Here’s what Samir Arora-backed Helios MF’s flagship Flexi Cap bought and sold in November

The fund, which recently completed two years, has continued to deliver strong returns, posting robust gains across its core portfolio.

The Samir Arora-backed Helios Mutual Fund’s flagship Flexi Cap fund increased its cash allocation in November to 2.64% from 1.63% in October, signalling a cautious stance against market volatility even as equity allocations remain significant. The fund, which recently completed two years, has continued to deliver strong returns, posting robust gains across its core portfolio.

The fund maintained positions in high-conviction sectors such as financials, energy, and technology and made major movements in two recently listed IPOs. As of November 2025, the AUM of the fund is Rs 5,510.91 crore.

Here were some of the major movements in the fund during the month:

The most significant addition was the recently listed Physicswallah Ltd., where the fund picked up 47.33 lakh shares. The market value of this stake stood at Rs. 5,911.64 lakh, giving it a weight of 1.07% in the portfolio. PhysicsWallah went public in November 2025 with an IPO price band of Rs 103–109 per share. The stock was listed on 18 November 2025, opening at around Rs 145 on the NSE and Rs 143.10 on the BSE, reflecting a listing premium of about 33%.  As of December 10, 2025, the share price stands at Rs 135.

Helios Mutual Fund was a part of the anchor book with a total allocation of 18,34,704 shares at the IPO price of Rs 109 per share. The allocations were distributed across three funds: Helios Flexi Cap Fund (15,22,755 shares), Helios Large & Mid Cap Fund (1,65,085 shares), and Helios Mid Cap Fund (1,46,864 shares)

Helios initiated a position in Larsen & Toubro, acquiring 1.92 lakh shares. The market value of the holding was Rs. 7,824.82 lakh, accounting for 1.42 percent of the portfolio. As of December 10, the stock is trading at Rs 3,999, up by around 9 percent YoY.

Engineering major Larsen & Toubro (L&T) on October 29 reported 16% rise in consolidated net profit at Rs 3,926 crore for the quarter ended September 30, 2025.

A smaller addition was made in V2 Retail Ltd., with 0.93 lakh shares purchased. This position was valued at Rs. 2,286.40 lakh, representing 0.41% of the portfolio.

During the quarter, the Gurgaon-based retail player saw its revenue grow 86.5 percent year on year (YoY) to Rs 709 crore on the back of strong same-store sales growth (SSSG). Gross margin improved to 28 percent, expanding nearly 91 basis points. As of December 10, the stock is trading at Rs 2,213.

The only stock which saw a reduction in November was Urban Company., where the fund cut its stake nearly in half, from 8.09 lakh shares to 4.04 lakh shares. The market value of the reduced position was Rs. 546.58 lakh, and its weight fell from 0.26% to 0.10%. Urban Company was listed on the stock exchanges on 17 September 2025, with an IPO issue price of Rs 103 per share. On listing day, the shares debuted at around Rs 161–162, representing a ~56–58 percent premium over the issue price.

The IPO included a strong anchor‑investor round, raising approximately Rs 854 crore, with Helios Mutual Fund receiving allocations of 8,09,561 shares in its Flexi Cap Fund and 50,837 shares in its Mid Cap Fund. Since listing, the share price has reduced to Rs 131.

The largest increase came in Eternal Ltd., where Helios added 7 lakh shares, lifting total holdings to 66.52 lakh shares from 59.52 lakh in October. The market value of the position stood at Rs. 19,963.81 lakh, with portfolio weight at 3.62% compared to 3.83% previously.

Reliance Industries saw a major increase, with 7.41 lakh shares added, taking total holdings to 14.49 lakh shares from 7.08 lakh. The market value of this stake was Rs. 22,714.86 lakh, and its weight rose to 4.12% from 2.13%.

Exposure to ICICI Bank was increased by 5.17 lakh shares, lifting total holdings to 20.24 lakh shares from 15.07 lakh. The market value of the stake stood at Rs. 28,119.81 lakh, and its weight rose to 5.10% from 4.11%.

The fund added 5.36 lakh shares of Indian Oil Corporation, bringing total holdings to 44.74 lakh from 39.38 lakh. The market value was Rs. 7,237.97 lakh, with weight remaining largely stable at 1.31% versus 1.32%.

HDFC Bank saw an addition of 3.98 lakh shares, raising total holdings to 30.57 lakh from 26.60 lakh. The market value of the stake was Rs. 30,812.00 lakh, and the weight increased to 5.59% from 5.32%.

KPIT Technologies received 1.83 lakh shares, taking the total holding to 8.27 lakh from 6.43 lakh. The market value of the position was Rs. 10,115.01 lakh, and weight rose to 1.84% from 1.52%.

Aether Energy saw an addition of 1.56 lakh shares, increasing total holdings to 13.07 lakh from 11.50 lakh. Its market value was Rs. 9,386.82 lakh, with weight rising to 1.70% from 1.61%.

The fund nearly doubled its stake in HDFC AMC by adding 95,492 shares, lifting total holdings to 1.90 lakh from 95,492. The market value of this holding was Rs. 5,105 lakh, with weight slightly adjusting to 0.93% from 1.04%.

Indegene saw a smaller increase of 61,259 shares, taking total holdings to 9.05 lakh from 8.44 lakh. The market value was Rs. 4,812.05 lakh, and the weight marginally decreased to 0.87% from 0.92%.