Aditya Birla Sun Life Asset Management Limited has launched the Apex Equity Ex-Top 100 Long-Short Fund, a new Investment Strategy under its Apex SIF platform. This is a Specialised Investment Fund, a category SEBI created to sit between ordinary mutual funds and higher ticket products such as a PMS or an AIF.
The NFO opened on 10 August 2026 and closes on 24 August 2026. Units are offered at Rs 10 each. The Investment Strategy reopens for fresh transactions within five business days of allotment.
It aims for long term capital appreciation, investing mainly in equity and equity related securities of companies outside the top 100 by market capitalisation, and layering in a limited short exposure through derivatives. That mix may interest experienced, high net worth investors who already hold a core mutual fund portfolio and want a more tactical, actively hedged sleeve alongside it.
1. Apex Equity Ex-Top 100 Long-Short Fund NFO details
Fund name | |
Fund type | Open ended, equity oriented Investment Strategy under a SIF |
Category | Equity Ex-Top 100 Long-Short Fund |
Nature of Investment Strategy | Invests in equity and equity related instruments of Ex-Top 100 companies, with limited short exposure through derivatives |
Benchmark | NIFTY 500 TRI |
Fund managers | |
NFO opens | 10-08-2026 |
NFO closes | 24-08-2026 |
Reopening date | Within 5 business days from the date of allotment |
Minimum investment | Rs 10 lakh (Rs 1 lakh for accredited investors) |
Additional investment | Rs 10,000 and in multiples of Re 1 |
SIP amount | Rs 10,000 a month, minimum 6 instalments, once the Rs 10 lakh threshold is met |
NAV during NFO | Rs 10 per unit |
Risk level | Level 5 of 5 (Investment Strategy), Level 3 of 5 (benchmark) |
Stamp duty | 0.005 percent on the purchase amount |
Entry load | Nil |
Exit load | 1 percent if redeemed within 365 days of allotment, nil after that |
2. AMC details
AMC name | Aditya Birla Sun Life AMC Limited |
AUM | |
Website | |
Registered office | One World Center, Tower 1, 17th Floor, Jupiter Mills, Senapati Bapat Marg, Elphinstone Road, Mumbai 400013 |
Contact number | 1800 270 7000 |
Source: AMFI India — New fund offer |: Apex Equity Ex-Top 100 Long-Short Fund
What has Aditya Birla Sun Life launched?
SEBI introduced Specialised Investment Funds in 2025 to sit between conventional mutual funds and products such as a PMS or an AIF, which need much larger cheques. A SIF asks for a minimum of Rs 10 lakh, and lets the fund manager use derivatives and limited short positions, tools an ordinary mutual fund cannot use.
This Investment Strategy sits in the equity oriented category. Ex-Top 100 means it avoids the 100 largest listed companies by market value, so its long book leans towards mid and small caps, alongside a short exposure of up to 25 percent of net assets through derivatives.
This is an actively managed strategy, not a passive one. The managers pick names using bottom up fundamental research alongside a top down sector view, rather than tracking a fixed index.
How does the Investment Strategy work?
The fund manager builds a long portfolio within the Ex-Top 100 universe, using bottom up research and a sector view. The team also looks for stocks or indices likely to underperform and adds a short position through derivatives, capped at 25 percent of net assets.
Step | What happens |
1 | Screen the Ex-Top 100 universe for long candidates |
2 | Build the core long book, typically 65 to 100 percent of assets |
3 | Identify names likely to underperform for a short position |
4 | Add derivative exposure such as covered calls or pair trades |
5 | Monitor margin and exposure against SEBI limits daily |
6 | Rebalance and disclose NAV daily, and the portfolio monthly |
Let’s understand through an example
Say an investor puts in Rs 10 lakh when the NFO opens, at Rs 10 a unit, receiving 1,00,000 units before charges. The fund manager might place roughly Rs 8 lakh of that pool into a set of Ex-Top 100 stocks expected to do well over time. If the manager also expects a particular mid cap company in a related sector to struggle, part of the remaining allocation could go into a short position on that stock through derivatives, aiming to gain if that view proves correct. This illustrates the mechanism only, not a likely outcome.
Portfolio allocation
The Investment Strategy’s asset allocation under normal circumstances is as follows. Actual weights can move within these ranges depending on market conditions.
Instrument | Minimum | Maximum |
Equity and equity related securities of Ex-Top 100 companies (including up to 25% unhedged short via derivatives) | 65% | 100% |
Other equity and equity related instruments | 0% | 35% |
Debt, cash and money market instruments | 0% | 35% |
Units of InvITs | 0% | 20% |
Investment strategy
Stock selection combines bottom up fundamentals with a top down read of sector trends, staying sector agnostic rather than tilted towards any one industry.
