Aditya Birla Sun Life Launches Two New Equity SIFs: Apex Equity Long-Short Fund and Apex Equity Ex-Top 100 Long-Short Fund

India's Specialized Investment Fund ecosystem continues to expand as leading Asset Management Companies introduce more sophisticated investment strategies for investors seeking alternatives to traditional mutual funds.

In the latest development, Aditya Birla Sun Life AMC Limited is expanding its Apex SIF platform with two new equity-oriented strategies:

Apex Equity Long-Short Fund

and

Apex Equity Ex-Top 100 Long-Short Fund

Both strategies are designed to provide investors with equity-market exposure while giving the fund manager greater flexibility through derivative-based strategies and limited short exposure.

The two schemes complement the existing Apex Hybrid Long-Short Fund, which was the AMC's first SIF strategy and commenced in March 2026. Aditya Birla Sun Life AMC had earlier indicated that it planned to expand the Apex SIF platform with equity long-short and equity Ex-Top 100 long-short strategies.

What Are the New Apex SIF Strategies?

The two new strategies belong to the equity-oriented segment of the Specialized Investment Fund framework.

While both strategies use a long-short approach, their investment universes are different.

The Apex Equity Long-Short Fund provides a broader equity investment mandate, while the Apex Equity Ex-Top 100 Long-Short Fund specifically focuses on opportunities beyond India's largest 100 companies by market capitalization.

This distinction is important because investors looking for broad equity exposure and investors specifically looking for mid- and small-cap opportunities may have very different portfolio requirements.

Apex Equity Long-Short Fund

The Apex Equity Long-Short Fund is designed as an open-ended equity-oriented SIF strategy.

Its investment objective is to generate long-term capital appreciation through a diversified portfolio of equity and equity-related instruments, while also allowing limited short exposure through derivatives.

The scheme's benchmark is the NIFTY 500 TRI.

The strategy's offer document filed with SEBI provides for a minimum application amount of ₹10 lakh, reflecting the SIF framework's positioning for investors with a higher investment threshold.

The fund is also structured with an exit load of 1% for redemptions or switches on or before 365 days from allotment, with no exit load after that period.

What makes the Apex Equity Long-Short Fund different?

Traditional equity mutual funds generally operate with a long-only portfolio structure.

An equity long-short SIF can use derivatives to create short exposure within the regulatory framework.

This provides the fund manager with an additional portfolio-management tool that can potentially be used for:

• Managing market exposure
• Hedging selected positions
• Expressing negative views
• Managing portfolio risk
• Potentially generating additional return opportunities

SEBI's SIF framework permits eligible equity long-short strategies to have up to 25% unhedged short exposure through derivatives.

Apex Equity Ex-Top 100 Long-Short Fund

The second strategy is the Apex Equity Ex-Top 100 Long-Short Fund.

This strategy is particularly interesting because it focuses on companies outside the top 100 by market capitalization.

According to Aditya Birla Sun Life AMC's official Apex SIF information, the strategy invests 65%–100% in equity and equity-related securities of Ex-Top 100 companies.

The strategy can also allocate:

• 0–35% to other equity and equity-related instruments
• 0–35% to debt, cash and money-market instruments
• 0–20% to units of InvITs

The strategy can use derivatives and has the ability to take up to 25% short exposure through derivatives.

What Does "Ex-Top 100" Mean?

The term Ex-Top 100 refers to companies outside the large-cap universe as identified by AMFI.

In practical terms, this creates a significantly different investment universe from a strategy concentrated on India's biggest companies.

The Apex Equity Ex-Top 100 Long-Short Fund is designed to participate in opportunities across the broader mid- and small-cap universe while retaining the flexibility of a long-short strategy.

Aditya Birla Sun Life AMC specifically describes the strategy as targeting opportunities beyond the top 100 and seeking participation in the growth potential of mid- and small-cap companies.

How Does Apex Equity Ex-Top 100 Long-Short Fund Work?

The strategy combines different types of equity opportunities.

Core Long Positions

The strategy can look for:

• Established businesses
• Structural compounders
• Cyclical recovery opportunities
• Deep-value opportunities

Opportunistic Long Positions

The portfolio can also identify shorter-duration opportunities where identifiable catalysts may drive potential returns.

Special Situations

The strategy may look at:

• Corporate actions
• Select non-consensus opportunities
• Other event-driven situations

This gives the strategy a broader toolkit than a conventional long-only mid-cap or small-cap fund.

Why Is the Long-Short Approach Important?

