Aditya Birla Sun Life AMC has launched the Apex Equity Long-Short Fund, a strategy under its Apex SIF platform. The NFO opened 10 August 2026 and closes 24 August 2026.
This open ended equity strategy can hold long positions in stocks it expects to rise, and limited short positions through derivatives on stocks it expects to fall, aiming for capital appreciation across market cycles.
SIFs sit between mutual funds and portfolio management services. The 10 lakh rupee minimum suits an investor with an existing diversified portfolio, not a first fund holding.
Apex Equity Long-Short Fund NFO details
Fund name | |
Fund type | Open ended equity strategy under a Specialised Investment Fund |
Category | Equity Long-Short Fund |
Nature of scheme | Equity oriented, limited short exposure via derivatives |
Benchmark | NIFTY 500 TRI |
Fund managers | |
NFO opens | 10-08-2026 |
NFO closes | 24-08-2026 |
Re-opens | Within 5 business days of allotment |
Minimum investment | 10,00,000 rupees (1,00,000 for accredited investors) |
Additional investment | 10,000 rupees, once the threshold is met |
SIP amount | 10,000 rupees a month, after reopening |
NAV during NFO | 10 rupees per unit |
Risk level | Level 5 of 5, very high; benchmark level 3 |
Stamp duty | Not available |
Entry load | Nil |
Exit load | 1% within 365 days; nil after |
Aditya Birla Sun Life AMC details
AMC name | Aditya Birla Sun Life AMC Limited |
Assets under management | Approximately 4,814 billion rupees across the group’s fund businesses, as of 31 December 2025 |
Website | |
Registered office | One World Center, Tower 1, 17th Floor, Jupiter Mills, Senapati Bapat Marg, Elphinstone Road, Mumbai 400013 |
Contact number | 1800-22-7000 / 1800-270-7000 (toll free) |
Source: AMFI India — New fund offer | Apex Equity Long-Short Fund
What has Aditya Birla Sun Life AMC launched?
The Apex Equity Long-Short Fund is an actively managed equity strategy, not a passive one. Its universe covers listed equity, largely from the NIFTY 500, with room for debt, money market instruments and InvIT units.
The manager builds a long book of fundamentally strong businesses, and a short book, using futures and options, against overvalued or weak ones. Net exposure is actively adjusted as conditions change. The strategy may also use arbitrage trades for incremental return, and up to 35% of net assets may go overseas.
How does the Apex Equity Long-Short Fund strategy work?
This works in layers, unlike a plain buy and hold equity fund:
Step | What happens? |
Screen the universe | Listed equity, largely from the NIFTY 500, is screened for long and short candidates |
Build the long book | Businesses with strong earnings visibility and durable advantages are bought as core holdings |
Build the short book | Stocks facing valuation stress or weak fundamentals are shorted, capped at 25% of net assets unhedged |
Manage net exposure | The balance between long and short positions is adjusted as conditions change |
Add tactical trades and liquidity | Arbitrage trades may add return; up to 20% may sit in debt or InvITs |
Rebalance | The portfolio is reviewed within the allocation limits in the offer document |
Let’s understand the Apex Equity Long-Short Fund through an example
Say the fund holds 100 rupees. Roughly 80 to 100 rupees may sit in long equity positions, businesses the manager expects to do well. Alongside this, up to 25 rupees may be short through derivatives, betting against stocks expected to underperform. If those stocks fall, the short position can add to returns even while broader markets are flat. This is illustrative only.
Apex Equity Long-Short Fund portfolio allocation
The table below sets out the broad asset allocation ranges the fund manager can work within.
Instrument | Allocation range |
Equity and equity related instruments (including up to 25% unhedged short exposure through derivatives) | 80% to 100% |
Debt and money market instruments (including debt mutual fund units and debt ETFs) | 0% to 20% |
Units of Infrastructure Investment Trusts (InvITs) | 0% to 20% |
Overseas securities (within the overall equity allocation) | Up to 35% of net assets |
Apex Equity Long-Short Fund investment strategy
Long side selection looks for strong earnings visibility, sound balance sheets and durable advantages, while weighing macro factors such as growth and rate cycles. The short side looks for the opposite: weak financials, stretched valuations or deteriorating sentiment.
Risk is managed by capping unhedged short exposure at 25% of net assets and by varying net exposure rather than staying near fully invested. This can help contain drawdowns, though it does not remove risk. Liquidity comes from the debt sleeve, plus securities lending and repo transactions within SEBI limits.
