Apex Equity Ex-Top 100 Long-Short Fund: September review - money market and equity with substantial futures shorts
Key takeaway
Cash equity is 42.88% of NAV. This is a current-portfolio review; a reliable earlier cash-equity comparison is unavailable. The ten largest company holdings account for 16.68% of NAV.
Cash equity42.88%
Top-ten cash equity16.68%
Cash-equity rows66
AI Brief
What changed
Cash equity is 42.88% of NAV. This is a current-portfolio review; a reliable earlier cash-equity comparison is unavailable. The ten largest company holdings account for 16.68% of NAV.
Why it matters
Money market is slightly larger than the common-equity allocation. The 37.21% short-futures magnitude makes the overlay material, but matching individual hedges or estimating total downside protection requires more than these percentages.
What to watch
Watch how the common-equity and short-futures weights move together. Keep the small REIT holding outside company-stock concentration and do not interpret all current names as new purchases.
What remains uncertain
Changes are not confirmed trades. Option values and derivative notionals are separate from asset allocation.
Generated by Codex source-reviewed editorial research from this article and its evidence · 11 Oct 2026
OUR READING
SIFprime View
Money market leads at 43.91%
Money market is slightly larger than the common-equity allocation. The 37.21% short-futures magnitude makes the overlay material, but matching individual hedges or estimating total downside protection requires more than these percentages.
Explore the evidencePORTFOLIO ALLOCATION
Latest allocation & changes
Latest disclosed figures. A comparable previous disclosure is not available.
- Listed equity
- 42.88%
- Money market
- 43.91%
- Cash and net current assets
- 12.98%
- REITs, InvITs and other listed units
- 0.23%
Derivative positioning
- Futures · signed totalFutures reported %
- -37.21%
- Options · signed totalOptions valuation %
- 1.00%
Percentages are compared on the same source basis. These measures can overlap and are not added to capital allocation. Contract or short-stock rotations are not treated as company additions or removals.
Only quantified categories are shown. Missing figures are not zero; changes appear only when both disclosures are comparable.
Explore the disclosed holdings
Apex Equity Ex-Top 100 Long-Short Fund · 30 Sept 2026
Portfolio sleeves
Listed equitylong
66 disclosed lines
Scroll inside the table to inspect all rows. The page layout stays fixed.
| # | Security / ISIN | Sector / bucket | Weight (% NAV) | Exposure (% NAV) |
|---|---|---|---|---|
| 01 | One 97 Communications Ltd.INE982J01020 · long | Financial Technology (Fintech) | 2.43% | 2.43% |
| 02 | Honasa Consumer Ltd.INE0J5401028 · long | Personal Products | 2.24% | 2.24% |
| 03 | ICICI Prudential Life Insurance Company Ltd.INE726G01019 · long | Insurance | 1.97% | 1.97% |
| 04 | Aditya Infotech Ltd.INE819V01029 · long | Industrial Manufacturing | 1.54% | 1.54% |
| 05 | Coforge Ltd.INE591G01025 · long | IT - Software | 1.49% | 1.49% |
| 06 | Info Edge (India) Ltd.INE663F01032 · long | Retailing | 1.47% | 1.47% |
| 07 | Indian BankINE562A01011 · long | Banks | 1.45% | 1.45% |
| 08 | FSN E-Commerce Ventures Ltd.INE388Y01029 · long | Retailing | 1.40% | 1.40% |
| 09 | GE Vernova T&D India Ltd.INE200A01026 · long | Electrical Equipment | 1.36% | 1.36% |
| 10 | Computer Age Management Services Ltd.INE596I01020 · long | Capital Markets | 1.33% | 1.33% |
| 11 | L&T Finance Ltd.INE498L01015 · long | Finance | 1.31% | 1.31% |
| 12 | IDFC First Bank Ltd.INE092T01019 · long | Banks | 1.21% | 1.21% |
| 13 | Life Insurance Corporation of IndiaINE0J1Y01017 · long | Insurance | 0.99% | 0.99% |
| 14 | Vishal Mega Mart Ltd.INE01EA01019 · long | Retailing | 0.98% | 0.98% |
| 15 | Hitachi Energy India Ltd.INE07Y701011 · long | Electrical Equipment | 0.95% | 0.95% |
| 16 | GMR Airports Ltd.INE776C01039 · long | Transport Infrastructure | 0.93% | 0.93% |