One of the biggest differences between a conventional equity mutual fund and an equity long-short SIF is the ability to use short exposure through derivatives.

In a traditional long-only portfolio, the primary way to benefit from equities is for the securities held by the portfolio to appreciate.

A long-short strategy introduces another dimension.

The manager can potentially:

Go long on securities where the outlook is positive.

Go short on selected securities through permitted derivative positions where the outlook is negative or where the position is intended to manage portfolio exposure.

This can potentially allow the portfolio's net equity exposure to be adjusted depending on market conditions.

However, short positions and derivatives also introduce additional complexity and risk. The strategy's ability to use these instruments does not guarantee better returns or lower volatility.

Apex Equity vs Apex Equity Ex-Top 100: What's the Difference?

The easiest way to understand the two strategies is through their investment universe.

Apex Equity Long-Short Fund

The broader equity long-short strategy is designed around a diversified equity portfolio and derivative-based short exposure.

Its benchmark is NIFTY 500 TRI.

Apex Equity Ex-Top 100 Long-Short Fund

The Ex-Top 100 strategy specifically focuses on companies outside the top 100 by market capitalization.

Its portfolio is therefore designed to participate more directly in the broader mid- and small-cap opportunity set.

The AMC's official information states that the strategy's primary allocation can be 65%–100% to Ex-Top 100 equity and equity-related securities.

Apex SIF NFO 2026

The new strategies are part of Aditya Birla Sun Life AMC's expansion of the Apex SIF platform.

The AMC's official communication announced the launch of the Apex Equity Ex-Top 100 Long-Short Fund, with the NFO opening on 10 August 2026.

The NFO offer price for the new strategies is ₹10 per unit, as reflected in the scheme offer-document information for the Apex Equity Long-Short Fund.

For investors, the important point is that SIFs have a significantly higher entry threshold than conventional mutual funds.

The minimum investment for an SIF is ₹10 lakh, and Aditya Birla Sun Life's Apex SIF platform also states a ₹10 lakh aggregate minimum investment requirement at the PAN level across its SIF strategies.

Apex SIF: From One Strategy to a Broader Platform

Aditya Birla Sun Life AMC entered the SIF category with the Apex Hybrid Long-Short Fund, launched in March 2026.

The AMC subsequently planned to expand its SIF offering with equity long-short and equity Ex-Top 100 long-short strategies.

The addition of these two strategies significantly broadens the Apex SIF platform, giving investors exposure to different investment approaches across the SIF ecosystem.

The AMC's Apex SIF platform now positions itself across multiple investment categories, including equity, hybrid and future strategy segments.

What Is an Equity Long-Short SIF?

An Equity Long-Short SIF is a Specialized Investment Fund strategy that primarily invests in equities while having the flexibility to use derivatives for short exposure.

Under the SIF framework, the equity long-short category generally requires at least 80% allocation to equity and equity-related instruments, with unhedged short exposure permitted up to 25% of net assets.

This differentiates the strategy from conventional long-only equity mutual funds.

What Is an Equity Ex-Top 100 SIF?

An Equity Ex-Top 100 Long-Short SIF is focused on companies outside the top 100 by market capitalization.

Under the SIF framework, this category requires at least 65% exposure to companies outside the top 100, while allowing limited short exposure through derivatives.

This makes it particularly relevant for investors looking for a more specialized approach to the mid- and small-cap universe.

Who May Consider Apex Equity SIF Strategies?

These strategies are not designed for every investor.

They may be relevant for investors who:

• Have the required ₹10 lakh investment threshold
• Have a higher risk appetite
• Understand equity-market volatility
• Are comfortable with derivative-based strategies
• Have a medium- to long-term investment horizon
• Want an actively managed equity strategy
• Are looking beyond traditional long-only mutual funds

For the Apex Equity Ex-Top 100 strategy specifically, Aditya Birla Sun Life AMC suggests a recommended investment horizon of more than three years, given the nature of mid- and small-cap investing and the long-short strategy.

Apex Equity Ex-Top 100 SIF Investment Horizon

The recommended investment horizon for the Apex Equity Ex-Top 100 Long-Short Fund is more than three years.

This is particularly relevant because mid- and small-cap businesses can require time for their underlying growth or investment thesis to play out.

A longer investment horizon may also allow the long-short strategy and derivative positions to operate through different market conditions.

Apex SIF and Taxation

Taxation is an important consideration when evaluating any investment strategy.

Aditya Birla Sun Life AMC's official Apex Equity Ex-Top 100 page currently states that the strategy receives equity taxation treatment, including a 12.5% long-term capital-gains rate after a holding period of more than one year.

