Platinum Hybrid Long-Short Fund
An income-oriented hybrid SIF from Mirae Asset — built around arbitrage, covered calls and high-rated debt, with limited unhedged equity for long-term capital appreciation. The most conservatively-positioned SIF launched so far, at AMFI Risk Band Level 2.
NFO Opens
May 20, 2026
NFO Closes
June 3, 2026
NFO Price
₹10 per unit
Min Investment
₹10,00,000
Benchmark
Hybrid 50:50
Risk Band
Level 2
Why this fund matters
The most conservative SIF launched so far
Most SIFs to date chase hedged equity alpha. Platinum Hybrid is structurally different — its primary objective is regular income through arbitrage, covered calls and debt, with only limited unhedged equity. That positioning earns it AMFI Risk Band Level 2 — the lowest of any SIF currently on the market.
Income-first, downside-aware
Core book is arbitrage (single-stock & index futures vs cash) plus covered calls — defensive strategies that generate steady yield with limited downside. Protective puts and index options hedge residual risk.
Risk Band Level 2
Benchmarked to NIFTY 50 Hybrid Composite Debt 50:50. The fund sits a full notch below the benchmark's own Level 3 — reflecting how much of the equity book is hedged rather than directional.
Dedicated long-short PM
Managed by Gaurik Shah — 19+ years across ASK's hedge solutions, Avendus AIF Cat-III, Monsoon Capital (Singapore) and the RBS Delta-One desk. A genuine derivatives specialist, not a long-only manager.
How it generates returns
Three return engines
The strategy blends defensive income with opportunistic alpha, all under a strong downside-protection overlay.
Core income
- Arbitrage: single-stock futures vs cash, index futures vs constituents
- Covered calls — sell OTM calls on held equity for yield
- High-rated debt & money-market instruments
Opportunistic alpha
- IPO / FPO participation
- Block deals at a discount
- Buyback & merger arbitrage
- Rights / partly-paid stocks
Controlled-downside alpha
- Pair trades on correlated stocks
- Directional futures / options spreads with defined loss limits
- Protective puts + index options overlay
The mandate
Asset allocation
Predominantly equity (much of it hedged / arbitrage), anchored by a 25–35% debt sleeve. Short exposure via unhedged derivatives is capped at 25% of net assets.
| Instrument | Min | Max |
|---|---|---|
| Equity & equity-related instruments (incl. arbitrage / hedged + derivatives) | 65% | 75% |
| Debt & Money Market instruments | 25% | 35% |
| Short exposure via unhedged derivative positions (equity + debt) | 0% | 25% |
| Units issued by InvITs | 0% | 20% |
The manager
Who runs the strategy
Gaurik Shah
Lead ManagerAge 43 · PGDBM (XLRI Jamshedpur), BE (Pune University) · 19+ years
Brings over 19 years of financial-markets experience. Previously Senior Vice President — ASK Hedge Solutions at ASK Long-Short Fund Managers, and VP — Fund Management at Avendus Capital Public Markets Alternate Strategies (AIF Category III). Earlier managed AIF Cat-III and advisory portfolios at Proalpha Capital, an Asia-Pacific equity index Managed Futures/CTA fund at Monsoon Capital (Singapore), and traded on the Delta-One desk at RBS N.V. (Hong Kong).
Fund details
Specification at a glance
| Fund name | Platinum Hybrid Long-Short Fund |
| AMC | Mirae Asset Mutual Fund |
| Category | Hybrid Long-Short |
| Type | Interval investment strategy |
| NFO opens | May 20, 2026 |
| NFO closes | June 3, 2026 |
| Strategy re-opens | June 11, 2026 |
| NFO price | ₹10 per unit |
| Min investment | ₹10,00,000 (aggregate at PAN level across Platinum SIF strategies) |
| Benchmark | NIFTY 50 Hybrid Composite Debt 50:50 Index (TRI) |
| Liquidity / settlement | Daily subscription · Twice-weekly redemption (Mon + Thu) · Interval strategy · Redemption proceeds within 3 working days |
| Exit load | 1.00% if redeemed within 90 days · Nil after 90 days |
| Max TER (base expense ratio) | Up to 2.10% p.a. + statutory levies |
| Risk band (AMFI) | AMFI Level 2 (benchmark Level 3) |
| Plans / options | Direct + Regular · Growth & IDCW (payout / reinvest) |
SIFPrime view
How we're thinking about Platinum Hybrid
Platinum Hybrid is the most conservative SIF launched to date. Where the equity long-short funds run net-long directional books, Platinum leans on arbitrage and covered calls — strategies that aim to clip a steady yield rather than ride the market. The AMFI Risk Band Level 2 tag (vs Level 4–5 for most peers) is the clearest signal of intent.
What makes it interesting: for HNIs who like the SIF wrapper but don't want full equity beta, this fills a real gap. The 25–35% debt floor plus a largely-hedged equity book should keep drawdowns shallow — closer to an arbitrage-plus fund than to an aggressive long-short.
The manager is the edge: Gaurik Shah is a derivatives and hedge-strategy specialist (ASK, Avendus AIF Cat-III, Monsoon Capital, RBS Delta-One). Income-oriented hybrids live or die on execution of arbitrage and options strategies, so a dedicated long-short PM matters more here than brand.
Watch-outs: arbitrage yields compress when spreads tighten, so returns will track money-market-plus in calm markets. The unhedged short sleeve (up to 25%) and covered-call cap mean upside is deliberately capped — this is not the fund to own in a runaway bull market.
Who should consider it: conservative HNIs, investors parking surplus for 1–3 years who want better-than-debt tax-efficient returns, and anyone wanting SIF exposure with the lowest available risk band. Not a substitute for a directional equity LS SIF.
In context
Hybrid Long-Short SIFs in India
Hybrid is the largest SIF category. Platinum joins as the newest entrant — and the only one positioned at Risk Band Level 2.
| Fund | AMC | Status |
|---|---|---|
| Platinum Hybrid Long-Short | Mirae Asset | NFO Open |
| iSIF Hybrid Long-Short | ICICI Prudential | Live |
| Magnum Hybrid Long-Short | SBI Mutual Fund | Live |
| Titanium Hybrid Long-Short | Tata Mutual Fund | Live |
| Altiva Hybrid Long-Short | Edelweiss Mutual Fund | Live |
| Arudha Hybrid Long-Short | Bandhan Mutual Fund | Live |
| Apex Hybrid Long-Short | Aditya Birla Sun Life | Live |
| qSIF Hybrid Long-Short | Quant Mutual Fund | Live |
Disclaimer. The information above is sourced from the Platinum Hybrid Long-Short Fund Investment Strategy Information Document (ISID, dated April 28, 2026) published by Mirae Asset Investment Managers (India) Private Limited. SIFPrime is an AMFI-registered mutual fund distributor and does not provide investment advice. SIFs are subject to market risk; please read the SID/SAI carefully before investing.
Risk Band: AMFI Level 2 (benchmark NIFTY 50 Hybrid Composite Debt 50:50 Index — Level 3). Investments in SIFs involve relatively higher risk including potential loss of capital, liquidity risk, and market volatility. There is no assurance that the investment objective of the strategy will be achieved.
AMC website: platinumsif.miraeassetmf.co.in