The largest SMID-focused SIF by AUM. ≥65% allocated to stocks ranked beyond Top 100 by market cap. A high-beta SMID strategy that took a hard hit in the early-2026 mid-cap correction and is rebuilding. Latest returns: −0.20% (1M) · +1.55% (3M), Value Research (Regular plan).
High score on manager pedigree, platform, and strategy coherence — same ICICI Pru institutional muscle as iSIF Hybrid. The structural drawback is volatility: this is the highest-beta SIF on the platform, fit only as a satellite holding.
A long-biased SMID equity strategy with derivative shorts overlaid as drawdown control. As a long-biased SMID strategy with a short overlay, it aims to participate in mid/small-cap upside while using the short book to cushion market beta — a design intent, not a demonstrated pattern given its short live record.
At least 65% of assets sit in stocks ranked beyond the Top 100 by market cap — the SEBI-defined ex-top-100 (SMID) universe — leveraging ICICI Prudential's SMID research coverage.
Up to 25% of net assets can be held short via derivatives. Stock and index futures/options are used to hedge market beta during stress rather than to express stock-specific bear views. The fund is benchmarked to the Nifty 500 TRI.
The early months tested the design. Launched in early 2026, the fund ran straight into a sharp SMID correction. The drawdown reflects SMID beta; the thesis rests on the long book being high-quality SMID with structural earnings tailwinds as the cycle turns.
At ₹1,707 Cr AUM (Value Research), it is among the larger equity SIFs. As a mid/small-cap strategy, capacity is naturally more limited than a large-cap fund — worth watching as AUM grows, though the AMC has not published a stated capacity or soft-close figure.
The mandate is specific: at least 65% of assets stay in stocks ranked beyond the Top 100 by market cap — the SEBI-defined ex-top-100, or SMID, universe — while up to 25% of the book can be held in unhedged short positions through stock and index derivatives (F&O). It is benchmarked to the Nifty 500 TRI, and at around ₹1,707 crore it is among the larger equity SIFs by assets (Value Research).
The record so far is short. The fund has only been live since February 2026 and launched straight into that year's SMID correction, so the live NAV and returns shown above capture a difficult opening stretch rather than a settled cycle. For a strategy this sensitive to mid- and small-cap swings, a handful of months tells you little; the more informative test is a full up-and-down SMID cycle, which has not yet elapsed. Past performance is not indicative of future returns.
Three attributes are worth weighing together. It sits in Risk Band 5 of 5 — the highest — which reflects how sharply a SMID book can move; it is nonetheless daily-dealing and open-ended, with proceeds in roughly three business days and a 1% exit load inside the first 12 months; and it is taxed as an equity-oriented fund, so gains held beyond 12 months fall under the 12.5% long-term rate. High volatility sitting alongside everyday liquidity is a combination that tends to reward a patient holding period over frequent trading.
The fund carries a Trustner Fund Score, and this page frames it as a satellite-type holding rather than a core one — a description of its single-segment, high-volatility profile, not a prompt to buy or sell. Investors sometimes weigh a fund like this against how much SMID exposure they already hold and how much drawdown they can sit through; the AMC has published no soft-close or capacity figure, so capacity as assets grow is one more thing to keep an eye on.
Instead of a prescribed allocation, here are three investor types this fund is generally structured for, and the considerations each might weigh. These are educational profiles, not personalised advice — whether this fund fits a given portfolio, and to what extent, depends on the full picture and is best settled in a one-to-one suitability conversation.
Only two live funds in the Equity Ex-Top 100 LS category. The remaining names (Altiva Equity Ex-Top 100 LS, WSIF Ex-Top 100) are in NFO or just-launched, with insufficient track record.
| Attribute | iSIF Equity Ex-Top 100 LS | qSIF Equity Ex-Top 100 | WSIF Equity Ex-Top 100 |
|---|---|---|---|
| TFS Score | 74 High | New | New |
| AMC | ICICI Prudential | Quant | The Wealth Company |
| Lead PM | ICICI Pru SMID desk | Sandeep Tandon | (Multiple) |
| Launched | Jan 2026 | Jan 2026 | May 2026 (new) |
| Approach | Fundamental SMID + short hedge | Systematic VLRT | Long-biased SMID |
| 1M return (VR) | −0.20% | −1.80% | — |
| AUM | ₹1,707 Cr | ₹170 Cr | Data gap |
| Best fit | Satellite SMID alpha | Quant overlay seekers | New AMC bet (Wait) |
Bold = leader. The Ex-Top 100 category is still small, with only a handful of live schemes. See all 25 live SIFs →
A satellite holding with asymmetric upside also carries asymmetric downside. Four scenarios to monitor.
The people responsible for this SIF, as named in the scheme's official disclosures. Backgrounds are drawn from published fund and AMC sources; fund managers can change over the life of a scheme.
ICICI Prudential's CIO and a co-manager named on this scheme; also manages the firm's India Opportunities Fund.
Chartered Accountant and CFA charterholder with a PGP from ISB; co-manages the ICICI Prudential Business Cycle Fund.
Chartered Accountant (CFA Level 1); with ICICI Prudential AMC since 2016 and in a fund-manager role since 2025; co-manages the India Opportunities and Business Cycle funds.
Sources: ICICI Prudential's official Key Information Memorandum for the scheme (names all three managers); backgrounds via Groww and published manager-profile sources.