Eminence Hybrid Long-Short Fund is open for subscription. It is the first strategy from Eminence SIF, offered by AlphaGrep Investment Management Private Limited through AlphaGrep Mutual Fund.
The new fund offer (NFO) runs from 14-10-2026 to 28-10-2026. The fund aims to grow your money through equity and earn income from arbitrage, derivatives, special situations and fixed income.
A SIF, or specialised investment fund, has a higher entry ticket than a regular mutual fund. This one can take limited short positions, so it is worth understanding before the NFO closes.
Eminence Hybrid Long-Short Fund NFO details
Fund name | |
Fund type | Interval investment strategy under Eminence SIF |
Category | Hybrid Long-Short Fund |
Nature of scheme | Equity and debt, with limited short exposure through derivatives |
Benchmark | NIFTY 50 Hybrid Composite Debt 50:50 Index (TRI) |
Fund managers | Dwaipayan Ray, Ravneet Singh, Ashish Jain, Ramesh S |
NFO opens | 14-10-2026 |
NFO closes | 28-10-2026 |
Allotment / reopening date | Allotment: Not available. Reopens on or before 12-11-2026 |
Minimum investment | ₹10,00,000 (₹1,00,000 for accredited investors) |
Additional investment | ₹1,000 and above |
SIP amount | ₹1,000 (subject to ₹10,00,000 across Eminence SIF strategies) |
NAV | ₹10 per unit |
Stamp duty | 0.005% on purchases |
Entry load | Not available |
Exit load | 0.50% if you exit within 30 days of allotment. Nil after 30 days |
AlphaGrep Investment Management: AMC details
AMC name | AlphaGrep Investment Management Private Limited |
Assets under management | Not available |
Website | |
Office address | Unit No. 12 A-05, 13th Floor, Parinee Crescenzo, G Block, Bandra Kurla Complex, Bandra East, Mumbai 400 051 |
Contact number | 1800-569-8900 |
Source: AMFI India: New fund offer: Eminence Hybrid Long-Short Fund
What has AlphaGrep launched with Eminence SIF?
This is an actively managed hybrid fund. It invests in shares, bonds and money market instruments, and uses derivatives, which are contracts whose value depends on something else, such as a stock or an index.
It can take short positions, which gain when a price falls. Up to 25% of net assets can sit in unhedged shorts, meaning shorts with no matching long holding.
“Interval” means you can buy on any day, but redemptions happen only on Mondays and Wednesdays. The units are also proposed to be listed on NSE.
Most strategies follow rules built from data research. The managers decide the style split and hedging. There is no assurance the objective will be met.
How does the Eminence Hybrid Long-Short Fund work?
The fund combines several styles, such as arbitrage (earning from a price gap between two markets) and hedging(holding a position that offsets another). The mix shifts with markets.
Step | What happens? |
1 | Research: signals are built from market and company data, each with a clear economic reason. |
2 | Testing: strategies are checked across market phases, costs and stress periods. |
3 | Portfolio building: tested signals are combined within limits on sectors, issuers and costs. |
4 | Style split: money is divided across arbitrage, options income, long equity, shorts and fixed income. |
5 | Trading: orders are placed to keep costs low. |
6 | Monitoring: positions and limits are watched, and weak strategies may be cut. |
7 | Manager judgement: managers can override the rules on events they miss. Calls are recorded and reviewed. |
Let’s understand with an example
Take a simple arbitrage trade. The fund buys 1,000 shares at ₹500 each, an outlay of ₹5,00,000.
It also sells that company’s futures at ₹506. The gap is ₹6 per share, or ₹6,000 in total.
On expiry, the futures price meets the share price and the gap closes. The fund keeps ₹6,000 before costs and taxes. The figures are assumed and only show the process.
Portfolio allocation of the Eminence Hybrid Long-Short Fund
Instrument | Minimum | Maximum |
Equity and equity-related instruments | 25% | 75% |
Debt and money market instruments | 25% | 75% |
InvIT units | 0% | 20% |
Overseas securities (no overseas derivatives) | 0% | 30% |
Unhedged short exposure (within equity and debt) | 0% | 25% |
Total exposure, including derivatives, cannot go above 100% of net assets. The fund will not invest in commodities.
Investment strategy: how the fund picks and manages positions
Choosing investments
Equity picks come from a multi-factor model plus the managers’ view on earnings, valuation and sectors. The debt side holds government securities and corporate bonds for steady income.
Limits and controls
Caps apply to total exposure, unhedged shorts, option premium paid, and any single issuer or sector.
Liquidity and costs
The fund prefers actively traded derivatives, so positions are easy to exit. Frequent rolling means trading costs may be higher than in a plain equity fund.
