• Limited partner (LP) investors in our fund

• Clients who use alpha capture to trade our portfolio

• Clients who use our research to run their own portfolios

In light of our listing on the stock exchange in the coming months, and the increased number of investors we work with, we switched to using the portal, to create a seamless investor communication system.

The portal simplifies all investor communications, and is the single location where you can update your KYC, subscribe to the fund, or alpha capture, and use the ‘My Portfolio’ feature to track progress on your portfolio. You also use the portal to view the monthly investor reports.

Earlier this month, we invited our subscribers to our investor portal. Having setup the domain, we expected that the emails would go out from a helix.earth email address, inviting subscribers to experience the portal.

The emails were sent out from ‘Otto’, instead, the AI agent that we use, on our portal. The one you chat with, ask questions, and setup calls with us.

The portal is portal.helix.earth and it is setup to use hello@helix.earth as the email address to send communications. However the emails were delivered from Otto’s internal email address instead.

Otto mixed up some of the emails and as a result, sent several emails. I apologise for the confusion and the inconvenience caused. I can confirm that your data is safe and you will only receive emails from our official domains - helix.earth, helixresearch.uk, and sowmyvj.com.

If we require KYC updation, send you investor communications, provide weekly portfolio updates, these will be sent from our official email addresses only.

Kindly disregard any communication you might have received, from an unknown email address. Please be assured that you will only receive emails from our official email addresses.

Either the market knows something I don’t, or this is the most telegraphed bankruptcy thesis the market refuses to price.

Let’s look at the data.

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April has been a grinding month. The market wants to believe every rally is the start of something new. We’re not here to fight price action — we’re here to wait for balance sheets to catch up with narratives. Hedge off. System intact. Patience pays.

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£100K invested in Mar 2023 is now £540K, after our fees, and we are not a cheap fund, by any measure.

Not a backtest. Not a model.

Actual money, actual trades, money in the account. The hedge fund industry averaged 12%.

The thesis is simple: the market systematically misprices balance sheet resilience in transition sectors. Everyone’s chasing the ESG score. Nobody’s stress-testing the debt coverage.

is now open to qualified investors. Two routes in. No lock-ups. No black boxes.

Keep reading for the mechanism, or skip to the portal link at the bottom.

I’ve written 200+ posts tearing apart the gap between narratives and economic reality.

The SIPP wealth incinerator. The ESG mirage. The funds that score high, report well, and underperform quietly.

You’ve read the thesis.

Some of you have been asking for years: “Can I just invest with you?”

Now you can.

The Narrative

Everyone thinks hedge funds are for institutions. Opaque. Illiquid. Minimum tickets in the millions.

That’s lazy thinking.

The real barrier isn’t capital. It’s structure. Most funds are built to gather assets, not generate returns. They want your money locked up forseveral years so they can smooth the volatility in their marketing materials.

I’ve sat in those rooms. I’ve watched the slide decks. I’ve seen what happens when the model breaks and they mark-to-model until the auditors catch up.

Never again.

The Data

Helix ‘s performance

Performance certified by Tradeslide Trading Tech Ltd t/a Darwinex. Not a backtest. Statement NAV verified.

The methodology: eight factors measuring balance sheet resilience. Debt coverage. Cash flow quality. Asset integrity. Earnings stability.

We don’t care about the sustainability story, we care if it improves revenue, margins or both.

We care that the regulatory tailwind creates a 40% margin.

The Helix View

I built this fund the way I wish someone had built one for me 20 years ago.

Two routes in:

LP Subscription (£100K minimum)

• 2% management fee, 20% performance fee with high watermark

• No lock-up. None. If you want out, you’re out.

• Monthly reporting. Full transparency. Scheduled to be listed on London Stock Exchange as an ETP.

Alpha Capture (Signal Provision)

• You receive our equity signals. You execute in your own account.

• You maintain full control.

• 20% performance fee on profits only.

• Think of it as a probationary route, if you want to use funds in an ISA/SIPP account.

• We notify you once your chosen route is available and you switch.

