Latest NAV
₹9.8200
Apr 2026
1M Return
+8.87%
3M Return
—
Since Inception
-1.70%
TER
2.20%
Regular plan
Min Investment
₹10L
₹1K multiples
Live NAV data · Source: AMFI NAV API · Benchmark: Nifty 500 TRI
Trailing returns
1M
+8.87%
3M
—
Since Inception
-1.70%
Benchmark (SI)
-11.06%
Alpha vs Nifty 500
+3.76%
Category Avg
-6.79%
Rank
2 / 2
Since-inception returns are absolute (not annualised) given fund launched 05 Feb 2026.
🛡️ ALPHA SHIELD ANALYSIS
March 2026 Market Crash
When Nifty Midcap 150 fell -11.06% in March 2026, here's how iSIF Ex-Top 100 performed:
Midcap 150
-11.06%
iSIF Ex-Top 100
-7.30%
Alpha vs Benchmark
+3.76%
Capital Protected
34.0%
How iSIF Ex-Top 100 compares in Equity Ex-Top 100:
Rank: #2 of 3 Equity Ex-Top 100 funds(vs Midcap 150)
What This Means:
Limited protection in the March 2026 crash. The fund underperformed relative to what was expected given the benchmark decline.
Monthly Returns Heatmap
| Fund | Oct 25 | Nov 25 | Dec 25 | Jan 26 | Feb 26 | Mar 26 | Apr 26 |
|---|---|---|---|---|---|---|---|
| iSIF Ex-Top 100 | — | — | — | — | -1.20% | -8.61% | +8.87% |
| Nifty 50 | -6.20% | -0.30% | -2.00% | -0.80% | -5.90% | -11.30% | +7.49% |
Investment objective
Generate long-term capital appreciation by predominantly investing in equity and equity-related securities of companies outside the AMFI top 100 by market cap (the "Ex-Top 100" universe). The strategy may use derivative instruments including unhedged short exposure on Ex-Top 100 stocks up to 25% of NAV. Benchmarked to Nifty 500 TRI. There is no assurance the objective will be achieved.
Ex-Top 100 strategy & allocation
iSIF Ex-Top 100 targets the mid and small cap universe that sits outside the AMFI top-100 large-cap set — 400+ investable companies where the ICICI Prudential research desk (655+ companies, 24 sectors) has a structural information edge. The long book runs 65–100% of NAV; the short sleeve uses F&O on the 109 Ex-Top 100 derivative names (~32–37% of Indian F&O open interest) to express shorts on overvalued peers, hedge drawdowns and harvest volatility.
Taxation: Equity LTCG 12.5% after 12 months; STCG 20% under 12 months. Exposure discipline: 100% cumulative gross cap per SEBI Ch VI-C.
Strategy pillars
Ex-Top 100 Universe
Invests 65–100% in companies outside AMFI-defined top 100 by market cap — the mid & small cap opportunity set.
Unhedged Short Sleeve
Up to 25% of NAV via unhedged derivative short positions in Ex-Top 100 F&O stocks — downside buffer in drawdowns.
109 F&O Stocks
Ex-Top 100 names in F&O universe (~32–37% of total OI) enable institutional-grade short book construction.
Dynamic Allocation
Bull: 100% long, low shorts. Bear: min 65% long, up to 25% short, higher options use. 30-day rebalancing rule.
Risk Discipline
100% cumulative gross exposure cap, 20% options-premium cap, single-stock and sector limits per SEBI Ch VI-C.
Investor suitability
Suitable for
- ✓ HNIs seeking SMID alpha with guardrails
- ✓ Investors bored of large-cap MF drawdowns
- ✓ PMS seekers wanting ₹10L ticket entry
- ✓ 3–5 year horizon, tolerant of SMID volatility
Not suitable for
- ✗ Guaranteed return seekers
- ✗ Sub-₹10L investable surplus
- ✗ Short-term traders / momentum chasers
- ✗ Investors needing low-volatility / income focus
Fund management team
Sankaran Naren
Executive Director & CIO — ICICI Prudential AMC
Manan Tijoriwala
Fund Manager — Equity & Derivatives
Divya Jain
Fund Manager — Equity