About Company
Helios Capital Asset Management (India) Pvt. Ltd
Helios -In Greek mythology, Helios is the God of Sun – the brightest star in the sky that has been universally worshipped as the natural source of light, energy, warmth, and nutrition on Earth since the start of time. According to mythology, Helios rode his chariot across the sky from east to west every day pulling the sun, and each night he rode back to the east, to diligently start again next morning. In addition, according to Hometic poems, Helios is described as the God who sees and hears everything and had an ethical and prophetic nature. Helios Capital is inspired by “Helios” for he has all the qualities one would seek in a good fund manager: strong purpose carried out with diligence, ability to see everything from his vantage point and an ethical and prophetic nature. Helios India is licensed by Securities & Exchange Board of India to offer Portfolio Management Services (PMS). Their flagship investment product is the Helios India Rising Portfolio.Singapore based Helios Capital Management Pte. Ltd. (“Helios”), holding a Capital Markets Services License from the Monetary Authority of Singapore, and registered as a Foreign Portfolio Investor with the Securities and Exchange Board of India. Helios, founded in 2005, currently manages both India focused long/short and long only funds/mandates and a globally focused long only fund. Founders of Helios (Dave Williams, Karan Trehan, and Samir Arora) have senior asset management experience and were pioneers in Indian asset management industry jointly setting up one of India’s first private sector AMCs in 1994 (in their prior roles). Additionally, Samir Arora has one of the longest track records (26+ years on the long side) in the Indian fund management business. He is also one of the most experienced India fund managers on the short side with a 15+ year track record.
What Is Helios India Long Short Fund?
Helios India Long Short Fund is an open-ended Category III AIF from Helios Capital that invests in Indian equities and equity derivatives, holding 30–50 long positions while shorting 15–25 individual stocks through futures, so its market exposure can rise or fall with conditions. Launched in December 2022 under Helios India Alternate Fund (SEBI registration IN/AIF3/19-20/0773), it is benchmarked to the NIFTY 50 TRI, requires a minimum investment of ₹1 crore and is typically leveraged through derivatives.
The fund has two sides:
- Long book: stocks the team expects to do well on fundamentals and valuation.
- Short book: stocks or exposures expected to fall, shorted mainly through single-stock futures.
- Derivatives: futures and other equity derivatives used to build and manage exposure.
- Variable exposure: net long exposure typically moves between 30% and 90%.
This makes it very different from a long-only equity AIF: investors need to understand short selling, derivatives, leverage, and gross and net exposure, not just stock selection.
Helios India Long Short Fund Snapshot
| Particular | Details |
|---|---|
| Fund | Helios India Long Short Fund |
| Structure | Open-ended Category III AIF |
| AIF Trust | Helios India Alternate Fund |
| SEBI Registration | IN/AIF3/19-20/0773 |
| Strategy | Long-short equity |
| Benchmark | NIFTY 50 TRI |
| Inception | December 2022 |
| Minimum Investment | ₹1 crore |
| Top-Up | ₹25 lakh, then multiples of ₹5 lakh |
| Fund Managers | Dharmendra Grover and Murtuza Arsiwala |
| Long Positions | 30–50 stocks |
| Short Positions | 15–25 single-stock futures, 1–2% each |
| Net Exposure (typical) | 30–90% |
| Gross Exposure (typical) | 75–175% |
| Maximum Exposure | Gross 200%, net 150% |
| Management Fee | 1.00–1.75% by share class |
| Performance Fee | 15% above a 10% hurdle, no catch-up, high-water mark |
| Lock-in | 3 months |
| Trustee | Amicorp Trustees India Private Limited |
How the Helios Long Short Equity Strategy Works
Helios India Long Short Fund aims to profit from both rising and falling stocks: it buys companies it expects to outperform and shorts those it expects to fall, so returns depend less on the overall market going up.
The long book holds stocks with strong fundamentals or valuation support. The short book targets companies where earnings disappointment, excessive leverage, regulatory change, price competition or high valuations could drive the price down. Because both sides are counted, gross exposure can be much higher than net exposure.
How Helios Selects Long Positions
Helios India Long Short Fund picks long positions through a two-stage research filter that narrows the market down to a "to own" list of companies backed by structural themes and valuation.
