SBI Mutual Fund has rolled out the SBI Magnum Equity Ex-Top 100 Long Short Fund, a new investment strategy under its Specialised Investment Fund platform, Magnum SIF. The strategy is run by SBI Funds Management Ltd, the asset manager behind SBI Mutual Fund.
The new fund offer (NFO) opened on 7 August 2026 and closes on 20 August 2026.
It aims for long term capital growth by investing mainly outside India’s top 100 companies by market value, with limited short positions through derivatives, a feature regular equity funds do not have.
SBI Magnum Equity Ex-Top 100 Long Short Fund NFO details
Fund name | |
Fund type | Open-ended strategy under Magnum SIF (a SEBI-regulated SIF) |
Category | Equity Ex-Top 100 Long Short Fund |
Nature of scheme | Equity oriented, with limited short exposure |
Benchmark | BSE 500 TRI |
Fund manager | |
NFO opens | 07-08-2026 |
NFO closes | 20-08-2026 |
Allotment or reopening date | Not available |
Minimum investment | Rs 10 lakh new investors; Rs 1 lakh existing investors above threshold |
Additional investment | Rs 10,000, multiples of Re 1 |
SIP amount | Rs 10,000 minimum, subject to threshold |
NAV | Not available in the KIM |
Risk band | Level 3 of 5 |
Stamp duty | Not available |
Entry load | Nil |
Exit load | 1% within 3 months of allotment; nil after |
SBI Funds Management AMC details
AMC name | SBI Funds Management Ltd (a joint venture between SBI and Amundi) |
Assets under management | ₹12.81 lakh crore |
Website | |
Registered office | 9th Floor, Crescenzo, C-38 & 39, G Block, BKC, Bandra East, Mumbai 400051 |
Contact number | 1800 209 3333 / 1800 425 5425 |
Source: AMFI India — New fund offer : SBI Magnum Equity Ex-Top 100 Long Short Fund
What has SBI Mutual Fund launched?
A Specialised Investment Fund, or SIF, sits between a mutual fund and a Portfolio Management Service, trading a higher Rs 10 lakh entry ticket for more manager flexibility.
This active, open-ended strategy keeps at least 65% of assets in stocks outside India’s top 100 by market value, mainly mid and small caps, with up to 35% in large caps, debt or money market instruments for liquidity.
Its differentiating feature is the short book: up to 25% of assets can be in unhedged short positions through derivatives, in stocks the team expects to underperform, alongside a small InvIT and mutual fund unit sleeve.
How does the Magnum Equity Ex-Top 100 Long Short Fund strategy work?
The fund manager combines two ideas a typical equity fund keeps separate: buying stocks expected to rise, and shorting stocks expected to fall through derivatives. If both calls play out, gains can come from both sides.
Step | What happens? |
1 | Screen companies outside India’s top 100 by market value for the long book. |
2 | Study each business on fundamentals, growth and valuation. |
3 | Build long positions, targeting 65% to 100% in this ex-top-100 universe. |
4 | Hold up to 35% in large caps or debt for liquidity. |
5 | Take unhedged short positions, up to 25%, through derivatives. |
6 | Rebalance the book as views and markets change. |
7 | Disclose portfolio and risk band on the SEBI-mandated schedule. |
A simple example of how the fund works
Say an investor puts in the minimum Rs 10 lakh. The manager may hold most of it, roughly Rs 6.5 lakh to Rs 10 lakh, in stocks outside the top 100, and take a smaller short position through derivatives in a stock it expects to underperform.
If both calls play out, the long and short positions can both add to returns. If either view is wrong, that position can subtract instead. As this is a new strategy, it has no past returns to show.
Portfolio allocation of the SBI Magnum Equity Ex-Top 100 Long Short Fund
Instrument | Allocation range |
Equity ex-top 100 (including REITs) | 65% to 100% |
Equity in top 100 companies (including REITs) | 0% to 35% |
Debt and money market instruments | 0% to 35% |
Units of InvITs | 0% to 20% |
Units of mutual funds, including gold and silver ETFs | 0% to 35% |
Unhedged short exposure through derivatives | Up to 25% (within the above) |
Investment strategy behind this Magnum SIF fund
Stock picking combines bottom-up research with a top-down read on themes. The long side runs 65% to 100% of the portfolio, while the short book manages risk and tries to profit from names expected to underperform.
Extra derivative exposure beyond the 25% cap is used only for hedging or rebalancing, not fresh directional bets, and liquidity is managed through the debt sleeve within SEBI’s exposure norms.
