Platinum Hybrid Long-Short

An income-first hybrid, not an equity fund. The ISID states the objective as: "The Investment Strategy shall seek to generate regular income through investment in derivative strategies, arbitrage opportunities and debt and money market instruments and to generate long-term capital appreciation by investing in unhedged equity and equity related instruments." The document adds the standard caveat that "There is no assurance that the investment objective of the Investment Strategy will be achieved." It is categorised as a Hybrid Long-Short Fund with investment strategy code PSIF/I/H/HLSF/26/04/0001/MIRA.

Interval structure — daily in, twice-weekly out. This is the mechanical feature that most distinguishes the scheme from its equity long-short peers. The ISID records subscription frequency as "All business days" but redemption frequency as "2 times in a week (Monday & Thursday) or at any lesser frequency as may be decided by the AMC." Redemption requests received after Thursday 3.00 PM till Monday 3.00 PM are processed at Monday NAV, and those received after Monday 3.00 PM till Thursday 3.00 PM at Thursday NAV. To supplement that liquidity, units "are proposed to be listed on NSE and / or BSE within 5 business days from the date of allotment."

Asset allocation bands and the 25% unhedged short cap. Under normal circumstances the ISID's indicative allocation (as a % of total assets) is: Equity and equity related instruments 65%-75%; Short exposure through unhedged derivative positions in equity and debt instruments 0%-25%; Debt and Money Market Instruments 25%-35%; Units issued by InvITs 0%-20%. The document explains the SIF-specific headroom: the strategy may take "unhedged short exposure through derivative instruments of up to 25% of net assets, in addition to derivative exposure undertaken for hedging and portfolio rebalancing purposes," and separately may deploy up to 75% of net assets in equity derivatives for hedging and portfolio rebalancing (including writing covered call options). Cumulative gross exposure must not exceed 100% of net assets.

The approach is arbitrage and options-structure led. The ISID's investment-approach section says the approach "has been formulated with the primary objective of generating steady, income-oriented returns with minimal downside risk" and "seeks to fully utilize the expanded risk-mitigation avenues available under the SIF framework, particularly through the use of complex derivative structures." Named core income-generating strategies include arbitrage (single-stock futures versus underlying equity; index futures versus constituent stocks) and covered calls — buying underlying equities while selling out-of-the-money calls, with downside mitigated by purchasing put options. The strategy explicitly does not invest in credit default swaps, unrated debt (other than G-Secs, T-Bills and other money market instruments), or overseas/foreign securities.

Ticket sizes are SIF-sized, and the PAN-level floor applies. Minimum application during the NFO and on a continuous basis is Rs 10,00,000 and in multiples of Rs 1,000 thereafter, reduced to Rs 1,00,000 for accredited investors from 1 Jul 2026 (Rs 5,00,000 before that; Mirae Asset addendum SIF/05/2026). Additional purchases are Rs 10,000 and in multiples of Rs 1,000. Minimum redemption is "any amount" or "any number of units." Above all of this sits the regulatory floor: aggregate investment across all investment strategies offered by Platinum SIF, at PAN level, must not be less than Rs 10 lakh, and the ISID sets out a 30-calendar-day rebalancing notice and automatic redemption of frozen units if an active breach is not cured.