View on the Fund

iSIF Equity Ex-Top 100 Long–Short Fund stands out as a compelling option within the SIF space. Positioned as a mid- and small-cap–focused strategy with selective short exposure, it leverages ICICI Prudential AMC’s established pedigree in mid- and small-cap investing, along with its experience in managing long–short strategies. While the SIF structure and the fund itself have a limited operating history, the strategy can be considered by aggressive investors comfortable with higher volatility and the evolving nature of this category. It is important to note that allocation shifts across market conditions are driven by the fund manager’s investment calls, which introduce inherent volatility, even though the strategy is structured to be less volatile than traditional mid & small cap funds

Strategy

Small & Mid-Cap with Arbitrage

Fund's Strategy View

iSIF Equity Ex-Top 100 Long-Short Fund is focused on mid & small-cap equities (Ex-Top 100) aimed at alpha generation, with volatility managed through selective short exposure using derivatives. - **Equity Allocation**: Mid & Small Cap (~65–100% under normal market conditions) | Large-cap & debt: 0–35% for stability and risk management - **Short Exposure**: Ability to take up to 25% unhedged short positions in overvalued stocks within the Ex-Top 100 universe. - **Other Assets**: Flexibility to allocate 0–20% to REITs/InvITs. - **Dynamic Positioning by Market Conditions**: **Positive markets**: Higher allocation to small & mid caps (up to 100%), minimal exposure to Top 100 and Writing Call Options | **Negative markets**: Reduced small & mid-cap exposure (minimum ~65%), increased allocation to Top 100 (up to 35%) with higher Call Options

Fund Performance

The funds aim to use shorts tactically to reduce portfolio volatility, downside protection during turbulent market conditions. Consistent ability to take such calls is key for low volatility returns over time.

View on AMC

We maintain a neutral stance on the SIF arm of ICICI Prudential AMC. While the SIF structure offers access to more sophisticated and differentiated investment strategies, it remains relatively new and lacks a meaningful track record, warranting caution given the higher complexity and risks involved. That said, ICICI Prudential’s established pedigree across multiple long–short and alternative strategies provides a strong foundation, giving the platform potential to scale credibility over time. Investors specifically seeking advanced strategies may consider the SIF offering, while remaining mindful of its limited operating history

AMC's Pedigree

iSIF is housed within ICICI Prudential Mutual Fund, one of India’s largest and most institutionally mature asset managers, backed by strong parentage and a long operating history. While the SIF platform itself is new, its credibility is anchored in ICICI Prudential AMC’s decades-long experience in managing strategies across asset classes and structures.

AMC Team

iSIF leverages ICICI Prudential’s broader senior investment bench rather than relying on a standalone SIF-only team. The strategies draw on experienced equity, derivatives, and asset-allocation managers, supported by one of the deepest research platforms in the Indian market. Senior leadership, including Sankaran Naren and Manish Banthia, is directly involved in the investment oversight of the SIF structure

Investment Philosophy

ISIF does not adhere to a single overarching investment philosophy at the AMC level, instead employing frameworks designed on a strategy-specific basis. Given that the SIF platform is still new, the AMC is in the process of establishing and refining its operating and investment frameworks within this structure