About Company
Fund Snapshot
| Name of the Scheme | Helios India Rising Fund II |
| Nature of the Scheme | Closed-ended AIF Category III |
| Fund Manager | Dinshaw Irani |
| Tenure | 4 years extendable by an additional period of up to 2 year |
| Lock-in | 12 months from the date of Final Drawdown (including interest for any delayed payment or any other amounts as may be required to be paid) |
| Liquidity Option | Investors can exit during quarterly exit windows after the lock-in period is over |
| Performance Fees | 15% without Catch-up |
| Hurdle Rate | 10% (XIRR) (only applicable for Share class B1, B2, B3 & B4 only) |
| Trustee | Amicorp Trustees India Private Limited |
| Custodian | Kotak Mahindra Bank Ltd |
| Investment Manager | Helios Capital Management India Pvt. Ltd |
HELIOS INVESTMENT PHILOSOPHY & STRATEGY
Unique Feature
- 25-year actual track record of India’s investments (and not back-tested models or paper portfolios)
- The staff oversees and advises the FII Fund (with first-hand knowledge of FII flows, behaviour, etc.).
- Long-only and long/short strategies are managed and advised by the same staff (Shorts provide yet another perspective)
- Several team members also oversee and provide advice for an international fund (so Helios have experience with developments in other major markets)
- Senior team members have worked together for 15 to 20 years and are knowledgeable on how to handle different market stages (that invariably come up)
MEDIUM-TERM TRIGGERS
Good outcomes and the restart of growth are triggers that might lead to an increase in confidence for the future. External triggers include anticipated government policies, legal proceedings, clarification of open questions, M&A, restructuring, management changes, etc. Helios occasionally employ anticipated medium-term triggers to look for equities that might profit from the occurrence. Even then, Helios anticipate holding the stock most of the time past the trigger point. Medium-term triggers (events) may occasionally be utilized to postpone rendering a final judgement on the stock.
VALUATION PROCESS
High confidence in reasonable returns:
- This group consists of premium businesses that continuously outperform the market and have strong competitive advantages (moats).
- Although Helios do not anticipate these firms to be upgraded (any further), Helios are pleased with their projected development over the coming years.
- Even if growth is unaffected, Helios sell these equities if values become too high and are in danger.
Reasonable confidence in high returns:
- Helios have a portfolio of businesses where Helios anticipate greater returns due to rapid development and possible corporate revaluation.
WHAT STOCKS TO BUY?
- The existence of even ONE of the following criteria typically makes a stock perform poorly:
- Bad theme (size of opportunity)
- Unfavourable industry dynamics
- Potential for disruption
- Chins/weakness in management/background/strategy
- Poor corporate governance
- Low-quality accounting
- Negative medium-term triggers (in most cases, projected financial performance)
- Unreasonably high valuations
- Eliminating the bad greatly enhances the likelihood of finding the good and lowers the cost of errors.
- Helios create our portfolio of good firms and “developing” good companies from the pool of stocks that “cannot be rejected on any factor.”
HOW MANY STOCKS TO OWN AT A TIME?
A robust portfolio needs to have 2 kinds of stocks.
“Good” Stocks: Offer “High Confidence in reasonable returns” (10 to 15 stocks, ~50 to 60% weight)
- This group comprises better calibre, consistently performing businesses with distinct advantages, large opportunities, and strong profit visibility.
- Helios are pleased with these firms’ anticipated success over the coming years but do not anticipate these companies to be (further) re-rated.
- If values get too high or if there are significant developments that force us to reevaluate the firm, Helios sell these stocks.
- Expected long-term compounded returns exceed the market benchmark by 3 to 5% annually.
“Emerging” good stocks: Offer “Reasonable confidence in high returns” (15 to 25 stocks, ~40 to 50% weight)
- A collection of businesses where Helios anticipate greater profits due to the combination of early stock discovery (or re-discovery) and increased valuation of the business if it lives up to its potential
- When Helios perceive a catalyst for a prolonged recovery or re-discovery by the market, some of these stocks may be large-cap firms and mid-size ones.
- Expected medium-term compounded returns exceed the market benchmark by 5 to 10% each year.
TIME HORIZON: HOW LONG TERM A VIEW IN (INITIALLY) CHOOSING STOCKS?
- Long-term is a series of “1 to 3 years” short term.
- One may more clearly envision industry trends, disruption, corporate strengths and strategies, government regulations, existing management, market preferences, external environment, etc., across a 1 to the 3-year investment horizon. There is no need to stop holding the same stocks for another one to three years, and so on, if the firm is doing well.
- Longer-term winners typically surprise their managements, themselves, and their investors with their growth/success and cannot, as a result, be widely and confidently predicted far in advance. Helios have continuously owned many long-term winners in our market by purchasing stocks after screening them using our 8 criteria.
WHEN TO SELL?
- Long-term does not mean “Buy and Forget.”
- Helios purchase equities with an initial time horizon of one to three years, but the long term comprises many shorter horizons. This means that even while Helios keep most stocks for a respectable amount of time, Helios continually assess them to ensure that our original stock-related premise is still valid.
Stock may be sold for company-specific fundamentals, valuation reasons or risk control reasons:
- Stocks are often sold at zero if fundamentals worsen, or something unexpectedly unfavourable happens.
- Stock weight may be reduced or sold entirely if stock returns dramatically surpass underlying earnings growth over a lengthy period.
- High prices may be okay for excellent firms up to a point, but Helios don’t support the “Buy/Hold at all valuations” philosophy.
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Helios India Rising Core Equity Portfolio
Benchmark: BSE 500 TRI
Compare fund returns and benchmark performance across multiple investment periods using a visual bar graph.
Review and compare fund returns against benchmark performance across different investment periods in a detailed tabular format.
Helios Capital Asset Management (India) Pvt. Ltd
| AUM(Cr.) | 1M | 3M | 6M | 1Y | 2Y | 3Y | 4Y | 5Y | Ince. | |
| Performance | ₹0.52 | NA | NA | NA | NA | NA | NA | NA | NA | -5.58 |
| Benchmark | NA | NA | NA | NA | NA | NA | NA | NA | NA | -5.16 |
Learn about the experienced fund managers responsible for investment decisions, portfolio strategy, and long-term fund performance.
Dinshaw Irani
Helios India’s Chief Investment Officer is Dinshaw Irani. He spent more than 14 years as the Executive Director of Artemis Advisors, Helios Singapore’s exclusive research advisors, before then. Dinshaw oversaw all aspects of the research project as the CEO of Artemis Advisors, from idea generation and industry outlook to final recommendation. He established Sharekhan’s portfolio management services division while serving as their principal portfolio manager from 2003 to 2004 before joining Artemis in 2005. Prior to working at Sharekhan, Dinshaw spent more than three years as a vice president on the consumer and pharmaceutical industries’ Asian Emerging Markets team for Alliance Capital in Mumbai. Prior to Alliance, Dinshaw had positions at Lloyd Securities and Sun F&C Mutual Fund. Dinshaw likes exploring new locations so he may spend time outside in nature preserves and on hiking trails. Dinshaw possesses a post-graduate diploma in rural management from the Institute of Rural Management, Anand, and a degree in commerce with honours. Dinshaw has 28 years of combined investment experience.
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