ISIF Hybrid Long Short
Our view on the fund, the AMC, the strategy, the performance & the investment team.
IME's Review of ISIF Hybrid Long Short
| Fund Rating | Strategy Rating | Performance Rating |
|---|---|---|
Upgrade | Upgrade | Upgrade |
View on the Fund
iSIF Hybrid Long–Short is a compelling offering within the emerging SIF framework, positioned as a long-biased long–short strategy that adapts dynamically to market conditions. While both the SIF structure and the fund itself are still new and the track record is in the process of being established, ICICI Prudential’s pedigree, particularly its experience managing multiple long–short strategies within its AIF platform, adds credibility. For investors looking to gain exposure to the SIF structure, this fund represents one of the more credible entry options.
Strategy
Steady Income with Controlled Volatility
Fund's Strategy View
The fund follows a hybrid long-short framework that dynamically adjusts exposure across market conditions - undervalued, overvalued, and range-bound phases, in the following manner: - **Undervalued** (increase net-equity): the portfolio will increase net-equity exposures (65-75% with Derivatives 0-10%) - **Overvalued** (minimise net-equity): increase short-positions (mix of hedged & unhedged) to capture returns on the downside (Net Equity 0-25% with Derivatives 40-100%) - **Range-bound Markets** (shift allocations dynamically): dynamically move between long and short positions to reduce volatility (Net Equity 25-65% with Derivatives 0-40%) The asset allocation that the SIF will follow is: - **Equity (65-75%)**: of which technically 100% can be hedged + a further 25% can be a naked short - **Fixed Income (25-35%)**: - **REITs & InVITs (0-10%)**: Net Equity: can move between -7.5% to 75% based on the market outlook
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.
Trailing Performance
| 1yr | 3yr | 5yr | Since Inception | |
|---|---|---|---|---|
| ISIF Hybrid Long Short |
Performance as of: 31-Jan-26 | Inception Date: 01-Jan-26 | Performance are post-fees, pre-taxes. Global funds denominated in USD or fund currency.
Investment team
Sankaran Naren | 5-star rated FM
CIO | 37 yrs Experience | 21 yrs at current firm
Past Experience: HDFC (COO)
Sankaren Naren joined ICICI Pru AMC in 2004 as the Fund Manager and in 2011, he got promoted as the CIO. He has more than 30 years of experience. Prior to joining ICICI Prudential AMC he has worked with Refco Sify Securities India Pvt. Ltd., HDFC Securities Ltd. and Yoha Securities. He is is a B.Tech from IIT Chennai and MBA (Finance)from IIM Kolkata.
Manish Banthia | 4-star rated FM
CIO | 23 yrs Experience | 20 yrs at current firm
Past Experience: Aditya Birla Nuvo (Deputy Manager)
Manish Banthia is the CIO - Fixed Income function and anchors key roles which includes fixed income trading, credit analysis and product development. He also advises Indian Fixed Income Fund domiciled in Japan. His core competency lies in portfolio management, rates trading and credit research. His Career started in 2014 with Aditya Birla Group as a Management Trainee. He has been with ICICI since 2005. He is a Chartered Accountant and holds a Masters in Business Administration from Indian Institute of Foreign Trade (IIFT) Delhi.
IME's Review of ISIF (ICICI)
| AMC Rating | Pedigree Rating | Team Rating | Philosophy Rating |
|---|---|---|---|
Upgrade | Upgrade | Upgrade | Upgrade |
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
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