Potential benefits of this NFO
Potential benefit | Why does it matter? |
Access beyond the top 100 | Mid/small caps can offer higher growth, with more volatility. |
Long-short flexibility | A tool to add returns or cushion losses. |
Liquidity buffer | Up to 35% in large caps or debt for cash flow room. |
Diversification role | Behaves differently from a plain long-only equity fund. |
Key risks of the Magnum Equity Ex-Top 100 Long Short Fund
Risk | What does it mean? |
Market risk | Stock prices can fall for reasons unrelated to the companies held. |
Concentration risk | More exposure to less-established, volatile businesses. |
Derivative and short-position risk | Short bets lose money if the stock rises; derivatives add complexity. |
Liquidity risk | Mid/small-cap and derivative positions can be harder to exit in stress. |
Credit risk | The debt sleeve carries the usual issuer non-payment risk. |
Manager and strategy risk | No performance history; outcomes depend on the team’s calls. |
Who may consider the Magnum Equity Ex-Top 100 Long Short Fund NFO?
Investor type | Why it may fit |
Experienced equity investors | Comfortable with derivatives and short positions. |
Investors with Rs 10 lakh or more | Meets the SIF threshold; can be part of a larger portfolio. |
Long horizon investors | Five years or more suits the mid/small-cap tilt and lack of track record. |
Investors seeking diversification | Want a return pattern unlike long-only equity funds. |
Who may not find it suitable?
Investor type | Why it may not fit |
First-time investors | Better served by an emergency fund and simpler funds first. |
Investors unfamiliar with derivatives | The short book and SIF structure add complexity. |
Investors with a short horizon | The 1% exit load inside 3 months suits a longer hold. |
Investors below Rs 10 lakh | Inaccessible below that, other than for accredited investors. |
Comparison with traditional investment options
Option | Risk | Return potential | Liquidity | Horizon |
Fixed Deposit | Low | Low, fixed | Moderate | Any |
Debt Mutual Fund | Low to moderate | Low to moderate | High | Short to medium |
Hybrid Fund | Moderate | Moderate | High | Medium term |
Equity Mutual Fund | High | High, market linked | High | Long term |
This SIF (long-short) | High, with derivative risk | High, with short-book overlay | Daily, subject to threshold rules | Long term |
This is a factual comparison, not a ranking. The right option depends on your goals, risk appetite and horizon.
SBI Magnum Equity Ex-Top 100 Long Short Fund review by Zenith Finserve
This strategy fits an investor who already has a diversified core portfolio and wants a satellite allocation with a different risk-return shape. The mid and small-cap tilt, combined with a genuine short book, puts it closer to a sophisticated equity strategy than a conventional diversified equity fund.
The Rs 10 lakh entry ticket and SIF structure suit experienced, high-net-worth investors rather than a first fund purchase, and a horizon of five years or more fits better than a short-term allocation.
As this is a new strategy with no performance record, evaluate suitability against your own goals and risk profile, ideally as part of a wider plan. Zenith Finserve’s SIF advisory and mutual fund advisory can help with that.
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.
See Zenith’s detailed guide to Specialised Investment Funds for the category, or our goal-based financial planning, investment planning and SIP advisory services to fit it into a wider plan.
Similar NFOs: Zenith’s coverage of other SIF launches
DynaSIF Equity Ex-Top 100 Long Short Fund NFO: 360 ONE’s fund in the same category, for direct comparison.
Jio BlackRock Prism Hybrid Long Short Fund NFO: a hybrid SIF with a similar long-short structure.
Frequently asked questions on the Magnum Equity Ex-Top 100 Long Short Fund NFO
What is the SBI Magnum Equity Ex-Top 100 Long Short Fund NFO?
The new fund offer for a Specialised Investment Fund strategy from SBI Mutual Fund, investing mainly outside India’s top 100 companies with a short overlay through derivatives.
When does the Magnum Equity Ex-Top 100 Long Short Fund NFO open and close?
It opened on 7 August 2026 and closes on 20 August 2026.
What is the minimum investment for this SIF?
Rs 10 lakh for new Magnum SIF investors, and Rs 1 lakh for existing investors who already meet that threshold.
Is Magnum Equity Ex-Top 100 Long Short Fund NFO good to invest in?
That depends on your goals, risk appetite and horizon. It suits experienced investors with a long horizon, not a first-time or short-term investment.
What does the fund invest in?
Mainly equity outside India’s top 100, with limited short exposure through derivatives and a smaller debt/InvIT sleeve.
Who is the fund manager?
Mr Gaurav Mehta, CFA, of SBI Funds Management Ltd.
What is the exit load?
1% within 3 months of allotment, and nil after that.
Is SIP available during the NFO?
Yes, subject to the Rs 10 lakh threshold at the PAN level.
What is the benchmark?
BSE 500 TRI, as stated in the KIM.
How is a SIF different from a mutual fund?
More flexibility, including short positions, but a much higher Rs 10 lakh minimum for experienced investors.
What are the key risks?
Market, concentration, derivative, liquidity, credit and manager risk, given no track record.
Is this fund suitable for first-time investors?
Generally no; better to build an emergency fund and simpler investments first.