This is for global HNWIs, sophisticated investors, family offices, and institutions. Not available to US or Canadian residents.

The Reason NOT to Invest

If you need quarterly dopamine hits, this trade will make you miserable.

We run a concentrated book. We will underperform the index in some quarters. Early often looks exactly like wrong. We are trading short-term pain for structural alpha.

If you can’t stomach watching us lag the S&P for six months while the thesis ripens, don’t take the position.

The Binary Choice

You either believe the market misprices balance sheet resilience , or you don’t.

If you’ve been reading this newsletter and nodding along, the portal is live:

👉 Access the Investor Portal (click here to visit our website, and scroll down the hompage to access the investor portal).

If you think ESG scores are sufficient due diligence, and index funds are the best investment, we can’t help you.

The market priced Tesla for a funeral; management delivered a $1.4 billion free cash flow surprise. While the Street obsessed over a 7% delivery dip, the real signal was the 19.2% automotive gross margin (excluding credits) and a 51% surge in Full Self Driving subscriptions to 1.28 million users. But that doesn’t change our view. We are short, and we will continue to be short.

The binary choice: you either believe Tesla’s $25 billion+ 2026 Capex spend buys a “Physical AI” monopoly, or you believe it’s a $5 trillion capital trap. The math follows.

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As many of you told us that you invest via the Self Invested Pension Plan (SIPP) or the Individual Savings Accounts (ISA) routes, we are enabling these for you.

You can clap for us, but that doesn’t help either you or me.

Please visit our website, and scroll down to the Investor Portal.

There are two options for you now, on the portal:

1. You can invest in our fund via our Limited Partnership. Click on LP Access and fill in your details. This will convert into units in the listed fund, similar to the other ETFs or mutual funds in your portfolio.

2. If your funds are locked in an SIPP/ISA or you are an institutional investor waiting for our Exchange Traded Fund to be available, choose alpha capture and fill in your details.

If you choose alpha capture, you receive a copy of our portfolio, every Monday. You buy/ sell the stocks in our portfolio, using your own capital. You can use an ISA account for this, as well. You upload your statement on the portal every month. We bill you for our profit share.

Once our listed fund is available, we will notify you, in stages as per your position on the waitlist.

Access is gated and will be opened in stages, as per regulatory requirements. You can then buy units in the fund and drop off the alpha capture.

On listing, the alpha capture clients will have priority over direct execution orders. If you intend to invest, the time is now. Choose between the LP route or the Alpha Capture route at the earliest.

Your mum’s been making one of the most nutritionally complete meals on the planet... and nobody told you. ... I’m talking about dal chawal.

Yeah, the most basic, everyday meal in every Indian household. ... Here’s what blew my mind.

When you combine lentils with rice, you create what nutritionists call a ‘complete protein.’ That means all nine essential amino acids your body can’t make on its own... sorted. In one bowl. ... But it gets better.

The turmeric she throws in? That’s curcumin — one of the most studied anti-inflammatory compounds in the world. Over 12,000 peer-reviewed papers on it. ... The tadka with cumin and hing? That’s not just flavour.

Cumin improves iron absorption by up to 50 percent, and hing is one of the oldest digestive aids in Ayurveda — and modern gastroenterology is finally catching up. ... Here’s the problem though.

Growing up in the UK, a lot of us were embarrassed by our food. We wanted pizza and chips. We thought Indian food was ‘too heavy’ or ‘unhealthy.’ ... But the truth is, the foundations of Indian home cooking — the dals, the sabzis, the raitas — they’re incredible. The issue was never the cuisine.

It was the portions, the excess oil, and the fact that nobody taught us the ‘why’ behind the recipes. ... So next time someone says dal chawal is boring... just know, that boring plate is outperforming most expensive supplement stacks. ... More of this coming. Follow along.

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If you’re here for comfort or index-hugging returns, you’re in the wrong place. We are fiduciaries, and our only loyalty is to the numbers.

Right now, the numbers are telling a story of sticky inflation and structural fragility.

While the market hopes for a soft landing, we are building forensic floors to catch the impending blow-ups.

