iSIF Active Asset Allocator: September review - less cash equity with a complex multi-asset overlay
Key takeaway
Cash equity is 44.65% of NAV, down 9.34 percentage points from 31 August 2026. The ten largest company holdings account for 24.30% of NAV.
Cash equity44.65%
Top-ten cash equity24.30%
Cash-equity rows46
AI Brief
What changed
Cash equity is 44.65% of NAV, down 9.34 percentage points from 31 August 2026. The ten largest company holdings account for 24.30% of NAV.
Why it matters
Cash equity fell from 53.99% to 44.65% of NAV. Debt, money market, listed units, commodity futures, options and interest-rate swaps make this a multi-asset portfolio whose risk cannot be summarized by the stock allocation alone.
What to watch
Watch the equity reduction, debt positioning and option valuation balances together. The large positive net-current-asset balance should not be treated as an unrestricted cash reserve without the offsetting source entries.
What remains uncertain
Cash-equity comparison only; the broader disclosure scopes differ. 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
Listed equity leads at 44.65%
Cash equity fell from 53.99% to 44.65% of NAV. Debt, money market, listed units, commodity futures, options and interest-rate swaps make this a multi-asset portfolio whose risk cannot be summarized by the stock allocation alone.
Explore the evidencePORTFOLIO ALLOCATION
Latest allocation & changes
Latest disclosed figures. A comparable previous disclosure is not available.
- Listed equity
- 44.65%
- Debt securities
- 22.85%
- Money market
- 27.81%
- Cash and net current assets
- 23.27%
- REITs, InvITs and other listed units
- 1.10%
Derivative positioning
- Futures · signed totalFutures reported %
- 1.22%
- Options · signed totalOptions valuation %
- -19.67%
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
iSIF Active Asset Allocator · 30 Sept 2026
Portfolio sleeves
Listed equitylong
46 disclosed lines
Scroll inside the table to inspect all rows. The page layout stays fixed.
| # | Security / ISIN | Sector / bucket | Weight (% NAV) | Exposure (% NAV) |
|---|---|---|---|---|
| 01 | Life Insurance Corporation of IndiaINE0J1Y01017 · long | Insurance | 5.00% | 5.00% |
| 02 | HDFC Bank Ltd.INE040A01034 · long | Banks | 3.81% | 3.81% |
| 03 | Reliance Industries Ltd.INE002A01018 · long | Petroleum Products | 3.53% | 3.53% |
| 04 | Mahindra & Mahindra Ltd.INE101A01026 · long | Automobiles | 3.26% | 3.26% |
| 05 | Axis Bank Ltd.INE238A01034 · long | Banks | 1.57% | 1.57% |
| 06 | Bharat Electronics Ltd.INE263A01024 · long | Aerospace & Defense | 1.51% | 1.51% |
| 07 | ICICI Bank Ltd.INE090A01021 · long | Banks | 1.45% | 1.45% |
| 08 | Hindustan Unilever Ltd.INE030A01027 · long | Diversified Fmcg | 1.44% | 1.44% |
| 09 | Avenue Supermarts Ltd.INE192R01011 · long | Retailing | 1.38% | 1.38% |
| 10 | Bharti Airtel Ltd.INE397D01024 · long | Telecom - Services | 1.37% | 1.37% |
| 11 | State Bank Of IndiaINE062A01020 · long | Banks | 1.34% | 1.34% |
| 12 | Bajaj Finserv Ltd.INE918I01026 · long | Finance | 1.30% | 1.30% |
| 13 | Tata Steel Ltd.INE081A01020 · long | Ferrous Metals | 1.13% | 1.13% |
| 14 | SBI Life Insurance Company Ltd.INE123W01016 · long | Insurance | 1.12% | 1.12% |
| 15 | Rentomojo Ltd.INE08T701025 · long | Commercial Services & Supplies | 1.10% | 1.10% |
| 16 | Apollo Hospitals Enterprise Ltd.INE437A01024 · long | Healthcare Services | 1.07% | 1.07% |
| 17 | HDFC Life Insurance Company Ltd.INE795G01014 · long | Insurance | 0.84% | 0.84% |
| 18 | Godrej Consumer Products Ltd.INE102D01028 · long | Personal Products | 0.74% | 0.74% |
| 19 | NTPC Ltd.INE733E01010 · long | Power | 0.71% | 0.71% |
| 20 | Maruti Suzuki India Ltd.INE585B01010 · long | Automobiles | 0.65% | 0.65% |
| 21 | Hindalco Industries Ltd.INE038A01020 · long | Non - Ferrous Metals | 0.65% | 0.65% |
| 22 | ITC Ltd.INE154A01025 · long | Diversified Fmcg | 0.64% | 0.64% |
| 23 | Ultratech Cement Ltd.INE481G01011 · long | Cement & Cement Products | 0.59% | 0.59% |
| 24 | Trent Ltd.INE849A01020 · long | Retailing | 0.57% | 0.57% |
| 25 | Power Grid Corporation Of India Ltd.INE752E01010 · long | Power | 0.57% | 0.57% |
| 26 | Oil & Natural Gas Corporation Ltd.INE213A01029 · long | Oil | 0.55% | 0.55% |
| 27 | Sun Pharmaceutical Industries Ltd.INE044A01036 · long | Pharmaceuticals & Biotechnology | 0.54% | 0.54% |
| 28 | SBI Funds Management Ltd.INE640G01020 · long | Capital Markets | 0.51% | 0.51% |
| 29 | Swiggy LtdINE00H001014 · long | Retailing | 0.49% | 0.49% |
| 30 | PNB Housing Finance Ltd.INE572E01012 · long | Finance | 0.49% | 0.49% |
| 31 | Alkem Laboratories Ltd.INE540L01014 · long | Pharmaceuticals & Biotechnology | 0.49% | 0.49% |
