qSIF Active Asset Allocator: September review - less cash equity, with a concentrated core
Cash equity is 35.90% of NAV, down 6.82 percentage points from 31 July 2026. The ten largest company holdings account for 29.01% of NAV.
AI Brief
What changed
Cash equity is 35.90% of NAV, down 6.82 percentage points from 31 July 2026. The ten largest company holdings account for 29.01% of NAV.
Why it matters
Cash equity declined to 35.90% of NAV from 42.72% in July, but the top ten companies still account for 29.01% of NAV. Money market is the largest funded category, while the long and short futures percentages are relatively close.
What to watch
Watch the large ESDS Software Solution holding and how money market and net payables evolve. A near-offsetting signed futures total does not mean that gross derivative usage is negligible.
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
SIFprime View
Money market leads at 66.87%
Cash equity declined to 35.90% of NAV from 42.72% in July, but the top ten companies still account for 29.01% of NAV. Money market is the largest funded category, while the long and short futures percentages are relatively close.
Explore the evidencePORTFOLIO ALLOCATION
Latest allocation & changes
Latest disclosed figures. A comparable previous disclosure is not available.
- Listed equity
- 35.90%
- Money market
- 66.87%
- Cash and net current assets
- -2.77%
Derivative positioning
- Long derivativesFutures reported %
- 5.06%
- Short derivativesFutures reported %
- 4.50%
- Futures · signed totalFutures reported %
- 0.56%
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
qSIF Active Asset Allocator · 30 Sept 2026
Portfolio sleeves
19 disclosed lines
Scroll inside the table to inspect all rows. The page layout stays fixed.
| # | Security / ISIN | Sector / bucket | Weight (% NAV) | Exposure (% NAV) |
|---|---|---|---|---|
| 01 | ESDS Software Solution LimitedINE0DRI01029 · long | IT - Services | 9.29% | 9.29% |
| 02 | Glenmark Pharmaceuticals LtdINE935A01035 · long | Pharmaceuticals & Biotechnology | 4.24% | 4.24% |
| 03 | Gujarat Themis Biosyn LtdINE942C01045 · long | Pharmaceuticals & Biotechnology | 3.20% | 3.20% |
| 04 | Aequs LtdINE947N01017 · long | Aerospace & Defense | 2.98% | 2.98% |
| 05 | LG Electronics India LimitedINE324D01010 · long | Consumer Durables | 2.37% | 2.37% |
| 06 | ICICI Bank LimitedINE090A01021 · long | Banks | 1.47% | 1.47% |
| 07 | Adani Power LimitedINE814H01029 · long | Power | 1.42% | 1.42% |
| 08 | INDO-MIM LimitedINE084101034 · long | Industrial Manufacturing | 1.41% | 1.41% |
| 09 | Indegene LimitedINE065X01017 · long | Healthcare Services | 1.32% | 1.32% |
| 10 | ICICI Prudential AMC LtdINE346A01027 · long | Capital Markets | 1.32% | 1.32% |
| 11 | Indus Towers LimitedINE121J01017 · long | Telecom - Services | 1.31% | 1.31% |
| 12 | Info Edge (India) LtdINE663F01032 · long | Retailing | 1.05% | 1.05% |
| 13 | Tata Investment Corporation LimitedINE672A01026 · long | Finance | 0.84% | 0.84% |
| 14 | HCL Technologies LimitedINE860A01027 · long | IT - Software | 0.81% | 0.81% |
| 15 | Container Corporation of India LtdINE111A01025 · long | Transport Services | 0.75% | 0.75% |
| 16 | Caliber Mining and Logistics LimitedINE11XY01018 · long | Consumable Fuels | 0.69% | 0.69% |
| 17 | Sonata Software LimitedINE269A01021 · long | IT - Software | 0.69% | 0.69% |
| 18 | Glaxosmithkline Pharmaceuticals LtdINE159A01016 · long | Pharmaceuticals & Biotechnology | 0.56% | 0.56% |
| 19 | Hexaware Technologies LimitedINE093A01041 · long | IT - Software | 0.19% | 0.19% |
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 35.90%; Money market 66.87%; Cash and net current assets -2.77%. Values are the separate reported percentages of NAV.
- 19 positive common-company equity lines; top ten 29.01% of NAV. Largest holdings: ESDS Software Solution Limited (9.29%); Glenmark Pharmaceuticals Ltd (4.24%); Gujarat Themis Biosyn Ltd (3.20%).
- Largest classified equity sectors: IT - Services 9.29% of NAV; Pharmaceuticals & Biotechnology 8.00% of NAV; Aerospace & Defense 2.98% of NAV.
- The negative cash/net-current-assets figure is a net-payable balance, not a negative bank balance or an inferred borrowing amount. Read it with the other source entries.
Changes in company holdings
- Cash-equity comparison: 31 July 2026 to 30 September 2026. Common-equity weight moved from 42.72% to 35.90% (reduced by 6.82 percentage points).
- Newly present in the common-equity snapshot: 15 companies. Largest disclosed weights: ESDS Software Solution Limited (9.29%); Glenmark Pharmaceuticals Ltd (4.24%); Gujarat Themis Biosyn Ltd (3.20%).
- No longer present in the common-equity snapshot: 8 companies. Largest disclosed weights: Adani Energy Solutions Limited (7.91% previously); Adani Green Energy Limited (4.80% previously); JSW Infrastructure Limited (4.29% previously).
- INDO-MIM Limited: 9.59% to 1.41% of NAV (down 8.17 percentage points).
- Caliber Mining and Logistics Limited: 3.92% to 0.69% of NAV (down 3.23 percentage points).
- Indus Towers Limited: 2.98% to 1.31% of NAV (down 1.67 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 5.06% of NAV and short positions 4.50% in absolute magnitude; signed balance +0.56%. These are source-reported futures percentages, not delta-adjusted exposure for the whole fund.
- Explicit source classifications: 4 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 declined to 35.90% of NAV from 42.72% in July, but the top ten companies still account for 29.01% of NAV. Money market is the largest funded category, while the long and short futures percentages are relatively close.
- Watch the large ESDS Software Solution holding and how money market and net payables evolve. A near-offsetting signed futures total does not mean that gross derivative usage is negligible.
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.
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.