Potential benefits of the fund
Potential benefit | Why does it matter? |
Equity and debt in one fund | No need to pick and rebalance two funds yourself. |
Several styles together | Arbitrage, options income and long equity can behave differently from each other. |
Ability to take shorts | Managers can aim to gain from falling prices, within the 25% cap. |
More exit routes | Units can be sold on NSE once listed, besides the redemption days. |
NFO costs borne by the AMC | Launch expenses are not charged to the fund. |
Things to know before you invest in the Eminence Hybrid Long-Short Fund
Point | What it means |
No track record | This is a new strategy, so there is no past performance or portfolio to review. |
₹10 lakh threshold | Your total across Eminence SIF strategies must stay at ₹10,00,000 or more (₹1,00,000 if accredited). If NAV pushes you below, you can only redeem fully. |
Redemption days | Every Monday and Wednesday. Proceeds follow within 3 business days. |
Exit load | 0.50% within 30 days of allotment. |
Costs | Base expense ratio of up to 1.85% a year on the Regular Plan, plus taxes and brokerage. |
Complex tools | Derivatives, options and shorts are used. They take time to understand. |
Time to invest | The AMC has up to 30 business days after allotment to deploy NFO money. |
Who may consider this fund?
Investor type | Why it may fit |
Salaried professional with ₹10 lakh or more of surplus | Wants equity and debt in one fund. |
Investor with a goal five or more years away | The label points to long-term growth with income. See goal-based financial planning. |
Existing equity and debt fund holder | May want a different style (our interpretation). |
Accredited investor | Can start from ₹1,00,000. |
Who may not find it suitable?
Investor type | Why it may not fit |
Needs money on any given day | Redemption runs on set days, with an exit load within 30 days. |
Has less than ₹10 lakh to commit | Unless accredited, the entry ticket is out of reach. |
Prefers simple funds | Shorts, options and arbitrage take time to understand. |
Wants a long track record first | The fund has none yet. |
Wants guaranteed returns | The fund gives no assurance of any return. |
Eminence Hybrid Long-Short Fund vs traditional investment options
Option | Return potential | Liquidity | Horizon | Suitable investor |
Fixed deposit | Fixed rate | Early exit, often with a penalty | 1 to 5 years | Wants predictable interest |
Debt mutual fund | Interest income, not fixed | Redeemable on business days | Months to years | Wants income |
Hybrid mutual fund | Mix of share and bond returns | Redeemable on business days | Medium to long | Wants a ready mix |
Equity mutual fund | Growth from shares | Redeemable on business days | Long term | Builds wealth over years |
Eminence Hybrid Long-Short Fund | Growth plus income, no track record | Daily buying, Monday and Wednesday redemption, NSE listing | Long term | Has ₹10 lakh and understands derivatives |
Eminence Hybrid Long-Short Fund review by Zenith Finserve
Zenith Finserve reads this as a fund for a specific investor: someone with ₹10 lakh or more to commit, a goal at least five years out, and no need to withdraw at short notice. That is our interpretation of its terms.
It holds equity and debt like any hybrid fund, then adds arbitrage, options income and shorts as other return sources. Whether that helps depends on the managers, and there is no record yet to judge them by.
Before investing, check the Monday and Wednesday redemption days against your cash flow, and read the ISID. Suitability should come before the launch buzz.
How Zenith Finserve can help
At Zenith Finserve, 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.
Explore our SIF advisory, mutual fund advisory and investment planning services, or contact us.
Similar NFOs on Zenith
Summit Active Asset Allocator Long-Short Fund NFO: Details & Review: another SIF long-short strategy with the same ₹10 lakh entry and 25% short cap. It also reaches into commodity derivatives, which Eminence does not use.
Frequently Asked Questions
1. Is Eminence Hybrid Long-Short Fund NFO good to invest in?
Only you can judge that. It needs ₹10 lakh and uses derivatives. Check it against your goals first.
2. What stands out in this Eminence Hybrid Long-Short Fund review?
It mixes equity, debt, arbitrage, options income and limited shorts. It is new, so there is no record yet.
3. When does the NFO open and close?
It opens on 14-10-2026 and closes on 28-10-2026. It reopens on or before 12-11-2026.
4. What is the minimum investment?
₹10,00,000, or ₹1,00,000 for accredited investors. Top-ups start at ₹1,000.
5. What does the fund invest in?
Equity and debt (25% to 75% each), up to 20% in InvITs, up to 30% overseas. No commodities.
6. What does long-short mean?
Long means buying in hope the price rises. Short means selling in hope it falls. Unhedged shorts can reach 25%.
7. Who manages the fund?
Dwaipayan Ray, Ravneet Singh, Ashish Jain and Ramesh S.
8. Can I withdraw whenever I want?
Redemption is every Monday and Wednesday, paid within 3 business days. You can also sell on NSE. See our SWP advisors for regular withdrawals.
9. Is there an SIP option?
Yes, from ₹1,000, subject to ₹10,00,000 across Eminence SIF strategies. Our SIP investment advisor page explains SIPs.
