Summit Active Asset Allocator Long-Short

An interval strategy whose stated aim is income from arbitrage across several asset classes. The ISID and KIM (both dated 28 September 2026) describe the strategy type as an "Interval investment strategy dynamically investing across equity, debt, equity and debt derivatives, InVITs and commodity derivatives, including limited short exposure on permitted instruments through derivatives", in the category "Active Asset Allocator Long-Short Fund". The stated investment objective is: "To generate income by actively seeking arbitrage opportunities and investing across multiple asset classes, such as equity & equity related instruments, fixed income instruments and commodity derivatives, while taking limited short exposure on permitted instruments through derivatives to optimize returns and manage risk. There is no assurance that the investment objective of the Investment strategy will be achieved." Investment Strategy Code: SSIF/O/H/AALS/26/07/0002/INVM; the Summit Equity Long-Short Fund's code in AMFI ISID S-30 ends 0001/INVM, consistent with this being Summit SIF's second strategy. The ISID states it is a new strategy with no performance track record. Sources: https://portal.amfiindia.com/spages/S-37.pdf ; https://summitsif.invescomutualfund.com/docs/siflibraries/literature---forms/forms/summit-sif---kim---summit-active-asset-allocator-long-short-fund.pdf?sfvrsn=604e42cd_1

Equity may run from 65% to 90%, alongside a separate 25% band for unhedged short derivative positions. The ISID asset-allocation table gives, as a percentage of net assets under normal circumstances: Equity and equity related instruments 65% minimum to 90% maximum; Exchange Traded Commodity Derivatives 0% to 25%; Units issued by InvITs 0% to 20%; Debt and money market instruments 10% to 35%; and short exposure through unhedged derivative positions in equity and debt instruments 0% to 25%. The ISID adds that derivatives may be used up to 100% of net assets, that overseas securities may be held up to 35% of net assets (or the residual regulatory limit, if lower), and that cumulative gross exposure across equity, debt, derivative, commodity, repo, CDS and InvIT positions shall not exceed 100% of net assets under para 21.6.1(e) of the SEBI Master Circular of 20 March 2026. Section II of the ISID also repeats SEBI's commodity-derivative limits: exposure to a single good not above 10% of NAV (not applicable to Gold/Silver ETFs) and total ETCD exposure not above 30% of NAV, with no net short position in ETCDs on any particular good. Sources: https://portal.amfiindia.com/spages/S-37.pdf ; https://summitsif.invescomutualfund.com/docs/siflibraries/literature---forms/forms/summit-sif---kim---summit-active-asset-allocator-long-short-fund.pdf?sfvrsn=604e42cd_1

The benchmark is a three-part blend of equity, short-term bond and commodity indices. The ISID benchmark is "40% Nifty 500 TRI + 40% CRISIL Short Term Bond Fund Index + 20% iCOMDEX Composite Index". Its justification reads that the benchmark is in line with para 21.9.3.(c) of the SEBI Master Circular dated 20 March 2026 (Chapter 21 for SIFs) and that, as a composite index, it "provides an appropriate blend of equity, debt, and commodities", which is the stated reason for using it to compare the investment strategy's performance. The ISID shows the benchmark in the same risk band as the strategy (Level 3) and reserves the right to change the benchmark subject to SEBI rules. The ISID does not describe Tier 1 and Tier 2 benchmarks. Sources: https://portal.amfiindia.com/spages/S-37.pdf ; https://summitsif.invescomutualfund.com/docs/siflibraries/literature---forms/forms/summit-sif---kim---summit-active-asset-allocator-long-short-fund.pdf?sfvrsn=604e42cd_1

The ISID describes arbitrage, fundamentals-based long positions and limited unhedged shorts. Under Investment Approach the ISID says the strategy "will exploit arbitrage opportunities, while taking limited short exposure on permitted instruments through derivatives", will "primarily invest in equity and equity related instruments", and that "Long positions may be established to capitalize on either long-term fundamentals or short-term tactical opportunities". Derivatives may be used to capture arbitrage opportunities and to increase or decrease market participation, and "Unhedged short positions in derivatives up to 25% may be used in stocks expected to underperform due to factors such as weak fundamentals and excessive valuations". On debt, active duration calls may be taken and debt derivatives may be used to adjust duration. On commodities, long-term positions are to be based on commodity fundamentals and short-term positions on arbitrage, price-correction or event-based opportunities. The ISID's tentative list of derivative strategies for short exposure is: shorting futures; buying put options; put spreads; selling calls or call spreads; and selling puts alongside short futures (an "inverse covered call"). It warns that these "may entail the potential for theoretically unlimited losses in the case of uncovered short positions". Source: https://portal.amfiindia.com/spages/S-37.pdf

The AMC's own launch material frames the same strategy mainly as multi-asset arbitrage. The AMC presentation and product note list six indicative sub-strategies: plain (cash-futures) arbitrage, synthetic arbitrage using options to create futures-like positions, index arbitrage, special-situations arbitrage (mergers, buybacks, offers for sale, QIPs), commodity arbitrage, and debt and margin float in high-credit-quality instruments. Slide 11 of the presentation shows an indicative mix of plain arbitrage 20-40%, synthetic arbitrage 20-40%, index arbitrage 0-10%, OFS/QIP/merger 0-5%, commodity arbitrage 0-15% and debt 15%; the slide and the product note describe these as illustrative, indicative and subject to change. The presentation and one-pager each state that the document alone is not sufficient to form an investment decision, so the ISID is the document to read for the binding terms. Sources: https://summitsif.invescomutualfund.com/docs/siflibraries/literature---forms/presentation/presentation---summit-active-asset-allocator-long-short-fund.pdf?sfvrsn=c64e42cd_1 ; https://summitsif.invescomutualfund.com/docs/siflibraries/default-document-library/the-strength-of-a-multi-arbitrage-approach.pdf?sfvrsn=6f6f28cd_1 ; https://summitsif.invescomutualfund.com/docs/siflibraries/literature---forms/one-pagers/one-pager---summit-active-asset-allocator-long-short-fund.pdf?sfvrsn=be4e42cd_1

