Specialised Investment Funds
A Specialised Investment Fund (SIF) is a mutual-fund-regulated product SEBI allowed from April 2025, sold under a brand separate from the fund house’s name (Altiva is Edelweiss, qsif is quant, Magnum is SBI). It may sell short — bet on prices falling, through derivatives — up to a quarter of its assets, which an ordinary mutual fund may not. The minimum investment is ₹10 lakh per investor per fund house, and many SIFs are interval funds: money can be taken out only on set days, not on any business day.
Not investableResearch only: SIFs are not in any investable list here and never in the paper-money draw — a ₹10 lakh minimum and set redemption days do not fit a paper-money ticket.
The label “SIF” does not say how much risk a fund takes or what it charges: funds with the same label differ on both. And a year of NAVs with one fall in it is not enough to treat any figure below as a property of the fund.
The whole category, Aug 2026
AMFI’s monthly SIF report
| Strategy type | Funds | Money in it | Folios | Net new money |
|---|---|---|---|---|
Active Asset Allocator Long-Short FundMore | 3 | ₹1,721 crore | 9,404 | ₹558 crore |
Equity Ex-Top 100 Long-Short FundMore | 7 | ₹6,289 crore | 42,902 | ₹2,433 crore |
Equity Long-Short FundMore | 11 | ₹3,450 crore | 23,556 | ₹593 crore |
Hybrid Long-Short FundMore | 11 | ₹19,670 crore | 49,037 | ₹4,113 crore |
Sector Rotation Long-Short FundMore | 1 | ₹46 crore | 640 | ₹2 crore |
Money in SIFs, month by month: Oct 2025 ₹2,010 crore · Nov 2025 ₹2,932 crore · Dec 2025 ₹4,892 crore · Jan 2026 ₹6,564 crore · Feb 2026 ₹9,711 crore · Mar 2026 ₹10,620 crore · Apr 2026 ₹12,329 crore · May 2026 ₹13,814 crore · Jun 2026 ₹17,858 crore · Jul 2026 ₹23,177 crore · Aug 2026 ₹31,175 crore.
Equity Long-Short
At least 80% in equity and equity-related instruments, with up to 25% of the book short through unhedged derivatives.
Return since each fund’s own first NAV, one dot per fund, on one scale for every strategy type. The dots start on different days, so they are not a race: the table says over which dates, and against what.
| Fund | First NAV | Since then | Against the alternative, same dates | Expense, Direct | Stated risk | Money out |
|---|---|---|---|---|---|---|
| qsif Equity Long-Short Fund quant Money Managers Limited More | 8 Oct 2025 live for the fall | +10.4% 11 mo · +10.7% a yr | +9.27 percentage points vs flexi cap funds, median direct plan, 8 Oct 2025 – 25 Sep 2026 | 2.87% | 3 of 5 | any business day |
| Diviniti Equity Long Short Fund ITI Asset Management Limited More | 3 Dec 2025 live for the fall | −11.5% 9 mo · −13.8% a yr | −9.23 percentage points vs flexi cap funds, median direct plan, 3 Dec 2025 – 25 Sep 2026 | 3.12% | not stated | any business day |
| DynaSIF Equity Long-Short Fund 360 ONE Asset Management Limited More | 27 Feb 2026 during the fall | +2.5% 7 mo · +4.3% a yr | +1.02 percentage points vs flexi cap funds, median direct plan, 27 Feb 2026 – 25 Sep 2026 | 2.34% | 5 of 5 | any business day |
| Arudha Equity Long-Short Fund Bandhan AMC Limited More | 30 Mar 2026 after the low | +3.7% 5 mo | −9.76 percentage points vs flexi cap funds, median direct plan, 30 Mar 2026 – 25 Sep 2026 | 1.73% | 5 of 5 | any business day |
| Sapphire Equity Long-Short SIF Franklin Templeton Asset Management (India) Private Limited More | 29 Apr 2026 after the low | −3.1% 4 mo | −5.65 percentage points vs flexi cap funds, median direct plan, 29 Apr 2026 – 25 Sep 2026 | 1.28% | 5 of 5 | any business day |
| WSIF Equity Long Short Fund Wealth Company Asset Management Holdings Private Limited More | 11 May 2026 after the low | +1.3% 4 mo | −0.04 percentage points vs flexi cap funds, median direct plan, 11 May 2026 – 25 Sep 2026 | 2.28% | 5 of 5 | any business day |