| 17 | Moneyview Ltd. A**INE0PTN01011 · long | Finance | 0.84% | 0.84% |
| 18 | Sedemac Mechatronics Ltd.INE00XB01019 · long | Auto Components | 0.84% | 0.84% |
| 19 | Fortis Healthcare Ltd.INE061F01013 · long | Healthcare Services | 0.83% | 0.83% |
| 20 | Lenskart Solutions Ltd.INE956O01016 · long | Retailing | 0.83% | 0.83% |
| 21 | Sagility Ltd.INE0W2G01015 · long | IT - Services | 0.71% | 0.71% |
| 22 | Poonawalla Fincorp Ltd.INE511C01022 · long | Finance | 0.71% | 0.71% |
| 23 | Lodha Developers Ltd.INE670K01029 · long | Realty | 0.71% | 0.71% |
| 24 | Astral Ltd.INE006I01046 · long | Industrial Products | 0.70% | 0.70% |
| 25 | National Aluminium Company Ltd.INE139A01034 · long | Non - Ferrous Metals | 0.64% | 0.64% |
| 26 | Glenmark Pharmaceuticals Ltd.INE935A01035 · long | Pharmaceuticals & Biotechnology | 0.63% | 0.63% |
| 27 | Narayana Hrudayalaya Ltd.INE410P01011 · long | Healthcare Services | 0.57% | 0.57% |
| 28 | Bharti Hexacom Ltd.INE343G01021 · long | Telecom - Services | 0.57% | 0.57% |
| 29 | Multi Commodity Exchange of India Ltd.INE745G01043 · long | Capital Markets | 0.53% | 0.53% |
| 30 | 360 ONE WAM Ltd.INE466L01038 · long | Capital Markets | 0.51% | 0.51% |
| 31 | Rentomojo Ltd.INE08T701025 · long | Commercial Services & Supplies | 0.50% | 0.50% |
| 32 | Ujjivan Small Finance Bank Ltd.INE551W01018 · long | Banks | 0.49% | 0.49% |
| 33 | IPCA Laboratories Ltd.INE571A01038 · long | Pharmaceuticals & Biotechnology | 0.46% | 0.46% |
| 34 | UPL Ltd.INE628A01036 · long | Fertilizers & Agrochemicals | 0.44% | 0.44% |
| 35 | Ather Energy Ltd.INE0LEZ01016 · long | Automobiles | 0.43% | 0.43% |
| 36 | V-Guard Industries Ltd.INE951I01027 · long | Consumer Durables | 0.41% | 0.41% |
| 37 | Max Financial Services Ltd.INE180A01020 · long | Insurance | 0.39% | 0.39% |
| 38 | Siemens Energy India Ltd.INE1NPP01017 · long | Electrical Equipment | 0.38% | 0.38% |
| 39 | Oberoi Realty Ltd.INE093I01010 · long | Realty | 0.37% | 0.37% |
| 40 | ITC Hotels Ltd.INE379A01028 · long | Leisure Services | 0.36% | 0.36% |
| 41 | Pine Labs Ltd.INE15B701018 · long | Financial Technology (Fintech) | 0.34% | 0.34% |
| 42 | Godrej Properties Ltd.INE484J01027 · long | Realty | 0.32% | 0.32% |
| 43 | Alkem Laboratories Ltd.INE540L01014 · long | Pharmaceuticals & Biotechnology | 0.31% | 0.31% |
| 44 | AIA Engineering Ltd.INE212H01026 · long | Industrial Products | 0.31% | 0.31% |
| 45 | Home First Finance Company India Ltd.INE481N01025 · long | Finance | 0.31% | 0.31% |
| 46 | AFFLE 3I Ltd.INE00WC01027 · long | IT - Services | 0.30% | 0.30% |
| 47 | Global Health Ltd.INE474Q01031 · long | Healthcare Services | 0.30% | 0.30% |
| 48 | Dalmia Bharat Ltd.INE00R701025 · long | Cement & Cement Products | 0.27% | 0.27% |
| 49 | Container Corporation of India Ltd.INE111A01025 · long | Transport Services | 0.27% | 0.27% |
| 50 | Emmvee Photovoltaic Power Ltd.INE1C6T01020 · long | Electrical Equipment | 0.25% | 0.25% |
| 51 | Sobha Ltd.INE671H01015 · long | Realty | 0.24% | 0.24% |
| 52 | Anthem Biosciences Ltd.INE0CZ201020 · long | Pharmaceuticals & Biotechnology | 0.24% | 0.24% |
| 53 | Schaeffler India Ltd.INE513A01022 · long | Auto Components | 0.23% | 0.23% |
| 54 | Kalpataru Projects International Ltd.INE220B01022 · long | Construction | 0.22% | 0.22% |
| 55 | Craftsman Automation Ltd.INE00LO01017 · long | Auto Components | 0.21% | 0.21% |
| 56 | CreditAccess Grameen Ltd.INE741K01010 · long | Finance | 0.20% | 0.20% |
| 57 | TBO Tek Ltd.INE673O01025 · long | Leisure Services | 0.20% | 0.20% |
| 58 | Laurus Labs Ltd.INE947Q01028 · long | Pharmaceuticals & Biotechnology | 0.20% | 0.20% |
| 59 | Sai Life Sciences Ltd.INE570L01029 · long | Pharmaceuticals & Biotechnology | 0.18% | 0.18% |
| 60 | Sansera Engineering Ltd.INE953O01021 · long | Auto Components | 0.18% | 0.18% |
| 61 | Crompton Greaves Consumer Electricals Ltd.INE299U01018 · long | Consumer Durables | 0.18% | 0.18% |
