Sundaram's Select Equity Ex-Top 100 Long-Short SIF NFO Opens

Key Takeaways 

• The Select Equity Ex-Top 100 Long-Short Fund NFO opens on October 21 and closes on November 4, 2026. 
• The strategy will primarily invest in companies ranked 101 to 750 by market capitalisation and can take short exposure of up to 25% through derivatives. 
• The minimum investment is ₹10 lakh per PAN, reduced to ₹1 lakh for accredited investors. 

Sundaram Mutual's Specialised Investment Fund platform has opened the NFO for the Select Equity Ex-Top 100 Long-Short Fund, adding another strategy to India's expanding SIF market. 

The offer opened on October 21 and will remain available until November 4, 2026. 

The open-ended strategy will focus predominantly on companies outside India's 100 largest listed stocks. Its stated investment universe covers companies ranked 101 to 750 by market capitalisation, effectively giving the portfolio a mid-cap and small-cap orientation. 

Sundaram's framework envisages a portfolio of around 25 to 40 stocks selected using a bottom-up investment approach. 

Unlike conventional long-only mutual funds, the SIF strategy is permitted to take limited unhedged short exposure through derivative positions. Short exposure can be as high as 25% in ex-top-100 stocks under the strategy's framework. 

The investment objective is to seek long-term capital appreciation by predominantly investing in equity and equity-related securities of companies outside the top 100, while retaining the flexibility to use short derivative positions. The scheme documents also state that achievement of the investment objective is not assured. 

The minimum investment requirement is ₹10 lakh per PAN, reflecting the regulatory framework governing SIFs. For accredited investors, the minimum is ₹1 lakh. 

The strategy is classified in Risk Band Level 5, indicating high risk. Its benchmark is the Nifty MidSmallcap 400 TRI, which is also placed in Risk Band Level 5. 

Madanagopal Ramu is listed as the equity fund manager, with Sandeep Agarwal responsible for fixed income and Shalav Saket for overseas investments. 

SIFs occupy a space between conventional retail mutual funds and higher-ticket alternative investment products. Their wider investment toolkit, including limited short exposure, creates a different return and risk profile from standard long-only equity mutual funds.