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Ascent Capital Management CTA Report
Report Start Date: Jan-2021 - Report End Date: Sep-2024
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Report Start Date Report End Date


Typhon Capital Management / Athena Quantitative Program
Accepting New Investors: Yes
Discretionary / Metals



Performance Since January 2021

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
20211.50% -2.48% 6.73% -1.40% 1.96% 1.37% 0.10% 0.29% -0.23% 4.68% 3.46% 5.32%
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%
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%
2024 -0.04% 0.49% -0.88% 4.26% 1.86% -0.42% 2.51% 5.79% -1.80%  

 2021202220232024 YTD
ROR23.00%15.08%12.26%12.13%
Max DD-2.48%-5.04%-0.61%-1.80%

The Notes Below Are An Integral Part of this Report

Program Description: 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.


Investment Information
Program Start Date Jan-2021
Minimum Investment 250,000
Management Fee 1.00%
Incentive Fee 15.00%
Margin 50% - 83%
Round Turns per Million 0
Currency US Dollar
NFA No: #0398233
Trading Strategy       Market Segment      

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Program Statistics
Peak-to-Valley Drawdown (1) (Dec 2021 - May 2022) -5.04%
Worst Monthly Return (Jan 2022) -4.16%
Current Losing Streak -1.80%
Average Monthly Return 1.32%
Annualized Statistics
Annualized Compounded ROR (2) 16.65%
Standard Deviation 8.44%
Sharpe Ratio (4) 1.76
36 Month Calmar Ratio (3) 3.61

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. PROSPECTIVE CLIENTS SHOULD NOT BASE THEIR DECISION TO INVEST SOLELY ON THE PAST PERFORMANCE PRESENTED HEREIN.

Ascent Capital Management
311 S. Wacker Drive - Suite 600 * Chicago, IL 60606
Office: 312-283-3350 Email: [email protected] | Web Address: http://www.ascentcm.com


Ascent Capital Management CTA Report
Report Start Date: Jan-2021 - Report End Date: Sep-2024
Please wait for your Report to Fully Load Print to PDF




Time Window Analysis
Length Best Average Worst
1 mo 6.7% 1.3% -4.2%
3 mo 14.3% 4.1% -4%
6 mo 21.9% 8.2% -4.7%
12 mo 31.2% 17% 5.9%
18 mo 38.6% 27.8% 16.4%
24 mo 50.7% 41.2% 29.2%
36 mo 67.9% 59.1% 49.8%
Historical Drawdown and Recoveries***
Start Depth Length Recovery End
Jan-22 -5.04% 5 mo 4 mo Sep-22
Feb-21 -2.48% 1 mo 1 mo Mar-21
Sep-24 -1.80% 1 mo 0 mo n/a
Apr-21 -1.40% 1 mo 1 mo May-21
Mar-24 -0.88% 1 mo 1 mo Apr-24
Jan-23 -0.61% 1 mo 1 mo Feb-23


Comparisons                                        ProgramSP 500 TR
Annualized Compound ROR 16.65%13.82%
Cumulative Return 78.19%62.51%
Cumulative VAMI (5) 17821625
Largest Monthly Gain 6.73%9.22%
Largest Monthly Loss -4.16%-9.21%
Correlation 0.143
Last 12 Months 12.79%36.36%
Last 36 Months 65.24%40.18%

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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. PROSPECTIVE CLIENTS SHOULD NOT BASE THEIR DECISION TO INVEST SOLELY ON THE PAST PERFORMANCE PRESENTED HEREIN.

Ascent Capital Management
311 S. Wacker Drive - Suite 600 * Chicago, IL 60606
Office: 312-283-3350 Email: [email protected] | Web Address: http://www.ascentcm.com


Ascent Capital Management CTA Report
Report Start Date: Jan-2021 - Report End Date: Sep-2024
Please wait for your Report to Fully Load Print to PDF




+ 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. 1Any 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. Data is of date of publication and may be a MTD estimate. Typhon Capital Management, LLC is an Appointed Representative of Starmark Investment Management Limited which is Authorised and Regulated by the Financial Conduct Authority.

** The drawdown begins in the month listed as start. The length in months of the drawdown is listed under length. The recovery begins in the following month, and the length of the recovery period is listed under recovery. The date listed as end is the month that the program recovered from the drawdown.

Please note that the monthly performance numbers, ROR and Drawdowns are based on end of month values and are not reflective of intramonth volatility.

Statistical Notes

1. Peak to Valley Drawdown ("Maximum Drawdown") is the worst drawdown % loss over the period of 2021-01-31 to 2024-09-30

2. The Annualized Compounded ROR is the average return of an investment over a number of years. It smoothes out returns by assuming constant growth.

3. Calmar Ratio Uses last 36 months of Data

ROR = Rate of Return

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 has been prepared from information provided by the Trader and is believed to be reliable. This report should be read in conjunction with the Trader's Disclosure Document.


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.


Ascent Capital Management
311 S. Wacker Drive - Suite 600 * Chicago, IL 60606
Office: 312-283-3350 Email: [email protected] | Web Address: http://www.ascentcm.com