Specialised Investment Funds (SIFs) were introduced by SEBI via its circular dated 27 February 2025, effective 1 April 2025, to close the gap between mutual funds — retail-friendly and low entry threshold but limited in flexibility — and PMS, which offered flexibility but required a minimum ₹50 lakh investment.
SIFs operate under the same regulatory framework as mutual funds: they are pooled vehicles, run by AMCs, and governed by MF Regulations. Within that framework, however, SIFs are permitted a degree of flexibility ordinary mutual fund schemes are not. This includes the ability to take short positions and run up to **25% in unhedged derivatives** i.e. derivative bets that aren't hedged against an existing position.
The minimum investment is **₹10 lakh**, positioning SIF between MF and PMS on both flexibility and entry threshold.
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Equity Long-Short SIF — Detailed Strategy Comparison
Source: qSIF (portfolio statement, 29 May 2026) vs. DynaSIF and Diviniti (factsheets, 31 May 2026)
| Parameter | qSIF Equity Long-Short | DynaSIF Equity Long-Short | Diviniti Equity Long Short | Comments |
|---|---|---|---|---|
| **House / AMC** | Quant Mutual Fund | 360 ONE Asset | ITI Mutual Fund | Three diverse investment philosophies |
| **In one line** | Concentrated, high-turnover | Broadly diversified (F&O) | Cash-heavy, hedge-first | Capital protection vs alpha orientation |
| **AUM** | ₹592.47 Cr | ₹276.99 Cr | ₹402.39 Cr | Account for ~69% of category AUM |
| **Benchmark** | Nifty 500 TRI | BSE 500 TRI | Nifty 50 TRI | Different reference universes |
| **Equity Book (Long)** | 74.53% | 72.07% | 74.69% | Similar gross equity long book |
| **(+) Long Futures** | 9.65% | 14.01% | 0.00% | Diviniti avoids extra long leverage |
| **(–) Short Futures** | -8.71% | -8.53% | -31.24% | Diviniti short book is >3x larger (hedging) |
| **Net Market Exposure** | **≈ 75.5%** | **≈ 77.5%** | **≈ 43.5%** | **~34-point spread within the same category!** |
| **Cash & Money Market** | 24.54% | 22.49% | 56.54% | Defensive buffer size |
| **Number of Stocks** | 19 | 59 | 34 | Concentrated vs diversified |
| **Top 10 Holdings** | 54.75% | 19.54% | 43.79% | Stock level conviction |
| **SEBI Strategy Risk Band** | Level 4 | Level 5 | Level 3 | Three distinct risk bands in 1 category |
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Key Takeaway for Investors
The bigger takeaway here is that the SIF label, or even the specific sub-category, doesn't really tell you much on its own. qSIF, DynaSIF and Diviniti all fall under the same Equity Long-Short mandate, yet net exposure ranges from 43% to 77%.
For anyone evaluating a SIF, the real work lies in the factsheet and the portfolio disclosures, not the category tag — things like net exposure, what the short book is actually doing, sector concentration, and the strategy-level risk band need to be looked at together.
Smita Sahai
Co-founder, Aureva Wealth & Founder, SIFCase.com
This article is published for educational and informational purposes only and does not constitute personalised financial or investment advice. Past performance is not indicative of future market results. Readers are advised to consult a SEBI-registered financial adviser before making any investment decisions.