ID
Ihab Dalwai
Mandate teamEquity
Age 37 · CFA, CA, B.Com
With ICICI Prudential AMC since April 2011. Manages equity and hybrid schemes with derivatives exposure and previously worked as an investment analyst inside the AMC.
FundsiSIF AAA
ICICI Prudential Mutual Fund
iSIF Active Asset Allocator Long-Short Fund
Active Asset Allocator Long-ShortMulti assetNet long 35-80% equity
01 SIFPrime research brief
A multi-asset allocator inside the new SIF framework.
Since the strategy is newly launched, the first review should focus on mandate width, benchmark fit, specialist team depth, liquidity rules, TER and the Level 5 risk profile before NAV history becomes meaningful.
Current NAV
₹10.2669
2026-10-13
Core idea
Active allocator
Multi asset
Team depth
6 managers
Research team mapped
Risk label
Moderate
Read with the risk framework
Research uses Direct Growth NAV history. Orders on SIFPrime use Regular Growth; the order ticket identifies the execution plan.
Loading selected-plan performance…
Direct Growth · 2026-10-13 · Source & calculation
AMFI SIF daily NAV · Scheme SIF-125 · Growth option
Observed 2026-06-08 to 2026-10-13 · 89 daily NAVs.
Absolute return = (end NAV ÷ start NAV − 1) × 100. Returns are not annualized. 1M / 3M / 6M use 30 / 91 / 182 days and the last NAV on or before the cutoff. YTD starts at the last prior-year NAV, or inception for a new fund.
Complete inception history is not available. Since-inception return is withheld.
Observed-history start NAV ₹9.9972 · latest ₹10.2669.
Max drawdown -2.61%. Peak 2026-08-25 to trough 2026-10-08.
Sharpe assumption: 5.3324% annual risk-free rate, observed 2026-07-17. Risk metrics use 88 daily returns from 2026-06-08 to 2026-10-13.
Snapshot checked 2026-10-14 06:46:36 UTC. The NAV date above is the valuation date; this is not a live price.
1M: 2026-09-11 → 2026-10-13
3M: 2026-07-14 → 2026-10-13
YTD: Insufficient history → 2026-10-13
02 Daily NAV performance
Daily NAV movement and returns
Every published daily point is plotted; choose a period to inspect the path.
Since inception
—
89 NAV points
Start NAV
₹9.9972
Latest NAV
₹10.2669
Monthly returns
Selected-plan absolute returns (%). First month is since inception; latest month is to the displayed NAV date.
Risk-adjusted performance
Observed daily NAV risk metrics
Annualized from Direct Growth NAV returns using 252 trading days. A minimum of 20 daily returns is required.
Volatility
4.31%
Sharpe ratio
0.58
Daily returns
88
Observation period
8 Jun 2026 – 13 Oct 2026
Sharpe uses an RBI 91-day T-Bill rate of 5.3324% as of 17 Jul 2026. Short track records should be treated as provisional.
03 Portfolio intelligence
Holdings by portfolio sleeve
Equity, derivatives, debt and supplemental hedge disclosures stay separate so the source can be read without mixing measurement bases.
Latest verified AMC disclosure: 30 Sept 2026.Usually reported monthlyPartial disclosurePortfolio lines139Top 10 concentration24.30%
Latest portfolio research · construction, positioning and changes
Loading portfolio research…
Portfolio sleeves
Listed equity
longequity share46 disclosed lines
All rows stay inside this fixed view. Scroll to inspect long and short positions without changing the page layout.
This is the latest verified partial disclosure. It includes the securities and aggregate sleeves published by the AMC, but it should not be read as a complete security list.
03 Portfolio construction
Asset allocation bands
Scheme-filed allocation limits show where the strategy can invest. Actual weights vary with the portfolio disclosure date and fund-manager view.
Equity and equity-related instruments, including derivatives
Min
35%
Max
80%
Primary growth sleeve, adjusted by market regime
Debt, money market, debt MF and exchange-traded commodity derivatives
Min
10%
Max
55%
Debt, liquidity and gold/silver derivative allocation share this sleeve
Units of InvITs
Min
0%
Max
10%
Infrastructure trust exposure where the strategy permits
Overseas securities
Min
0%
Max
20%
Subject to scheme document and regulatory limits
Benchmark: 50% Nifty 500 TRI + 40% Nifty Composite Debt + 7% Gold + 3% Silver
04 Fund managers
6 fund managers across the mandate
The team structure matters here because an active allocator mandate needs asset-class judgment, risk controls and execution discipline across multiple sleeves.
SD
Sharmila D'silva
Mandate teamEconomics and Strategy
Age 30 · Chartered Accountant, BAF
Joined ICICI Prudential AMC in September 2016. Focuses on economics research, strategy research and business-cycle research across ICICI Prudential schemes.
MJ
Masoomi Jhurmarvala
Mandate teamCo-Manager
ICICI Prudential AMC team
Part of the iSIF management team alongside the lead portfolio managers, supporting cross-asset implementation and oversight.
