Typhon Capital Management
Athena Quantitative Program
Principal:
James Koutoulas & Typhon Holdings
Discretionary / S&P 500 Options | Spread Trading
Interested in this program? Request Additional Information →
Month Performance
+1.29%
Jun 2026
YTD Return
+3.30%
Through Jun 2026
AUM
$27,000,000
Assets Under Management
Overview
The Athena Quantitative Strategy systematically trades S&P 500 Options with an absolute return, market-neutral approach. It deploys butterfly and calendar spreads alongside exclusive market regime indicators. This strategy profits from time decay (theta) and risk premiums, becoming vega-positivity during extrimely high volatility events. Its multi-tiered risk management framework consists of three key layers: catastrophic protection to secures against extreme events by acquiring long out-of-the-money put options, systematic stop-loss mechanism for trade structure for added risk protection, and an adaptive allocation based on proprietary market regime filters to align with current market conditions.
Program Details
| Inception Date | Jan 2021 |
| Trading Style | Spread Trading |
| Holding Period | Short Term |
| Markets Traded | S&P 500 Options |
| Margin | 29% - 58% |
| Minimum Investment | $200,000 |
| Management Fee | 1.50% |
| Performance Fee | 25.00% |
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 | +9.30% | +39.82% | +12.26% | +15.08% |
Maximum Drawdown Since Inception
-8.32%
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.