Apex Equity Long-Short Fund: September review - equity selection alongside futures hedges
Cash equity is 62.05% of NAV. This is a current-portfolio review; a reliable earlier cash-equity comparison is unavailable. The ten largest company holdings account for 23.66% of NAV.
AI Brief
What changed
Cash equity is 62.05% of NAV. This is a current-portfolio review; a reliable earlier cash-equity comparison is unavailable. The ten largest company holdings account for 23.66% of NAV.
Why it matters
Cash equities account for 62.05% of NAV, while money market and net current assets are also substantial. The source labels most of the futures and option lines as hedging; the cash-equity percentage should therefore not be read as the fund's unhedged market exposure.
What to watch
Watch the relationship between cash equities and short-futures exposure, and whether future disclosures provide option notionals. The earlier capture is not a reliable baseline for company entries and exits.
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
SIFprime View
Listed equity leads at 62.05%
Cash equities account for 62.05% of NAV, while money market and net current assets are also substantial. The source labels most of the futures and option lines as hedging; the cash-equity percentage should therefore not be read as the fund's unhedged market exposure.
Explore the evidencePORTFOLIO ALLOCATION
Latest allocation & changes
Latest disclosed figures. A comparable previous disclosure is not available.
- Listed equity
- 62.05%
- Money market
- 27.16%
- Cash and net current assets
- 10.80%
Derivative positioning
- Long derivativesFutures reported %
- 1.26%
- Futures · signed totalFutures reported %
- -16.65%
- Options · signed totalOptions valuation %
- 0.73%
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 Long-Short Fund · 30 Sept 2026
Portfolio sleeves
57 disclosed lines
Scroll inside the table to inspect all rows. The page layout stays fixed.
| # | Security / ISIN | Sector / bucket | Weight (% NAV) | Exposure (% NAV) |
|---|---|---|---|---|
| 01 | ICICI Bank Ltd.INE090A01021 · long | Banks | 4.06% | 4.06% |
| 02 | Reliance Industries Ltd.INE002A01018 · long | Petroleum Products | 3.41% | 3.41% |
| 03 | Bharti Airtel Ltd.INE397D01024 · long | Telecom - Services | 2.33% | 2.33% |
| 04 | Adani Enterprises Ltd.INE423A01024 · long | Metals & Minerals Trading | 2.15% | 2.15% |
| 05 | Grasim Industries Ltd.INE047A01021 · long | Cement & Cement Products | 2.14% | 2.14% |
| 06 | NTPC Ltd.INE733E01010 · long | Power | 2.12% | 2.12% |
| 07 | Aditya Infotech Ltd.INE819V01029 · long | Industrial Manufacturing | 1.91% | 1.91% |
| 08 | Info Edge (India) Ltd.INE663F01032 · long | Retailing | 1.87% | 1.87% |
| 09 | Honasa Consumer Ltd.INE0J5401028 · long | Personal Products | 1.84% | 1.84% |
| 10 | Nestle India Ltd.INE239A01024 · long | Food Products | 1.83% | 1.83% |
| 11 | Mahindra & Mahindra Ltd.INE101A01026 · long | Automobiles | 1.74% | 1.74% |
| 12 | Eicher Motors Ltd.INE066A01021 · long | Automobiles | 1.71% | 1.71% |
| 13 | TVS Motor Company Ltd.INE494B01023 · long | Automobiles | 1.61% | 1.61% |
| 14 | Bharat Electronics Ltd.INE263A01024 · long | Aerospace & Defense | 1.55% | 1.55% |
| 15 | HDFC Bank Ltd.INE040A01034 · long | Banks | 1.47% | 1.47% |
| 16 | Tata Consumer Products Ltd.INE192A01025 · long | Agricultural Food & other Products | 1.46% | 1.46% |
| 17 | Cholamandalam Investment & Finance Co. Ltd.INE121A01024 · long | Finance | 1.45% | 1.45% |
| 18 | IDFC First Bank Ltd.INE092T01019 · long | Banks | 1.33% | 1.33% |
| 19 | FSN E-Commerce Ventures Ltd.INE388Y01029 · long | Retailing | 1.28% | 1.28% |
| 20 | Indian BankINE562A01011 · long | Banks | 1.16% | 1.16% |
| 21 | State Bank of IndiaINE062A01020 · long | Banks | 1.15% | 1.15% |
| 22 | Bajaj Finance Ltd.INE296A01032 · long | Finance | 1.15% | 1.15% |
| 23 | ICICI Prudential Life Insurance Company Ltd.INE726G01019 · long | Insurance | 1.15% | 1.15% |
| 24 | Billionbrains Garage Ventures Ltd.INE0HOQ01053 · long | Capital Markets | 1.05% | 1.05% |
| 25 | Poonawalla Fincorp Ltd.INE511C01022 · long | Finance | 1.03% | 1.03% |
| 26 | Sagility Ltd.INE0W2G01015 · long | IT - Services | 1.02% | 1.02% |
| 27 | Rentomojo Ltd.INE08T701025 · long | Commercial Services & Supplies | 1.01% | 1.01% |