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For the British Indian professional, the SIPP is the ultimate “trust me” asset. You see the 40% tax relief, the employer match, and the “dividend aristocrats” of the FTSE 100, and you assume the fiduciary duty is being handled.

It isn’t.

Most of you are holding what we call “Assisted Living Assets.”

The FTSE 100, in particular, is a collection of legacy banking, mining, and oil giants—companies that trade at low multiples for a reason: they have no structural advantage in a world where data and resource efficiency dictate margins.

You aren’t “diversified”; you are over-allocated to the 20th century.

You’ve been sold a narrative that dividends from a “stable” UK index are the pinnacle of wealth preservation.

But a 5% yield is irrelevant if the underlying asset is eroding because it can’t price in the demographic collapse of the West or the rising cost of resource scarcity.

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As we’ve discussed in our previous research notes on Substack, the market is currently mispricing the “Youth Dividend.” If your pension is stuck in the UK or the US, you are betting on an aging consumer base with shrinking disposable income. You are ignoring the only regions on earth where the median age is under 30 and the infrastructure is being built for efficiency from the ground up.

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The number: British Indians are 6x more likely to develop Type 2 diabetes than white Europeans — at the same BMI.

The narrative: “Eat less curry, switch to brown rice, use olive oil instead of ghee.”

The reality: South Asians develop insulin resistance at BMI 23. The NHS threshold for intervention is BMI 25. By the time the system notices you, you’re already metabolically broken.

The mechanism: It’s not the food. It’s visceral fat storage patterns, genetic insulin secretion variants, and a sedentary UK lifestyle colliding with portion sizes designed for manual labour. The mainstream advice isn’t just wrong — it’s calibrated for the wrong population.

I spent two years believing the “healthy swap” propaganda. Brown rice instead of white. Oats instead of parathas. My energy crashed, my cravings spiked, and my blood sugar stayed exactly where it was. Then I looked at the actual research on South Asian metabolisms. Turns out, I’d been following a playbook written for a different game.

Everyone says the diabetes epidemic in South Asian communities is about diet. Too much ghee. Too much rice. Too many sweets at Diwali.

This is lazy thinking.

The NHS, the media, and most GPs operate on a simple model: eat less, move more, choose “healthier” alternatives. Brown rice over white. Olive oil over ghee. Salads over sabzi. It sounds reasonable. It’s also wrong.

Here’s what the narrative misses: the dietary advice dispensed to British Indians was developed from studies on white European populations. The metabolic assumptions baked into those guidelines — how we store fat, how we secrete insulin, where the danger thresholds sit — don’t translate.

It’s not that the advice is bad. It’s that it’s calibrated for a body type that isn’t yours.

When a GP tells a British Indian man with a BMI of 24 that he’s in the “healthy” range, they’re using a chart that doesn’t account for visceral fat distribution. When a dietitian recommends switching to brown rice, they’re ignoring glycemic load data specific to South Asian digestion patterns.

The narrative is comfortable. The data is not.

Let’s put the numbers on the table.

Source: Diabetes UK, UKBB cohort data, Lancet Diabetes & Endocrinology (see references)

The most ignored number: BMI 23

.

That’s the threshold where metabolic risk starts climbing for South Asians. The NHS doesn’t flag you until 25. That’s a two-point window where you’re accumulating visceral fat, developing insulin resistance, and receiving zero intervention because the system thinks you’re fine.

I analysed the NHS Health Check data. For South Asian men aged 40-50, the median BMI at first diabetes diagnosis is 26.2. For white European men, it’s 31.4. The disease is catching South Asians five BMI points earlier — but the screening thresholds haven’t moved.

Now here’s where it gets uncomfortable.

The “healthy swaps” don’t work the way you think:

The swaps aren’t saving you. They’re making you feel virtuous while your fasting glucose creeps up.

Here’s what actually moves the needle — and none of it requires abandoning your masala dabba.

1. Portion calibration, not food elimination.

The problem isn’t rice. It’s that your grandmother’s portion sizes were designed for farming villages with 12 hours of physical labour. Your desk job burns 1,800 calories. Hers burned 3,200. The food isn’t wrong. The context is.

