SIFPrime
Union Mutual Fund
NFO OPEN

Arthaya Equity Long-Short SIF

Equity Long-ShortMulti-Cap FlexibilityF&O UniverseActive ManagementUp to 25% ShortRisk Band Level 5

NFO Price

₹10

Per unit

Status

NFO Open

until 18 May 2026

NFO Open

4 May

2026

NFO Close

18 May

2026

Max TER

2.10%

First ₹500 Cr slab

Min Investment

₹10L

₹1 multiples

AMC:Union Mutual Fund
Category:Equity Long-Short
Benchmark:Nifty 200 TRI
Status:NFO Open
SIP:Available (₹10L+)
Exit Load:1% <1Y
⚡ NFO Open — 4 to 18 May 2026Subscribe before 18 May

NFO Open

4 May 2026

NFO Close

18 May 2026

NFO Price

₹10

Min Investment

₹10,00,000

Union Mutual Fund's first Specialised Investment Fund. NFO runs 4 to 18 May 2026 at ₹10 per unit. The strategy will re-open for ongoing subscription and redemption within 5 working days from the date of allotment. Sponsored by Union Bank of India and Daiichi Life Group.

Investment objective

To generate long-term capital appreciation over the investment cycle by deploying capital in equity and equity-related instruments — including limited short exposure through derivatives — across the market capitalisation spectrum. Long exposure up to 100% with up to 25% unhedged short via derivatives. There is no assurance that the investment objective will be achieved.

Strategy & allocation

Equity & equity related 80–100%Long exposure up to 100%Unhedged short via derivatives 0–25%Debt & money market 0–20%Units issued by InvITs 0–20%

Arthaya is an actively managed long/short equity strategy. The strategy operates predominantly in stocks within the F&O universe (largecap and midcap)with measured smallcap exposure to generate alpha. Around 200+ F&O-eligible names form the natural universe — hence Nifty 200 TRI as benchmark.

The strategy offers flexibility across market capitalisations, allowing the fund manager to invest without being constrained by any specific market-cap segment or style. Equity long and short positions are balanced based on the fund manager's market outlook and prevailing risk-reward dynamics. Total options-premium-paid exposure is capped at 20% of net assets.

Short-exposure tool kit

Short Futures

Direct short on index/stock futures to benefit from price decline. Used in strong bearish outlook.

Long Put

Buy a put option to profit from a decline in the asset price below the strike. Premium-paid downside protection.

Bear Put Spread

Buy a put at higher strike, sell a put at lower strike. Profits from a moderate price decline.

Synthetic Short

Buy put + sell call at same strike & expiry to mimic a short stock position. Strong bearish view.

Bear Call Spread

Sell a call at lower strike, buy a call at higher strike. Profits if price stays below the lower strike.

Ratio / Calendar Puts

Advanced spreads (long put butterfly, calendar/diagonal, ratio spread) for moderate bearish income views.

Indicative list. The fund will use any combination of unhedged long-only, partially-hedged, fully-hedged or unhedged long-short portfolios using index/stock futures and options.

Investor suitability

Suitable for

  • ✓ Long-term capital appreciation seekers
  • ✓ HNIs comfortable with equity volatility
  • ✓ Investors wanting active multi-cap long/short alpha
  • ✓ 5+ year investment horizon

Not suitable for

  • ✗ Guaranteed return seekers
  • ✗ Investors needing principal protection
  • ✗ Below ₹10L investable surplus
  • ✗ Conservative / low risk tolerance profiles

Fund management

RA

Rajesh Aynor

Fund Manager

B.E. (Chemical) · MBA (Finance) · 21+ yrs

HB

Hiten Bhadra

Co-Fund Manager (Arbitrage)

MMS · M.Com · ~12 yrs

Lead PM Rajesh Aynor brings 21+ years across ITI Long Short Fund (Fund Manager 2017–24), MetLife India Insurance, Mirae Asset (Overseas Investments), Tata AMC, Alliance Capital AMC and Care Ratings. Co-PM Hiten Bhadra has ~12 years dealing experience across Union AMC, Philip Capital, Standard Chartered Securities and HDFC Securities.

Subscribe to Arthaya NFO

Speak with our SIF specialist, or invest directly with AMC.

