The Axiom Strategy

Rules written before the market opens.

Prasham Capital LP sells S&P 500 index options at strikes drawn from sixty years of market history — not from implied volatility.

June 2023
Strategy live since: Annual
Independent audit: $200,000
Minimum investment

For accredited investors only · Not FDIC insured · Past performance does not guarantee future results

The Fund in brief

Strategy: Systematic options premium collection on the S&P 500 Index
Instrument: Defined-risk SPX put spreads and calendar spreads, 0–12 weeks
Live since: June 2023, audited annually by an independent CPA firm
Structure: Delaware limited partnership · Schedule K-1 · §1256 (60/40) expected
Minimum: $200,000, from accredited investors only
Correlation: Near zero to equities over the period shown below

Founder

Dhaval Bhagat

General Partner

Prasham Capital Partners GP LLC

Implied volatility encodes market fear and dealer risk aversion — not objective probability.

Tail options have historically traded at premiums above what empirical breach rates would suggest. The Axiom Strategy sells that protection only at strike levels the 60-year historical record identifies as near-zero probability of breach.

InformationalEmpirical, not implied: Strike limits come from 60+ years of what the S&P 500 has actually done, not from what the market currently fears. The strategy bypasses implied volatility entirely and sells options priced on fear to a market that has historically priced tail risk above observed breach rates.
MethodologicalRecalibrated nightly: Regime Discrimination draws limits from the historically matched subset rather than the full unconditional distribution. Calculation Memory detects drift momentum and tightens limits accordingly. Non-stationary by design; the system does not assume 2026 behaves like 1987.
StructuralA dataset that compounds: Every day the system operates it produces a record of regime-limit behaviour. The calculation memory window is calibrated on 900+ actual live trading days. That record cannot be purchased or back-tested into existence.

The market prices tail risk with fear. We price it with data.

Risk-adjusted return profile

Calculated on monthly net returns for the Axiom Strategy, January 1, 2025 through March 31, 2026, net of all fees and expenses.

3.19
Sharpe ratio: 3.05
Adjusted Sortino: 6.11×
Return per unit of drawdown: −8.43%
Maximum drawdown

Statistics are calculated on monthly net returns for January 1, 2025 through March 31, 2026, net of all fees and expenses. The Sharpe ratio uses excess returns over the prevailing 90-day Treasury bill rate. A period of that length is short for statistics of this kind, and the values should be read accordingly.

These statistics reflect the Axiom Strategy as traded in Prasham Capital Partners LLC (the “Prior Entity”), not in Prasham Capital LP, which has no operating history. They are calculated on returns net of the management and performance fees charged in the Prior Entity. Prior results were not subject to the same expenses, legal structure, investor flows, or operational constraints as Prasham Capital LP and may not be indicative of its future results. Past performance is not indicative of future results.

Who runs the money

Dhaval Bhagat

Founder and General Partner

Dhaval is the Founder and General Partner of Prasham Capital LP. He founded the firm to commercialise a multi-year research effort applying empirical probability methods to index options markets — the work that became the Axiom Strategy.

Before launching Prasham Capital, he was a Partner at CEOWorks, a management consulting firm, leading engagements at the intersection of strategy, analytics, and operations for institutional clients. His earlier career spanned software engineering and quantitative analysis.

He holds an MBA from Nova Southeastern University and a BS in Software Engineering from Florida Atlantic University.

Governance

Annual independent audit: Financial statements are audited annually by an independent third-party CPA firm.
Independent administration: Formidium calculates NAV and operates the LP portal for statements, capital activity, and document retrieval.
Specified, version-controlled process: All signals, limits, and protocols are formally specified and version-controlled. There is no discretionary override of the core process.
General Partner capital alongside: The General Partner is invested in the same strategy as Limited Partners, on the same economic terms.

Are you an accredited investor who would like to learn more about the Fund?

Complete the form and the General Partner will contact you to arrange a call. Offering documents are provided only after accredited status has been verified.

Or write to dhaval@prashamcapital.com

For accredited investors only · Not FDIC insured · Past performance does not guarantee future results

Accredited investor inquiry

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I certify that I am familiar with the definition of “accredited investor” as defined in Rule 501 of Regulation D of the Securities Act of 1933, as amended. I further certify that I meet the criteria to qualify as an accredited investor in one or more of the categories listed here. I understand that I am requesting information regarding a Rule 506(c) fund and am verifying that I am an accredited investor. *I would like to receive occasional market insights and updates on the Fund.

Signing this certification is a self-representation, not verification. Rule 506(c) requires the General Partner to take reasonable steps to verify accredited status before any offering materials are provided; that step follows separately.