| 62 | Chalet Hotels Ltd.INE427F01016 · long | Leisure Services | 0.17% | 0.17% |
| 63 | Dr. Lal Path labs Ltd.INE600L01024 · long | Healthcare Services | 0.16% | 0.16% |
| 64 | Aptus Value Housing Finance India Ltd.INE852O01025 · long | Finance | 0.14% | 0.14% |
| 65 | Mahindra & Mahindra Financial Services Ltd.INE774D01024 · long | Finance | 0.13% | 0.13% |
| 66 | Dabur India Ltd.INE016A01026 · long | Personal Products | 0.09% | 0.09% |
Weight and exposure are separate source fields. Source signs are retained; missing values are unavailable, not zero. Derivative weights do not establish total or unhedged exposure.
Portfolio construction
- Common-company cash equity 42.88%; Money market 43.91%; Cash and net current assets 12.98%; REITs, InvITs and other listed units 0.23%. Values are the separate reported percentages of NAV.
- 66 positive common-company equity lines; top ten 16.68% of NAV. Largest holdings: One 97 Communications Ltd. (2.43%); Honasa Consumer Ltd. (2.24%); ICICI Prudential Life Insurance Company Ltd. (1.97%).
- Largest classified equity sectors: Retailing 4.68% of NAV; Finance 3.64% of NAV; Insurance 3.36% of NAV.
- This research separates 0.23% of NAV in trust units from the imported equity bucket. Original source rows are retained; company changes and concentration exclude these units.
Changes in company holdings
- The earlier captured monthly statement does not contain a usable common-equity company schedule. Treating every September company as a new purchase would be misleading.
- The September holdings provide the current baseline. No entry, exit or month-on-month exposure claim is made without a comparable earlier schedule.
Derivatives, measured separately
- Futures: long positions total 0.00% of NAV and short positions 37.21% in absolute magnitude; signed balance -37.21%. These are source-reported futures percentages, not delta-adjusted exposure for the whole fund.
- Options: 92 disclosed lines; their signed reported value percentages sum to +1.00% of NAV. Reported option values are not verified underlying notionals or delta-adjusted exposures.
- Explicit source classifications: 134 hedging lines. These labels do not quantify hedge effectiveness or establish the reason for every position.
SIFprime reading and what to watch
- Money market is slightly larger than the common-equity allocation. The 37.21% short-futures magnitude makes the overlay material, but matching individual hedges or estimating total downside protection requires more than these percentages.
- Watch how the common-equity and short-futures weights move together. Keep the small REIT holding outside company-stock concentration and do not interpret all current names as new purchases.
Dates and evidence limits
- Holdings are as of 30 September 2026; research prepared on 11 October 2026. The preparation date is not asserted to be the AMC publication date.
- Snapshot differences can reflect transactions, market prices, corporate actions and investor flows. They do not identify trade dates, returns or the manager's intent.
- Funded assets, futures percentages, option values and swap notionals use different measures. They are not added into a single gross or net exposure figure.
- Incomplete option notional coverage remains flagged in the captured data. A complete list of source rows does not imply a complete measure of economic exposure.
Sources & methodology
Latest disclosureAditya Birla Sun Life Mutual Fund
apexsif.adityabirlacapital.com
Portfolio date
AMC websiteHow to read this research
- Analysis uses the captured disclosure. Portfolio dates and the report preparation date are shown separately.
- Cash-equity concentration uses long cash-equity weights. Derivatives are measured separately and are not added to allocation weights.
- Changes compare disclosed snapshots; they do not establish trade timing or manager intent. Interpretation is separate from the disclosed facts.