An arbitrage-led hybrid SIF built for stability — covered calls, cash-futures and merger arbitrage over a conservative large-cap sleeve and AAA debt. +4.01% over 3 months (Value Research, Regular plan) — among the steadiest profiles in the category (VR risk level 1).
Altiva's score is built on strategy coherence, low-correlation track record, and capital protection through the March 2026 mid-cap crash. The cost & liquidity score is the highest in the category. Track record is still the only structural cap.
An arbitrage-led hybrid with a conservative unhedged equity sleeve — the design has held through the only real stress test the SIF category has seen.
The bedrock is arbitrage, not directional equity. Roughly 35-45% of the book sits in cash-future spreads, covered calls, and merger arbitrage trades. These positions earn the equity-debt spread (typically 5-7%) with near-zero net market exposure.
The unhedged equity sleeve is 25-35% large cap. Where iSIF Hybrid would shift to small caps or short the index, Altiva keeps the directional book in Nifty 50 and Nifty Next 50 names. This dampens drawdown but caps upside.
The remaining 20-30% is in AAA-rated debt with 1-3 year duration. Edelweiss runs one of the more disciplined debt desks in the mid-sized AMC space — no aggressive duration plays, no credit excursions.
The design favours stability over upside. Because arbitrage forms the bedrock, Altiva is built to protect capital through corrections rather than to lead in rallies — the trade-off being a lower return ceiling than a directional equity SIF.
If iSIF Hybrid is the contrarian's choice, Altiva is the conservative's choice. They are not substitutes — they are complements.
Altiva does one thing extraordinarily well: it earns the arbitrage spread plus a controlled equity beta. Through the March 2026 correction, that mechanical structure protected capital while every other SIF lost between 4% and 12% of NAV.
The trade-off is upside. If markets run hard, Altiva is built to capture materially less of that upside — by design, not the full move. We are comfortable with that compression for the role this fund plays in a portfolio: stable, tax-efficient, low-drawdown.
Our ACCUMULATE rating reflects exactly this. It is not the most exciting fund in the universe. It is, however, the one we are highest-conviction about as a foundational SIF holding for clients whose primary goal is protecting and compounding existing wealth.
Three placement profiles. Altiva's role is consistent: the stable, tax-advantaged sleeve replacing arbitrage funds, low-volatility debt, or conservative hybrid allocations.
Altiva is the proven track record. iSIF Hybrid is the deepest mandate. Magnum is the distribution scale. Three distinct propositions in the Hybrid LS category.
| Attribute | Altiva Hybrid | iSIF Hybrid | Magnum Hybrid |
|---|---|---|---|
| TFS Score | 76 ACCUMULATE | 78 ★ BUY | 75 ACCUMULATE |
| AMC | Edelweiss | ICICI Prudential | SBI |
| Lead PM | Jain / Lahoti / Dalal | Sankaran Naren | R Srinivasan |
| Launched | Oct 2025 (longest) | Jan 2026 | Oct 2025 |
| Net equity range | 25% to 65% | −7.5% to +75% | 30% to 70% |
| AUM | ₹4,466 Cr | ₹844 Cr | ₹3,462 Cr |
| TER (Regular) | 2.18% | 2.64% | 2.06% |
| Best fit | Conservative HNI / arbitrage replacement | Contrarian / unconstrained | Mass-affluent core |
Bold = leader on that row. See all 20 live SIFs →
An ACCUMULATE rating, not a slam-dunk. Four scenarios where the thesis weakens.