Arudha Equity Long-Short: September review: lower cash equity, larger liquidity buffer
Cash equity eased to 75.93% of NAV, while money-market holdings rose to 18.61%. The equity book remains central, with derivatives reported separately.
AI Brief
What changed
Cash equity eased to 75.93% of NAV, while money-market holdings rose to 18.61%. The equity book remains central, with derivatives reported separately.
Why it matters
Equity remains the main source of participation, but its weight is lower than in August and the money-market buffer is larger. Assess the company mix and the hedge disclosures together; 75.93% cash equity is not the fund's net market exposure.
What to watch
Watch whether the larger money-market allocation persists, and whether the AMC discloses fuller option exposure. The snapshots alone do not establish a defensive market call.
What remains uncertain
The full snapshots have different derivative capture scopes. The August-to-September narrative compares cash-equity holdings and funded allocation only; it does not claim a like-for-like change in the entire derivatives book.
Generated by Codex source-reviewed editorial research from this article and its evidence · 9 Oct 2026
SIFprime View
Listed equity leads at 75.93%
Equity remains the main source of participation, but its weight is lower than in August and the money-market buffer is larger. Assess the company mix and the hedge disclosures together; 75.93% cash equity is not the fund's net market exposure.
Explore the evidencePORTFOLIO ALLOCATION
Latest allocation & changes
Latest disclosed figures. A comparable previous disclosure is not available.
- Listed equity
- 75.93%
- Debt securities
- 0.81%
- Money market
- 18.61%
- Cash and net current assets
- 2.87%
- REITs, InvITs and other listed units
- 1.78%
Derivative positioning
- Futures · signed totalFutures reported %
- -7.20%
- Options · signed totalOptions valuation %
- 0.08%
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
Arudha Equity Long-Short · 30 Sept 2026
Portfolio sleeves
47 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 LtdINE090A01021 · long | Banks | 4.42% | 4.42% |
| 02 | HDFC Bank Ltd.INE040A01034 · long | Banks | 4.00% | 4.00% |
| 03 | Bharti Airtel Ltd.INE397D01024 · long | Telecom - Services | 3.46% | 3.46% |
| 04 | Mahindra and Mahindra LtdINE101A01026 · long | Automobiles | 3.06% | 3.06% |
| 05 | Cipla Ltd.INE059A01026 · long | Pharmaceuticals & Biotechnology | 2.41% | 2.41% |
| 06 | TVS Holdings LtdINE105A01035 · long | Finance | 2.09% | 2.09% |
| 07 | Ipca Laboratories LimitedINE571A01038 · long | Pharmaceuticals & Biotechnology | 2.02% | 2.02% |
| 08 | Shriram Finance Ltd.INE721A01047 · long | Finance | 2.02% | 2.02% |
| 09 | Bajaj Holdings & Investment LtdINE118A01012 · long | Finance | 2.01% | 2.01% |
| 10 | State Bank of IndiaINE062A01020 · long | Banks | 1.99% | 1.99% |
| 11 | SBI Life Insurance Company LtdINE123W01016 · long | Insurance | 1.98% | 1.98% |
| 12 | Sagility India Ltd.INE0W2G01015 · long | IT - Services | 1.85% | 1.85% |
| 13 | HDFC AMC LtdINE127D01025 · long | Capital Markets | 1.78% | 1.78% |
| 14 | CARE Ratings Ltd.INE752H01013 · long | Capital Markets | 1.73% | 1.73% |
| 15 | Info Edge India LtdINE663F01032 · long | Retailing | 1.68% | 1.68% |
| 16 | Dr. Lal Path Labs Ltd.INE600L01024 · long | Healthcare Services | 1.66% | 1.66% |
| 17 | Indus Towers Ltd.INE121J01017 · long | Telecom - Services | 1.66% | 1.66% |
| 18 | Mahanagar Gas Ltd.INE002S01010 · long | Gas | 1.64% | 1.64% |
| 19 | Kotak Bank LtdINE237A01036 · long | Banks | 1.64% | 1.64% |
| 20 | DCB Bank Ltd.INE503A01015 · long | Banks | 1.62% | 1.62% |
| 21 | Mrs. Bectors Food Specialities Ltd.INE495P01020 · long | Food Products | 1.56% | 1.56% |
| 22 | Great Eastern Shipping Co. Ltd.INE017A01032 · long | Transport Services | 1.54% | 1.54% |
| 23 | Jindal Stainless Ltd.INE220G01021 · long | Ferrous Metals | 1.48% | 1.48% |
| 24 | Aadhar Housing Finance Ltd.INE883F01010 · long | Finance | 1.44% | 1.44% |
| 25 | Bharat Electronics Ltd.INE263A01024 · long | Aerospace & Defense | 1.40% | 1.40% |
| 26 | NTPC Ltd.INE733E01010 · long | Power | 1.34% | 1.34% |
| 27 | CANARA ROBECO AMC LTDINE218I01013 · long | Capital Markets | 1.34% | 1.34% |
| 28 | PVR INOX Ltd.INE191H01014 · long | Entertainment | 1.34% | 1.34% |
| 29 | Oracle Financial Services Software LtdINE881D01027 · long | IT - Software | 1.31% | 1.31% |
| 30 | Eureka Forbes Ltd.INE0KCE01017 · long | Consumer Durables | 1.28% | 1.28% |
| 31 | CCL Products (I) Ltd.INE421D01022 · long | Agricultural Food & other Products | 1.24% | 1.24% |
