SIF guide
How to read a SIF factsheet
A beginner-friendly, field-by-field walkthrough of a fictional SIF factsheet, from scheme identity and exposure to NAV, AUM, TER, performance, risk, and liquidity.
Key takeaway
A factsheet is a dated snapshot, not a scorecard. First confirm the strategy, plan, option, and dates; then connect the mandate to the actual portfolio before judging returns or costs.
Read one before comparing many
Read a fictional factsheet in seven steps
This original teaching sample uses a Hybrid Long-Short SIF because it brings equity, debt, cash, and derivatives into one view. The values are deliberately simple and do not describe any real AMC or investment strategy.
Illustrative learning factsheet / not a live scheme
Northstar Hybrid Long-Short Fund
A fictional interval investment strategy used only for this walkthrough
Every value below is fictional and exists only to teach the reading method.
Step 1 / Lock the identity
Read the small print before the headline numbers
A factsheet can contain several dates, plans, and options. Match each value to its own label instead of assuming the month printed on the cover applies to every field.
- Factsheet month
July 2026
This identifies the publication cycle. It does not automatically mean every table uses 31 July data.
- Plan and option
Direct Plan - Growth
NAV and TER must belong to this exact plan and option. A Regular Plan value is not interchangeable.
- Portfolio date
31 July 2026
Holdings, asset allocation, AUM, and exposure are read as a month-end snapshot unless separately labelled.
- NAV date
4 August 2026
A factsheet may show a NAV newer than its portfolio. Keep the NAV date separate from the holdings date.
Step 2A / Mandate
What the manager is allowed to do
The strategy may allocate across listed equity, debt securities, cash or collateral, and permitted derivatives, including limited short exposure. This describes the manager's available toolkit, not today's holdings.
Step 2B / Snapshot
What the manager held on one date
On 31 July, the fictional portfolio holds 50% listed equity, 30% debt, and 20% cash or collateral, with a separate Rs. 15 equity-index short. Next month's implementation may look different while remaining within the same mandate.
Step 3 / Trace the capital
Rs. 100
Investor capital in this simplified factsheet snapshot.
Cash portfolio
First locate where the Rs. 100 is held
- Listed equity
Rs. 50
The long equity sleeve participates in selected shares and carries stock and market risk.
- Debt
Rs. 30
The debt sleeve contributes income and adds duration, credit, and liquidity considerations.
- Cash / collateral
Rs. 20
Cash and eligible collateral support liquidity and derivative positions; they are still part of the Rs. 100.
Derivative layer
-Rs. 15 notional
Equity-index short
The short changes market exposure but is not another Rs. 15 of investor capital. Keep derivative notional in a separate exposure ledger.
- Capital allocation
Rs. 100
50 equity + 30 debt + 20 cash/collateral
This answers where the investor's money is held in the simplified snapshot.
- Market position ledger
Rs. 50 / Rs. 30 / -Rs. 15
Equity long / debt / equity-index short notional
Keep the Rs. 20 cash/collateral alongside the capital ledger without combining it with derivative notional into a gross-exposure total. Regulatory exposure depends on instrument, hedging, and netting rules.
- Simplified equity direction
+Rs. 35
Rs. 50 long equity - Rs. 15 equity short
This is a directional illustration, not precise regulatory net exposure. The equity basket and index short may differ in holdings, weights, and sensitivity.
Step 4 / Date the decision fields
NAV, AUM, TER, and manager answer different questions
Read each field with its own date and definition. A value can be official yet still be too old, attached to the wrong plan, or labelled differently from the value used on another factsheet.
- NAV / Direct GrowthExact and dated
Rs. 10.4821
As of 4 August 2026
NAV is the accounting value per unit for this plan and option on this date. A higher NAV does not mean a better strategy.
- Month-end AUMExact and dated
Rs. 420 crore
As of 31 July 2026
AUM gives scale and capacity context, not quality. Do not silently replace month-end AUM with monthly average AUM (AAUM).
- Total expense ratioCheck freshness
Direct 1.10% / Regular 1.75%
Factsheet disclosure for July 2026
The plan-wise cost is useful, but the current AMC TER disclosure should be checked before a decision because a monthly factsheet can age.
- Fund managersExact and dated
A. Mehta / B. Rao
Managing since 2 June 2026
Confirm both the names and the effective date. A manager biography does not prove who manages this exact strategy today.
Step 5 / Normalize performance
Compare the same period, plan, and return method
Illustrative benchmark: 50% Nifty 500 TRI + 50% CRISIL Short Duration Debt A-III Index
Period
Strategy
Benchmark
How to read it
3 months / absolute
Strategy+3.1%
Benchmark+2.4%
How to read itThe dates and return method match, so the illustrative excess return is +0.7 percentage points before drawing any conclusion about consistency.