The team first condenses the market into the Helios research universe, then rejects any stock that fails on any factor, leaving companies that cannot be rejected. Further bottom-up analysis produces the final list. Favoured themes include private-sector companies gaining share from government-owned firms, demographic and lifestyle changes, underpenetrated sectors, non-zero-sum competition, strong tailwinds and long runways for growth, and businesses benefiting from India's cost advantages. Up to 10–15% of the portfolio may sit outside these themes if it offers value or a trigger.
Helios aims for two kinds of stocks: those with high confidence of reasonable returns and those with reasonable confidence of high returns.
How Helios Identifies Short-Selling Opportunities
Helios India Long Short Fund shorts individual stocks mainly through India's liquid single-stock futures market, selecting them bottom-up and typically holding each for 3–12 months.
Common reasons to short include:
- High or unsustainable leverage
- Regulatory developments
- Price-based competition
- Expected earnings disappointment
- Declining growth at very high valuations
- Government divestment overhang
The short book usually has 15–25 positions of 1–2% each and is kept sector-neutral, while the long book may have sector biases. Options and index or sub-index shorts are used sparingly.
Helios Long Short Fund Net Exposure, Gross Exposure and Derivatives
Helios India Long Short Fund typically runs 30–90% net exposure and 75–175% gross exposure, with up to 200% gross and 150% net allowed.
- Net exposure is long minus short. A portfolio 100% long and 30% short has 70% net exposure.
- Gross exposure is long plus short. A portfolio 100% long and 50% short has 150% gross exposure.
- Leverage arises when derivatives create exposure larger than the capital invested.
| Exposure | Typical Range |
|---|---|
| Net (long minus short) | 30–90% |
| Gross (long plus short) | 75–175% |
| Long side | 60–120% |
| Short side | 10–60% |
| Maximum allowed | Gross 200%, net 150% |
Futures also bring basis, margin and counterparty considerations, adding risk beyond ordinary equity ownership. Check current ranges in the latest PPM.
Helios Long Short Portfolio Construction and Risk Limits
Helios India Long Short Fund controls risk with caps on single stocks, industries and illiquid holdings, and by diversifying across industries, market caps and growth and value styles.
| Limit | Rule |
|---|---|
| Single long position | Up to 10% of net assets (no new buying above 7.5%) |
| Single short position | Up to 4% of net assets (no new shorting above 3–3.5%) |
| Industries | At least 6; maximum 35% in one industry |
| Liquidity | At least 60% in liquid stocks, drawn mainly from the top 250 companies by trading volume |
| Less liquid stocks | Up to 4% each at cost, rising to 6% with performance |
| Stop-losses | No formal rules; underperformers reviewed continuously |
A short position is not a guaranteed hedge. If a shorted stock rises sharply, or long and short positions react differently to the same event, losses can occur. Leverage and shorting amplify both gains and losses, so how returns were generated matters as much as the headline number.
Helios India Long Short Fund Performance
Helios India Long Short Fund has delivered a 3-year and since-inception CAGR of 9.5%, net of fees, against a 3-year CAGR of 8.8% for the NIFTY 50 TRI. The fund began in December 2022, so it has no 5-year record yet. Past performance does not indicate future returns.
Helios India Long Short Fund Minimum Investment, Fees and Lock-In
The minimum investment in Helios India Long Short Fund is ₹1 crore, with top-ups from ₹25 lakh in multiples of ₹5 lakh. Management fees range from 1.00% to 1.75% depending on share class and commitment size, plus a 15% performance fee above a 10% hurdle with no catch-up and a high-water mark. There is a 3-month lock-in.
Confirm the share class, fees, hurdle, notice period, exit load and other expenses in the latest PPM and subscription documents before investing.
Helios India Long Short Fund Risks
The main risks of Helios India Long Short Fund are leverage, short-selling, basis, liquidity, event, concentration and capital-loss risk.
Leverage and derivative risk: Derivatives raise effective exposure, so losses can build faster than in unleveraged equity.
Short-selling risk: A short loses money when the stock rises, and the potential loss is not capped.
Market and basis risk: Long and short positions may not move as expected against each other, making hedges imperfect.
Liquidity risk: Stocks or futures can become hard to exit in stressed markets, with wider spreads.
Event and regulatory risk: Corporate events, regulation or earnings surprises can move prices sharply.
Concentration risk: Large or correlated positions can concentrate risk in a stock or sector.
