Tracking CTAs since 1994
Typhon Capital Management
Athena Quantitative Program
Principal(s):
Strategy: Discretionary / S&P 500 Options
Investment Restrictions: 4.7 Exempt - QEPs Only
Statistical Reports are Subscription Based
Trading Description, Risk Strategy & Background
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.
N/A
Typhon Capital Management is a leading multi-strategy hedge fund and CTA specializing in tactical trading. Typhon offers a multi-strategy hedge fund, a multi-strategy swap, and deconstructed access to our individual, award-winning sector specialist and capacity-constrained quantitative managers in managed accounts, or in custom portfolios on our US and Cayman fund platforms.
Performance
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | ROR | Max DD | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.50% | – | – | – | – | – | – | – | – | – | – | – | 0.50% | 0.00% |
| 2025 | 3.72% | -0.51% | 2.05% | -6.32% | 2.56% | -0.30% | 3.31% | 2.37% | 1.30% | 2.07% | 1.87% | -2.74% | 9.29% | -6.32% |
| 2024 | -0.04% | 0.49% | -0.88% | 4.26% | 1.86% | -0.42% | 2.51% | 5.79% | -1.80% | 3.78% | 19.13% | 0.86% | 39.82% | -1.80% |
| 2023 | -0.61% | 4.33% | 1.79% | 1.61% | 0.93% | -0.14% | 0.85% | 2.24% | 0.14% | 0.16% | 0.33% | 0.10% | 12.26% | -0.61% |
| 2022 | -4.16% | 0.62% | 2.96% | -2.21% | -2.20% | 0.38% | 0.73% | 1.98% | 2.84% | 6.68% | 3.23% | 3.78% | 15.08% | -5.04% |
| 2021 | 1.50% | -2.48% | 6.73% | -1.40% | 1.96% | 1.37% | 0.10% | 0.29% | -0.23% | 4.68% | 3.46% | 5.32% | 23.00% | -2.48% |
Accounting Notes: Performance is of a live trading account net of commissions and at the early investor-only 1/15 fee structure. Returns do not reflect compounding. Actual returns may differ from reported results due to differences in contribution dates, commissions, and fee structures.<br> Typhon Capital Management, LLC is an Appointed Representative of Starmark Investment Management Limited which is Authorised and Regulated by the Financial Conduct Authority.
PAST PERFORMANCE DOES NOT GUARANTEE FUTURE SUCCESS. THERE IS A RISK OF LOSS IN FUTURES TRADING.>
Risk Disclosure
PAST PERFORMANCE DOES NOT GUARANTEE FUTURE SUCCESS. IN SOME CASES MANAGED ACCOUNTS ARE CHARGED SUBSTANTIAL COMMISSIONS AND ADVISORY FEES. THOSE ACCOUNTS SUBJECT TO THESE CHARGES, MAY NEED TO MAKE SUBSTANTIAL TRADING PROFITS JUST TO AVOID DEPLETION OF THEIR ASSETS. EACH COMMODITY TRADING ADVISOR ("CTA") IS REQUIRED BY THE COMMODITY FUTURES TRADING COMMISSION ("CFTC") TO ISSUE TO PROSPECTIVE CLIENTS A RISK DISCLOSURE DOCUMENT OUTLINING THESE FEES, CONFLICTS OF INTEREST AND OTHER ASSOCIATED RISKS. A HARD COPY OF THESE RISK DISCLOSURE DOCUMENTS ARE READILY AVAILABLE BY CLICKING ON EACH CTA'S "REQUEST DISCLOSURE DOCUMENT" BUTTON.
THE FULL RISK OF COMMODITY FUTURES, OPTIONS AND FOREX TRADING CAN NOT BE ADDRESSED IN THIS RISK DISCLOSURE STATEMENT. NO CONSIDERATION TO INVEST SHOULD BE MADE WITHOUT THOROUGHLY READING THE DISCLOSURE DOCUMENT OF EACH OF THE CTAS IN WHICH YOU MAY HAVE AN INTEREST. REQUESTING A DISCLOSURE DOCUMENT PLACES YOU UNDER NO OBLIGATION AND EACH DOCUMENT IS PROVIDED AT NO COST. THE CFTC HAS NOT PASSED UPON THE MERITS OF PARTICIPATING IN ANY OF THE FOLLOWING PROGRAMS NOR ON THE ADEQUACY OR ACCURACY OF THE DISCLOSURE DOCUMENTS. OTHER DISCLOSURE STATEMENTS ARE REQUIRED TO BE PROVIDED TO YOU BEFORE AN ACCOUNT MAY BE OPENED FOR YOU.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. PROSPECTIVE CLIENTS SHOULD NOT BASE THEIR DECISION ON INVESTING IN THIS TRADING PROGRAM SOLELY ON THE PAST PERFORMANCE PRESENTED. ADDITIONALLY, IN MAKING AN INVESTMENT DECISION, PROSPECTIVE CLIENTS MUST ALSO RELY ON THEIR OWN EXAMINATION OF THE PERSON OR ENTITY MAKING THE TRADING DECISIONS AND THE TERMS OF THE ADVISORY AGREEMENT INCLUDING THE MERITS AND RISKS INVOLVED.
AUTUMN GOLD CTA INDEXES ARE NON-INVESTABLE INDEXES COMPRISED OF THE CLIENT PERFORMANCE OF CTA PROGRAMS INCLUDED IN THE AUTUMN GOLD DATABASE AND DO NOT REPRESENT THE COMPLETE UNIVERSE OF CTAS. INVESTORS SHOULD NOTE THAT IT IS NOT POSSIBLE TO INVEST IN THESE INDEXES.