On the derivatives side, the fund can run cash-future arbitrage, write covered calls for yield, buy protective puts, and run pair trades between related stocks. Liquidity comes through daily redemption, an advantage over some SIF strategies that only allow periodic exits.
Potential benefits
Potential benefit | Why it matters |
Access beyond the top 100 stocks | Wider mid and small cap universe than most equity funds |
Downside cushioning via shorts | May soften some declines versus a long only fund |
Daily liquidity | Redemption every business day, unlike some interval SIFs |
Regulated structure | Runs within SEBI’s SIF disclosure and risk band norms |
Key risks
Risk | What it means |
Market risk | Equity prices can fall broadly, hurting the long book |
Derivative risk | Short and options positions can lose if the view is wrong |
Concentration risk | Excludes the top 100, so exposure sits in mid and small caps |
Liquidity risk | Mid and small cap stocks can be harder to trade under stress |
Manager risk | Long-short outcomes depend heavily on the manager’s calls |
Who may consider this Investment Strategy?
Investor type | Why it may fit |
Already meets the Rs 10 lakh SIF threshold | Can access this tactical sleeve without breaching the minimum |
Comfortable with derivatives and very high risk | Long-short mechanics and options strategies are core to this fund |
Wants exposure beyond the largest 100 companies | Ex-Top 100 focus targets a different opportunity set |
Has a medium to long term horizon | No near term liquidity need for this specific allocation |
Who may not find it suitable?
Investor type | Why it may not fit |
Cannot meet the Rs 10 lakh minimum | Falls outside the SIF entry threshold unless accredited |
New to investing or wary of derivatives | Short selling and options add a layer of complexity |
Seeking capital protection or steady income | This is a growth oriented, very high risk strategy |
Prefers simple, passive, low cost exposure | Long-short investing is actively managed and comparatively costlier |
Comparison with traditional investment options
Option | Risk | Liquidity | Suitable investor |
Fixed Deposit | Low | Low to moderate | Capital protection seekers |
Debt Mutual Fund | Low to moderate | High | Short to medium term, income focus |
Hybrid Fund | Moderate | High | Balanced, moderate risk appetite |
Equity Mutual Fund | High | High | Long term growth, market linked |
Apex Equity Ex-Top 100 Long-Short Fund | Very high | High (daily) | Experienced, high net worth investors |
Apex Equity Ex-Top 100 Long-Short Fund review by Zenith Finserve
This Investment Strategy fits an investor who already has a diversified mutual fund core in place and wants a smaller, tactical sleeve alongside it, not a first or only equity holding. The Ex-Top 100 focus adds mid and small cap volatility, and the short exposure adds derivative risk on top, so this sits at the higher end of the risk spectrum.
A horizon of three years or longer suits it better than a short one, given how mid and small cap names and derivative positions can swing. Daily redemption offers more flexibility than many interval SIFs, though that is not an invitation to trade frequently.
The Rs 10 lakh entry threshold and use of unhedged short positions mean this is not a natural starting point for a new investor. Weigh it against your existing portfolio and goals, ideally as part of a wider financial plan.
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.
Similar NFOs on Zenith
DynaSIF Equity Ex-Top 100 Long-Short Fund NFO by 360 ONE Mutual Fund, the closest match in category, also an Ex-Top 100 long-short SIF strategy.
Prism Hybrid Long Short Fund NFO by Jio BlackRock, a hybrid SIF strategy for comparison on structure and risk.
Frequently asked questions
What is the Apex Equity Ex-Top 100 Long-Short Fund?
An equity oriented Investment Strategy under Apex SIF, investing in Ex-Top 100 stocks with limited short exposure via derivatives.
When does the NFO open and close?
10 August to 24 August 2026, with units offered at Rs 10 each.
What is the minimum investment?
Rs 10 lakh for most investors, and Rs 1 lakh for accredited investors.
Is Apex Equity Ex-Top 100 Long-Short Fund NFO good to invest in?
That depends on your goals, horizon and comfort with derivative-based, very high risk strategies.
What does Ex-Top 100 mean?
It avoids the 100 largest listed companies by market capitalisation, as defined by AMFI.
Can I start a SIP in this Investment Strategy?
Yes, once you already meet the Rs 10 lakh threshold, from Rs 10,000 a month for six instalments.
What is the risk level of this fund?
Level 5 of 5, versus Level 3 of 5 for its benchmark, the NIFTY 500 TRI.
What is the exit load?
1 percent within 365 days of allotment, nil after that.
Who are the fund managers?
Manish Gupta and Harshil Suvarnkar, both from Aditya Birla Sun Life AMC’s equity team.
Is this the same as a mutual fund?
No. It is a Specialised Investment Fund, with a higher entry threshold and greater use of derivatives.
Can investors below the Rs 10 lakh threshold invest at all?
Only if they qualify as accredited investors, which lowers the minimum to Rs 1 lakh.
