What is a Specialized Investment Fund (SIF)?
A Specialized Investment Fund (SIF) is a new investment product introduced by SEBI to bridge the gap between traditional mutual funds and PMS / AIF strategies.
SIFs offer:
- The governance, transparency, and taxation framework of mutual funds, while
- Permitting long-short strategies typically seen in PMS / AIFs
SIFs are designed for investors seeking advanced strategies within a regulated structure.
Why Arudha Equity Long-Short Fund?
The fund is designed to aim for ^^ equity-like returns with volatility comparable to hybrid funds, the strategy is built on four distinct return engines – long equity, short equity, covered calls and debt – each serving a defined role within the portfolio.
^^Note: For illustrative backtest details, refer the product presentation: Click here
#1 Dynamic Allocation Based on Opportunity & Risk*
An equity long-short strategy built on four different return engines - Debt, Long Equity, Short Equity, and Covered Calls, designed to enhance performance while mitigating downside risk.
*The aforesaid details indicates the tentative portfolio construct of the strategy post the launch of the same. The portfolio positioning would be based on prevailing market conditions and would be subject to changes depending on the fund managers views. For details on the strategy and asset allocation refer slide 24 and 25. ^ Maximum short exposure through unhedged derivative positions in equity and equity-related instruments: 25%
#2 Equity Upside with Lesser Volatility
Across multiple periods, illustrative backtest indicates returns exceeding 13% (post expenses) while experiencing lesser volatility.#
#Source- ACEMF. For Balanced Advantage Funds & Agg. Hybrid Funds the average performance of the respective fund category, considering the top 10 funds (AUM) with a track record exceeding 10 years. Source- Data as of end of 31st March 2015 to 31st December 2025. The backtest is intended for illustrative purposes only. The Nifty 500 TRI and Backtested returns are shown after accounting for an expense adjustment of 1.5%. The actual portfolio positioning and returns may differ from the model portfolio and would be based on prevailing market conditions and fund manager’s views. Based on the category of the mutual fund schemes as per section on Part IV - Para 2.6 of SEBI Master Circular dated June 27, 2024 for mutual funds. The above table/graph is used to explain the concept and is for illustration purpose only. It should not be used for development or implementation of any investment strategy. Past performance may or may not be sustained in future and is not a guarantee of any future returns.
#3 Relative Outperformance
On a rolling return basis, the illustrative backtest shows outperformance of 2–4% versus comparable hybrid fund categories and around 1% versus the broad equity index.###
###Source- ACEMF. Balanced Advantage Funds & Aggressive Hybrid Fund- are considered based on the category of the mutual fund schemes as per section on Part IV - Para 2.6 of SEBI Master Circular dated June 27, 2024 for mutual funds. For Balanced Advantage Funds & Agg. Hybrid Funds the average performance of the respective fund category, considering the top 10 funds (AUM) with a track record exceeding 10 years. Data as of end of 31st March 2015 to 31st December 2025. The backtest is for illustrative purposes only. The Nifty 500 TRI and backtested returns are shown after accounting for an expense adjustment of 1.5%. The actual portfolio positioning may differ from the model portfolio and would be based on prevailing market conditions and fund manager’s views. Past performance may or may not be sustained in future and is not a guarantee of any future returns.
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Fund Facts
Investment Strategy Name
Arudha Equity Long-Short Fund
NFO Period
05th March to 18th March 2026
Benchmark
Nifty 500 TRI
Type of Investment Strategy
An open-ended equity investment strategy investing in listed equity and equity-related instruments including limited short exposure in equity through derivative instruments.
Investment Objective
The Investment strategy seeks to generate long-term capital appreciation by investing in a diversified portfolio of equity and equity-related instruments, including limited short exposure through derivatives. There is no assurance that the investment objective of the Investment strategy will be realized.
Fund Managers
Mr. Nilesh Saha has been associated with Bandhan AMC since September 2025.
He brings over 11 years of investment experience in equities.
Prior to joining Bandhan AMC, he was with Julius Baer, where he managed India-focused equity funds. Before
that, he spent nine years at Edelweiss, managing long/short, event-driven, and thematic funds on the AIF
platform.
Mr. Saha holds an MBA from IIM Bangalore, is a CFA charterholder and a BE in Mechanical Engineering from BITS
Pilani.
Mr. Brijesh Shah has been associated with Bandhan AMC since August 2015 and is part of the Fixed Income
Investment team.
He brings over 15 years of experience in fixed income and capital markets.
Prior to joining Bandhan AMC, he was with IDBI Asset Management Ltd, where he was involved in fixed income
dealing. Earlier, he worked with India Bulls Asset Management, Mata Securities, and Twenty First Century.
Mr. Shah is a postgraduate in Finance from the MET Institute of Management, Mumbai, and holds a Bachelor’s
degree in Commerce from Mithibai College of Commerce and Economics.
Product info
Arudha Equity Long-Short Fund
(An open-ended equity investment strategy investing in listed equity and equity related instruments including limited short exposure in equity through derivative instruments.)
This product is suitable for investors who are seeking*:
- To generate long-term capital appreciation.
- Investments in a diversified portfolio of equity and equity related instruments, including limited short exposure through derivatives.
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
