Select Equity Ex-Top 100 Long-Short Fund NFO: Key Details

Select SIF, presented by Sundaram Mutual, is Sundaram Asset Management Company's offering under the new Specialized Investment Fund (SIF) framework. The New Fund Offer (NFO) of its Select Equity Ex-Top 100 Long-Short Fund is now open.

An open-ended equity investment strategy investing in equity and equity related instruments, with the flexibility to include limited short exposure in equity through derivative instruments of Ex - top 100 stocks.

NFO dates and offer price

NFO opens on: 21/10/2026
NFO closes on: 04/11/2026
Investment strategy re-opens on: 11/11/2026
New Fund Offer price: Rs. 10/- (Rupees Ten Only) per unit

Source: Key Information Memorandum (KIM) dt. 28/09/2026.

About Select SIF

Select SIF, presented by Sundaram Mutual, is Sundaram Asset Management Company's offering under the new Specialized Investment Fund (SIF) framework. It is designed for investors who want a differentiated investment offering, while retaining a SEBI-regulated investment structure.
Backed by 30+ years of fund management expertise, Sundaram AMC brings deep experience across equity, fixed income, liquid funds, PMS and AIFs, with a focus on research-driven investing, disciplined processes, and innovation.
Today, Sundaram AMC manages ₹91,000+ crore in AUM across mutual funds and alternate investments, with a presence across India, Dubai, and Singapore. (Data as of September 2026.)

Source: sundarammutual.com/selectsif.

Investment objective

To generate capital appreciation in the long term by predominantly investing in equity and equity related securities of Ex – top 100 companies. The Investment Strategy may also invest in various derivative instruments, with the flexibility to include limited short exposure through unhedged derivative positions in equity and equity related instruments of Ex – top 100 stocks upto 25%. There is no assurance that the investment objective of the Investment strategy will be achieved.

Fund facts

Name of the strategy: Select Equity Ex-Top 100 Long-Short Fund
Name of Mutual Fund: Sundaram Mutual Fund
Asset Management Company: Sundaram Asset Management Company Limited
Benchmark: Nifty MidSmallcap 400 TRI
Offer price per unit: ₹10
Minimum investment (Per PAN): ₹10 lakh (Aggregated across all strategies of the SIF); ₹1 lakh (for Accredited Investors)
Plans and options: Regular and Direct | Growth and IDCW (Payout / Reinvestment)
Exit load: If the units are redeemed/ switched out on or before 1 year from the date of allotment – 1% of the applicable NAV. If the units are redeemed/switched out after 1 year from the date of allotment – Nil
Frequency of NAV disclosure: Daily
Subscription / Redemption frequency: Daily / Daily
Fund managers: Madanagopal Ramu (Equity); Shalav Saket (Overseas); Sandeep Agarwal (Fixed Income)

Sources: NFO Presentation (Fund Facts) and KIM.

Asset allocation pattern (as per the KIM)

Under normal circumstances the asset allocation pattern will be:

Equity and Equity related securities (including REITs) of Ex- Top 100* companies (including up to 25% in Unhedged short exposure through derivative instruments)# — Minimum (% of total assets): 65%; Maximum (% of total assets): 100%
Other Equity and Equity related securities# — Minimum (% of total assets): 0%; Maximum (% of total assets): 35%
Debt & Money Market instruments and Units of Debt Oriented Mutual Funds — Minimum (% of total assets): 0%; Maximum (% of total assets): 35%
Units issued by InvITs — Minimum (% of total assets): 0%; Maximum (% of total assets): 10%

*Ex-top 100 companies shall be all companies other than large cap companies. The Large cap companies as identified and disclosed by AMFI, shall be considered. Currently, as per paragraph 3.9.1 (a) of the Master Circular for Mutual Funds dated March 20, 2026, Large Cap companies are defined as 1st – 100th company in terms of full market capitalization. Mutual Funds are required to follow the list of stocks provided by AMFI in this regard.