| 32 | Interglobe Aviation Ltd.INE646L01027 · long | Transport Services | 0.44% | 0.44% |
| 33 | Mphasis Ltd.INE356A01018 · long | It - Software | 0.42% | 0.42% |
| 34 | Vedanta Aluminium Metal Ltd.INE1CDF01017 · long | Non - Ferrous Metals | 0.41% | 0.41% |
| 35 | Hindustan Petroleum Corporation Ltd.INE094A01015 · long | Petroleum Products | 0.40% | 0.40% |
| 36 | Pfizer Ltd.INE182A01018 · long | Pharmaceuticals & Biotechnology | 0.36% | 0.36% |
| 37 | BSE Ltd.INE118H01025 · long | Capital Markets | 0.35% | 0.35% |
| 38 | Grindwell Norton Ltd.INE536A01023 · long | Industrial Products | 0.30% | 0.30% |
| 39 | Cipla Ltd.INE059A01026 · long | Pharmaceuticals & Biotechnology | 0.29% | 0.29% |
| 40 | JSW Steel Ltd.INE019A01038 · long | Ferrous Metals | 0.29% | 0.29% |
| 41 | Bharat Petroleum Corporation Ltd.INE029A01011 · long | Petroleum Products | 0.26% | 0.26% |
| 42 | Manipal Health Enterprises Ltd.INE459N01021 · long | Healthcare Services | 0.26% | 0.26% |
| 43 | Star Cement Ltd.INE460H01021 · long | Cement & Cement Products | 0.24% | 0.24% |
| 44 | Infosys Ltd.INE009A01021 · long | It - Software | 0.21% | 0.21% |
| 45 | Motherson Sumi Wiring India Ltd.INE0FS801015 · long | Auto Components | 0.01% | 0.01% |
| 46 | Bharat Forge Ltd.INE465A01025 · long | Auto Components | 0.01% | 0.01% |
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 44.65%; Debt securities 22.85%; Money market 27.81%; Cash and net current assets 23.27%; REITs, InvITs and other listed units 1.10%. Values are the separate reported percentages of NAV.
- 46 positive common-company equity lines; top ten 24.30% of NAV. Largest holdings: Life Insurance Corporation of India (5.00%); HDFC Bank Ltd. (3.81%); Reliance Industries Ltd. (3.53%).
- Largest classified equity sectors: Banks 8.16% of NAV; Insurance 6.96% of NAV; Petroleum Products 4.19% of NAV.
Changes in company holdings
- Cash-equity comparison: 31 August 2026 to 30 September 2026. Common-equity weight moved from 53.99% to 44.65% (reduced by 9.34 percentage points).
- Newly present in the common-equity snapshot: 5 companies. Largest disclosed weights: Rentomojo Ltd. (1.10%); Maruti Suzuki India Ltd. (0.65%); Hindalco Industries Ltd. (0.65%).
- No longer present in the common-equity snapshot: 7 companies. Largest disclosed weights: Multi Commodity Exchange Of India Ltd. (1.64% previously); Piramal Finance Ltd (1.00% previously); Coal India Ltd. (1.00% previously).
- Reliance Industries Ltd.: 1.95% to 3.53% of NAV (up 1.58 percentage points).
- Life Insurance Corporation of India: 6.15% to 5.00% of NAV (down 1.16 percentage points).
- Mahindra & Mahindra Ltd.: 4.22% to 3.26% of NAV (down 0.96 percentage points).
- These company comparisons use the dated cash-equity rows only. Differences in the broader capture, particularly derivatives, prevent a like-for-like automated whole-portfolio comparison.
Derivatives, measured separately
- Futures: long positions total 3.58% of NAV and short positions 2.35% in absolute magnitude; signed balance +1.22%. These are source-reported futures percentages, not delta-adjusted exposure for the whole fund.
- Options: 52 disclosed lines; their signed reported value percentages sum to -19.67% of NAV. Reported option values are not verified underlying notionals or delta-adjusted exposures.
- The disclosure also includes 2 interest-rate swap lines. Reported notional percentages are kept separate from funded assets, futures and option values; valuation signs do not establish a long or short position.
- Explicit source classifications: 22 covered call lines, 5 hedging lines, 15 non hedging lines. These labels do not quantify hedge effectiveness or establish the reason for every position.
SIFprime reading and what to watch
- Cash equity fell from 53.99% to 44.65% of NAV. Debt, money market, listed units, commodity futures, options and interest-rate swaps make this a multi-asset portfolio whose risk cannot be summarized by the stock allocation alone.
- Watch the equity reduction, debt positioning and option valuation balances together. The large positive net-current-asset balance should not be treated as an unrestricted cash reserve without the offsetting source entries.
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.
- The derivative annexure contains copied March labels. This report follows the dated September main schedule and does not duplicate annexure rows or infer missing option notionals.
- 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
SourceICICI Prudential Mutual Fund website
isif.icicipruamc.com
ICICI Prudential Mutual Fund
Source date
Visit sourceHow 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.