Twelve months
The first SIF NAV in our data is dated 8 October 2025, exactly a year ago. Since then 17 SIF brands have put 34 Direct plan, Growth option strategies on the board, in five types. AMFI publishes their NAVs separately from mutual funds, and WealthTicker holds them apart in their own tables.
A caution first. These funds began at different times: seven in 2025, the rest between February and October 2026. "Since first NAV" therefore means very different lengths, and only the oldest few can be compared with a year's index move.
Above or below where they started
| Strategy type | Strategies | Above first NAV | Median since first NAV |
|---|---|---|---|
| Hybrid long-short | 11 | 11 | +3.44% |
| Equity long-short | 12 | 8 | +1.95% |
| Equity ex-top-100 long-short | 7 | 6 | +4.80% |
| Active asset allocator long-short | 3 | 3 | +4.49% |
| Sector rotation long-short | 1 | 1 | +3.36% |
| All | 34 | 29 |
The five below their first NAV are Diviniti Equity Long Short (−11.86%), Sapphire Equity Long-Short (−3.56%), Arthaya Equity Long Short (−2.18%), Apex Equity Long-Short (−0.80%) and Magnum Equity Ex-Top 100 (−0.65%). All five are equity strategies. Four began in 2026, two of them only in September.
The oldest seven against the Nifty 50
These strategies have the longest records. The Nifty 50 column is its change from the close on or before the same start date to 7 October 2026.
| Fund (Direct, Growth) | First NAV | Since first NAV | Nifty 50, same window |
|---|---|---|---|
| qsif Equity Long Short | 8 Oct 2025 | +10.36% | −9.75% |
| qsif Hybrid Long-Short | 20 Oct 2025 | +30.26% | −12.54% |
| Altiva Hybrid Long-Short | 24 Oct 2025 | +10.34% | −12.37% |
| Magnum Hybrid Long Short | 29 Oct 2025 | +3.44% | −13.25% |
| qsif Equity Ex-Top 100 Long-Short | 13 Nov 2025 | +13.58% | −12.66% |
| Diviniti Equity Long Short | 3 Dec 2025 | −11.86% | −13.02% |
| Titanium Hybrid Long-Short | 17 Dec 2025 | +0.33% | −12.45% |
Six of the seven gained while the Nifty 50 lost between 9.75% and 13.25%. The seventh, Diviniti, lost 11.86%, slightly less than the index over its window.
One house, qsif, accounts for three of the seven and the three largest gains. The spread is wide: from −11.86% to +30.26% across seven funds that began within ten weeks of each other. That alone says to treat SIFs as individual strategies, not as a category with one result.
The last three months
The Nifty 50 fell 7.36% from 7 July to 7 October 2026. Of the 27 strategies that already had a NAV on 7 July:
- 26 did better than the Nifty 50, and 13 rose in absolute terms
- the best was qsif Hybrid Long-Short, +21.79%
- the worst was Diviniti Equity Long Short, −7.44%, a shade below the index
By type, the median three-month return was:
| Strategy type | Strategies with a 7 July NAV | Median 3-month return |
|---|---|---|
| Equity long-short | 9 | −3.90% |
| Equity ex-top-100 long-short | 5 | 0.00% |
| Hybrid long-short | 9 | +0.85% |
| Active asset allocator long-short | 3 | +0.83% |
For comparison, over the last month (from 7 September, when the Nifty 50 fell 4.95%) 32 of 33 strategies did better than the index, and the median equity long-short SIF fell 2.39%.
Why that comparison is not fair
Most SIFs are not meant to behave like the index. Hybrid long-short strategies hold less equity than an index fund, and long-short ones can offset losses by shorting. A hybrid SIF losing less than the Nifty 50 in a falling market is what its design would predict.
A short falling stretch flatters them. The comparison window is one in which the Nifty 50 fell. The same funds may lag a rising index, and 12 months of NAVs cannot show that.
The numbers are small samples. The "median" of three funds is just the middle fund.
Past results are not a forecast. The ₹10 lakh minimum and the ability to short mean SIFs are a different product from the mutual funds on this site; see SIF vs mutual fund vs PMS.
Where to go from here
For the mid-September snapshot, read SIF strategies compared and SIF returns in the first half of 2026. For how the wider market behaved, see the Nifty 50's P/E in October.
Frequently asked questions
How have specialised investment funds (SIFs) performed in their first year?
Of the 34 Direct Growth SIF strategies from 17 houses, 29 were above their first NAV on 7 October 2026 and 5 below. The seven with the longest records, begun between 8 October and 17 December 2025, show six gains and one loss; over the same windows the Nifty 50 fell 9.75% to 13.25%.
Did SIFs fall less than the Nifty 50 recently?
Over the three months to 7 October 2026, the Nifty 50 fell 7.36%. Of the 27 strategies with a NAV on 7 July, 26 did better than that, and 13 rose. The median equity long-short SIF fell 3.90%; the median hybrid long-short SIF rose 0.85%.
What is a SIF?
A specialised investment fund is a SEBI-approved product between mutual funds and PMS. It can go long and short, and requires a minimum investment of ₹10 lakh per investor across a house's SIF strategies. This post compares NAV movements and gives no view on suitability.
This is commentary on published data, not investment advice. WealthTicker is not a SEBI-registered adviser or distributor. Figures are WealthTicker’s own calculations from public data — AMFI’s fund NAVs and disclosures, NSE’s index and FII/DII files, and the fund houses’ monthly portfolios (how we calculate). They are as of the dates stated and can be revised by their source.
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