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Select SIF · by Sundaram Mutual
Select Equity Ex-Top 100 Long-Short Fund
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 opens
- October 21, 2026
- NFO closes
- November 04, 2026
Key Documents
Official PDFs from Sundaram Mutual
Fund Overview
What the fund is designed to do
Type of strategy
An open-ended equity investment strategy investing in equity and equity-related instruments of Ex-Top 100 companies, with the flexibility to include limited short exposure through derivative instruments of Ex-Top 100 stocks.
Investment objective
To generate capital appreciation over the long term by predominantly investing in equity and equity-related securities of Ex-Top 100 companies. The strategy may also take short exposure through unhedged derivative positions in Ex-Top 100 stocks, up to 25%. There is no assurance that the investment objective will be achieved.
Why this fund
- 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 Platform
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 ₹99,000+ crore in AUM across mutual funds and alternate investments, with a presence across India, Dubai, and Singapore. (Data as of August 2026.)
Diversification with greater flexibility
SIFs offer greater flexibility in strategy implementation, allowing certain strategies to use investment tools and approaches beyond those typically available to conventional mutual fund schemes.
Sophisticated investment strategies
Provides access to investment strategies designed to pursue opportunities across market conditions, while maintaining a disciplined approach to portfolio construction and risk management.
SEBI regulated framework
As a Specialized Investment Fund regulated by SEBI, Select SIF offers transparency through mandatory disclosures, periodic reporting, and adherence to investment mandates.
Investment Universe & Portfolio Construction
A high conviction mid, small & beyond 500 stock portfolio
- Investment universe
- Companies ranked 101–750 by market cap
- Portfolio
- 25–40 stocks · Bottom-up selection
- Derivatives
- Up to 25% as per SEBI
- Benchmark
- Nifty MidSmallcap 400 TRI
- Minimum investment per PAN
- ₹10 lakh₹1 lakh (Accredited Investors)
- Exit load
- 1% within 1 year · Nil thereafter
- NAV · Plans · Options
- Daily NAV · Regular & Direct · Growth & IDCW
- Risk
- Level 5 | High RiskRisk Band as specified by AMFI
Fund positioning
SMID-cap
A flexible approach to invest across mid and small cap stocks
SMID Universe
101–750
By market-cap rank
Portfolio Stocks*
25–40
Concentrated portfolio to drive alpha
SMID Allocation*
85–100%
Flexi SMID allocation
Others*
0–15%
Return enhancer, risk management & capital efficiency
Short exposure is expected to remain within internal limits but may be increased, subject to regulatory limits, fund manager's decision and market conditions. *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.
Fund facts
- Name of the strategy
Select Equity Ex-Top 100 Long-Short Fund
- NFO period
Opens: October 21, 2026
Closes: November 04, 2026
- 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
- 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.
- Bonus Units and Units issued on reinvestment of IDCWs shall not be subject to exit load.
- Frequency of NAV disclosure
Daily
- Risk
Strategy Risk-band: Risk band Level 5
Benchmark Risk-band (Nifty MidSmallcap 400 TRI): Risk band Level 5
- Fund Managers
Madanagopal Ramu (Equity); Shalav Saket (Overseas); Sandeep Agarwal (Fixed Income)
Why This Fund: The Ex-Top 100 Opportunity
Where India's growth is being built
The case for mid, small and beyond-500 companies, as set out in the fund's NFO material. All figures describe the past and are not a forecast.
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%.
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.
Mid, small & beyond 500 are long term wealth creators
Every company listed in Mar-2016, tracked to Jun-2026. Of all the companies that reached each milestone, where did they start?
- Large cap (1–100)
- Mid cap (101–250)
- Small cap (251–500)
- Beyond 500
| Milestone | Large cap (1–100) | Mid cap (101–250) | Small cap (251–500) | Beyond 500 | Total | Beyond Top 100 |
|---|---|---|---|---|---|---|
| >5x (≈ 17% a year) | 24 | 44 | 66 | 90 | 224 | 200 of 224 (89%) |
| >20% a yr (≈ 6.5x) | 10 | 27 | 54 | 80 | 171 | 161 of 171 (94%) |
| >10x (≈ 25% a year) | 4 | 15 | 24 | 60 | 103 | 99 of 103 (96%) |
| >30% a yr (≈ 14.7x) | 0 | 7 | 12 | 44 | 63 | 63 of 63 (100%) |
Source: Sundaram Mutual Fund internal analysis. The historical analysis is not interpreted as an indication or expectation of future performance.
