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Summary: A new fund category sits between mutual funds and AIF. The minimum ticket is Rs 10 lakh. The strategy runs three things at once: equity with guardrails, arbitrage and debt.
Mirae Asset Mutual Fund has launched a new fund that does not fit neatly into the usual categories. The Platinum Hybrid Long-Short Fund sits under the specialised investment fund (SIF) framework, a relatively new category positioned between conventional mutual funds and alternative investment funds (AIFs), which are typically reserved for institutional or high-net-worth investors.
The minimum investment is Rs 10 lakh, which places it firmly outside the reach of most retail investors. The NFO opens on May 20, 2026 and closes on June 3, 2026. That said, here is what it does and what to make of it.
How the Platinum Hybrid Long-Short Fund is structured
Managed by Gaurik Shah, who brings nearly two decades of experience across public markets and alternative strategies, the fund runs three strategies simultaneously, each doing a different job.
The first is controlled equity exposure between 5 and 70 per cent of the portfolio. Rather than simply buying stocks and hoping they rise, the fund uses collar strategies, a technique that limits both the upside and the downside of an equity position by combining different types of options contracts. It also targets special situations—companies going through events like mergers, restructurings or regulatory changes that might create a pricing opportunity independent of the broader market.
The second is arbitrage, also between 5 and 70 per cent. Arbitrage involves simultaneously buying and selling the same stock in different markets or forms to capture a small, relatively predictable price difference. It is largely market-neutral, meaning returns do not depend on whether the market goes up or down.
The third is high-quality debt, between 25 and 35 per cent. This is the stable anchor of the portfolio, invested in bonds and fixed-income instruments that generate steady interest income regardless of what equity markets do.
Together, the three layers are designed to generate returns that are less dependent on market direction than a conventional equity fund and less volatile.
Where the SIF category stands
The SIF category is still finding its footing. In April 2026, it recorded net inflows of Rs 1,219 crore, taking total assets under management to Rs 12,329 crore across 16 schemes and over 50,000 folios. Hybrid long-short funds led with inflows of Rs 651 crore, followed by equity-oriented strategies at Rs 478 crore.
Fund house interest is widening. In May, 360 ONE Asset's Dyna SIF and Jio BlackRock's Prism SIF filed with the regulator for equity and hybrid schemes, respectively. More players are testing the waters even as the category works to establish a meaningful track record.
What investors should know
The appeal of a fund like this is real. However, the SIF category is new, track records are short and the complexity of these strategies means performance can be harder to evaluate than a straightforward equity or debt fund. For investors, the category is one to watch as it matures.
Also read: Franklin Templeton steps into SIF with a long-short fund
Disclaimer: This content is for information only and should not be considered investment advice or a recommendation.
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