Capital-loss risk: The fund is market-linked; shorts and derivatives do not protect capital.
Helios India Long Short Fund vs Long-Only Helios AIFs
Helios India Long Short Fund is open-ended and uses shorts, futures and leverage, while Helios India Rising Fund and Helios India Rising Fund II are close-ended long-only AIFs. Investors comparing structures can also read about long-short AIFs, long-only AIFs and mutual fund vs PMS vs AIF, or speak to an ALTPORT advisor.
Listen to expert conversations and investment insights anytime on Spotify.
Learn about the experienced fund managers responsible for investment decisions, portfolio strategy, and long-term fund performance.
Murtuza Arsiwala
Murtuza Arsiwala is an investment professional associated with Helios Capital Asset Management India, with his current Helios team-page role listed under Trading/Dealing. He is also identified within the Fund Managers / Key Investment Team for schemes under the Helios India Alternate Fund. This makes Murtuza Arsiwala relevant to investors researching the Helios Capital AIF platform, particularly its equity-oriented strategies and the investment team involved in implementing them. His association spans the Helios India Rising Fund, Helios India Rising Fund II and Helios India Long Short Fund.
View Profile →
Dharmendra Grover
Dharmendra Grover is a Fund Manager (PMS & AIF) at Helios Capital Asset Management India, with extensive experience across Indian equity markets, investment research and portfolio management. His career has included roles and experience across Lloyd Securities, Credit Suisse Securities India, Tata Motors, Tata Securities, Artemis Advisors and SBI Mutual Fund, before moving into his current role at Helios Capital. This breadth of experience has given Dharmendra Grover exposure to different parts of the equity-investing ecosystem, from research and corporate environments to institutional investment management.
View Profile →Our Investment Experts
Our experts will understand your goals, map the right strategy across AIFs, PMS, Mutual Funds and Wealth Solutions, and guide you through every step.
Find answers to common questions about fund investments, performance, portfolio strategy, and investor services.
Helios India Long Short Fund is an open-ended Category III AIF that holds 30–50 long stocks and shorts 15–25 stocks through futures, varying its net market exposure between about 30% and 90%.
Yes. Helios India Long Short Fund is a scheme of Helios India Alternate Fund, a Category III AIF registered with SEBI under IN/AIF3/19-20/0773.
Yes. Helios India Long Short Fund is open-ended, with a 3-month lock-in.
Helios India Long Short Fund buys stocks it expects to rise and shorts stocks it expects to fall through futures, so returns depend on stock selection on both sides rather than on the market alone.
Yes. Helios India Long Short Fund invests in equity derivatives, mainly single-stock futures, and is typically leveraged, with gross exposure of 75–175% and a 200% maximum.
In Helios India Long Short Fund, net exposure is long minus short (typically 30–90%) and gross exposure is long plus short (typically 75–175%).
Helios India Long Short Fund typically holds 30–50 long positions and 15–25 short positions of 1–2% each.
Helios India Long Short Fund uses a two-stage rejection filter and bottom-up research, favouring structural themes such as private firms taking share from government-owned ones, underpenetrated sectors and demographic change.
Helios India Long Short Fund shorts stocks with high leverage, regulatory headwinds, price competition, expected earnings misses, high valuations with slowing growth or government divestment overhang.
The minimum investment in Helios India Long Short Fund is ₹1 crore, with top-ups from ₹25 lakh.
Helios India Long Short Fund charges a 1.00–1.75% management fee by share class plus a 15% performance fee above a 10% hurdle, with no catch-up and a high-water mark.
Dharmendra Grover and Murtuza Arsiwala manage Helios India Long Short Fund as the key investment team for Helios India Alternate Fund.
Helios India Long Short Fund has a 3-year and since-inception CAGR of 9.5% net of fees, against 8.8% for the NIFTY 50 TRI over three years.
The main risks of Helios India Long Short Fund are leverage, short-selling, basis, liquidity, counterparty, event and concentration risk, and possible capital loss; hedging does not remove them.
No. Helios India Long Short Fund is open-ended and uses shorts and leverage, while Helios India Rising Fund and Rising Fund II are close-ended long-only AIFs.
Subscribe to the ALTPORT newsletter
Join HNIs, family offices and NRI investors reading with us.
You're on the list
Thanks — we've added your email to the ALTPORT newsletter.