
Leonidas Energy Strategy
Principal:
James Koutoulas & Typhon Holdings
Discretionary / Global Macro / Energy | Trend Following
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Month Performance
-1.31%
Jun 2026
YTD Return
+1.30%
Through Jun 2026
AUM
$4,500,000
Assets Under Management
Overview
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.
Program Details
| Inception Date | Apr 2017 |
| Trading Style | Trend Following |
| Holding Period | Short Term, Intraday |
| Markets Traded | Energy |
| Margin | 10% |
| Minimum Investment | $500,000 |
| Management Fee | 0 |
| Performance Fee | 20.00% |
This is a snapshot only. Investors should read Disclosure/Offering documents to determine suitability of investment.
GROWTH OF $1,000 VAMI
Program vs. Autumn Gold CTA Index
About the Autumn Gold CTA Index:
The Autumn Gold CTA Index is a non-investable index comprised of performance from CTA programs included in the Autumn Gold database and does not represent the complete universe of CTAs.
Hypothetical growth of $1,000 based on reported monthly returns.
PERFORMANCE SUMMARY
Annual Returns (Net)
| YEAR | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| RETURN | +0.08% | +0.73% | +4.89% | -8.36% |
Maximum Drawdown Since Inception
-13.83%
Past performance is not indicative of future results.
Investor Eligibility
What is a QEP?
A Qualified Eligible Person (QEP) is an investor or entity that meets the eligibility requirements described in CFTC Regulation 4.7. The applicable requirements vary by investor type and may include financial, portfolio, professional, or institutional qualifications.
This information is provided for general reference only. QEP status is
self-identified here and should be determined by reviewing the applicable
regulation and, when appropriate, with your professional advisers.
FUTURES, OPTIONS, CRYPTO, AND FOREX TRADING INVOLVES RISK AND MAY NOT BE SUITABLE FOR ALL INVESTORS. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.