# Derivatives exposure will be upto 100% of net assets and unhedged short position of Ex-top 100 stocks can be upto 25% of net assets.

Indicative portfolio construction

The NFO presentation describes the intended portfolio as A High Conviction Mid, Small & Beyond 500 Stock Portfolio:

Fund positioning — Indicative: SMID-cap; Description: A flexible approach to invest across mid and small cap stocks
SMID Universe — Indicative: 101–750; Description: By market-cap rank
Portfolio Stocks* — Indicative: 25–40; Description: Concentrated portfolio to drive alpha
SMID Allocation* — Indicative: 85–100%; Description: Flexi SMID allocation
Others* — Indicative: 0–15%; Description: Return enhancer, risk management & capital efficiency

*The above Asset Allocation / No. of stocks are indicative and internal. The actual Asset Allocation may vary based on market conditions. The regulatory limits will always be maintained as per the ISID.

Why this fund (as per the One Sheeter)

Participate in India's growth through its high-growth segment – Mid and Small Cap companies.
The fund will invest in big shifts – identify mega trends, understand underlying drivers, and look to identify emerging leaders in Manufacturing, Premiumisation, Technology (viz. tech platforms) etc.
Mutual-fund tax treatment – Taxed only when you redeem; in a PMS the investor bears capital gains tax on every sell transaction made in the portfolio.
Flexibility to take short positions either to hedge and or seek additional return - not available in a mutual fund.
20+ years of experience in managing mid and small cap funds.
Who it suits – Long-term investors seeking focused non-large-cap exposure.

The case for mid, small and beyond 500

9 in 10 – Of the decade's five-fold gainers started outside the Top 100. 224 companies rose five-fold or more between Mar-2016 and Jun-2026; 200 began as mid or small caps.
2x – Revenue in six years. Combined revenue of listed mid, small and beyond-500 companies rose from ₹21 lakh crore in FY20 to ₹41 lakh crore in FY26 — from 10.4% to 11.6% of GDP.
5x – As many high-growth companies. In each of the last seven quarters, about five times as many companies beyond the Top 100 grew sales, EBITDA and profit by over 25%.

About these figures: Sundaram Mutual Fund internal analysis: every company listed in Mar-2016 tracked to Jun-2026; revenue FY20 to FY26. Descriptive of the past, not a forecast. Past performance may or may not be sustained in future.

How the fund plans to use derivatives

For the Select Equity Ex-Top 100 Long-Short Fund, Sundaram Mutual's One Sheeter states:

HOW WE USE DERIVATIVES — Primarily a risk-management tool, rather than a return-generating tool.

We may use exchange-traded derivatives to reduce risk where possible, and to capture a probable return where we hold a strong view. Any unhedged short exposure stays within the 25% limit permitted by SEBI.

Derivatives exposure will be upto 100% of net assets and unhedged short position of Ex-top 100 stocks can be upto 25% of net assets.
Exposure through such derivative Instruments (including unhedged short exposure) shall include Stock / Index Futures, Stock / Index Options and other derivative instruments permitted by SEBI.

The NFO presentation adds: Short exposure is expected to remain within internal limits but may be increased, subject to regulatory limits, fund manager’s decision and market conditions.

Minimum investment, SIP, STP and SWP (as per the KIM)

During the NFO: Minimum of Rs. 10,00,000/- and in multiples of Re. 1/- thereafter. Minimum amount for accredited investor: Rs. 1,00,000 and in multiples of Re. 1/- thereafter.
Existing investors: The minimum investment requirement as stated above shall not apply to existing investors (at PAN level) under Select SIF who have complied with the minimum threshold requirement. For such investors the minimum application amount will be Rs. 1,000/- and in multiples of Re.1/- thereafter.
SIP (Existing investors): Minimum SIP amount of Rs. 5,000 and in multiples of Re. 1/- thereafter. Frequency – Monthly and minimum 6 instalments.
STP / SWP: Rs. 1,000 and in multiples of Re. 1/- thereafter. Frequency – Monthly and minimum 6 instalments.
Minimum Investment Threshold: an aggregate investment by an investor across all investment strategies offered by Select SIF, at the Permanent Account Number (‘PAN’) level, should not be less than Rs. 10 lakhs (‘Minimum Investment Threshold’).
Redemption: There will be no minimum redemption criterion. The redemption will be subject to compliance with provisions mentioned under “Minimum investment threshold”.

