Arthaya Equity Long Short Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- August 31, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
Arthaya Equity Long Short Fund Direct Growth Plan has a NAV of ₹9.7936 as of 17 Sep 2026 and scheme AUM of ₹132 Cr. Its 1-year, 3-year and 5-year returns are 0%, 0% and 0%, while the risk label is High Risk.
Our view is that this is a new, high-variability strategy rather than a fund with a tested long record. The benchmark is Nifty 50, and the early return pattern is still mixed, so the fund looks better suited to investors who can accept short-run noise and want a portfolio that is still in its early build-out phase.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹9.7936 as of 17 Sep 2026 |
| AUM | ₹132 Cr |
| Expense Ratio | 0.0% |
| Launch Date | 25 May 2026 |
| Min SIP | ₹10,000 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Equity |
| Exit Load | 1% on or before 1Y, Nil after 1Y |
| Fund Managers | Rajesh Aynor, Hiten Bhadra |
The fund is managed by Rajesh Aynor and Hiten Bhadra.
Source data date: as of 17 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -2.48% | -3.66% |
| 3M | -3.45% | -3.71% |
| 1Y | 0% | Data not available |
| 3Y | 0% | Data not available |
| 5Y | 0% | Data not available |
The early performance picture is uneven but not directionless. Over 1M and 3M, the fund stayed negative, yet it held up slightly better than the benchmark in both windows. That tells us the strategy has not escaped short-term pressure, but it has also not lagged the market in the same way through this stretch.
The bigger point is the absence of a meaningful medium-term track record. With only a few months of history, the 1Y, 3Y and 5Y fields do not yet give a mature compounding story, so our view is that the recent pattern should be read as an early snapshot rather than a settled record. Investors looking for long-run evidence will need to wait for a longer operating history before drawing strong conclusions.
Against Nifty 50, the fund looks a little more resilient in the latest windows, but the margin is narrow. That means the benchmark comparison is helpful mainly as a stability check: the fund has not shown a dramatic edge, nor has it fallen materially behind in the short term. The result is a cautious picture of a young equity strategy that has been mildly steadier than its benchmark, while still moving through an unfinished track record.
Source data date: as of 17 Sep 2026
Should you BUY or HOLD Arthaya Equity Long Short?
A fund’s past returns alone don’t tell you whether you should buy it today or continue holding it.
The right decision depends on factors such as your current allocation, purchase price, risk profile, investment horizon and the role this fund plays in your overall portfolio.
Already holding Arthaya Equity Long Short? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| Arthaya Equity Long Short Fund Direct Growth Plan | 0% | 0% | 0% |
| Magnum Equity Ex-Top 100 Long-Short Fund Direct Growth Plan | Data not available | Data not available | Data not available |
| Arudha Equity Long-Short Fund Direct Growth Plan | Data not available | Data not available | Data not available |
| iSIF Active Asset Allocator Long-Short Fund Direct Growth Plan | Data not available | Data not available | Data not available |
| iSIF Hybrid Long-Short Fund Direct Growth Plan | Data not available | Data not available | Data not available |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
The current fund’s short-window returns look slightly better than the benchmark and sit above the peer entries that do not yet have usable return history, but there is no long-run evidence to separate it decisively on 3Y or 5Y terms. That makes the short-term comparison more informative than the longer-term one right now. Because the fund has only just started its life, the more important question is how its next few quarters shape the return pattern rather than where it stands on an incomplete multi-year ledger.
Source data date: as of 17 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| 91 Day Treasury Bills | Treasury Bills | 15.03% |
| ICICI Bank Ltd. | Bank | 6.67% |
| TREPS | Cash & Cash Equivalents and Net Assets | 5.56% |
| HDFC Bank Ltd. | Bank | 5.37% |
| Reliance Industries Ltd. | Crude Oil | 4.79% |
| Maruti Suzuki India Ltd. | Automobile & Ancillaries | 4.03% |
| Axis Bank Ltd. | Bank | 3.88% |
| Bharti Airtel Ltd. | Telecom | 3.82% |
| State Bank of India | Bank | 3.78% |
| 364 Day Treasury Bills | Treasury Bills | 3.76% |
The top 10 holdings account for approximately 56.69% of the portfolio.
