Autumn Gold Retail Report
Report Start Date: Oct-2022 - Report End Date: Oct-2025
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Typhon Capital Management - Vulcan Metals Ultra Strategy
Trading Strategy: Discretionary / Metals
Investment Restrictions: 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% | 1.95% | – | – | 34.33% | -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% |
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 | 3.72% |
| Annualized Performance |
|
| Compound ROR (1) | 44.55% |
| Standard Deviation | 40.59% |
| Sharpe Ratio | 1.09 |
| Sterling Ratio | 2.5 |
| Calmar Ratio (3) | 3.52 |
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. AN INVESTOR COULD POTENTIALLY LOSE MORE THAN THE INITIAL INVESTMENT. AN INVESTOR MUST READ AND UNDERSTAND THE COMMODITY TRADING ADVISOR'S CURRENT DISCLOSURE DOCUMENT BEFORE INVESTING. SELLING OPTIONS INVOLVES UNLIMITED RISK OF LOSS. THERE IS NO GUARANTEE OF PROFIT NO MATTER WHO IS MANAGING YOUR MONEY. THIS MATTER IS INTENDED AS A SOLICITATION TO INVEST IN MANAGED FUTURES.