Exit load

If the units are redeemed/switched out on or before 1 year from the date of allotment – 1% of the applicable NAV.
If the units are redeemed/switched out after 1 year from the date of allotment – Nil.
Units allotted on reinvestment of IDCWs shall not be subject to load.
No exit load shall be levied in case of switch of units from Direct Plan to Regular Plan and vice versa. However, after the switch, exit load under the investment strategy prevailing on the date of switch shall apply for subsequent redemptions/switch out from the investment strategy.

Fund managers

Madanagopal Ramu (Equity) – Fund Manager – Equity at Sundaram AMC and has over 18 years of experience in Institutional Equities across Investment and Fund Management.
Sandeep Agarwal (Fixed Income) – Head - Fixed Income at Sundaram AMC and has over 15 years of experience in the Fixed Income space.
Shalav Saket (Overseas Investments) – has over 8 years of experience in industries across Equity Research covering multiple sectors, management consulting and software development. He joined Sundaram AMC on Sept-2024 as a Research Analyst.

Product label and risk band

This product is suitable for investors who are seeking:

To generate capital appreciation in long term
An open-ended investment strategy investing in equity and equity related instruments, with the flexibility to include limited short exposure in equity through derivative instruments of Ex- top 100 stocks
Strategy Risk-band: Risk band Level 5
Benchmark Risk-band (Nifty MidSmallcap 400 TRI): Risk band Level 5

*The Risk Band shall be as specified by AMFI. The above product labelling assigned during the New Fund Offer (NFO) is based on internal assessment of the characteristics of the investment strategy or model portfolio and the same may vary post NFO when the actual investments are made.

How to invest

The Invest Now button on the official Select SIF website links to the Select SIF investment portal; queries can be raised through the Select SIF contact page. As per the KIM: The Direct Plan will be offered only for investors who purchase /subscribe Units of the Investment strategy directly with the Fund and will not be available for investors who route their investments through a Distributor.

Who should consider investing in SIF?

The Select SIF website compares Specialized Investment Funds with mutual funds, PMS and AIFs as follows:

Target Investors — Specialized Investment Funds: Affluent investors seeking advanced yet tax-efficient strategies; Mutual Funds (MF): First-time to long-term investors; Portfolio Management Services (PMS): HNIs desiring personalized portfolio management; Alternative Investment Fund (AIF): Ultra-HNIs & institutions exploring non-traditional assets
Minimum Investment — Specialized Investment Funds: ₹10 lakh; Mutual Funds (MF): ₹100 (SIP & Lumpsum); Portfolio Management Services (PMS): ₹50 lakh; Alternative Investment Fund (AIF): ₹1 crore
Structure — Specialized Investment Funds: Hybrid between MF & PMS/AIF, retains Mutual Fund-like taxation; Mutual Funds (MF): Pooled, SEBI-regulated investment vehicle; Portfolio Management Services (PMS): Separately managed, direct stock ownership; Alternative Investment Fund (AIF): Pooled, privately placed schemes
Taxation — Specialized Investment Funds: Similar to Mutual Funds (depending on asset class); Mutual Funds (MF): Tax-efficient with indexation & capital gain benefits; Portfolio Management Services (PMS): Based on individual security treatment; Alternative Investment Fund (AIF): Pass-through taxation depending on category
Liquidity — Specialized Investment Funds: Moderate (depends on strategy); Mutual Funds (MF): High (open-ended); Portfolio Management Services (PMS): Moderate (subject to exit load/notice period); Alternative Investment Fund (AIF): Low (typically closed-ended)
Suitability — Specialized Investment Funds: Investors wanting flexibility with a tax-efficient wrapper; Mutual Funds (MF): Beginners & long-term retail investors; Portfolio Management Services (PMS): HNIs seeking active and customised portfolio control; Alternative Investment Fund (AIF): Sophisticated investors aiming for higher returns with higher risk appetite