| 28 | Coforge Ltd.INE591G01025 · long | IT - Software | 0.99% | 0.99% |
| 29 | Lenskart Solutions Ltd.INE956O01016 · long | Retailing | 0.98% | 0.98% |
| 30 | One 97 Communications Ltd.INE982J01020 · long | Financial Technology (Fintech) | 0.97% | 0.97% |
| 31 | Canara BankINE476A01022 · long | Banks | 0.97% | 0.97% |
| 32 | HDFC Life Insurance Company Ltd.INE795G01014 · long | Insurance | 0.92% | 0.92% |
| 33 | Moneyview Ltd. A**INE0PTN01011 · long | Finance | 0.83% | 0.83% |
| 34 | Hindalco Industries Ltd.INE038A01020 · long | Non - Ferrous Metals | 0.74% | 0.74% |
| 35 | Larsen & Toubro Ltd.INE018A01030 · long | Construction | 0.74% | 0.74% |
| 36 | Astral Ltd.INE006I01046 · long | Industrial Products | 0.70% | 0.70% |
| 37 | Cipla Ltd.INE059A01026 · long | Pharmaceuticals & Biotechnology | 0.68% | 0.68% |
| 38 | Ultratech Cement Ltd.INE481G01011 · long | Cement & Cement Products | 0.66% | 0.66% |
| 39 | Fortis Healthcare Ltd.INE061F01013 · long | Healthcare Services | 0.57% | 0.57% |
| 40 | Kalpataru Projects International Ltd.INE220B01022 · long | Construction | 0.55% | 0.55% |
| 41 | Vishal Mega Mart Ltd.INE01EA01019 · long | Retailing | 0.55% | 0.55% |
| 42 | AU Small Finance Bank Ltd.INE949L01017 · long | Banks | 0.48% | 0.48% |
| 43 | Asian Paints Ltd.INE021A01026 · long | Consumer Durables | 0.48% | 0.48% |
| 44 | Dr. Lal Path labs Ltd.INE600L01024 · long | Healthcare Services | 0.48% | 0.48% |
| 45 | Global Health Ltd.INE474Q01031 · long | Healthcare Services | 0.39% | 0.39% |
| 46 | Axis Bank Ltd.INE238A01034 · long | Banks | 0.37% | 0.37% |
| 47 | Life Insurance Corporation of IndiaINE0J1Y01017 · long | Insurance | 0.35% | 0.35% |
| 48 | Anthem Biosciences Ltd.INE0CZ201020 · long | Pharmaceuticals & Biotechnology | 0.34% | 0.34% |
| 49 | Emmvee Photovoltaic Power Ltd.INE1C6T01020 · long | Electrical Equipment | 0.34% | 0.34% |
| 50 | AIA Engineering Ltd.INE212H01026 · long | Industrial Products | 0.31% | 0.31% |
| 51 | IPCA Laboratories Ltd.INE571A01038 · long | Pharmaceuticals & Biotechnology | 0.31% | 0.31% |
| 52 | Narayana Hrudayalaya Ltd.INE410P01011 · long | Healthcare Services | 0.29% | 0.29% |
| 53 | L&T Finance Ltd.INE498L01015 · long | Finance | 0.29% | 0.29% |
| 54 | Siemens Energy India Ltd.INE1NPP01017 · long | Electrical Equipment | 0.26% | 0.26% |
| 55 | Samvardhana Motherson International Ltd.INE775A01035 · long | Auto Components | 0.24% | 0.24% |
| 56 | Alkem Laboratories Ltd.INE540L01014 · long | Pharmaceuticals & Biotechnology | 0.21% | 0.21% |
| 57 | Laurus Labs Ltd.INE947Q01028 · long | Pharmaceuticals & Biotechnology | 0.13% | 0.13% |
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 62.05%; Money market 27.16%; Cash and net current assets 10.80%. Values are the separate reported percentages of NAV.
- 57 positive common-company equity lines; top ten 23.66% of NAV. Largest holdings: ICICI Bank Ltd. (4.06%); Reliance Industries Ltd. (3.41%); Bharti Airtel Ltd. (2.33%).
- Largest classified equity sectors: Banks 10.98% of NAV; Automobiles 5.06% of NAV; Finance 4.74% of NAV.
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 1.26% of NAV and short positions 17.91% in absolute magnitude; signed balance -16.65%. These are source-reported futures percentages, not delta-adjusted exposure for the whole fund.
- Options: 68 disclosed lines; their signed reported value percentages sum to +0.73% of NAV. Reported option values are not verified underlying notionals or delta-adjusted exposures.
- Explicit source classifications: 92 hedging lines, 2 non hedging lines. These labels do not quantify hedge effectiveness or establish the reason for every position.
SIFprime reading and what to watch
- Cash equities account for 62.05% of NAV, while money market and net current assets are also substantial. The source labels most of the futures and option lines as hedging; the cash-equity percentage should therefore not be read as the fund's unhedged market exposure.
- Watch the relationship between cash equities and short-futures exposure, and whether future disclosures provide option notionals. The earlier capture is not a reliable baseline for company entries and exits.
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
apexsif.adityabirlacapital.com
How 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.