| Titanium Equity Long-Short Fund Tata Asset Management Limited More | 20 May 2026 after the low | +2.5% 4 mo | −0.68 percentage points vs flexi cap funds, median direct plan, 20 May 2026 – 25 Sep 2026 | 1.34% | 5 of 5 | any business day |
| Arthaya Equity Long Short Fund Union Asset Management Company Private Limited More | 29 May 2026 after the low | −2.1% 3 mo | −6.31 percentage points vs flexi cap funds, median direct plan, 29 May 2026 – 25 Sep 2026 | 4.35% | 5 of 5 | any business day |
| iSIF Equity Long-Short Fund ICICI Prudential Asset Management Company Limited More | 8 Jun 2026 after the low | +6.3% 3 mo | +1.61 percentage points vs flexi cap funds, median direct plan, 8 Jun 2026 – 25 Sep 2026 | 2.37% | 5 of 5 | any business day |
| Summit Equity Long-Short Fund Invesco Asset Management (India) Private Limited More | 24 Jul 2026 after the low | +2.6% 2 mo | +3.38 percentage points vs flexi cap funds, median direct plan, 24 Jul 2026 – 25 Sep 2026 | 2.50% | not stated | any business day |
| Apex Equity Long-Short Fund Aditya Birla Sun Life AMC Limited More | 1 Sep 2026 after the low | −1.7% 0 mo | +1.61 percentage points vs flexi cap funds, median direct plan, 1 Sep 2026 – 25 Sep 2026 | 0.70% | 1 of 5 | any business day |
Equity Ex-Top 100 Long-Short
At least 65% in equity outside the 100 largest listed companies, at least 80% in equity overall, with up to 25% short through unhedged derivatives.
Return since each fund’s own first NAV, one dot per fund, on one scale for every strategy type. The dots start on different days, so they are not a race: the table says over which dates, and against what.
| Fund | First NAV | Since then | Against the alternative, same dates | Expense, Direct | Stated risk | Money out |
|---|---|---|---|---|---|---|
| qsif Equity Ex-Top 100 Long-Short Fund quant Money Managers Limited More | 13 Nov 2025 live for the fall | +14.9% 10 mo · +17.2% a yr | +11.58 percentage points vs mid cap funds, median direct plan, 13 Nov 2025 – 25 Sep 2026 | 2.73% | 4 of 5 | any business day |
| iSIF Equity Ex-Top 100 Long-Short Fund ICICI Prudential Asset Management Company Limited More | 5 Feb 2026 during the fall | +2.4% 7 mo · +3.8% a yr | −2.73 percentage points vs mid cap funds, median direct plan, 5 Feb 2026 – 25 Sep 2026 | 1.41% | 5 of 5 | any business day |
| WSIF Equity Ex-Top 100 Long-Short Fund Wealth Company Asset Management Holdings Private Limited More | 11 May 2026 after the low | +4.0% 4 mo | +3.76 percentage points vs mid cap funds, median direct plan, 11 May 2026 – 25 Sep 2026 | 2.51% | 5 of 5 | any business day |
| Altiva Equity Ex-Top 100 Long-Short Fund Edelweiss Asset Management Limited More | 10 Jun 2026 after the low | +6.7% 3 mo | +4.00 percentage points vs mid cap funds, median direct plan, 10 Jun 2026 – 25 Sep 2026 | 1.99% | 5 of 5 | any business day |
| DynaSIF Equity Ex-Top 100 Long-Short Fund 360 ONE Asset Management Limited More | 29 Jun 2026 after the low | +11.7% 3 mo | +12.25 percentage points vs mid cap funds, median direct plan, 29 Jun 2026 – 25 Sep 2026 | 1.95% | not stated | any business day |
| Apex Equity Ex-Top 100 Long-Short Fund Aditya Birla Sun Life AMC Limited More | 1 Sep 2026 after the low | −0.5% 0 mo | +3.09 percentage points vs mid cap funds, median direct plan, 1 Sep 2026 – 25 Sep 2026 | 0.66% | 1 of 5 | any business day |
| Magnum Equity Ex-Top 100 Long Short Fund SBI Funds Management Limited More | 2 Sep 2026 after the low | −1.4% 0 mo | +2.28 percentage points vs mid cap funds, median direct plan, 2 Sep 2026 – 25 Sep 2026 | 4.17% | not stated | any business day |
Sector Rotation Long-Short
At least 80% in equity of at most four sectors, with up to 25% short at sector level through unhedged derivatives.