MB
Manish Banthia
Mandate teamDebt
Senior fixed-income portfolio manager
Manages the debt sleeve. One of ICICI Prudential's senior fixed-income managers across multiple flagship schemes.
AK
Akhil Kakkar
Mandate teamCredit
ICICI Prudential AMC credit team
Covers credit and fixed-income selection for the rated debt portion of the strategy.
GC
Gaurav Chikane
Mandate teamCommodities
ICICI Prudential AMC commodities team
Manages the commodity derivatives sleeve, including gold and silver through exchange-traded derivatives.
Team lens
Review how equity, debt, arbitrage and hedging decisions are coordinated across the full mandate, not as isolated manager sleeves.
05 Risk framework
Where the strategy can break
Read each risk as an operating condition to monitor. Hedging can change the shape of drawdowns, but it does not remove market, liquidity or execution risk.
01
Market risk
SIF NAVs can fall with equity, debt, liquidity and sentiment shocks. Hedging can reduce drawdowns but cannot remove market risk.
02
Derivative and short risk
Futures and options can amplify gains and losses. Unhedged short exposure is capped by the SEBI SIF framework but still needs active risk control.
03
Liquidity and redemption risk
Many SIFs are interval strategies. Redemption windows, settlement time and underlying portfolio liquidity matter before allocating capital.
04
Allocation model risk
Active asset allocation depends on regime detection. Wrong timing can reduce participation or increase drawdowns.
Potential fit
multi-asset diversification
one-stop allocation
gold + silver exposure
Investors comfortable with scheme-defined liquidity
Mismatch signals
Capital preservation or guaranteed return expectations
A need for daily redemption flexibility
A short holding period sensitive to exit load and NAV seasoning
An assumption that derivatives always reduce downside
Monitoring checklist
What should change your view
Daily NAV behavior through stressed markets
Portfolio sleeves versus the filed mandate
TER drift across Regular and Direct plans
Liquidity and hedge behavior across disclosures
06 Due diligence desk
Documents and operating terms
Read the governing documents alongside the costs, liquidity and settlement terms that affect the actual investor experience.
What to read
Official disclosure checklist
01
Investment Strategy Information Document
Primary strategy document for mandate, asset-allocation bands, risk factors, benchmark and operating terms.
Direct download not yet verified. Consult the AMC for the current document.
02
Key Information Memorandum
Quick-reference summary, application information and scheme-level investor disclosures.
Direct download not yet verified. Consult the AMC for the current document.
03
Statement of Additional Information
Legal terms, taxation, AMC/trustee details, risk factors and investor-rights disclosures.
Direct download not yet verified. Consult the AMC for the current document.
04
Monthly factsheet and portfolio disclosure
NAV, TER, holdings and portfolio updates once regular publications are available.
Direct download not yet verified. Consult the AMC for the current document.
Investor terms
Cost and access snapshot
Allotment / inception
15 Jun 2026
TER regular
2.10%
Exit load
1% if redeemed within 12 months
Redemption frequency
Twice weekly (Mon, Wed)
Settlement
T+3
Plans / options
Direct and Regular, Growth option
Treat the SID and latest factsheet as controlling sources whenever a website summary and official disclosure differ.
In context
Comparable Active Asset Allocator Long-Short SIFs in India
Compare this fund with nearby SIFs in the same category or mandate family before deciding allocation size.
FundFund houseMandateStatus
SIFPrime view
How we are thinking about iSIF AAA
- 01
iSIF AAA is the second active asset allocator SIF in India, after Dyna AAA from 360 ONE. Both differ from typical equity long-short and hybrid long-short structures, but iSIF goes further by adding gold and silver via commodity derivatives.
- 02
The composite benchmark tells you exactly what the strategy is trying to deliver: a diversified multi-asset experience that does not only sit in equity versus debt. This is the closest a SIF has come to an institutional multi-asset mandate.
- 03
ICICI Prudential brings depth across asset classes. Manish Banthia and Akhil Kakkar cover fixed income and credit, Gaurav Chikane brings commodity expertise, Ihab Dalwai leads equity and Sharmila D'silva covers economics and strategy. A six-PM team is unusual, but appropriate for a cross-asset mandate.
- 04
Risk Band Level 5 means this is not a defensive product. The 35-80% equity range can still produce meaningful drawdowns, though the multi-asset rotation is designed to reduce single-asset dependency.
- 05
This is best suited for HNI investors looking for one-stop multi-asset SIF exposure or investors who want to delegate asset allocation to an active manager. It is not a substitute for a pure equity long-short SIF if the goal is specifically hedged equity alpha.
Disclaimer. The information above is based on publicly available scheme documents, SIFPrime research notes and NAV data where available for iSIF Active Asset Allocator Long-Short Fund. SIFPrime is an AMFI-registered mutual fund distributor and does not provide investment advice. SIFs are subject to market risk; please read the SID/SAI carefully before investing.
Risk label: Moderate. Investments in SIFs involve relatively higher risk including possible loss of capital, liquidity risk and market volatility.