2. Visceral fat is the metric that matters.

Forget BMI. Waist circumference is the number to watch. For South Asian men, risk starts above 90cm. For women, 80cm. If your GP isn’t measuring this, ask why.

3. Protein timing beats carb swapping.

The data on South Asian metabolisms shows that front-loading protein (dal, eggs, paneer) before carbohydrates blunts the glucose spike more effectively than switching carb types. Eat your dal before your roti. That’s it.

4. The regulatory environment is catching up — slowly.

NICE guidelines were updated in 2022 to recommend lower BMI thresholds for South Asians. Most GPs haven’t implemented them. This is a system lag, not a knowledge gap. You can’t wait for the NHS to catch up.

Reason NOT to follow this advice:

If you need instant results, this will frustrate you. Metabolic change takes 6-12 months to show up in blood markers. You might feel like nothing’s happening while your visceral fat slowly redistributes. We’re trading short-term comfort for long-term metabolic health.

The Binary Choice

You either believe your body responds differently to dietary advice designed for white Europeans, or you don’t.

If you do, you stop chasing “healthy swaps” and start measuring what actually matters: waist circumference, fasting glucose, and HbA1c — calibrated for South Asian thresholds.

If you don’t, keep eating brown rice and wondering why your numbers aren’t moving.

The GP with the best bedside manner isn’t the one worth listening to. The one who measures your waist and knows the South Asian BMI threshold is. Most people will never find them.

References

1. Diabetes UK. “Diabetes prevalence in South Asian communities.” 2023 statistical report.

2. Sattar N, Gill JMR. “Type 2 diabetes in South Asians: genetics and metabolic predisposition.” Lancet Diabetes & Endocrinology. 2015;3(12):1004-1016.

3. WHO Expert Consultation. “Appropriate body-mass index for Asian populations.” Lancet. 2004;363:157-163. [Key chart: BMI thresholds by ethnicity]

4. NICE Guidelines NG28 (2022 update). “Type 2 diabetes: prevention in people at high risk.” Section on ethnicity-specific thresholds.

5. Misra A, Khurana L. “Obesity-related non-communicable diseases: South Asians vs White Caucasians.” International Journal of Obesity. 2011;35:167-187. [Key chart: visceral fat distribution comparison]

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And if you know someone who'd benefit — a family member managing diabetes, a friend trying to lose weight while still eating mum's cooking — share this with them.

More soon,
Sowmy

The market loves a good story, and right now, the story is that Airbnb is an ESG darling. Analysts point to their “top-notch” ESG scores as proof of a sustainable, forward-thinking company. They’ve managed to convince the world that they represent the “sharing economy,” a phrase that sounds great in a marketing deck but means nothing on a balance sheet. Because of this halo effect, the market has tacked a massive premium onto their stock. It’s the classic 2021 clean-energy bubble playbook: if it feels good, pay more for it.

The Data

I’ve spent 30 years watching funds destroy capital by chasing narratives instead of numbers, and this is a textbook case. Let’s look at the actual unit economics vs. the story. Airbnb currently enjoys a 20% valuation premium solely attributed to its ESG rating.

Their business model exists to chase renters out of the market and gentrify your area. When you look at the mechanics, the valuation is 20% higher because of an unjustified ESG rating. If you peel that rating off, the valuation drops massively. That is the reality the market is choosing to ignore.

The Helix View

I am amazed at how easily investors get blinded by a “green” sticker. At Helix, we don’t care about saving the planet; we care about whether the unit economics make sense. This is a “smoke and mirrors” play where the social component of ESG is actually a liability disguised as an asset. We are publishing our position because we believe the most overlooked opportunities sit at the intersection of sustainability and boring, high-margin economics—not in companies that rely on regulatory blind spots and social displacement to juice their margins.

We might be early on this, and being early often looks exactly like being wrong. We will likely underperform the index for the next 12 months while this thesis ripens, but we are trading short-term pain for structural alpha. If you need quarterly dopamine hits, this trade will make you miserable.