Return since each fund’s own first NAV, one dot per fund, on one scale for every strategy type. The dots start on different days, so they are not a race: the table says over which dates, and against what.
| Fund | First NAV | Since then | Against the alternative, same dates | Expense, Direct | Stated risk | Money out |
|---|---|---|---|---|---|---|
| qsif Sector Rotation Long-Short Fund quant Money Managers Limited More | 18 May 2026 after the low | +4.0% 4 mo | −0.61 percentage points vs flexi cap funds, median direct plan, 18 May 2026 – 25 Sep 2026 | 2.80% | 3 of 5 | any business day |
Hybrid Long-Short
At least 25% in equity and at least 25% in debt, with up to 25% short through unhedged derivatives.
Return since each fund’s own first NAV, one dot per fund, on one scale for every strategy type. The dots start on different days, so they are not a race: the table says over which dates, and against what.
| Fund | First NAV | Since then | Against the alternative, same dates | Expense, Direct | Stated risk | Money out |
|---|---|---|---|---|---|---|
| qsif Hybrid Long-Short Fund quant Money Managers Limited More | 20 Oct 2025 live for the fall | +31.0% 11 mo · +33.2% a yr | +26.54 percentage points vs arbitrage funds, median direct plan, 20 Oct 2025 – 25 Sep 2026 | 2.19% | 3 of 5 | Every Tuesday and Wednesday (the next business day when either is a holiday) |
| Altiva Hybrid Long-Short Fund Edelweiss Asset Management Limited More | 24 Oct 2025 live for the fall | +10.6% 11 mo · +11.5% a yr | +5.14 percentage points vs arbitrage funds, median direct plan, 24 Oct 2025 – 25 Sep 2026 | 1.22% | 1 of 5 | Every Monday and Wednesday (the next business day when either is a holiday) |
| Magnum Hybrid Long Short Fund SBI Funds Management Limited More | 29 Oct 2025 live for the fall | +3.5% 10 mo · +3.8% a yr | −1.74 percentage points vs arbitrage funds, median direct plan, 29 Oct 2025 – 25 Sep 2026 | 0.96% | 1 of 5 | Twice a week, Monday and Thursday |
| Titanium Hybrid Long-Short Fund Tata Asset Management Limited More | 17 Dec 2025 live for the fall | +0.5% 9 mo · +0.6% a yr | −3.67 percentage points vs arbitrage funds, median direct plan, 17 Dec 2025 – 25 Sep 2026 | 1.00% | 5 of 5 | Once a month, on the first business day |
| Arudha Hybrid Long-Short Fund Bandhan AMC Limited More | 4 Feb 2026 during the fall | +3.8% 7 mo · +5.9% a yr | −0.35 percentage points vs arbitrage funds, median direct plan, 4 Feb 2026 – 25 Sep 2026 | 0.83% | 1 of 5 | Twice a week, Monday and Thursday |
| iSIF Hybrid Long-Short Fund ICICI Prudential Asset Management Company Limited More | 5 Feb 2026 during the fall | +4.0% 7 mo · +6.2% a yr | +1.03 percentage points vs arbitrage funds, median direct plan, 5 Feb 2026 – 25 Sep 2026 | 1.16% | 5 of 5 | Twice a week, Monday and Wednesday |
| Apex Hybrid Long-Short Fund Aditya Birla Sun Life AMC Limited More | 30 Mar 2026 after the low | +7.7% 5 mo | +4.71 percentage points vs arbitrage funds, median direct plan, 30 Mar 2026 – 25 Sep 2026 | 1.62% | 1 of 5 | Twice a week, Monday and Wednesday |
| Platinum Hybrid Long-Short Fund Mirae Asset Investment Managers (India) Pvt. Ltd More | 11 Jun 2026 after the low | +1.1% 3 mo | −0.33 percentage points vs arbitrage funds, median direct plan, 11 Jun 2026 – 25 Sep 2026 | 1.90% | not stated | Twice a week, Monday and Thursday |
| RedHex Hybrid Long-Short Fund HSBC Asset Management (India) Private Ltd. More | 25 Jun 2026 after the low | +2.1% 3 mo | +0.65 percentage points vs arbitrage funds, median direct plan, 25 Jun 2026 – 25 Sep 2026 | 1.22% | 2 of 5 | Once a week, every Monday |
