qSIF Sector Rotation Long-Short: September review - the portfolio rotates toward pharmaceuticals
Cash equity is 70.28% of NAV, down 10.56 percentage points from 31 July 2026. The ten largest company holdings account for 62.46% of NAV.
AI Brief
What changed
Cash equity is 70.28% of NAV, down 10.56 percentage points from 31 July 2026. The ten largest company holdings account for 62.46% of NAV.
Why it matters
Pharmaceuticals and biotechnology account for 46.17% of NAV, making sector concentration the clearest feature of September. The top ten equities account for 62.46% of NAV, while long and short futures sit alongside that concentrated stock book.
What to watch
Watch whether the pharmaceutical emphasis persists and how changes in short-futures usage interact with it. A larger company count does not eliminate concentration in one sector.
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 70.28%
Pharmaceuticals and biotechnology account for 46.17% of NAV, making sector concentration the clearest feature of September. The top ten equities account for 62.46% of NAV, while long and short futures sit alongside that concentrated stock book.
Explore the evidencePORTFOLIO ALLOCATION
Latest allocation & changes
Compared with 31 Jul 2026 · pp = percentage points
- Listed equity
- 70.28%(reduced by 10.56 pp)
- Money market
- 26.14%(increased by 10.59 pp)
- Cash and net current assets
- 3.59%
Derivative positioning
- Long derivativesFutures reported %
- 9.96%
- Short derivativesFutures reported %
- 22.44%(reduced by 40.45 pp)
- Futures · signed totalFutures reported %
- -12.48%(increased by 50.41 pp)
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 Sector Rotation Long-Short · 30 Sept 2026
Portfolio sleeves
14 disclosed lines
Equity movements vs 31 Jul 2026 · Scroll inside the table to inspect all rows. The page layout stays fixed.
| # | Security / ISIN | Sector / bucket | Weight (% NAV) | Exposure (% NAV) |
|---|---|---|---|---|
| 01 | Indus Towers LimitedINE121J01017 · long Increased: 9.29% → 9.33% of NAV | Telecom - Services | 9.33% | 9.33% |
| 02 | Zydus Lifesciences LimitedINE010B01027 · long Entries: Newly disclosed compared with the previous portfolio | Pharmaceuticals & Biotechnology | 8.76% | 8.76% |
| 03 | Divi's Laboratories LimitedINE361B01024 · long Entries: Newly disclosed compared with the previous portfolio | Pharmaceuticals & Biotechnology | 7.18% | 7.18% |
| 04 | Bharti Airtel LimitedINE397D01024 · long Reduced: 9.18% → 6.78% of NAV | Telecom - Services | 6.78% | 6.78% |
| 05 | Gujarat Themis Biosyn LtdINE942C01045 · long Entries: Newly disclosed compared with the previous portfolio | Pharmaceuticals & Biotechnology | 5.81% | 5.81% |
| 06 | Sun Pharmaceutical Industries LimitedINE044A01036 · long Entries: Newly disclosed compared with the previous portfolio | Pharmaceuticals & Biotechnology | 5.68% | 5.68% |
| 07 | Glenmark Pharmaceuticals LtdINE935A01035 · long Entries: Newly disclosed compared with the previous portfolio | Pharmaceuticals & Biotechnology | 5.61% | 5.61% |
| 08 | Lupin LimitedINE326A01037 · long Entries: Newly disclosed compared with the previous portfolio | Pharmaceuticals & Biotechnology | 5.28% | 5.28% |
| 09 | Biocon LtdINE376G01013 · long Entries: Newly disclosed compared with the previous portfolio | Pharmaceuticals & Biotechnology | 4.89% | 4.89% |
| 10 | Mphasis LtdINE356A01018 · long Entries: Newly disclosed compared with the previous portfolio | IT - Software | 3.13% | 3.13% |
| 11 | Aurobindo Pharma LimitedINE406A01037 · long Entries: Newly disclosed compared with the previous portfolio | Pharmaceuticals & Biotechnology | 2.95% | 2.95% |
| 12 | Indegene LimitedINE065X01017 · long Entries: Newly disclosed compared with the previous portfolio | Healthcare Services | 1.84% | 1.84% |
| 13 | Coal India LtdINE522F01014 · long Entries: Newly disclosed compared with the previous portfolio | Consumable Fuels | 1.84% | 1.84% |
| 14 | HCL Technologies LimitedINE860A01027 · long Entries: Newly disclosed compared with the previous portfolio | IT - Software | 1.19% | 1.19% |
Exited holdings 7
Present in the previous disclosure, absent from the latest. Excluded from current holdings and sector weights.
