Equity Ex-Top 100 Long-Short SIFs in July 2026
The category may focus beyond India's 100 largest companies, but concentration and protection vary sharply between funds.
7 funds
Category universe
2 files
Full July disclosures
Main finding
qSIF is concentrated and heavily protected; iSIF is broader and more share-heavy.
The full category at a glance
| Fund | Portfolio date | Disclosure | Plain-English construction |
|---|---|---|---|
| qSIF Equity Ex-Top 100 | 31 Jul | Full | Concentrated smaller-company shares with sizeable futures protection |
| iSIF Equity Ex-Top 100 | 31 Jul | Full | Broad share book with stock-level futures protection and covered calls |
| Altiva Equity Ex-Top 100 | 30 Jun | One month old | 88.55% in shares and 12.52% in TREPS; no month-end derivatives |
| wSIF Equity Ex-Top 100 | 31 May | Older file | Early-stage share portfolio; May data is too old for a July comparison |
| DynaSIF Equity Ex-Top 100 | Awaiting | No file | Launched in June; first portfolio was not in the supplied archive |
| Magnum Equity Ex-Top 100 | Not applicable | August NFO | No July portfolio existed |
| Apex Equity Ex-Top 100 | Not applicable | August NFO | No July portfolio existed |
How the portfolios differ
| Fund | Share-book shape | Protection / income tool | Plain-English risk |
|---|---|---|---|
| qSIF | Few large positions | Short stock futures | Stock selection and concentration both matter |
| iSIF | Broadly spread | Short futures plus covered calls | More diversified, but still equity-led |
| Altiva* | High share allocation | None at month-end | Closest to conventional smaller-company equity at the disclosure date |
| wSIF* | Early portfolio | May disclosure | Too stale for a clean July comparison |
Portfolio construction · 31 Jul
1. qSIF Equity Ex-Top 100
| Component | % of fund |
|---|---|
| Shares | 77.84% |
| Short futures | -15.28% |
| Other securities | 6.15% |
| Liquid assets / balancing items | 31.29% |
| Largest holdings | % of fund |
|---|---|
| Adani Energy Solutions | 7.28% |
| Caliber Mining and Logistics | 6.25% |
| 63 Moons Technologies | 6.14% |
| Sona BLW Precision Forgings | 6.08% |
| INDO-MIM | 5.73% |
In plain English: This is a conviction portfolio. A few shares can move the fund meaningfully, while the short-futures book reduces—but does not remove—share-market risk.
Portfolio construction · 31 Jul
2. iSIF Equity Ex-Top 100
| Component | % of fund |
|---|---|
| Equity and related | 77.16% |
| TREPS | 16.31% |
| Cash margin | 1.55% |
| Stock option value | 0.93% |
| Largest holdings | % of fund |
|---|---|
| UPL | 3.02% |
| Info Edge | 2.84% |
| Container Corporation | 2.03% |
| Shadowfax Technologies | 1.95% |
| Bharti Hexacom | 1.89% |
In plain English: The share book is much more spread out than qSIF's. Short stock futures protect selected names, and covered calls earn option income while giving up part of the upside.
Portfolio construction · 30 Jun
3. Altiva Equity Ex-Top 100
| Component | % of fund |
|---|---|
| Shares | 88.55% |
| Derivatives | 0.00% |
| TREPS | 12.52% |
| Net balancing items | -1.07% |
| Largest holdings | % of fund |
|---|---|
| Radico Khaitan | 3.68% |
| Billionbrains Garage Ventures | 3.66% |
| Bharat Dynamics | 3.60% |
| JSW Infrastructure | 3.55% |
| Bharti Hexacom | 3.41% |
In plain English: At the June month-end this looked predominantly like a long smaller-company equity fund. Derivatives can change after the reporting date, so zero at month-end does not mean they were never used.
What investors should take away
The words ‘Ex-Top 100’ describe the hunting ground, not the risk level. Investors still need to ask how concentrated the shares are, which positions are protected, and whether the derivative book reduces market exposure or mainly earns option income.