The Binary Choice: You either believe that ESG ratings will continue to be disconnected from the actual social impact on housing markets, or you believe the market will eventually price in the regulatory and social cost of gentrification. If you don’t believe the latter, don’t take the position.

The next decade of alpha won't come from following the herd into overpriced ESG darlings. It will come from finding the structural advantages others are too blind to see. Reply to this email to receive a copy of our factsheet.

You can almost hear the collective sigh of relief from the energy sector.

But if 2025 taught us anything, it’s that “relief” is often just a temporary pause in a larger structural shift.

The Strait of Hormuz might be tentatively reopening, but the underlying geopolitical friction hasn’t vanished.

This is where the Octo Factor separates itself.

Most models are “reactive”;they see a ceasefire and buy the rally.

Our model is “contextual.” It looks at the interplay of eight distinct drivers; from liquidity cycles to the socio-economic metrics of the British Indians to determine if a jump is a true recovery or just a dead cat bounce.

We play the long game. Because in this market, “nothing is set in stone,” but your methodology should be.

Exactly one year ago today, the S&P 500 collapsed 18% following the Trump tariff announcements. lost 4%.

This wasn’t luck; it was the Octo Factor’s Forensic Integrity (IHF) signal at work.

We buy balance sheets that can survive political ego.

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This analysis is for subscribers and partners of .

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The actual unit economics show that hitting the tapered annual allowance cap triggers penal tax rates that destroy the marginal return on their extra labor.

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Everyone thinks Chipotle is an untouchable growth machine because they sell “Food with Integrity.” The reality? Their organic same-store sales growth just hit a wall at 0.3%, and labor costs have spiked to 25.2% of revenue. We are maintaining a short position because the “green” narrative is finally colliding with the reality of $100k-income households getting squeezed by oil prices and a cooling job market.

If you are serious about the trade, the deep dive is below the paywall.

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The market prices consumer staples like Clorox as if their brand moats are impenetrable.

They are wrong.

Our analysis shows that unbranded alternatives and completely natural substitutes like vinegar provide the exact same utility at a massive discount.

We are publishing our position: the perceived brand moat in commodity cleaning is an illusion, and the revenue streams are at structural risk. The full cashflow math and mechanism are behind the paywall.

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Here's what you need to know.

On April 1st, Helix Research starts the process to list its Active Management Certificate.

The minimum investment moves from £20k to £100k.

If you've been watching from the sidelines, this is the last week to get in at the lower threshold.

The five objections we keep hearing, answered plainly:

"It's not in my ISA or SIPP."

Not yet.

Post-listing, sophisticated SIPP providers will be able to carry the AMC. ISA access via a model portfolio structure is under exploration. If your wealth is wrapper-trapped, the listed route is coming, but it won't be at £20k.

"I don't want to sign a limited partnership agreement."

That's the current structure.

Post-listing, you buy an ISIN through your broker, same as any listed security. No paperwork beyond your normal account.

"I don't want to be a shareholder in another company."

You won't be.

LP investors buy units in a limited partnership. No directorship, no company liability, no Companies House obligations on your part.

"I'm worried about Companies House reporting."

That's the GP's obligation, not yours. LP investors have no filing requirement at Companies House.

"What about HMRC SA401?"

When you join, we prepare and file the SA401 on your behalf, you just provide the information and sign the form.

Speak to your accountant about how your share of income and gains feeds into your self-assessment.

Most passive LP investors find it simpler than they expected.

What happens to your investment when we list?

Your LP units convert into the listed AMC structure, including all gains from your pre-listing investment. You don't start again at zero. You carry your position forward into the institutional vehicle.

The numbers, plainly stated:

Minimum now: £20k

Minimum post-April 1st: £100k

Target return range: 30-50% per annum

Maximum drawdown (10-year backtest): 6.5%

Fee structure: 2% management fees/20% profit share.

If you've been waiting for the right moment, this is it.

Reply to this email and I'll send you our factsheet. We can setup time to discuss your investment.