| Company | Movement | Previous % NAV |
|---|---|---|
| GMR Airports LimitedINE776C01039 | Exits: 9.54% in the previous disclosure | 9.54% |
| Adani Ports & Special Economic Zone LtdINE742F01042 | Exits: 9.46% in the previous disclosure | 9.46% |
| Vodafone Idea Ltd.INE669E01016 | Exits: 9.18% in the previous disclosure | 9.18% |
| United Spirits LimitedINE854D01024 | Exits: 9.11% in the previous disclosure | 9.11% |
| Nestle India LimitedINE239A01024 | Exits: 8.80% in the previous disclosure | 8.80% |
| JSW Infrastructure LimitedINE880J01026 | Exits: 8.46% in the previous disclosure | 8.46% |
| Interglobe Aviation LimitedINE646L01027 | Exits: 7.82% in the previous disclosure | 7.82% |
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 70.28%; Money market 26.14%; Cash and net current assets 3.59%. Values are the separate reported percentages of NAV.
- 14 positive common-company equity lines; top ten 62.46% of NAV. Largest holdings: Indus Towers Limited (9.33%); Zydus Lifesciences Limited (8.76%); Divi's Laboratories Limited (7.18%).
- Largest classified equity sectors: Pharmaceuticals & Biotechnology 46.17% of NAV; Telecom - Services 16.11% of NAV; IT - Software 4.31% of NAV.
Changes in company holdings
- Cash-equity comparison: 31 July 2026 to 30 September 2026. Common-equity weight moved from 80.83% to 70.28% (reduced by 10.56 percentage points).
- Newly present in the common-equity snapshot: 12 companies. Largest disclosed weights: Zydus Lifesciences Limited (8.76%); Divi's Laboratories Limited (7.18%); Gujarat Themis Biosyn Ltd (5.81%).
- No longer present in the common-equity snapshot: 7 companies. Largest disclosed weights: GMR Airports Limited (9.54% previously); Adani Ports & Special Economic Zone Ltd (9.46% previously); Vodafone Idea Ltd. (9.18% previously).
- Bharti Airtel Limited: 9.18% to 6.78% of NAV (down 2.40 percentage points).
- Indus Towers Limited: 9.29% to 9.33% of NAV (up 0.04 percentage points).
Derivatives, measured separately
- Futures: long positions total 9.96% of NAV and short positions 22.44% in absolute magnitude; signed balance -12.48%. These are source-reported futures percentages, not delta-adjusted exposure for the whole fund.
- Explicit source classifications: 4 hedging lines, 2 non hedging lines. These labels do not quantify hedge effectiveness or establish the reason for every position.
- On the comparable 31 July 2026 to September basis, short derivative lines moved from 62.89% to 22.44%.
- On the comparable 31 July 2026 to September basis, futures: reported signed percentage moved from -62.89% to -12.48%.
SIFprime reading and what to watch
- Pharmaceuticals and biotechnology account for 46.17% of NAV, making sector concentration the clearest feature of September. The top ten equities account for 62.46% of NAV, while long and short futures sit alongside that concentrated stock book.
- Watch whether the pharmaceutical emphasis persists and how changes in short-futures usage interact with it. A larger company count does not eliminate concentration in one sector.
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.