Potential benefits of Apex Equity Long-Short Fund
Potential benefit | Why does it matter? |
Possible gains in falling markets | Short positions may add returns when specific stocks decline, unlike a long-only fund |
Actively managed net exposure | The fund manager can raise or lower market exposure instead of staying near fully invested |
Diversification beyond long-only equity | Adds a return stream that can behave differently from a traditional equity fund |
Access to tactical opportunities | Arbitrage and special situation trades add another potential source of return |
Key risks in Apex Equity Long-Short Fund
Risk | What does it mean? |
Market risk | Equity prices can fall, and the long book can lose value with the broader market |
Derivative risk | Short positions can lose money if the manager’s view is wrong, and derivatives carry added risk |
Liquidity risk | The 10 lakh rupee minimum means a smaller, more concentrated investor base than a retail fund |
Concentration risk | Net exposure and individual stock or sector bets can be sizeable at times |
Credit and interest rate risk | The debt sleeve is exposed to issuer credit quality and interest rate movements |
Who may consider the Apex Equity Long-Short Fund?
Investor type | Why it may fit |
Investors with an existing diversified portfolio | Looking to add a tactical, differentiated satellite allocation rather than a first fund holding |
Investors comfortable with the 10 lakh rupee minimum | And with the added complexity of a derivative driven strategy |
Investors seeking some cushioning in market corrections | Alongside continued participation in rising markets |
Investors with a horizon of several years | Who do not need this money for a near term goal |
Who may not find Apex Equity Long-Short Fund suitable?
Investor type | Why it may not fit |
First time mutual fund investors | The 10 lakh rupee minimum and derivative approach are a steep starting point |
Investors who prefer simple products | Long-short mechanics take more effort to follow than a plain equity fund |
Investors needing income or near term liquidity | This is growth oriented, with no income option on offer |
Investors uncomfortable with derivatives | Short positions and hedges are central to the strategy |
First time investors may prefer a plain vanilla scheme; see Zenith’s guide to mutual funds in India and its mutual funds advisory service.
Apex Equity Long-Short Fund vs traditional investment options
Option | Risk | Return potential | Liquidity | Suits |
Fixed deposit | Low | Fixed, low | Fixed tenure | Capital safety |
Debt mutual fund | Low to moderate | Moderate | High | Short to medium term |
Hybrid mutual fund | Moderate to high | Moderate to high | High | Balanced, medium term |
Equity mutual fund | High | Potentially high | High | Long term growth |
This fund | Very high | Cycle dependent | Lower | Experienced, higher net worth investors |
This is a factual comparison, not a ranking.
Apex Equity Long-Short Fund review by Zenith Finserve
This fund fits as a satellite allocation for an investor who already has a diversified core portfolio and wants a differentiated equity sleeve, not a first or only holding. The 10 lakh rupee minimum and derivative driven structure place it closer to a sophisticated allocation than a standard retail fund, per Zenith Finserve’s review.
Risk remains high. The short book can cushion drawdowns, but can also detract from returns if calls do not play out, particularly in a strongly rising market. A horizon of several years, with no need for interim liquidity, suits how this strategy works.
Diversification value depends on how the rest of a portfolio is built. Weigh suitability against your own goals, alongside Zenith’s SIF advisory service.
How Zenith Financial Management can help
At Zenith Financial Management, we follow a process driven investment framework. We assess your goals, cash flows, risk profile, time horizon, existing investments, loans and tax situation before suggesting investments.
We align our investment suggestions with your financial objectives and review them periodically to keep them suitable as your circumstances change.
Similar NFOs on Zenith
Jio BlackRock’s Prism Hybrid Long Short Fund NFO covers a hybrid SIF that blends equity, debt and arbitrage, rather than a pure equity long-short mandate.
360 ONE’s DynaSIF Equity Ex-Top 100 Long-Short Fund NFO is a closer peer: an equity SIF using long-short mechanics, though focused on stocks outside the top 100 by market capitalisation. For background on the category itself, see Zenith’s guide to Specialised Investment Funds and its SIF advisory service.
Frequently asked questions
What is the fund?
An equity strategy under Apex SIF, combining long positions with limited short exposure.
NFO dates?
Opens 10 August, closes 24 August 2026.
Minimum investment?
10 lakh rupees, or 1 lakh for accredited investors.
What does it invest in?
Mainly listed Indian equity and short positions, plus debt, InvITs and overseas securities.
Who manages it?
Manish Gupta and Harshil Suvarnkar, at Aditya Birla Sun Life AMC.
Risk level?
Level 5 of 5, the highest band at launch.
Exit load?
1% within 365 days of allotment, nil after.
Can I start a SIP?
Only once the strategy reopens, if you meet the threshold.
Benchmark?
The NIFTY 500 Total Returns Index.
What should I check first?
Your goals, portfolio, horizon and comfort with derivatives.
Is this the same as a mutual fund?
No. It is a Specialised Investment Fund, a category between mutual funds and portfolio management services. See Zenith’s SIF guide.