Fund details

Fund houseUnion Mutual Fund
CategoryEquity Long-Short
TypeOpen-ended
NFO Opens4 May 2026
NFO Closes18 May 2026
Investment re-opensWithin 5 working days of allotment
Inception NAV₹10 / unit
BenchmarkNifty 200 TRI
Max TER2.10%
Strategy codeARTH/O/E/ELSF/26/03/0001/UNIN

Redemption & Liquidity

SubscriptionDaily
RedemptionDaily
SettlementT+3 working days
SIP / STP / SWPAvailable
Min additional₹10,000
Min redemption₹1,000
ListingNot listed

Risk & compliance

Risk bandLevel 5 (AMFI)
Benchmark risk bandLevel 5
Short sellingVia derivatives
Lock-in periodNone
Exit load1% if <1 year
Segregated portfolioAllowed

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Frequently asked questions

What is Arthaya Equity Long-Short?
Arthaya Equity Long-Short is an open-ended equity Specialized Investment Fund that takes long positions in equity and equity-related instruments and uses derivatives for limited short exposure (up to 25% unhedged), managed by Union Mutual Fund. It is a SEBI-regulated Specialized Investment Fund (SIF) — a category introduced in April 2025 that sits between traditional mutual funds and PMS, with a ₹10 lakh minimum investment. The fund is benchmarked to Nifty 200 TRI.
What is the minimum investment in Arthaya SIF?
The minimum investment in Arthaya Equity Long-Short is ₹10,00,000 (10 lakh rupees) — the SEBI-mandated floor for all Specialized Investment Funds in India. There is no upper limit. Subsequent investments through SIP or lumpsum follow the same minimum unit threshold per SEBI rules.
Is Arthaya SIF a safe investment?
High equity-market risk plus derivative risk from short exposure. Volatility is typically lower than a pure long-only equity fund but higher than a debt or hybrid fund. Suited for investors with at least a 3-year horizon who are comfortable with mark-to-market drawdowns. Arthaya SIF is regulated by SEBI under the SIF framework, has the same custodian, audit and disclosure standards as a mutual fund, and the AMC Union Mutual Fund is responsible for managing the fund within its stated mandate. However, "safe" is relative — past returns and crash-period performance are the better guide. See the live performance and Alpha Shield score for Arthaya SIF above.
How is Arthaya SIF different from a regular mutual fund?
Unlike a mutual fund, Arthaya SIF can take unhedged short positions (up to 25% of NAV) using derivatives. This allows the fund manager to profit when stocks fall, not just when they rise. The trade-off is a higher minimum investment (₹10 lakh vs ₹500 for an MF SIP) and slightly higher Total Expense Ratio. SIFs follow daily NAV publication, mutual-fund-level governance, and the same tax treatment as the underlying asset class.
How are Arthaya SIF returns taxed in India?
Arthaya SIF is taxed based on its underlying portfolio composition, exactly like a mutual fund of the same category. Equity-oriented SIFs (>65% equity) qualify for equity taxation: 12.5% LTCG above ₹1.25 lakh after 12 months, 20% STCG before 12 months. Hybrid and debt-oriented SIFs are taxed at the investor's slab rate as per the post-April-2023 debt fund regime. See the SIFPrime tax guide for worked examples.
What is the expense ratio (TER) of Arthaya SIF?
Arthaya SIF's TER is published in the latest Scheme Information Document and on the AMC website. Direct plans are always cheaper than Regular plans (typically by 50–100 bps) because they do not include distributor commission. Direct plans are recommended for self-directed investors; Regular plans for investors using an MFD.
How can I invest in Arthaya SIF?
Arthaya SIF is currently in its New Fund Offer (NFO) period. You can invest in Arthaya SIF directly through the Union Mutual Fund website (Direct plan), via a SEBI-registered Mutual Fund Distributor or RIA (Regular plan), or through online platforms that have onboarded SIFs. SIFPrime does not sell funds — we provide independent comparison and ratings. The minimum NFO investment is ₹10 lakh.
Where can I compare Arthaya SIF with other SIFs?
Use the SIFPrime side-by-side comparison tool at /sif-compare to compare Arthaya SIF against any other live Specialized Investment Fund in India on Alpha Shield (capital protection), since-inception return, March 2026 crash-period alpha, TER, strategy and benchmark. The /all-sifs-india-ranked-explained page also ranks all 19 SIFs end-to-end.
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