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Overview
Equity Ex-Top 100 Long-Short Funds are specialised strategies designed to take long and permitted short exposure primarily in equities outside the largest segment of the listed market, subject to the strategy's official mandate.
These products can combine exposure to mid-sized and smaller companies with derivative-based short positions.
Because they involve both a specialised equity universe and long-short portfolio construction, investors need to understand market-cap risk, liquidity, derivatives, leverage, and the applicable SIF framework.
Explained
An Equity Ex-Top 100 Long-Short Fund is a specialised investment strategy that focuses on equities beyond the top 100 companies by market capitalisation while using permitted long and short positions.
The precise definition of the investment universe and exposure limits should always be taken from the strategy's official documents.
Long positions are generally used where the investment manager expects securities to appreciate.
Short exposure, usually implemented through permitted derivatives, can be used where the manager expects underperformance or wants to manage portfolio exposure.
Such strategies may be offered under India's Specialized Investment Fund framework rather than as conventional retail mutual fund categories.
Explained
The investment manager researches companies outside the largest market-cap segment.
This universe can provide opportunities in businesses that are less widely researched than India's largest listed companies.
The manager can build:
The resulting strategy can have both gross and net market exposure.
This means investors should not judge risk simply by looking at the percentage of securities held in the cash equity portfolio.
Suitability
These strategies may suit sophisticated investors who:
They are generally more complex than conventional diversified equity mutual funds.
Advantages
The strategy can explore companies outside India's largest listed businesses. This can provide opportunities in growing mid-sized and smaller companies.
Permitted short positions can allow the manager to express negative views rather than simply avoiding unattractive stocks.
A manager may take different views on companies operating in similar sectors, potentially creating return opportunities from relative performance.
Long and short positions can be adjusted as the manager's investment views change.
Before you invest
Companies outside the largest market-cap segment can experience greater volatility and liquidity constraints.
Derivative positions can introduce leverage, basis, liquidity, counterparty, and execution risks.
A security represented by a short position can rise sharply, creating losses for the strategy.
Smaller companies can become difficult to trade during stressed markets. This can make portfolio management more challenging.
Gross exposure can be substantially different from net market exposure. Investors should understand both.
before investing.
Review:
Taxation
Taxation depends on the product's actual legal and portfolio structure.
Investors should not assume that the presence of the word Equity automatically means conventional equity mutual fund capital-gains taxation applies.
If the strategy operates within the SIF framework, its tax treatment should be verified from current scheme disclosures and prevailing Indian tax provisions.
Derivative exposure and portfolio construction can make category-level assumptions inappropriate.
Consult a qualified tax professional where necessary.
Step by step
Good to know
It generally refers to an investment universe outside the largest 100 companies by market capitalisation, although investors should use the definition stated in the individual strategy documents.
It is an investment approach that combines long positions with permitted short exposure, generally through derivatives.
They can carry significant risk because companies outside the largest market-cap segment may be more volatile and less liquid. Long-short and derivative exposure can add further complexity.
No. Short positions may reduce certain exposures, but they can also create losses and additional risks.
Specialised long-short strategies may be offered under the SIF framework. Investors should check the specific product's regulatory classification.
Net exposure broadly reflects the difference between long and short market exposure. Investors should also consider gross exposure when evaluating strategy risk.
Recap
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FUND
A
Altiva Equity Ex-Top 100 Long-Short Fund Direct Payout Inc Dist cum Cap WdrlEquity Equity Ex-Top 100 Long-Short Fund₹10.74
2.82%N.A.
N.A.
N.A.
D
DynaSIF Equity Ex-Top 100 Long-Short Fund Direct Payout Inc Dist cum Cap WdrlEquity Equity Ex-Top 100 Long-Short Fund₹11.09
2.61%N.A.
N.A.
N.A.
Q
qsif Equity Ex-Top 100 Long-Short Fund Direct GrowthEquity Equity Ex-Top 100 Long-Short Fund₹11.47
0.11%N.A.
N.A.
N.A.
I
iSIF Equity Ex-Top 100 Long-Short Fund Direct GrowthEquity Equity Ex-Top 100 Long-Short Fund₹10.19
1.64%N.A.
N.A.
N.A.
A
Apex Equity Ex-Top 100 Long-Short Fund Direct GrowthEquity Equity Ex-Top 100 Long-Short Fund₹9.94
0.5%N.A.
N.A.
N.A.
W
WSIF Equity Ex-Top 100 Long-Short Fund Direct Reinvestment Inc Dist cum Cap WdrlEquity Equity Ex-Top 100 Long-Short Fund₹10.5
1.35%N.A.
N.A.
N.A.
M
Magnum Equity Ex-Top 100 Long Short Fund Direct GrowthEquity Equity Ex-Top 100 Long-Short Fund₹9.74
1.37%N.A.
N.A.
N.A.
A
Altiva Equity Ex-Top 100 Long-Short Fund Direct Reinvestment Inc Dist cum Cap WdrlEquity Equity Ex-Top 100 Long-Short Fund₹10.74
2.82%N.A.
N.A.
N.A.
A
Altiva Equity Ex-Top 100 Long-Short Fund Direct GrowthEquity Equity Ex-Top 100 Long-Short Fund₹10.74
2.82%N.A.
N.A.
N.A.
D
DynaSIF Equity Ex-Top 100 Long-Short Fund Direct GrowthEquity Equity Ex-Top 100 Long-Short Fund₹11.09
2.61%N.A.
N.A.
N.A.
Q
qsif Equity Ex-Top 100 Long-Short Fund Direct Payout Inc Dist cum Cap WdrlEquity Equity Ex-Top 100 Long-Short Fund₹11.47
0.11%N.A.
N.A.
N.A.
Q
qsif Equity Ex-Top 100 Long-Short Fund Direct Reinvestment Inc Dist cum Cap WdrlEquity Equity Ex-Top 100 Long-Short Fund₹11.47
0.11%N.A.
N.A.
N.A.
W
WSIF Equity Ex-Top 100 Long-Short Fund Direct GrowthEquity Equity Ex-Top 100 Long-Short Fund₹10.52
1.35%N.A.
N.A.
N.A.
W
WSIF Equity Ex-Top 100 Long-Short Fund Direct Payout Inc Dist cum Cap WdrlEquity Equity Ex-Top 100 Long-Short Fund₹10.5
1.35%N.A.
N.A.
N.A.
M
Magnum Equity Ex-Top 100 Long Short Fund Direct Reinvestment Inc Dist cum Cap WdrlEquity Equity Ex-Top 100 Long-Short Fund₹9.74
1.38%N.A.
N.A.
N.A.
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