Statistical Analysis Report

Typhon Capital Management
Vulcan Metals Ultra Strategy

Report Start Date: Oct-2022 | End Date: Sep-2025

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Set Risk-Free ROR for the Sharpe Ratio: Set Minimum Acceptable ROR for the Sortino: Omega Threshold:

Current Return: +12.64%

YTD Return: +31.01%

Annualized Return: +45.1%

AUM: Not reported

Trading Strategy

Discretionary / Metals

Program 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.

Program Statistics
Peak-to-Valley Drawdown (2)	-17.76%
From Start to Oct 2022
Worst Month (Oct 2022)	-17.76%
Current Losing Streak	0%
Average Monthly Return	3.77%
Monthly Std. Deviation	11.88%
Gain Deviation (24 months)	10.49%
Loss Deviation (12 months)	5.16%
Gain to Loss Ratio	1.3
Omega Ratio (5% Threshold)	2.33

Annualized Performance
Compound ROR (1)	45.1%
Standard Deviation	41.15%
Downside Deviation	17.26%
Sharpe Ratio (3) 2% RF ROR	1.09
Sortino Ratio (4) 5% MAR	2.19
Calmar Ratio (5)	2.54
Sterling Ratio (6)	0
Gain Deviation	36.32%
Loss Deviation	17.89%
Profit Loss Ratio	2.6

Investment Information
Program Start Date	Oct-2022
Percent Discretionary	100%
Currency Denomination - US Dollar
Minimum Investment	$1,000,000
Minimum Fund Investment	$1,000,000
Management Fee	1.00%
Incentive Fee	25.00%
Margin	10%
NFA No:	#0398233
4.7 Exempt - QEPs Only

Performance Since October 2022 | Please See Accounting Notes

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	ROR	Max DD
2025	3.82%	-8.74%	16.94%	6.41%	-8.32%	-1.19%	0.86%	8.59%	12.64%	–	–	–	31.76%	-9.41%
2024	-2.74%	0.76%	10.49%	2.30%	4.10%	-2.65%	0.86%	0.05%	9.60%	1.00%	-8.15%	0.10%	15.29%	-8.15%
2023	18.43%	-15.88%	38.37%	13.13%	-4.38%	-5.40%	5.29%	-3.63%	-5.99%	3.76%	11.68%	0.04%	55.99%	-15.88%
2022	–	–	–	–	–	–	–	–	–	-17.76%	37.29%	14.19%	28.93%	-17.76%

Monthly Return and $1,000 VAMI

Risk Disclaimer

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. TRADING FUTURES AND OPTIONS INVOLVES SUBSTANTIAL RISK OF LOSS AND IS NOT SUITABLE FOR ALL INVESTORS. THERE ARE NO GUARANTEES OF PROFIT NO MATTER WHO IS MANAGING YOUR MONEY. THERE IS AN UNLIMITED RISK OF LOSS IN SELLING OPTIONS. YOU SHOULD CAREFULLY CONSIDER WHETHER COMMODITY FUTURES AND OPTIONS IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. AN INVESTOR MUST READ AND UNDERSTAND THE MANAGER'S CURRENT DISCLOSURE DOCUMENT BEFORE INVESTING.

Typhon Capital Management
Vulcan Metals Ultra Strategy

Report Start Date: Oct-2022 | End Date: Sep-2025

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Time Window Analysis

Length	Best	Average	Worst
1 mo	38.4%	3.8%	-17.8%
3 mo	85.7%	10.9%	-8.6%
6 mo	144.5%	20.3%	-10.5%
12 mo	118.9%	31.5%	8.1%
18 mo	170.9%	53%	19%
24 mo	206.7%	74.7%	30.4%
36 mo	205.5%	205.5%	205.5%

Drawdowns and Recoveries

Start	End	Drawdown	Recovery
Oct-22	Nov-22	-17.76%	1 mo
Feb-23	Mar-23	-15.88%	1 mo
May-23	Dec-23	-13.71%	3 mo
Nov-24	Mar-25	-12.89%	1 mo
May-25	Sep-25	-9.41%	3 mo
Jan-24	Mar-24	-2.74%	2 mo

