Statistical Analysis Report

Trading Strategy: Systematic / Diversified

Program Description: The Takahe Systematic Trend Program trades more than 80 futures markets and is long-term in nature. It is a rules-based trend following program which seeks to deliver high absolute returns in rising and falling markets. The Systematic Trend Program bootstraps some futures markets into several single expirations to maximize the number of markets traded. Importantly, options are used to manage and replace the delta of open positions and control risk. The Systematic Trend Program is part of the broader Takahe Global Quantiative group, which is managed by a three PM team led by Moritz Seibert, who has more than 20 years experience in systematic and derivatives trading.

Typhon Capital Management, LLC is an Appointed Representative of Starmark Investment Management Limited which is Authorised and Regulated by the Financial Conduct Authority.

Investment Information

Program Start Date	Jun-2023
Percent Discretionary	0%
Percent Systematic	100%
Minimum Investment	2,000,000
Management Fee	1.50%
Incentive Fee	20.00%
Margin	25%
Round Turns per Million	0
Currency	US Dollar
NFA No:	#0398233

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The Annual Rates of Return ("ROR") have been calculated by Adding Monthly Performance
Performance Since June 2023 See Accounting Notes

Year	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2023						0.72%	0.27%	2.37%	4.01%	3.30%	-6.75%	-13.96%
2024	5.36%	7.12%	7.69%	-1.57%	-0.49%	-8.77%

	2023	2024
ROR	-10.04%	9.34%

Park Avenue Asset Management | Manhattan ~ New York City
Toll Free: (877) 611-PAAM | Local: (212) 600-2883 Email: [email protected] | Web Address: http://www.parkavenueassetmgt.com
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Program Statistics
Peak-to-Valley Drawdown (1) (Oct 2023 - Dec 2023)	-19.77%
Worst Monthly Return (Dec 2023)	-13.96%
Average Monthly Return	-0.05%
Monthly Std. Deviation	6.40%
Gain Deviation (8 months gain)	2.75%
Loss Deviation (5 months loss)	5.50%
Gain to Loss Ratio	0.61

Annualized Statistics
Annualized Mean Return	-0.6%
Standard Deviation	22.18%
Downside Deviation (3)	17.89%
Sharpe Ratio (4)	-0.07
Gain Deviation	9.52%
Loss Deviation	19.06%
Profit Loss Ratio	0.98

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Accounting Notes: Performance is live client performance net of commissions and a pro forma 1.5% management fee and 20% incentive fee. YTD returns are calculated for capital invested from January 1 and don't 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.

Statistical Notes
1. Peak to Valley Drawdown ("Maximum Drawdown") is the worst drawdown % loss over the period of 2023-06-30 to 2024-06-30. If the Start Date of this Report Predates the Inception of the Program (Jun 2023), the Maximum Drawdown from Inception may be larger than indicated in this report, 2. The Annualized Mean Return is calculated by annualizing the average monthly return, 3. Downside Deviation uses a 5% Minimum Acceptable ROR, 4. Sharpe Ratio uses a 1% Risk Free ROR

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.