VM
Venugopal Manghat
Mandate teamHybrid Long Short strategy
HSBC Mutual Fund
FundsRedHex Hybrid
HSBC Mutual Fund
RedHex Hybrid Long-Short Fund
Hybrid Long ShortMulti strategyNet long 25-75% equity (up to 25% short)
01 SIFPrime research brief
A hybrid long-short SIF with equity participation and defensive sleeves.
RedHex Hybrid is designed to participate in equity upside while using debt and derivative sleeves to moderate portfolio volatility. The mandate can hold 65–75% in equity and equity-related instruments, 25–35% in debt and money-market securities, and up to 25% through unhedged short derivatives within scheme and SEBI limits. It is benchmarked to NIFTY 50 Hybrid Composite Debt 50:50, so the quality of hedging, net-exposure discipline and portfolio liquidity matter as much as headline return.
Current NAV
₹10.2370
2026-10-13
Core idea
Hybrid L/S
Multi strategy
Team depth
4 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-129 · Growth option
Observed 2026-06-25 to 2026-10-13 · 76 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.
Observed-history start NAV ₹10.0213 · latest ₹10.2370.
Max drawdown -0.23%. Peak 2026-09-23 to trough 2026-09-29.
Sharpe assumption: 5.3324% annual risk-free rate, observed 2026-07-17. Risk metrics use 75 daily returns from 2026-06-25 to 2026-10-13.
Snapshot checked 2026-10-14 07:42:31 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: 2026-06-25 → 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
+2.15%
76 NAV points
Start NAV
₹10.0213
Latest NAV
₹10.2370
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
1.54%
Sharpe ratio
1.28
Daily returns
75
Observation period
25 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 lines152Top 10 concentration14.78%
Latest portfolio research · construction, positioning and changes
Loading portfolio research…
Portfolio sleeves
Listed equity
longequity share61 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.
Net long exposure
Min
--
Max
25-75% equity (up to 25% short)
Published scheme reference; confirm the current SID
Equity, debt and derivatives
Min
--
Max
As per scheme document
Read the scheme-specific research and linked SID for each allocation limit
Benchmark: NIFTY 50 Hybrid Composite Debt 50:50
04 Fund managers
4 fund managers across the mandate
The manager setup should be reviewed for how equity, debt, arbitrage and hedging decisions are coordinated inside the hybrid long-short mandate.
SR
Shriram Ramanathan
Mandate teamHybrid Long Short strategy
HSBC Mutual Fund
PA
Praveen Ayathan
Mandate teamHybrid Long Short strategy
HSBC Mutual Fund
MC
Mayank Chaturvedi
Mandate teamHybrid Long Short strategy
HSBC Mutual Fund
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
Debt sleeve risk
Debt and money-market instruments add interest-rate, credit-spread and issuer risks even when the strategy is equity-linked.
05
Hedge basis risk
Cash-future, options and covered-call overlays can behave differently from the underlying equity book in volatile markets.
Potential fit
HSBC global brand
lower-risk hybrid exposure
income + capital appreciation
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
Scheme Information Document
Mandate, portfolio 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 investor disclosure and application information.
Direct download not yet verified. Consult the AMC for the current document.
03
Statement of Additional Information
AMC, trustee, taxation, legal and investor-rights disclosures.
Direct download not yet verified. Consult the AMC for the current document.
04
Monthly factsheet and portfolio disclosure
NAV, TER, allocation and portfolio updates when regular publications are available.
Direct download not yet verified. Consult the AMC for the current document.
Investor terms
Cost and access snapshot
Allotment / inception
25 Jun 2026
TER regular
1.85%
Exit load
2% if redeemed within 1 year; Nil after
Redemption frequency
Weekly (Mon, 10-working-day notice) - NSE listed
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 Hybrid Long Short SIFs in India
Compare this fund with nearby SIFs in the same category or mandate family before deciding allocation size.
FundFund houseMandateStatus
Fund
RedHex Hybrid Long-Short
Fund house
HSBC Mutual Fund
Mandate
Multi strategy
Current fund
Fund
Altiva Hybrid Long-Short
Fund house
Edelweiss Mutual Fund
Mandate
Multi strategy
Live
Fund
Magnum Hybrid Long-Short
Fund house
SBI Mutual Fund
Mandate
Pure long short
Live
Fund
qSIF Hybrid Long-Short
Fund house
Quant Mutual Fund
Mandate
Quantitative
Live
Fund
Titanium Hybrid Long-Short
Fund house
Tata Mutual Fund
Mandate
Pure long short
Live
SIFPrime view
How we are thinking about RedHex Hybrid
- 01
RedHex Hybrid should be reviewed through its mandate, fund house, portfolio bands, liquidity terms, TER and risk label before any order is placed.
- 02
Built to combine equity participation with debt and hedging sleeves, aiming for smoother participation across market cycles.
- 03
Moderate risk and Weekly (Mon, 10-working-day notice) - NSE listed liquidity mean the investment should be matched to holding period, drawdown comfort and redemption needs.
Disclaimer. The information above is based on publicly available scheme documents, SIFPrime research notes and NAV data where available for RedHex Hybrid 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.