SMIDs' contribution to the economy expands
Combined revenue of listed mid, small and beyond-500 companies, measured against India's GDP · FY20 vs FY26
- +1.2 pp
revenue-to-GDP since FY20, from 10.4% to 11.6% of the economy
- 2.0×
the revenue itself: ₹21 → ₹41 lakh crore in six years, against GDP's +78%
- 7.4%
mid caps' own share of GDP, up from 6.2%, the engine of the rise
Mid, small & beyond-500 revenue as a share of GDP
Axis starts at 10% of GDP.
Where the ₹41 lakh crore sits (FY26)
Mid cap ₹26.3 lakh cr · Small cap ₹13.2 lakh cr · Beyond 500 ₹1.9 lakh cr
Revenue from mid, small and beyond-500 companies has nearly doubled in six years, growing faster than India's GDP itself.
Source: Sundaram Mutual Fund internal analysis.
Historical Market Evidence
Today's large caps started small
Historical observations from Sundaram Mutual Fund's internal analysis. They are not forecasts, not research recommendations and not an indication of the fund's holdings or returns.
Market-cap migration, 2016 → 2026
Where every company stood in 2016, and where the same company ended up by 2026 · Selective beyond 500 companies - a key for boosting alpha
| 2016 ↓ / 2026 → | Large (rank 1–100) | Mid (rank 101–250) | Small (rank 251–500) | Below Small (rank >500) | Started with |
|---|---|---|---|---|---|
| Largerank 1–100 | 7456.9% | 4534.6% | 107.7% | 10.8% | 130 |
| Midrank 101–250 | 209.8% | 7034.3% | 6833.3% | 4622.5% | 204 |
| Smallrank 251–500 | 61.6% | 287.3% | 12733.2% | 22157.9% | 382 |
| Below Smallrank >500 | - | 73.1% | 4520.2% | 17176.7% | 223 |
How to read the table: rows are where a company was in 2016; columns are where the same company ended up in 2026. Shaded cells mark companies that slipped down a band; the light cells held their place or climbed.
26 of 100
of today's 100 largest companies were mid or small caps in 2016
20 rose from mid cap and 6 from small cap; a quarter of the top table was rebuilt from below.
35 of 150
of today's mid caps climbed up from smaller bands
28 rose from small cap and 7 from beyond rank 500, while 45 slipped down from the Top 100.
52 of 223
of 2016's smallest companies moved up the ladder
About 1 in 4 reached small cap or higher over the decade. Only 7 made it all the way to mid cap.
The honest picture. Climbing is the exception: most companies stay put or slip, and 58% of small caps ended the decade in a lower band. That is exactly why this space rewards careful selection.
Source: Sundaram Mutual Fund internal analysis.
Outperforming sectors concentrated in Ex Top 100 stocks
Companies whose share price rose 5x and 10x or more, by sector and by the size they started at · Mar-2016 to Jun-2026
- 224 companies turned ₹1 into ₹5+ · 89% from ex Top 100
- 103 went on to 10x · 96% from ex Top 100
| Sector (names measured) | 5x winners | 10x winners |
|---|---|---|
| Capital Goods (78) | 51 | 27 |
| Chemicals (42) | 22 | 14 |
| Healthcare (48) | 20 | 6 |
| Metals & Mining (21) | 16 | 9 |
| Automobile & Auto Comp. (41) | 14 | 5 |
| Fast Moving Cons. Goods (41) | 12 | 5 |
| Financial Services (27) | 11 | 7 |
| NBFC (14) | 11 | 5 |
| Information Technology (23) | 5 | 4 |
| All other sectors (15) (375) | 62 | 21 |
200 of 224
5x winners began beyond the Top 100
And 99 of the 103 that went on to 10x. At either bar, roughly nine in ten winners started as mid, small or beyond-500 companies.