Drawdown Periods Since Oct 2022

Distribution of Monthly Returns

Select a benchmark to add:

Statistical Comparisons	Typhon Capital Mgt Vulcan Metals Ultra Strategy	AutumnGold AG CTA Index	S&P 500 SP 500 TR

Annualized Compound ROR (1)	45.10%	2.58%	24.94%
Cumulative Return	205.51%	7.96%	95.02%
Cumulative VAMI(7)	3,055	1,080	1,950
Best Monthly Return	38.37%	2.17%	9.13%
Worst Monthly Return	-17.76%	-1.18%	-5.76%
Annual Standard Deviation	41.15%	2.84%	13.37%
Profit Loss Ratio	2.60	2.06	3.21
Correlation	—	0.02	0.05
Last Month	12.64%	1.74%	3.65%
Last 12 Months	22.35%	0.72%	17.60%
Last 36 Months	205.51%	7.96%	95.02%

Growth of $1,000 VAMI Comparison

Risk Disclaimer

Typhon Capital Management
Vulcan Metals Ultra Strategy

Report Start Date: Oct-2022 | End Date: Sep-2025

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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.

An Important Note on the Start Date and End Date of this Report

If the Start Date of this Report Predates the Inception of the Program, the Maximum Drawdown from Inception may be larger than indicated in this report. Performance Results reported or amended subsequent to Sunday November 9, 2025 are not reflected in this Report. Monthly ROR and drawdowns are based on end-of-month values and do not reflect intramonth volatility.

Historical Drawdowns and Recoveries

The drawdown begins in the month listed as "start." Length is in months. Recovery begins the following month and ends when full recovery is reached.

Qualified Eligible Persons

THIS PROGRAM IS ONLY OPEN TO INVESTORS FITTING THE DEFINITION OF A QUALIFIED ELIGIBLE PERSON AS THAT TERM IS DEFINED UNDER CFTC REGULATION 4.7(A). A Qualified Eligible Person must meet the following two requirements:

1. Must be an accredited investor (e.g., $1,000,000 net worth or $200,000 individual income / $300,000 joint income for 2 years).
2. Must meet a portfolio test (e.g., $4,000,000 in securities or $400,000 in required margin deposits).

PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION ("CFTC") IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS INFORMATION IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE CFTC. THE CCFTC DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE CFTC HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS DOCUMENT.

Statistical Footnotes

1. The Annualized Compounded Rate of Return (ACROR) represents the compounded rate of return for each year or portion thereof presented. It is computed by applying successively respective monthly rate of return for each month beginning with the first month of that period. It smooths out the returns by assuming a constant growth.
2. Peak to Valley Drawdown = worst % loss between Oct-2022 and Sep-2025
3. Sharpe Ratio is calculated using a Risk-Free ROR
4. Sortino Ratio is calculated using a Minimum Acceptable ROR
5. Calmar Ratio uses the last 36 months of data
6. Sterling Ratio uses the last 36 months of data
7. VAMI = Hypothetical growth of $1,000
8. Drawdown/recovery: start = first loss, recovery = full return to prior peak

Benchmark Descriptions

AG CTA Index: The Autumn Gold CTA Index is a Non-Investable Index comprised of the client performance of all CTA programs included in the AG database and does not represent the complete universe of CTAs. CTA programs with proprietary performance are not included. Monthly numbers are updated until 45 days after the end of the month. Investors should note that it is not possible to invest in this index.

SP 500 TR: The S&P 500 indices are designed to reflect all sectors of the U.S. equity markets. The S&P 500 includes 500 blue chip, large cap stocks, which together represent about 75% of the total U.S. equities market. Companies eligible for addition to the S&P 500 have market capitalization of at least US$3.5 billion. The TR Index accounts for the reinvestment of dividends.

This report was prepared from trader-provided information and is believed to be reliable. It should be read alongside each Trader’s Disclosure Document or Fund Offering Document.

Risk Disclaimer