SIF by Mahindra Manulife Mutual Fund
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What is a Specialized Investment Fund (SIF)?

Specialized Investment Funds (SIFs) are an investment product that aim to bridge the gap between Mutual Funds (MFs) and Portfolio Management Services (PMS).

  • a)SIFs offer more flexibility in investment strategies
  • b)They often have advanced strategies with hedgefund like long short models, complex derivative strategies etc.

Constitution of MSIF

MSIF is offered by Mahindra Manulife Mutual Fund in terms of Regulation 48 of SEBI (Mutual Funds) Regulations, 2026 ("SEBI Regulations") with Mahindra Manulife Trustee Private Limited as the Trustee and Mahindra Manulife Investment Management Private Limited as the Asset Management Company (AMC). Mahindra Manulife Mutual Fund was granted approval to establish the SIF by SEBI on February 09, 2026.

For more details, visit About Mahindra Manulife Mutual Fund.

Why SIF chart

THE SIF SOLUTION

  • a)Bridges the above gap by offering advanced strategies similar to PMS and AIF in accordance with SEBI regulations
  • b)Reduce the entry barrier with minimum ticket size of ₹ 10 lacs only

Asset Allocation Differentiation with Mutual Funds (MF)

DESCRIPTIONMFSIF
Derivatives ExposureLimited to hedging and portfolio rebalancingNaked shorts up to 25% of NAV
Single company equity exposureup to 10% of NAVup to 10% of NAV
Single issuer debt exposureOverall Limit: 10% of NAVOverall Limit: 20% of NAV
Single sector debt exposureup to 20% of NAVup to 25% of NAV
Single issuer debt exposure (AAA rated)AAA — 10% of NAVAAA — 20% of NAV
Single issuer debt exposure (AA rated)AA — 8% of NAVAA — 16% of NAV
Single issuer debt exposure (A and below)A and below — 6% of NAVA and below — 12% of NAV
InVIT exposure (aggregate)up to 10% of NAVup to 20% of NAV
InVIT exposure (single issuer)up to 5% of NAVup to 10% of NAV

SIF Comparison with other offerings

DESCRIPTIONSIFMFPMSAIF
Minimum Investment₹10 Lac₹100₹50 Lac₹1 Crore
Taxation at investor level*only on redemptiononly on redemptionAt every transactionNA
Taxation at fund level*NANANACAT III - LCTG @ 12.5% + Business Income @ 30% + Surcharge + Cess
StrategiesLong ShortLong onlyLong onlyDiverse (Long Short, PE) etc.
LeverageNo leverageNo leverageNo leverageLeverage with gross exposure at 200%
DerivativesUnhedged short position up to 25% + derivatives for hedging & rebalancingDerivatives only for hedging & rebalancingDerivatives only for hedging & rebalancingPermitted

*As per current Income Tax Laws. Please consult your investment / tax adviser before making any investment decision.

*Note: CAT refers to Category

Fund Managers

Mr. Aalap Shah

Fund Manager – Equity

Mr. Aalap Shah

Aalap Shah is a Fund Manager with over 20 years of experience in Indian equity and derivatives markets, having managed equity portfolios with peak assets under management exceeding US$600 million. His expertise spans long only and long/short portfolio management, research, and risk management, built across leading institutions including Nippon Life Asset Management, Dolat AIF, HDFC Life Insurance, Birla Sun Life Insurance, and Standard Chartered Securities. He holds an MBA and CFA Certifications from ICFAI. Beyond fund management, he shares his expertise as a Visiting Faculty, mentoring the next generation of finance professionals.

Mr. Abhishek Jaiswal

Fund Manager – Equity

Mr. Abhishek Jaiswal

Abhishek Jaiswal brings over 18 years of investment management experience across Long-Only, Long/Short, and sector-focused equity strategies, with more than a decade specializing in Long/Short portfolios. He has managed Mutual Funds, AIFs, PMS, and Hedge Fund mandates at leading institutions including Nippon Life Asset Management, Dolat AIF, and Marshal Funds. A Chartered Accountant and NISM Series XIX-C certified professional, he blends deep fundamental research with a macro-driven framework to identify high-conviction, risk-adjusted opportunities. He also mentors future finance professionals as a guest speaker at top MBA institutions.

Who should Invest?

Investor profile – Experienced investors seeking advanced yet tax-efficient strategies

1

Minimum Eligibility Criteria

  • a.Minimum investment of ₹ 10 lac per investor aggregated across all SIF Strategies under a single AMC
  • b.Accredited investors may be exempt from this minimum threshold subject to minimum eligibility criteria as specified in the ISIDs of respective Investment Strategy Documents
2

Financial Characteristics of Investors

  • a.Experienced investors who are beyond traditional retail investing but cannot access advanced strategies due to higher ticket size
  • b.Risk Appetite for deploying ₹10 lac or more across strategies for a diversified, multi strategy approach
  • c.Investors who might tolerate certain liquidity constraints as some funds may not offer daily redemption features
3

Risk Tolerance

  • Investors with high risk appetite seeking diversification beyond traditional assets and MFs may consider investing in SIFs, which aims to offer differentiated strategies, including exposure to derivatives for enhanced return potential and risk management.
4

Investment Objective

Typical investors choosing SIF are looking for the following:

  • a.Returns through advanced strategies – These investors are looking beyond traditional long only mutual funds and want to access advanced strategies currently being used by hedge funds
  • b.Tax efficient investment strategies* – PMS investors incur tax on every transaction made into their accounts. SIFs offer similar strategies as PMS but with taxation like Mutual Fund (i.e. at redemption only)
  • c.A basket of advanced strategies for additional diversification – Long short, hybrid, sector rotation etc.

*As per current Income Tax Laws. Please consult your investment / tax adviser before making any investment decision