Edelweiss Mutual Fund has taken the next concrete step in building out its Altiva SIF platform, filing draft papers with SEBI for the Altiva Hybrid Long-Short Fund — set to be India's first hybrid-category Specialised Investment Fund. The filing comes nearly four months after the AMC first announced its entry into the SIF space, and marks the point where the Altiva brand moves from concept to an actual investable product.
What the fund aims to do The Altiva Hybrid Long-Short Fund is structured as a hybrid interval scheme, meaning it will combine multiple sources of return rather than relying purely on equity market direction:
Component | Purpose |
|---|---|
Equity (long positions) | Capital appreciation |
Debt / fixed income | Stability and income |
Arbitrage & derivatives | Risk-managed yield generation |
Special situations (IPOs, buybacks, M&A) | Tactical, event-driven returns |
Unlike a conventional balanced or hybrid mutual fund, the SIF structure permits the fund to take limited short positions through derivatives — something ordinary mutual fund regulations do not allow. This gives the fund managers room to potentially generate returns even in flat or falling markets, a flexibility usually reserved for PMS or hedge-fund-style vehicles.
Announcing the development on social media, Radhika Gupta described it as India's first hybrid SIF, the product of months of discussion with prospective investors and distribution partners. She positioned the fund as a "solution-driven" offering aimed at sophisticated investors seeking differentiated strategies rather than plain-vanilla exposure.
Who it's for Given the ₹10 lakh minimum ticket size and the complexity of the underlying strategy, the fund is being pitched primarily at high-net-worth individuals (HNIs) and accredited investors who already have a reasonable understanding of equity, debt and derivatives markets. Edelweiss has been clear that the product does not guarantee or assure returns, and that investors should expect a materially different risk profile compared with plain hybrid mutual funds.
Market commentators view the filing as significant on two counts. First, it demonstrates that SIFs are moving quickly from regulatory concept to real product within months of the framework being notified. Second, it sets a precedent other large AMCs are likely to follow, potentially triggering a wave of hybrid, equity and debt-oriented SIF launches over the following year. Edelweiss has indicated that, subject to regulatory clearance, the New Fund Offer (NFO) for the Altiva Hybrid Long-Short Fund is expected to open in early October 2025.