Helios Capital Asset Management (India) Pvt. Ltd

About Helios Capital Asset Management (India) Private Limited

Helios Capital Asset Management (India) Private Limited, commonly referred to as Helios India, is the Indian subsidiary of Helios Capital Management Pte. Ltd., a Singapore-based asset management company focused on Indian equities. The Indian entity is headquartered in Mumbai and operates across PMS, AIF and mutual fund-related investment-management activities.

The broader Helios platform was founded in 2005 by Samir Arora, Dave H. Williams and Karan Trehan. Helios began expanding its onshore Indian fund-management presence in 2020 under the PMS and AIF framework, following years of maintaining its research team in India. In August 2023, the group also received SEBI approval for its mutual fund business.

Helios India operates from Mumbai and forms part of a broader investment platform with teams in India and Singapore. The group states that its investment philosophy, research framework and core research inputs are shared across its offshore, onshore PMS/AIF and mutual fund businesses, although individual products and mandates remain distinct.

The Indian business is therefore best understood as an investment-management entity rather than a single investment product. Its capabilities span discretionary PMS strategies, Category III AIFs and investment-management functions connected with the wider Helios platform.

Helios Capital SEBI Registration and Investment Management Capabilities

Helios Capital Asset Management (India) Private Limited is registered with SEBI as a Portfolio Manager under the SEBI (Portfolio Managers) Regulations, 2020, with PMS registration number INP000006916. Its disclosure document identifies the company as both the Portfolio Manager and investment manager to Helios India Alternate Fund.

Under its PMS business, Helios offers discretionary portfolio management services alongside investment advisory services through its investment approaches. Its PMS universe covers equity and debt strategies, with the equity approaches focused on Indian listed securities and the liquid strategy designed primarily for cash management.

The AIF business is separate from the PMS structure. Helios Capital Asset Management (India) Private Limited acts as investment manager to Helios India Alternate Fund, which is registered with SEBI as a Category III Alternative Investment Fund under registration number IN/AIF3/19-20/0773.

This distinction matters when researching Helios Capital India. A PMS investment approach is a portfolio-management mandate, while the Helios India Alternate Fund is an AIF vehicle with its own schemes and fund documents. Investors should therefore evaluate each strategy according to its specific structure rather than treating the company's entire platform as one product.

For readers researching the wider universe of portfolio management services, Helios represents an India-focused platform with both long-only and alternative investment capabilities.

Helios Investment Philosophy and Elimination Investing Framework

Helios' investment philosophy is centred on bottom-up fundamental research, thematic tailwinds, valuation discipline and a proprietary Elimination Investing (EI®) framework.

The basic idea behind Elimination Investing is different from simply searching for reasons to buy a stock. Helios first attempts to identify businesses that should be rejected based on fundamental concerns. Its framework uses eight fundamental factors to narrow the broader investment universe and identify companies that cannot be eliminated on any of those factors.

The approach starts with the belief that stock selection works more effectively when supported by a strong sector or thematic tailwind. Helios therefore combines bottom-up company research with an assessment of industry dynamics, macroeconomic conditions and the potential size of an opportunity.

The framework can broadly be understood through three ideas:

• Eliminate weak businesses early: Companies are screened for fundamental issues before extensive research resources are deployed.
• Look for tailwinds: Sector trends, business cycles, industry changes and broader economic developments form part of the investment assessment.
• Manage downside risks: Valuation, business quality and the possibility of permanent impairment are considered throughout the process.

Helios also describes its philosophy as knowledge-based investing. The focus is not simply on collecting more information, but on interpreting information consistently through a structured research process. The firm's stated approach also emphasises continuous review rather than treating a long-term investment as a “buy and forget” decision.

Risk assessment is embedded throughout the investment process. Helios states that avoiding permanent loss of capital is an overarching objective and that risk identification, measurement and management are considered at the stock, portfolio and trading levels.

How Helios Conducts Equity Research and Constructs Portfolios

Helios follows a multi-stage research process that begins with idea generation and progresses through fundamental screening, detailed research and portfolio construction.