| 32 | EPL Ltd.INE255A01020 · long | Industrial Products | 1.23% | 1.23% |
| 33 | S.J.S. Enterprises Ltd.INE284S01014 · long | Auto Components | 1.20% | 1.20% |
| 34 | Tips Music Ltd.INE716B01029 · long | Entertainment | 1.18% | 1.18% |
| 35 | DLF LimitedINE271C01023 · long | Realty | 1.14% | 1.14% |
| 36 | Ajanta Pharmaceuticals Ltd.INE031B01049 · long | Pharmaceuticals & Biotechnology | 1.10% | 1.10% |
| 37 | Healthcare Global Enterprises Ltd.INE075I01017 · long | Healthcare Services | 1.10% | 1.10% |
| 38 | Brigade Enterprises Ltd.INE791I01019 · long | Realty | 1.08% | 1.08% |
| 39 | Multi Commodity Exchange of India Ltd.INE745G01043 · long | Capital Markets | 1.00% | 1.00% |
| 40 | NLC India LtdINE589A01014 · long | Power | 1.00% | 1.00% |
| 41 | Gujarat Pipavav Port Ltd.INE517F01014 · long | Transport Infrastructure | 0.94% | 0.94% |
| 42 | Hindustan Zinc Ltd.INE267A01025 · long | Non - Ferrous Metals | 0.94% | 0.94% |
| 43 | Larsen and Toubro LtdINE018A01030 · long | Construction | 0.91% | 0.91% |
| 44 | MAS Financial Services Ltd.INE348L01012 · long | Finance | 0.91% | 0.91% |
| 45 | L&T Finance Ltd.INE498L01015 · long | Finance | 0.85% | 0.85% |
| 46 | JSW Steel Ltd.INE019A01038 · long | Ferrous Metals | 0.82% | 0.82% |
| 47 | Interarch Building Solutions Ltd.INE00M901018 · long | Construction | 0.54% | 0.54% |
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
- Cash equities: 75.93%; money market: 18.61%; cash and net current assets: 2.87%; REIT units: 1.78%; debt: 0.81%. These are funded allocations, not combined market exposure.
- Cash-equity weight fell from 78.39% in August to 75.93% in September, a 2.46 percentage-point reduction. The August REIT position is excluded from both cash-equity totals.
- Money market rose from 16.53% to 18.61% (+2.08 percentage points). The REIT allocation moved from 1.87% to 1.78%; it remains a listed-unit holding, not an equity exit.
- Largest cash-equity holdings: ICICI Bank Ltd (4.42% of NAV); HDFC Bank Ltd. (4.00% of NAV); Bharti Airtel Ltd. (3.46% of NAV).
What changed in cash equities
- Cash-equity comparisons below use the dated primary company rows for 31 August and 30 September. Full derivative coverage differs between captures, so the automated whole-portfolio comparison remains qualified.
- Entries: 6 companies. Bharat Electronics Ltd. (1.40% of NAV); NLC India Ltd (1.00% of NAV); Multi Commodity Exchange of India Ltd. (1.00% of NAV).
- Exits: 5 companies. ICICI Lombard GIC (1.68% of NAV previously); Power Fin Corp Ltd (1.66% of NAV previously); Coal India Ltd. (1.45% of NAV previously).
- Bajaj Holdings & Investment Ltd: 1.00% to 2.01% of NAV (up 1.01 percentage points).
- TVS Holdings Ltd: 2.93% to 2.09% of NAV (down 0.84 percentage points).
- ICICI Bank Ltd: 5.07% to 4.42% of NAV (down 0.65 percentage points).
Derivatives, measured separately
- The current statement contains 11 futures lines with a signed reported total of -7.20% of NAV. This is separate from the cash-equity allocation.
- Six option lines total +0.08% on their reported valuation basis. Premium percentages do not measure the options' notional or delta-adjusted exposure.
- The capture identifies 11 derivative lines as hedging. That classification does not establish how much total portfolio risk was offset. A combined derivative gross/net figure is not inferred.
What this means for the strategy
- Equity remains the main source of participation, but its weight is lower than in August and the money-market buffer is larger. Assess the company mix and the hedge disclosures together; 75.93% cash equity is not the fund's net market exposure.
- Watch whether the larger money-market allocation persists, and whether the AMC discloses fuller option exposure. The snapshots alone do not establish a defensive market call.
Dates and evidence limits
- Holdings are dated 30 September 2026. This research was prepared on 9 October after the monthly disclosures were added to SIFprime.
- Changes between disclosures can reflect transactions, prices and investor flows. They do not establish trade dates, investment returns or the manager's intent.
- Cash-equity company movements are separate from derivative positioning. Futures, option premiums and swap valuations are not added together as one exposure figure.
- The full snapshots have different derivative capture scopes. The August-to-September narrative compares cash-equity holdings and funded allocation only; it does not claim a like-for-like change in the entire derivatives book.
Sources & methodology
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.