Subscription is daily, redemption is twice a week, and the units are proposed to be listed on NSE. The ISID states that units can be purchased on all business days and that redemption and switch-out are available "Every Monday and Every Wednesday", with the immediately succeeding business day used if either falls on a non-business day. Redemption proceeds are to be transferred within 3 business days of acceptance. At present there is no notice period, but the AMC may introduce one of up to 15 working days. The strategy re-opens for continuous sale and repurchase "Within 5 business days from the date of allotment". Being an interval strategy, its units are proposed to be listed on the capital market segment of NSE within 5 business days of allotment (the ISID cites NSE letter NSE/LIST/6089 dated 2 June 2026 and notes that this permission is not an approval of the document); exchange prices depend on demand and supply, and the ISID's risk factors say units may trade at a premium or discount to NAV. Minimum target amount in the NFO is Rs 20 crore, failing which subscriptions are refunded. Sources: https://portal.amfiindia.com/spages/S-37.pdf ; https://summitsif.invescomutualfund.com/docs/siflibraries/literature---forms/forms/summit-sif---kim---summit-active-asset-allocator-long-short-fund.pdf?sfvrsn=604e42cd_1

A Rs 10 lakh entry ticket, Rs 1 lakh for accredited investors, and a PAN-level floor. The ISID and KIM specify, during the NFO and on a continuous basis, a minimum purchase of Rs 10,00,000 and in multiples of Re 1 thereafter; additional purchases from Rs 1,000; switch-ins from Rs 1,00,000; and minimum redemption of Rs 1,000. They also state a "Minimum Application Amount for Accredited Investors" of Rs 1,00,000 and in multiples of Re 1, and, under the minimum-threshold clause, that "the requirement of minimum investment amount shall not apply to an accredited investor". The minimum aggregate investment across all Summit SIF strategies at PAN level is Rs 10 lakh and does not count holdings in Invesco Mutual Fund schemes. If an investor's holding falls below the threshold through their own transaction (an active breach), all units are frozen and a 30-calendar-day notice is given before automatic redemption; a fall caused only by NAV decline (a passive breach) lets the investor redeem the entire remaining holding. Sources: https://portal.amfiindia.com/spages/S-37.pdf ; https://summitsif.invescomutualfund.com/docs/siflibraries/literature---forms/forms/summit-sif---kim---summit-active-asset-allocator-long-short-fund.pdf?sfvrsn=604e42cd_1

The exit load steps down over the first 60 days. For each purchase through lump sum, switch-in, SIP or STP, the ISID and KIM state an exit load of 0.50% if units are redeemed or switched out on or before 30 days from the date of allotment; 0.25% if after 30 days but on or before 60 days; and Nil after 60 days. Switches between plans of the strategy carry no load, no exit load is levied on units issued on IDCW reinvestment, and any load charged is credited back to the strategy net of GST. The ISID adds that the redemption price will not be lower than 97% of the applicable NAV. Sources: https://portal.amfiindia.com/spages/S-37.pdf ; https://summitsif.invescomutualfund.com/docs/siflibraries/literature---forms/forms/summit-sif---kim---summit-active-asset-allocator-long-short-fund.pdf?sfvrsn=604e42cd_1

Risk band Level 3 at the NFO, a label the ISID says can change after launch. The ISID and KIM show "Risk band Level 3" for both the strategy and its benchmark, on the AMFI scale of 1 to 5, and state that the product labelling assigned during the NFO is based on internal assessment and "may vary post NFO when the actual investments are made". The mandatory product label lists the investor need as "Income over medium-term" and investment "across equity & equity related instruments, fixed income instruments, commodity derivatives, and arbitrage opportunities, while taking limited short exposure on permitted instruments through derivatives". The documents carry the standard statement that investment in a Specialized Investment Fund "involves relatively higher risk including potential loss of capital, liquidity risk and market volatility". Sources: https://portal.amfiindia.com/spages/S-37.pdf ; https://summitsif.invescomutualfund.com/docs/siflibraries/literature---forms/forms/summit-sif---kim---summit-active-asset-allocator-long-short-fund.pdf?sfvrsn=604e42cd_1

One named fund manager, Deepak Gupta, with no other SIF strategies under his management. The ISID and KIM name Mr. Deepak Gupta as the fund manager, with tenure on the strategy shown as not applicable because it is new. The ISID's fund-manager table lists "Other Investment Strategies managed by the Fund Manager(s): Nil" and states that appointing a dedicated manager for ETCDs or foreign securities is optional, with the strategy's fund manager responsible for both. Sources: https://portal.amfiindia.com/spages/S-37.pdf ; https://summitsif.invescomutualfund.com/docs/siflibraries/literature---forms/forms/summit-sif---kim---summit-active-asset-allocator-long-short-fund.pdf?sfvrsn=604e42cd_1