Investor Letter
June 2026
During the month of June 2026, global financial markets underwent a pronounced style and sector rotation, with capital migrating rapidly away from mega-cap technology and artificial intelligence hyperscalers toward cyclical value and defensive areas of the market, such as healthcare and financials.
The S&P 500 Index declined by 0.7%, while the S&P 500 Equal Weight Index advanced by 2.4%, highlighting a broader market expansion beyond the dominant technology megacaps.
In contrast, the Nasdaq Composite Index fell 2.7%, illustrating the profit-taking pressures concentrated in high-multiple growth equities.
Against this backdrop, the Helix Research strategy navigated a challenging opening week where market-wide liquidations triggered the systematic de-risking and hedging overlays, successfully protecting capital and containing the month net return to -1.45%. The year-to-date net return is recorded at -3.15%.
The Net Asset Value on the June 30, 2026 report date was £436.31, calculated by adjusting the statement value (month-to-date mark-to-market) and accrual increases. Net stock exposure was successfully rebalanced back to a neutral posture within the 130/30 structural framework during the bi-weekly rebalance on June 15/16. High Water Mark of £442.73 in May 2026 has not been breached in June 2026. It must be noted that the strategy had an initial NAV of £100, in March 2023.
Cash stood at 23.12% of NAV, which is slightly above the typical 16–20% structural cash buffer, reflecting cash preservation during the de-risking phase. The peak-to-trough unhedged core book drawdown reached its maximum in early June but recovered significantly to close at 2.85% vs the high-water mark, while the maximum drawdown since inception remained capped at 11.20%. No risk events or operational limit breaches occurred during the month, maintaining a flawless compliance record.