51 and 27
5x and 10x winners from Capital Goods alone
One sector produced a quarter of all the winners. 25 of its 5x names and 18 of its 10x names began beyond rank 500. 78 names measured.
None
of the four large-cap 10x winners came from the emerging sectors
All four sat in Capital Goods, Financial Services, NBFC and Consumer Durables. Even at the 5x bar, only 24 of 224 winners were large caps.
Source: Sundaram Mutual Fund internal analysis.
High-growth companies sit mostly beyond the Top 100
Number of companies growing more than 25% yoy, Sep-2024 to Mar-2026
Sales
avg 5.6× more
Companies with >25% yoy growth, Mar-26 quarter
- Small cap & beyond 500
- 55
- Mid cap (101–250)
- 30
- Large cap (1–100)
- 18
EBITDA
avg 5.3× more
Companies with >25% yoy growth, Mar-26 quarter
- Small cap & beyond 500
- 97
- Mid cap (101–250)
- 54
- Large cap (1–100)
- 30
PAT
avg 5.2× more
Companies with >25% yoy growth, Mar-26 quarter
- Small cap & beyond 500
- 108
- Mid cap (101–250)
- 64
- Large cap (1–100)
- 35
Across sales, EBITDA and profits alike, about five times as many companies beyond the Top 100 clear 25% growth, in every one of the last seven quarters.
Source: Bloomberg. Computation Sundaram Mutual Fund internal analysis.
Profits of Ex Top 100 are growing fast
Combined annual profits of listed companies beyond the Top 100 (market cap above ₹1,000 cr) · 12 months to Jun-2024 vs 12 months to Jun-2026
Ex-Top 100 · Annual profit
₹4.6 → ₹6.3
lakh crore, in two years
- +39%
profit growth in two years for the Ex-Top 100, against +26% for the Top 100 over the same period.
- 33% → 35%
the Ex-Top 100 share of all listed-company profit, and rising.
- 9 of 10
sector groups shown grew their profit pool by 22% or more; only Oil & Gas lagged.
| Sector | 12m to Jun-26 (₹ ’000 cr) | Growth |
|---|---|---|
| Financial Services | 190 | +22% |
| Capital Goods | 70 | +52% |
| Healthcare | 63 | +48% |
| Automobile & Auto Components | 38 | +30% |
| Metals & Mining | 35 | +87% |
| Chemicals | 32 | +71% |
| Fast Moving Consumer Goods | 30 | +33% |
| Oil, Gas & Consumable Fuels | 29 | +14% |
| Information Technology | 25 | +44% |
| All other sectors (12) | 122 | +52% |
Source: Sundaram Mutual Fund internal analysis.
India's Key Secular Growth Drivers
India's transformation, driven by manufacturing, technology, urban consumption and financial inclusion
- 01Make in India for IndiaImport substitution
- 02De-industrialisationIn developed markets
- 03China anti-involutionBasic metals & chemicals
- 04Financial inclusivenessFormalisation of credit & savings
- 05Tech platformsDigital business models at scale
- 06Discretionary spendingPremiumisation & new categories
These structural shifts could drive India's next phase of growth and, if they play out, may help create the country's next generation of market leaders.
Themes are illustrative and reflect the fund manager's present view; they are not a commitment to invest in any sector or stock.
Investment Philosophy & Portfolio Selection
Invest in big shifts
Sundaram Mutual Fund identifies structural growth opportunities early and invests in scalable businesses capable of compounding over the long term.
- 1
Invest in big shifts
Identify mega trends that have the potential to reshape industries.
- 2
Understand what drives them
Technology, demographic change and rising incomes create structural opportunity.
- 3
Find the emerging winners
New themes, new founders and new platforms are often at the centre of these shifts.
- 4
Capture Alpha
Getting the big shifts right increases both the frequency and the size of alpha, when it works.
6 pillar framework
How the Select ideas in Select Ex Top 100 strategy.
