iSIF Equity Ex-Top 100 Long-Short Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

iSIF Equity Ex-Top 100 Long-Short Fund Direct Growth Plan has a NAV of ₹10.30 as of 17 Sep 2026 and scheme AUM of ₹2,475 Cr. Its 1-year, 3-year and 5-year returns are 0%, 0% and 0%, and the scheme is tagged High Risk. Our view is that this fund currently looks suited to investors who can accept a high-risk profile and are comfortable with a strategy that is still too early in its track record to show a long performance history.

The portfolio currently carries meaningful cash-like and short-term instruments alongside listed equities, so the fund may behave differently from a plain long-only equity fund. That mix, combined with an expense ratio of 0.0%, means the more important questions for investors are not cost but how the fund behaves through different market phases and whether the current short record begins to separate itself from the benchmark.

Quick facts

Particular	Details
NAV	₹10.3 as of 17 Sep 2026
AUM	₹2,475 Cr
Expense Ratio	0.0%
Launch Date	04 Feb 2026
Min SIP	₹10,000
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	1% on or before 12M, Nil after 12M
Fund Managers	Sankaran Naren, Manan Tijoriwala, Divya Jain

The fund is managed by Sankaran Naren, Manan Tijoriwala and Divya Jain.

Source data date: as of 17 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-1.72%	-3.66%
3M	1.78%	-3.71%
1Y	Data not available	Data not available
3Y	Data not available	Data not available
5Y	Data not available	Data not available

Recent movement has been uneven but not weak in absolute terms over the last three months. The fund’s 3-month return is positive while the benchmark is negative over the same span, which suggests the strategy has held up better in the latest stretch than the market measure used here.

The 1-month picture is less comfortable, with the fund negative and the benchmark also negative. That tells us the short-term path has not been smooth, and the fund has not escaped the same pressure that hit the benchmark in the most recent month.

Because the scheme launched only in February 2026, there is no meaningful 1-year, 3-year or 5-year return history to compare. For that reason, the available evidence is mainly about early behaviour rather than durable compounding, so we would treat the current record as preliminary rather than conclusive.

Even so, the short history already hints at a strategy that can diverge from the benchmark. That matters for investors because the fund may add diversification value, but it also means the return pattern can look different from a standard equity index over short windows.

Source data date: as of 17 Sep 2026

Should you BUY or HOLD iSIF Equity Ex-Top 100 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.

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Peer comparison

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.

Fund	1Y return	3Y return	5Y return
iSIF Equity Ex-Top 100 Long-Short Fund Direct Growth Plan	Data not available	Data not available	Data not available
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
Arthaya Equity 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

The current fund’s short-term return is better than the benchmark in the 3-month window, while several peer schemes also have no usable return history for a direct numeric comparison. That makes the present reading more about early relative behaviour than about a stable performance lead.

On the longer horizon, the comparison set does not provide usable 1-year, 3-year or 5-year figures for any of the listed schemes, so there is no evidence here of separation in medium-term compounding yet. In our view, that leaves the current fund’s short record as the only differentiator for now, and it is not enough to support a firm conclusion about consistency.

Source data date: as of 17 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
TREPS	Cash & Cash Equivalents and Net Assets	14.90%
Net Current Assets	Cash & Cash Equivalents and Net Assets	7.06%
91 Days Treasury Bills	Treasury Bills	3.41%
364 Days Treasury Bills	Treasury Bills	3.16%
Info Edge (India) Ltd.	IT	2.70%
BSE Ltd.	Finance	2.57%
UPL Ltd.	Chemicals	2.49%
Godrej Consumer Products Ltd.	FMCG	1.81%
ICICI Lombard General Insurance Company Ltd.	Insurance	1.76%
LIC Housing Finance Ltd.	Finance	1.71%

The largest disclosed holding is TREPS at 14.90%, which is a meaningful allocation and can dampen the pace at which equity exposure shows up in the fund’s behaviour. The tenth holding is LIC Housing Finance Ltd. at 1.71%, so the weight drops quite sharply from the top position to the tail of the displayed list.

The top 10 holdings together account for approximately 41.57% of the portfolio, and the scheme has 66 disclosed holding rows in total. That combination suggests the portfolio is not dominated by just one or two stocks, but it also is not fully spread out across a very long list in equal-sized pieces.

With cash-like instruments, treasury bills and operating assets sitting near the top, the fund may have greater flexibility than a plain equity-only portfolio. At the same time, the listed equity names still matter, because positions such as Info Edge (India) Ltd., BSE Ltd. and UPL Ltd. could contribute to return swings if those holdings move sharply.

To see all holdings, visit the iSIF Equity Ex-Top 100 Long-Short Fund Direct Growth Plan page

Source data date: as of 17 Sep 2026

Who should invest

This fund is better aligned with investors who can tolerate High Risk and are comfortable with an early-stage return record. The available history is short, so the main fit question is whether you can accept a strategy that may behave differently from the benchmark over short periods.

The current evidence is more supportive of a medium- to longer-term holding mindset than a short trading view, but even then the record is still forming. Investors who want a steadier, more established pattern may find the limited history a drawback, while those looking for a differentiated equity approach may see the benchmark divergence as useful.

The trade-off is clear: the portfolio mix may offer flexibility and some downside cushioning through cash-like holdings, but that same structure can delay full equity-style participation when markets strengthen.

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 12M, Nil after 12M.

Source data date: as of 17 Sep 2026

Frequently asked questions

What is the current NAV of iSIF Equity Ex-Top 100 Long-Short Fund Direct Growth Plan?

The current NAV is ₹10.30 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 Data not available, Data not available and Data not available.

How has the fund performed versus the benchmark recently?

In the 3-month window, the fund returned 1.78% while the benchmark returned -3.71%. In the 1-month window, the fund returned -1.72% versus -3.66% for the benchmark.

What is the fund’s risk category?

The fund is tagged High Risk. That suits investors who can tolerate a high level of variation in outcomes and who are comfortable with a strategy still building its track record.

Who manages the fund?

The fund is managed by Sankaran Naren, Manan Tijoriwala and Divya Jain.

What is the exit load and tax treatment?

The exit load is 1% on or before 12 months and nil after 12 months. Tax is 20% for units held less than 1 year and 12.5% for units held more than 1 year.

Bottom line

The fund’s short-term pattern is mixed, with a weaker 1-month showing but a better 3-month result than the benchmark. Longer-horizon return history is not yet available, so the case for the fund rests more on its early behaviour and portfolio design than on a mature performance record. Compared with the peer set, the available return data do not yet create a clear long-term separation. The high-risk tag and the cash-and-treasury heavy top holdings mean it may suit investors who want a differentiated equity strategy and can wait for a fuller track record to develop.

Published on 18 September 2026 at 8:56 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.