ICICI PRUDENTIAL SPECIALISED INVESTMENT FUND (iSIF)
About ICICI Prudential iSIF Funds
ICICI Prudential Asset Management Company launches India’s first SIF offerings under SEBI’s new Specialised Investment Fund framework. These funds bridge traditional mutual funds and Portfolio Management Services (PMS), offering sophisticated long-short strategies with mutual fund regulation and transparency.
NFO TIMELINE
| Parameter | Details |
|---|---|
| NFO Start Date | 16th January 2026 |
| NFO End Date | 30th January 2026 |
| Minimum Investment | ₹10,00,000 |
| Additional Investment | ₹10,000 |
| NFO Price | ₹10.00 per unit |
| Entry Load | NIL |
| Exit Load | 1% within 12 months |
SCHEME INFORMATION
| Parameter | Details |
|---|---|
| Scheme Name | ICICI Prudential iSIF Hybrid Long-Short Fund & iSIF Equity Ex-Top 100 Long-Short Fund |
| Scheme Code | New SIF category |
| Category | Specialised Investment Fund (SIF) |
| Scheme Type | Open-ended Long-Short Equity Strategies |
| Benchmark Index | Custom benchmarks |
| Benchmark Risk Level | Very High Risk |
| Listing | Not applicable (Mutual Fund structure) |
| NAV Disclosure | Daily by 11:00 PM |
| Fund Managers | S. Naren, Manan Tijoriwala, Divya Jain |
FUND HIGHLIGHTS
What Makes SIF Unique?
- Advanced Strategies - Long-short positioning, derivatives up to 25% unhedged exposure
- High Minimum Investment - ₹10 lakh entry barrier for sophisticated investors
- PMS-like Returns - Professional strategies with mutual fund compliance
- SEBI Regulated - Same investor protection as regular mutual funds
- Liquidity Options - Daily redemption (subject to exit load)
INVESTMENT OBJECTIVE
The iSIF funds aim to generate superior risk-adjusted returns using long-short equity strategies. The Hybrid Long-Short Fund balances long and short positions across market caps. The Equity Ex-Top 100 Long-Short Fund focuses on mid/small-cap opportunities outside Nifty 100, using derivatives for hedging.
Product Suitability
Investors seeking PMS-like sophisticated strategies with mutual fund regulation.
High-net-worth individuals comfortable with ₹10 lakh minimum.
Sophisticated investors understanding long-short strategies.
WHY INVEST IN SIF STRATEGIES NOW?
Key Advantages
- Market Neutral Potential - Long-short reduces market volatility impact
- Alpha Generation - Stock selection across long/short positions
- SEBI SIF Framework - New regulation enables PMS strategies in MF wrapper
- Professional Management - Led by S. Naren (CIO) and experienced team
- Transparency - Daily NAV, full disclosure like mutual funds
Current Market Opportunity
- Range-Bound Markets - Perfect for long-short strategies
- Mid/Small-Cap Potential - Ex-Top 100 focus captures growth
- Derivative Efficiency - Up to 25% unhedged short exposure
- Sophisticated Entry - ₹10 lakh minimum ensures serious investors
RISK ASSESSMENT & RISKOMETER
Risk Category: VERY HIGH RISK
Classified as Very High Risk due to:
- Strategy Complexity - Long-short positioning requires expertise
- Derivative Exposure - Up to 25% unhedged short positions
- Market Volatility - Mid/small-cap focus increases volatility
- New Category - Limited performance history
- Exit Load - 1% within 12 months
FREQUENTLY ASKED QUESTIONS
Q1: What is SIF and how is it different from regular mutual funds?
A: SIF (Specialised Investment Fund) is SEBI’s new category between mutual funds and PMS. Key differences:
- Higher minimum: ₹10 lakh vs ₹500-5,000 for regular MFs
- Advanced strategies: Long-short, derivatives allowed
- Same regulation: Full SEBI protection like mutual funds
- Liquidity: Daily redemption unlike PMS lock-ins
Q2: Why should I choose long-short strategies now?
A: Long-short strategies excel in:
- Range-bound markets - Reduce directional market risk
- Stock selection - Alpha from right long/short picks
- Risk management - Hedging reduces volatility
- Market-neutral returns - Independent of market direction
Q3: Can I exit before 12 months?
A: Yes! Daily liquidity available, but:
- 1% exit load within 12 months from allotment
- No lock-in unlike PMS/AIFs
- T+1 redemption settlement
- SIP available post-NFO (₹10,000 minimum)
Q4: What is the investment horizon recommended?
A: Minimum 3-5 years recommended. SIF strategies require time to:
- Generate alpha through stock selection
- Manage derivative positions effectively
- Navigate market cycles
- Achieve risk-adjusted returns
Q5: How is NAV calculated and disclosed?
A: NAV calculated daily using:
- Closing market prices for equities
- Derivative valuations
- Long-short position netting
- Disclosed by 11:00 PM on icicipruamc.com and AMFI
Q6: Are there any hidden charges?
A: Transparent fee structure:
- Entry Load: NIL
- Exit Load: 1% within 12 months
- Expense Ratio: Disclosed in SID (typically higher for active strategies)
- Transaction costs: Derivative margins, brokerage
- No performance fees (mutual fund structure)