1. Idea Generation

Ideas can emerge from quantitative screens, company meetings, broker conferences, broker research, peer activity, supply-chain analysis and discussions with industry experts. These ideas are then discussed within the research team and during daily investment meetings involving the senior investment team.

2. Fundamental Research

Companies under coverage undergo industry and company analysis, management interactions, channel checks and discussions with sector specialists. Analysts assess companies against the eight Elimination Factors and assign ratings to help determine whether an idea progresses through the research funnel.

3. Elimination Screening

The initial universe is narrowed through the EI® framework. Companies that fail the relevant elimination criteria are removed from the potential buy universe, while companies that clear the screening process progress towards the Core Buy List.

4. Deep-Dive Research

Companies that reach the Core Buy List undergo detailed fundamental research, including financial modelling, research notes, ESG analysis and valuation work. The Head of Research provides an initial challenge to analyst work, followed by further review and discussion with senior investment professionals.

5. Portfolio Construction

Research is then translated into portfolios through decisions around diversification, position sizing, sector exposure, valuation and expected return potential. Helios describes a barbell-style portfolio construction approach, balancing companies at different stages of growth and return delivery.

The sell discipline is equally important. Positions can be reduced or exited when the investment thesis changes, expected upside falls, valuations become excessive or better opportunities emerge. This ongoing review is intended to prevent portfolios from becoming static simply because an investment was originally made with a long-term horizon.

For long-short strategies, Helios also applies its fundamental research framework to identifying potential short candidates. Its published portfolio-construction process describes a stock-focused short book, with index shorts generally used only for tactical purposes.

Helios PMS and Category III AIF Strategies

Helios India's investment products fall into two distinct categories: PMS investment approaches and Category III AIF schemes.

PMS Investment Approaches

The current PMS disclosure lists these five investment approaches, comprising four equity strategies and one debt strategy.

Category III AIF Strategies

Helios India Rising Fund II and Helios India Long Short Fund are identified in Helios' regulatory disclosures as schemes of Helios India Alternate Fund.

The directory above is intended for strategy discovery only. Product-specific performance, fees, investment minimums and other terms should be reviewed on the respective fund or strategy pages and applicable fund documents.

Helios India Leadership and Investment Team

Helios India's investment platform is supported by professionals across portfolio management, research, dealing, operations and compliance. The current team disclosure identifies Dinshaw Irani as MD & CEO, Dharmendra Grover as Fund Manager – PMS & AIF, and Abhay Modi as Head of Research.

Dinshaw Irani — MD & CEO

Dinshaw Irani is the Managing Director and CEO of Helios Capital Asset Management (India) Private Limited. He has more than two decades of experience across equity research and portfolio management and previously worked with Artemis Advisors, Sharekhan and Alliance Capital. His experience includes leading research and establishing Sharekhan's portfolio-management services division.

Dharmendra Grover — Fund Manager, PMS & AIF

Dharmendra Grover is identified by Helios as Fund Manager – PMS & AIF for its India business. His role covers investment management across the relevant domestic PMS and AIF strategies.

Abhay Modi — Head of Research

Abhay Modi serves as Head of Research in the India team. His role is focused on the research function supporting the investment platform rather than being presented as a fund-manager designation.

Samir Arora — Founder and Group CIO

Samir Arora is the Founder and Group CIO of the broader Helios Capital platform. He is also identified as Fund Manager of the Helios Strategic Fund, an offshore strategy.

His role should therefore be distinguished from the current domestic product-level responsibilities of Helios India's investment team. While Helios states that its investment philosophy and research framework are shared across its businesses, individual India PMS and AIF strategies should not automatically be attributed to Samir Arora.

Wider Investment Team

The India team also includes investment and research professionals such as Murtuza Arsiwala, who is listed under Trading/Dealing, alongside research analysts and other fund-management and operational specialists. Helios' current team structure therefore combines dedicated portfolio managers with research, dealing, operations and control functions.