However, investors should not assume that every SIF automatically receives identical tax treatment.

Tax treatment depends on the scheme's actual structure, underlying investments and applicable provisions of the Income Tax Act.

Investors should therefore refer to the latest Investment Strategy Information Document (ISID), Key Information Memorandum (KIM) and applicable tax provisions before making an investment decision.

How Apex SIF Fits Into India's Growing SIF Ecosystem

The launch comes at a time when India's SIF ecosystem is expanding rapidly.

SIFs were designed to bridge a gap between traditional mutual funds and more sophisticated investment vehicles by allowing AMCs to offer strategies involving long-short positions, derivatives and more flexible portfolio construction within the mutual-fund regulatory framework.

The category currently includes strategies such as:

• Equity Long-Short
• Equity Ex-Top 100 Long-Short
• Sector Rotation Long-Short
• Hybrid Long-Short
• Active Asset Allocator Long-Short
• Debt Long-Short
• Sectoral Debt Long-Short

Aditya Birla Sun Life's two new strategies strengthen the equity-oriented side of this emerging ecosystem.

What Makes the Apex Launch Significant?

The launch is significant for three reasons.

1. More Choice for SIF Investors

Investors now have additional options within the Apex SIF platform instead of being restricted to a single hybrid strategy.

2. Greater Focus on Equity Strategies

The new strategies expand Apex into pure equity-oriented SIF categories.

3. Dedicated Ex-Top 100 Strategy

The Apex Equity Ex-Top 100 Long-Short Fund specifically targets opportunities outside India's top 100 companies, giving the platform a differentiated mid- and small-cap-oriented strategy.

Apex Equity SIF vs Traditional Equity Mutual Fund

The key difference is flexibility.

A traditional equity mutual fund generally relies on long positions.

An equity long-short SIF can combine equity investments with derivative-based short exposure within its permitted limits.

This potentially gives the fund manager greater flexibility to alter net market exposure.

However, greater flexibility also means greater complexity.

Investors should therefore understand how derivatives are being used, rather than simply assuming that "long-short" automatically means lower risk or higher returns.

Final Takeaway

The launch of Apex Equity Long-Short Fund and Apex Equity Ex-Top 100 Long-Short Fund marks an important expansion of Aditya Birla Sun Life AMC's presence in India's Specialized Investment Fund ecosystem.

The two strategies offer distinctly different approaches.

The Apex Equity Long-Short Fund provides a broader equity-oriented long-short approach benchmarked to the NIFTY 500 TRI.

The Apex Equity Ex-Top 100 Long-Short Fund takes a more specialized route by focusing predominantly on companies outside the top 100 by market capitalization, while incorporating dynamic positioning and limited short exposure through derivatives.

For investors exploring the rapidly evolving SIF landscape, the launch adds another important choice between traditional equity investing, equity long-short strategies and Ex-Top 100 long-short strategies.

As with any market-linked investment, investors should evaluate the strategy, risk profile, investment horizon, liquidity and applicable taxation before investing.

FAQs

What is Apex Equity Long-Short Fund?

Apex Equity Long-Short Fund is an equity-oriented Specialized Investment Fund from Aditya Birla Sun Life AMC that invests in equity and equity-related instruments and can use derivatives for limited short exposure. Its benchmark is NIFTY 500 TRI.

What is Apex Equity Ex-Top 100 Long-Short Fund?

It is an equity-oriented SIF strategy focused predominantly on companies outside the top 100 by market capitalization, with the flexibility to use derivatives and limited short exposure.

When did the Apex Equity Ex-Top 100 SIF NFO open?

The NFO opened on 10 August 2026.

What is the minimum investment in Apex SIF?

The minimum SIF investment is ₹10 lakh. Aditya Birla Sun Life's Apex SIF platform states a ₹10 lakh aggregate investment requirement at the PAN level across SIF strategies.

What is the minimum allocation to Ex-Top 100 companies?

The Apex Equity Ex-Top 100 Long-Short Fund can allocate 65%–100% to equity and equity-related securities of Ex-Top 100 companies.

Can Apex Equity Ex-Top 100 SIF take short positions?

Yes. The strategy can use derivatives and has provision for up to 25% short exposure through derivatives.

What is the benchmark of Apex Equity Long-Short Fund?

The benchmark is NIFTY 500 TRI.

What is the recommended holding period for Apex Equity Ex-Top 100 SIF?

Aditya Birla Sun Life AMC recommends an investment horizon of more than three years for the strategy.