Hybrid Long-Short SIFs in July 2026
Same category, very different portfolios. Every available fund compared through plain-English tables.
11 funds
Full category universe
5 full July files
Older data clearly labelled
Main finding
The label does not reveal how much share risk remains
The full universe at a glance
| Fund | AMC | Date | Disclosure | Net assets* | Plain-English construction |
|---|---|---|---|---|---|
| qSIF Hybrid | Quant | 31 Jul | Full | ₹213.71 cr | Concentrated shares with futures protection |
| iSIF Hybrid | ICICI Prudential | 31 Jul | Full | ₹1,079.82 cr | Share-heavy; adjusted with futures and options |
| Arudha Hybrid | Bandhan | 31 Jul | Full | ₹116.76 cr | Shares almost fully offset by opposite futures |
| Magnum Hybrid | SBI | 31 Jul | Full | ₹3,799.50 cr | Large share portfolio with widespread option protection |
| RedHex Hybrid | HSBC | 31 Jul | Full | ₹781.58 cr | Most share exposure offset; bonds become important |
| Titanium Hybrid | Tata | 31 Jul | Top 10 only | — | Complete construction cannot be calculated |
| Altiva Hybrid | Edelweiss | 30 Jun | One month old | ₹5,544.97 cr | Wide portfolio using share–futures price differences |
| Apex Hybrid | Aditya Birla Sun Life | 30 Jun | One month old | ₹80.52 cr | Moderate shares with bonds and liquid assets |
| Platinum Hybrid | Mirae Asset | 30 Jun | One month old | ₹201.38 cr | Share-heavy with partial futures protection |
| Prism Hybrid | JioBlackRock | Awaiting | No portfolio | — | Too early to classify |
| Infinity Hybrid | Kotak | Awaiting | No portfolio | — | Too early to classify |
What the headline allocations say
| Fund | Shares | Futures / options | Bonds and liquid assets | Behind the number |
|---|---|---|---|---|
| qSIF | 39.36% incl. REIT | -14.03% | 4.61% bonds; 20.50% money market | Futures reduce part of the risk in a concentrated share portfolio |
| iSIF | 66.24% before options | Several futures and options | 20.53% bonds; 9.61% TREPS | Still mainly exposed to shares |
| Arudha | 38.29% | -38.41% | 52.72% bonds | Closest share/futures match in the group |
| Magnum | 66.75% | -2.07% futures | 19.11% debt/G-Secs | Options matter more than futures here |
| RedHex | 28.57% | 28.55% protected | 33.18% corporate; 10.57% loan-backed debt | Bond risk becomes a major driver |
| Altiva* | 40.10% incl. REIT/InvIT | -6.05% futures | 28.19% bonds; 17.96% TREPS | Many share–futures price-difference positions |
| Apex* | 39.65% | No futures | 24.93% bonds; 16.28% TREPS | More dependent on asset allocation |
| Platinum* | 64.94% | -17.84% protection; +3.01% long | 22.34% bonds/G-Secs | Only part of share risk was offset |
*Uses 30 June data.
Portfolio construction · 31 July
1. qSIF Hybrid
| Component | % of fund |
|---|---|
| Listed shares | 34.44% |
| REIT | 4.92% |
| Futures combined | -14.03% |
| Money market | 20.50% |
| Largest holdings | % of fund |
|---|---|
| Adani Energy Solutions | 8.58% |
| JSW Infrastructure | 6.51% |
| Caliber Mining and Logistics | 6.14% |
| Bagmane Prime Office REIT | 4.92% |
| PTC India | 3.50% |
In plain English: A small number of shares with active futures protection. The AMC calls the five short futures hedges—not five independent negative bets.
Portfolio construction · 31 July
2. iSIF Hybrid
| Component | % of fund |
|---|---|
| Listed shares | 66.24% |
| Bonds | 20.53% |
| TREPS | 9.61% |
| Long Bank Nifty future | 4.56% |
| Largest holdings | % of fund |
|---|---|
| TVS Motor | 4.11% |
| Reliance Industries | 3.02% |
| ICICI Bank | 2.98% |
| Axis Bank | 2.95% |
| Eternal | 2.86% |
In plain English: Still has meaningful share-market risk. The Bank Nifty future adds banking exposure; sold calls may earn income but limit gains.