| Infinity Hybrid Long-Short Fund Kotak Mahindra Asset Management Company Limited. More | 9 Jul 2026 after the low | +3.0% 2 mo | +2.03 percentage points vs arbitrage funds, median direct plan, 9 Jul 2026 – 25 Sep 2026 | 2.17% | 1 of 5 | Twice a week, Monday and Wednesday |
| Prism Hybrid Long-Short Fund Jio BlackRock Asset Management Private Limited More | 23 Jul 2026 after the low | +2.4% 2 mo | +1.27 percentage points vs arbitrage funds, median direct plan, 23 Jul 2026 – 25 Sep 2026 | 1.99% | 1 of 5 | Twice a week, Monday and Wednesday |
Active Asset Allocator Long-Short
Moves between equity, debt, commodity derivatives and real-estate or infrastructure trusts with no fixed floor, with up to 25% short through unhedged derivatives.
Return since each fund’s own first NAV, one dot per fund, on one scale for every strategy type. The dots start on different days, so they are not a race: the table says over which dates, and against what.
| Fund | First NAV | Since then | Against the alternative, same dates | Expense, Direct | Stated risk | Money out |
|---|---|---|---|---|---|---|
| DynaSIF Active Asset Allocator Long-Short Fund 360 ONE Asset Management Limited More | 30 Mar 2026 after the low | +4.7% 5 mo | −2.36 percentage points vs multi asset allocation funds, median direct plan, 30 Mar 2026 – 25 Sep 2026 | 1.47% | 3 of 5 | Every Monday (the next business day when Monday is a holiday) |
| qsif Active Asset Allocator Long-Short Fund quant Money Managers Limited More | 24 Apr 2026 after the low | +32.1% 5 mo | +31.34 percentage points vs multi asset allocation funds, median direct plan, 24 Apr 2026 – 25 Sep 2026 | 2.31% | 3 of 5 | Every Tuesday and Wednesday (the next business day when either is a holiday) |
| iSIF Active Asset Allocator Long-Short Fund ICICI Prudential Asset Management Company Limited More | 8 Jun 2026 after the low | +3.3% 3 mo | +1.60 percentage points vs multi asset allocation funds, median direct plan, 8 Jun 2026 – 25 Sep 2026 | 1.52% | 2 of 5 | Twice a week, Monday and Wednesday |
The words used here
and where the numbers come from
- NAV
- net asset value: the price of one unit, published each business day
- Long-short
- buys some securities (long) and bets on others falling (short), within SEBI’s 25% limit on unhedged short positions
- Net exposure
- long positions minus short positions, as a share of the fund: how much of it moves with the market
- Interval fund
- one that pays out redemptions only on set days (for example every Monday and Wednesday), not on any business day
- Direct / Regular plan
- the same portfolio bought without a distributor (Direct) or with one paid out of the fund (Regular)
- Expense ratio (TER)
- the yearly fee taken out of the fund, as a percentage of its assets; AMFI publishes it daily for each SIF
- Median
- the middle fund of a group, when they are lined up by return
- Arbitrage fund
- a mutual fund that buys a share and sells its future at once, earning the gap with little market risk
- Balanced advantage fund
- a mutual fund that moves between equity and debt by its own rule
Sources: AMFI’s SIF pages — the daily NAV file, the daily expense ratios, the monthly SIF report, and the summary and offer documents AMFI hosts for each strategy. Stated risk is each fund’s own SEBI band, 1 (lowest) to 5 (highest). “The alternative” is the median Direct plan of the mutual-fund category a buyer could hold instead, read on the same two dates. What the SIF label does not say →