Since inception / absolute
Strategy+4.8%
Benchmark+4.2%
How to read itThe period is under one year in this sample, so the table labels the numbers as absolute returns rather than presenting an annualized figure.
1 year
StrategyNot available
BenchmarkNot comparable
How to read itA young strategy should leave an unavailable period blank. Filling it with a shorter history creates a false comparison.
These returns are fictional. On a real factsheet, also confirm whether returns are point-to-point, annualized or absolute, whether the benchmark is TRI, and whether the strategy and benchmark use identical start and end dates.
Step 6 / Test risk and access
A return number is incomplete without the exit conditions
- Strategy Risk-band
Level 4 of 5
Portfolio dated 31 July 2026
Treat the Risk-band as a dated portfolio signal, not a permanent grade or a promise of limited losses.
- Benchmark Risk-band
Level 4 of 5
Disclosure dated 31 July 2026
Read the strategy and benchmark levels together, then inspect the underlying equity, debt, derivative, and liquidity risks.
- Redemption access
Monthly window
Illustrative interval terms
An interval strategy may not provide everyday redemption. The exact dealing window, notice period, and payout timeline matter.
- Exit load
1% within 3 months
Illustrative scheme term
Exit load is a transaction cost, not the same as liquidity. A permitted exit can still be available only during a stated window.
Step 7 / Mark the evidence state
Do not turn uncertainty into a precise-looking number
The exact strategy, plan or option, value, date, and official source all match. This is ready to use with its date visible.
The source is official and correctly matched, but a newer daily NAV, TER page, notice, or portfolio may now exist.
The source does not answer the field, conflicts with another disclosure, or lacks a clear date. Keep the value pending.
What this factsheet still does not prove
- Whether the current allocation will persist next month.
- How the manager will behave in a future market shock.
- The full history of drawdowns, turnover, and exposure changes.
- Whether a recent notice changed TER, manager, risk, or liquidity terms.
The arithmetic is deliberately simplified for investor education. Actual SIF disclosures and regulatory exposure calculations depend on the investment strategy, instrument definitions, derivative treatment, hedging, and applicable rules. Verify the latest AMC, AMFI, and scheme documents before relying on any live field.
Use it on a real factsheet
Five checks before you compare
Carry these five checks into the next official factsheet you open.
Identity and dates
Read it as
Confirm the exact strategy, Direct or Regular plan, option, factsheet month, and the date attached to each table.
Evidence to match
Scheme header, plan/option label, portfolio date, NAV date, and publication month.
Portfolio and exposure
Read it as
Reconcile where capital is held, then read derivative notional in a separate position ledger.
Evidence to match
Asset weights, cash/collateral, derivative direction, notional basis, and calculation notes.
Cost and accountability
Read it as
Read AUM or AAUM, plan-wise TER, and manager tenure as distinct dated fields rather than quality scores.
Evidence to match
Exact AUM/AAUM label and date, actual versus estimated TER, plan, manager names, and effective dates.
Performance
Read it as
A result over a defined period, not a forecast and not meaningful without a matched benchmark calculation.
Evidence to match
Plan, start and end dates, return method, benchmark name, TRI status where applicable, and sufficient history.
Risk and liquidity
Read it as
A dated risk signal plus the practical terms governing when and at what cost an investor can exit.
Evidence to match
Strategy and benchmark Risk-band dates, redemption frequency, dealing window, payout terms, and exit load.
Practical checklist
Before you rely on this topic
Match the exact SIF strategy, plan, option, and publication month.
Write the portfolio, NAV, TER, AUM, manager, and Risk-band dates separately.
Reconcile the capital ledger before reading derivative notional separately.
Distinguish month-end AUM from AAUM and actual TER from estimated or maximum cost language.
Compare performance only on identical periods, return methods, plans, and benchmarks.
Check redemption windows, payout timing, exit load, and newer official notices before relying on the snapshot.
Source trail
Where to verify next
SEBI SIF regulatory framework
Read the official framework behind SIF structure, investment strategies, disclosure, and Risk-band requirements.
AMFI SIF investor corner
Use the central SIF area to locate official strategy, document, and investor-service disclosures.
elitefunds document room
Check which official ISID, factsheet, portfolio, risk, and related documents are mapped for each strategy.
AMFI-linked NAV updates
Check whether a daily NAV observation is newer than the NAV printed in a monthly factsheet.
Continue this pathway
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