Portfolio construction · 31 July
3. Arudha Hybrid
| Component | % of fund |
|---|---|
| Shares | 38.29% |
| Opposite futures | -38.41% |
| Bonds | 52.72% |
| Money market | 6.60% |
| Largest holdings | % of fund |
|---|---|
| Adani Green Energy | 1.63% |
| Axis Bank | 1.38% |
| Jio Financial Services | 1.34% |
| State Bank of India | 1.32% |
| Reliance Industries | 1.29% |
In plain English: Comes closest to cancelling broad share-market movement, but imperfect matching and bond risks remain.
Portfolio construction · 31 July
4. Magnum Hybrid
| Component | % of fund |
|---|---|
| Shares | 66.75% |
| Option value combined | -0.77% |
| Debt and G-Secs | 19.11% |
| Short futures | -2.07% |
| Largest holdings | % of fund |
|---|---|
| Kotak Mahindra Bank | 3.53% |
| ICICI Bank | 3.31% |
| HDFC Bank | 3.06% |
| Reliance Industries | 3.02% |
| Axis Bank | 2.97% |
In plain English: Mainly dependent on shares. Bought puts may reduce losses; sold calls may generate income but restrict gains.
Portfolio construction · 31 July
5. RedHex Hybrid
| Component | % of fund |
|---|---|
| Shares | 28.57% |
| Assets protected | 28.55% |
| Corporate bonds | 33.18% |
| Loan-backed debt | 10.57% |
| Largest holdings | % of fund |
|---|---|
| Indus Towers | 3.61% |
| Canara Bank | 3.52% |
| Godrej Properties | 2.70% |
| TVS Motor | 2.19% |
| Adani Power | 1.53% |
In plain English: Most broad share movement was offset, but borrower repayment, loan-backed debt, REIT and InvIT liquidity become important.
Portfolio construction · 30 June — latest available
6. Altiva Hybrid
| Component | % of fund |
|---|---|
| Listed shares | 36.00% |
| REITs / InvITs | 4.10% |
| Stock futures | -6.05% |
| Bonds | 28.19% |
| Largest holdings | % of fund |
|---|---|
| HDFC Bank | 2.47% |
| Shriram Finance | 2.14% |
| ICICI Bank | 1.93% |
| Bharti Airtel | 1.92% |
| Coal India | 1.82% |
In plain English: Consistent with earning from share–futures price differences and option income, but one futures figure cannot prove all risk was removed.
Portfolio construction · 30 June — latest available
7. Apex Hybrid
| Component | % of fund |
|---|---|
| Shares | 39.65% |
| Bonds | 24.93% |
| Liquid fund | 12.66% |
| TREPS | 16.28% |
| Largest holdings | % of fund |
|---|---|
| ICICI Bank | 1.79% |
| HDFC Bank | 1.76% |
| Axis Bank | 1.25% |
| Bajaj Finance | 1.22% |
| Reliance Industries | 1.21% |
In plain English: More dependent on how money was divided among shares, bonds and liquid assets than on large short positions.
Portfolio construction · 30 June — latest available
8. Platinum Hybrid
| Component | % of fund |
|---|---|
| Shares | 64.94% |
| Protective futures | -17.84% |
| Extra long futures | 3.01% |
| Bonds / G-Secs | 22.34% |
| Largest holdings | % of fund |
|---|---|
| Shriram Finance | 3.37% |
| Adani Ports | 2.26% |
| SAIL | 2.23% |
| Axis Bank | 2.21% |
| Coal India | 1.94% |
In plain English: Still had meaningful share-market exposure: protection reduced some risk, while extra long futures added some back.
Titanium Hybrid: only the July top ten were available
A top-ten file cannot reveal the complete share, bond, futures or options position.
| Issuer | % of AUM |
|---|---|
| Government of India | 16.12% |
| Muthoot Finance | 8.57% |
| ICICI Bank | 4.40% |
| SIDBI | 4.26% |
| HDFC Bank | 3.95% |
| Adani Power | 3.39% |
| Mahindra & Mahindra | 3.18% |
| Bharti Airtel | 3.02% |
| Reliance Industries | 2.67% |
| Credila Financial Services | 2.56% |