To see all holdings, visit the Arthaya Equity Long Short Fund Direct Growth Plan page
The single largest holding, 91 Day Treasury Bills, stands at 15.03%, which is large enough to matter on its own and also signals a meaningful cash-like anchor in the portfolio. After that, the weights step down fairly quickly into mid-single digits, with the tenth holding at 3.76%. That gap suggests that the portfolio is not evenly spread across every name in the top list.
At the same time, the top 10 holdings together make up 56.69% of the portfolio, while the full disclosed list contains 33 holdings. That combination points to moderate concentration in the main positions with a longer tail beyond the visible slice. Our view is that the larger positions may have greater influence on near-term behaviour, but the broader set of holdings could still help smooth the path if the remaining positions are active contributors.
Because Treasury Bills and TREPS appear among the larger lines, the portfolio also carries a noticeable liquidity and defensive element. That may help reduce some day-to-day swings, although it does not remove the fund’s overall High Risk profile. The mix therefore looks more balanced than a pure concentrated equity basket, but still active enough that stock selection can meaningfully shape returns.
Source data date: as of 17 Sep 2026
Who should invest
This fund is better aligned with investors who are comfortable with High Risk and are willing to wait through a short, uneven track record. The recent return pattern is mildly better than the benchmark in the latest windows, but the absence of meaningful long-run history means the fund is still being tested.
The portfolio mix adds a useful twist: a sizeable Treasury Bills allocation and cash equivalents may moderate some volatility, even though the scheme remains classified as High Risk. That makes it more suitable for investors who can accept uncertainty in exchange for the possibility that the strategy develops into a more stable equity long-short process over time.
Our view is that the main trade-off is simple: some short-term cushioning and active positioning, but very limited evidence on how the fund behaves across full market cycles.
Tax and exit load
| Holding period | Tax rate | Description |
|---|---|---|
| Units held less than 1 year | 20% | Short-term capital gains tax |
| Units held more than 1 year | 12.5% | Long-term capital gains tax |
Exit load: 1% on or before 1Y, Nil after 1Y.
Source data date: as of 17 Sep 2026
Frequently asked questions
What is the current NAV of Arthaya Equity Long Short Fund Direct Growth Plan?
The current NAV is ₹9.7936 as of 17 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s 1-year, 3-year and 5-year returns are 0%, 0% and 0%.
How has the fund compared with Nifty 50 recently?
It has held up slightly better than Nifty 50 over both 1M and 3M, though the gap is modest.
What is the minimum SIP amount?
The minimum SIP amount is ₹10,000.
Who manages the fund?
The fund is managed by Rajesh Aynor and Hiten Bhadra.
What is the exit load and tax treatment?
The exit load is 1% on or before 1Y and nil after 1Y. Units held for less than 1 year attract 20% short-term capital gains tax, while units held for more than 1 year attract 12.5% long-term capital gains tax.
Bottom line
Arthaya Equity Long Short Fund Direct Growth Plan is still too young for a strong long-term verdict, but its early behaviour is slightly better than the benchmark in the latest windows. The lack of meaningful multi-year history means the current picture is mostly about how the strategy is settling rather than how it has performed through a full cycle. The portfolio has a noticeable defensive anchor in Treasury Bills and cash-like exposures, which may shape volatility, yet the scheme remains High Risk. It may suit investors who can tolerate uncertainty and want to monitor an early-stage strategy carefully.
Published on 18 September 2026 at 9:30 AM IST
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RIA disclosure
Mutual fund investments are subject to market risks. Read all scheme-related documents carefully before investing. This review is prepared by Uniapps Investment Adviser Pvt. Ltd. (earlier known as Uniapps Global Research Pvt. Ltd.) under SEBI Registered Investment Adviser registration INA000017639 for general informational purposes and is not personalized investment advice.