April 2025

Dear Partners,

April 2025 Review: Navigating Complexity with Conviction

This month demonstrated the resilience and precision of our investment approach amid mounting macro and institutional dislocations. As legacy anchors such as interest rate policy credibility, corporate transparency, and regulatory consistency continue to erode, our focus on real-economy signals and sustainability-linked inefficiencies has proven critical.

Performance Highlights

We delivered a +18.2% net return for April, bringing year-to-date performance to +64.4%. This was achieved with a Sharpe ratio of 3.1, a Sortino ratio of 2.7, and a max drawdown of just 4.8%, significantly outperforming traditional indices. Our correlation to the S&P 500 remained below 0.2, underlining our portfolio’s role as a diversifier in uncertain times.

Trade performance was driven by high-conviction directional plays across sectors undergoing institutional stress and eco-economic transition. Long positions in renewable infrastructure and select consumer cyclicals with underappreciated pricing power contributed materially. Short exposure in rate-sensitive tech names with deteriorating operating leverage also paid off.

Risk Positioning

We maintained a disciplined risk profile with a portfolio VAR under 6.5%, dynamic trailing stops, and active trade scaling rules. All entries were aligned with real-time signals from our proprietary volume spread and volatility compression models, supported by our manually validated spreadsheet signal log.

Our protective logic—such as breakeven stop triggers at +3% and trailing profit locks beyond +5% was activated in over 60% of trades, helping us protect gains while letting favorable trades expand.

Eco-Economic Alignment
As volatility becomes increasingly policy-driven and unsystematic risks rise due to institutional frictions (e.g., ongoing political realignments and capital allocation distortions), our thesis that sustainability and resilience are alpha sources is playing out. The portfolio’s long exposure remains skewed toward companies enabling or adapting to resource efficiency, energy decentralization, and regional reindustrialization.

Outlook
We expect the May-July period to be punctuated by episodic liquidity vacuums and re-rating events in both credit and equity markets. We are positioning accordingly - with tighter scaling on new entries, wider event-driven hedges, and increased tracking of systemic stress proxies.

For a detailed view of our trading record, please see our public log here:

https://helix.earth/performance

Thank you, as always, for your trust and partnership.

Warm regards,

 Sowmy VJ
Managing Partner | Helix Research Ltd