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Leonidas Energy Strategy

STRATEGY OVERVIEW

The Leonidas Energy Strategy is a pure discretionary energy trading strategy managed by George Michalopoulos, formerly a senior energy derivatives trader at Citadel.

The Leonidas Energy Strategy has a unique understanding of global supply and demand dynamics as they relate to WTI, Brent, and Henry Hub natural gas.

Because these are physically-delivered contracts, there arises a unique trading advantage for those understanding the fundamental dynamics. Often without taking the risk profile of outright positioning (long/short) in the underlying commodity. This can be expressed in grade differentials, like WTI-BRT, WTI spreads, BRT spreads, and even WTI vs BRT spreads.

RISK MANAGEMENT

Protection is a key element in generating returns – robust risk management is at the core of this protection. We believe that associated costs are more than compensated for in times of market stress, and the strategy  generates good positive returns in rising markets.

Risk is actively managed through strict risk budget limits at portfolio and individual metals levels, with drawdown limits.

ABOUT THE MANAGER

George Michalopoulos- Portfolio Manager

In December 2016, George Michalopoulos joined Typhon as the head of the Leonidas Energy and Macro Group.

Prior to joining Typhon, Mr. Michalopoulos worked for Citadel Investment Group in London and Chicago from August of 2005 through March of 2011 where he held various roles, among them Portfolio Manager and as a Junior Trader for their crude oil portfolio-ultimately becoming the Director of Citadel’s sole speculative crude volatility business. During his tenure at Citadel, Mr. Michalopoulos gained valuable skills and experience trading in the energy products, including Crude Oil, WTI, Brent, and Natural Gas.

Following his time at Citadel, Mr. Michalopoulos founded Empeopled, a social project to self-govern social media and create crowd-based decision making, in April of 2012 in Los Angeles, California and continues working on today.

Mr. Michalopoulos graduated from The University of Chicago in June of 2005 with a BA in Economics and a 3.8 GPA, he was named to the Dean’s List from 2001 thru 2005, and was a Metcalf Fellow in 2004. Mr. Michalopoulos was elected Phi Beta Kappa in 2005.

PROGRAM INFORMATION

SMA TEAR SHEET

SMA TEAR SHEET

DECK

DECK

ACCOUNT OPENING DOCUMENTS

ADVISOR AGREEMENT

ADVISORY AGREEMENT

DISCLOSURE DOCUMENT

DISCLOSURE DOCUMENT

GROSS DAILY DATA

OPEN AN ACCOUNT

Data displayed on the Client Portal is an approximation of the overall gross valuations of the alternative investment vehicles operated by Typhon Capital Management. Data for Vulcan prior to June 2016 is from live proprietary trading pro forma for fees and commissions. Data displayed is from live trading accounts controlled by the firm net of commissions but gross of management and incentive fees and fund expenses. Please see each strategy’s one-page performance summary and disclosure documents for performance net of fees and accounting notes. Data may vary from those of client accounts due to variances in commission rates. The data displayed may not reflect trades executed by each vehicle’s respective investment manager and not yet received by the vehicle’s clearing firm and is delayed by at least five minutes. Any data displayed is for informational purposes only. Investment in any Typhon product is limited to Qualified Eligible Participants only. Past performance is not necessarily indicative of future returns.