- Potential(Scalability)
- Pivot(Management Focus)
- Productivity(MOAT)
- Price(Valuation)
- Profitability(Scope)
- Progression(Pace)
Investment philosophy & disciplines for alpha
- 01Best 25–40 ideasHand-picked from the mid, small and beyond-500 universe
- 02Growth firstAllocate to mid-cap compounders with visible earnings growth
- 03Beyond the indexWealth creator opportunities the benchmark does not hold
- 04Right-sized positionsEach idea weighted to conviction and liquidity
- 05Derivatives if requiredUsed selectively, within the limits of the SIF framework
- 06Cycle-tested teamIn-house experience of managing full market cycles
- 07Disciplined exitsA clear rule for when to sell, not only when to buy
The strategy seeks to generate alpha through these disciplines; there is no assurance that the investment objective will be achieved.
Own Conviction, Not the Whole Universe
One-year returns ranged from −57% to +260%. Stock selection matters more than owning everything.
1 · Broad universe
- 203 declined
- 182 advanced
2 · Disciplined filter
- Research · Conviction · Risk
- Cut the tail
- Avoid low-conviction exposure
3 · Optimised concentration
- Towards a 25–40 stock portfolio
- Fewer holdings
- Meaningful sizing
- Conviction-led
385 stocks · median stock −1.6% · range −57% to +260%
| What is held (illustrative) | Stocks | Equal-weighted return | Index-weighted return |
|---|---|---|---|
| All stocks (median −1.6%) | 385 | 5.8% | 17.2% |
| Bottom 20% removed (cut below −21.1%) | 308 | 15.1% | 22.9% |
| Bottom 40% removed (cut below −8.1%) | 231 | 25.0% | 31.5% |
| Bottom 60% removed (cut below +6.6%) | 154 | 38.2% | 42.4% |
The strategy aims to hold around 40 stocks, selected from this universe. SIF flexibility: reduce the tail, concentrate research and let successful selections matter.
Hypothetical/hindsight analysis. The returns shown are not actual scheme performance and do not represent returns earned by any investor.
Source: Sundaram Mutual Fund internal analysis. One year Price return of 385 (Ex IPO) from NSE 400 (Mid & Small Cap Stocks) for the period 01st Aug 2025 to 31st July 2026, based on closing prices on those days. Source (NSE Data). Bottom 20% / 40% / 60% excludes the lowest returning stocks and calculates equal weighted, index weighted returns of the remaining stocks.
Fund Managers
The team managing the strategy
Roles as stated in the NFO One Sheeter. Profiles as published on the official Select SIF website.
The platform behind the fund
A specialized investment fund platform bringing Sundaram's three decades of equity investing to a more flexible, conviction-led format.
Sundaram Finance Group
Part of one of India's longer-standing, conservatively run financial groups.
3 decades in equity
Managing equity money across multiple full market cycles.
Mid & small cap DNA
Known for stock selection below the Top 100: a familiar hunting ground, not a new one.
24 years · Mid Cap Fund
Among the longer-running mid cap track records in the industry.
20 years · Small Cap Fund
A two-decade record of investing at the smaller end of the curve.
PMS & AIF · Sundaram Alternates
An established alternatives franchise: the discipline a long-short mandate draws on.
Investment Suitability & Risk
Product suitability and risk band
This product is suitable for investors who are seeking:
- To generate capital appreciation over the 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.
Risk band Level 5
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Risk band Level 5
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- 5
*Risk Band as specified by AMFI.
Key risks to consider
Capital, liquidity and volatility
Investments in Specialized Investment Funds involve relatively higher risk, including potential loss of capital, liquidity risk, and market volatility.
Source: One Sheeter p2
Capital is not protected
SIFs are market-linked investments, and capital protection is not guaranteed.
Source: Select SIF website, FAQ
Derivatives and short exposure
Derivatives are used selectively and are not a constant feature of the portfolio. Hedges may offset losses only partly and may limit gains; a negative view may prove wrong and result in a loss.
Source: One Sheeter p2
No assurance
There is no assurance that the investment objective of the strategy will be achieved.
Source: One Sheeter p2
No track record
The strategy has no track record.
Source: One Sheeter p2
Investments in Specialized Investment Fund involves relatively higher risk including potential loss of capital, liquidity risk and market volatility. Please read all investment strategy related documents carefully before making the investment decision.