iSIF Equity Long-Short Fund
ICICI Prudential's flagship equity long-short SIF — a listed-equity strategy benchmarked to Nifty 500 TRI with limited short exposure through equity derivatives. Open-ended, daily NAV.
NFO Opens
May 19, 2026
NFO Closes
June 2, 2026
NFO Price
₹10 per unit
Min Investment
₹10,00,000
Benchmark
Nifty 500 TRI
Risk Band
Level 5
Why this fund matters
Long equity, with a derivative-based short overlay
The standard hedged-equity SIF structure, from India's second-largest AMC. Long book in listed Nifty-500 equities, with limited shorts via derivatives to dampen drawdowns and create alpha.
Benchmarked to Nifty 500 TRI
Broad-market reference — large + mid + small caps. Manager has the full Nifty 500 universe to pick from on the long side.
Limited short via derivatives
Short exposure only through equity derivatives (futures + options on stocks and indices). Caps the structural downside while preserving the long alpha engine.
Mittul Kalawadia leads — 19 years at ICICI Pru
Lead PM Mittul Kalawadia has 19 years at the AMC across fund management + equity research. Co-managers Nitya Mishra and Sri Sharma round out the team.
The team
Fund managers
Mittul Kalawadia
Lead Fund ManagerAge 43 · CA, M.Com, B.Com
With ICICI Prudential AMC since January 2006 — 19+ years across fund management and equity research roles. Previously Equity Research Analyst (Oct 2008–Feb 2012) and Business Planning & MIS at the AMC. Currently manages several ICICI Prudential equity and hybrid schemes with derivatives exposure.
Nitya Mishra
Co-ManagerAge 39 · CFA, PGDM (Finance) — XIM Bhubaneswar, B.Tech (Electronics)
Joined ICICI Prudential AMC in May 2018 as Senior Manager in Risk Management. Appointed as fund manager on several schemes from July 2024. Brings risk-management discipline to the equity long-short construction.
Sri Sharma
Co-ManagerICICI Prudential AMC fund management team
Co-manager on the iSIF Equity Long-Short Fund alongside Mittul Kalawadia and Nitya Mishra. Part of ICICI Prudential's equity fund management group.
Fund details
Specification at a glance
| Fund name | iSIF Equity Long-Short Fund |
| AMC | ICICI Prudential Mutual Fund |
| Category | Equity Long-Short |
| Type | Open-ended investment strategy |
| NFO opens | May 19, 2026 |
| NFO closes | June 2, 2026 |
| NFO price | ₹10 per unit |
| Min investment (1st time) | ₹10,00,000 (aggregate at PAN level across iSIF strategies) |
| Min for accredited investor | ₹10,000 |
| Min additional purchase | ₹10,000 |
| Benchmark | Nifty 500 TRI |
| Liquidity | Open-ended · Daily NAV |
| Exit load | 1.00% within 12 months · Nil after 12 months |
| Risk band (AMFI) | AMFI Level 5 (Highest) |
| Plans / options | Direct + Regular · Growth only (no IDCW) |
SIFPrime view
How we're thinking about iSIF ELS
iSIF Equity Long-Short joins a crowded category — there are now 10+ live equity LS SIFs in India. The differentiation here is mostly AMC pedigree, not strategy.
The case for iSIF ELS: ICICI Prudential runs India's second-largest AMC by AUM. Their equity research team is among the deepest, and Mittul Kalawadia has been there for 19 years across multiple flagship schemes. For an investor who already trusts the ICICI Prudential brand, this is a straightforward path into the SIF category.
The case against (or, what to wait for): ICICI Prudential is launching two SIFs simultaneously — this one and the iSIF Active Asset Allocator. The AAA is the more differentiated product. For an HNI with limited SIF allocation budget, the AAA arguably has more category-novelty.
Track record to watch: Mittul Kalawadia has managed equity schemes with derivative exposure for years, but this is a dedicated long-short structure. The first March-style drawdown will be the test.
Who should consider it: Existing ICICI Prudential investors looking to add hedged-equity exposure within their preferred AMC. Investors who specifically want Nifty 500 benchmark exposure (not midcap or smallcap focus).
Disclaimer. The information above is sourced from the iSIF Equity Long-Short Fund Investment Strategy Information Document published by ICICI Prudential Asset Management Company Limited. 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 Band: AMFI Level 5 (Highest). Investments in SIFs involve relatively higher risk including potential loss of capital, liquidity risk, and market volatility.
AMC website: isif.icicipruamc.com