The One Sheeter makes a narrower comparison, Blending the strengths of Mutual Fund and PMS:

Minimum Investment — Mutual fund: As low as ₹100; Select SIF: ₹10 lakh per PAN; PMS: ₹50 lakh
Number of stocks — Mutual fund: Diversified; category funds typically hold 60–90; Select SIF: Concentrated, 25–40; PMS: Concentrated, typically 15–30
Derivatives — Mutual fund: Not permitted beyond hedging; Select SIF: Up to 25% (Including hedged & Unhedged); PMS: Generally not available
Taxation — Mutual fund: Taxed only on redemption; Select SIF: Taxed only on redemption; PMS: Each transaction resulting in capital gains is taxed
Expenses — Mutual fund: Regulated TER, disclosed daily; Select SIF: Regulated TER, disclosed daily; PMS: Fee structures vary; often with performance fees
Liquidity — Mutual fund: Daily NAV; Select SIF: Daily NAV; PMS: As per agreement

Each structure serves the investors it suits; an SIF is for those who want the concentration and tools of a PMS with the tax treatment, transparency and liquidity of a mutual fund. Indicative comparison under prevailing regulations; consult your adviser. (One Sheeter)

Frequently Asked Questions

When is the NFO of Select Equity Ex-Top 100 Long-Short Fund open?

As per the KIM, the NFO opens on 21/10/2026 and closes on 04/11/2026. The investment strategy re-opens on 11/11/2026.

What is the minimum investment?

As per the KIM: Minimum of Rs. 10,00,000/- and in multiples of Re. 1/- thereafter. Minimum amount for accredited investor: Rs. 1,00,000 and in multiples of Re. 1/- thereafter.

What is the benchmark?

Nifty MidSmallcap 400 TRI.

What is the exit load?

If the units are redeemed/ switched out on or before 1 year from the date of allotment – 1% of the applicable NAV. If the units are redeemed/switched out after 1 year from the date of allotment – Nil.

What is the risk band?

Strategy Risk-band: Risk band Level 5. Benchmark Risk-band: Risk band Level 5. The Risk Band shall be as specified by AMFI.

Who manages the fund?

Madanagopal Ramu (Equity), Sandeep Agarwal (Fixed Income) and Shalav Saket (Overseas Investments).

How much unhedged short exposure can the fund take?

As per the KIM, unhedged short position of Ex-top 100 stocks can be upto 25% of net assets. Derivatives exposure will be upto 100% of net assets.

Is my capital protected in an SIF?

No. SIFs are market-linked investments, and capital protection is not guaranteed.

Who is eligible to invest in an SIF?

A minimum investment of ₹10 lakh generally applies at the PAN level across SIF strategies subject to SEBI, KYC and FEMA/ RBI requirements. Accredited investors are exempt from this requirement, subject to applicable regulations.

Official documents

Official fund page: sundarammutual.com/selectsif. SIF360 overview: Select SIF on SIF360.

Risk factors: Investments in Specialized Investment Funds involve relatively higher risk, including potential loss of capital, liquidity risk, and market volatility. Please read all investment strategy related documents carefully before making investment decisions. There is no assurance that the investment objective of the strategy will be achieved. The strategy has no track record.

#NFO#SIF

Select Equity Ex-Top 100 Long-Short Fund by Select SIF (Sundaram Mutual): NFO Dates, Strategy, Fund Facts & Key Details