SIFs provide greater portfolio flexibility than conventional mutual funds while remaining within the mutual fund regulatory structure.
HSBC Mutual Fund has launched the RedHex Hybrid Long-Short Fund under the newly introduced Specialised Investment Fund (SIF) framework, marking its entry into one of the fastest-growing segments of the investment industry. The New Fund Offer (NFO) opened on June 2 and will close on June 16.
The fund is designed to generate regular income and capital appreciation through a diversified portfolio spanning fixed-income securities, equity arbitrage opportunities, and units of Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs). According to the fund house, the strategy aims to deliver risk-adjusted returns across market cycles while maintaining relatively lower volatility.
What Is the RedHex Hybrid Long-Short Fund?
The RedHex Hybrid Long-Short Fund is being launched under the Specialised Investment Fund category, a new investment framework introduced to bridge the gap between traditional mutual funds and sophisticated products such as Portfolio Management Services (PMS) and Alternative Investment Funds (AIFs).
SIFs provide greater portfolio flexibility than conventional mutual funds while remaining within the mutual fund regulatory structure. The category is aimed at investors seeking more advanced investment strategies without moving entirely into high-ticket alternative investment products.
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According to the fund house, the strategy will follow a diversified allocation approach and focus on generating accrual income with relatively lower volatility. It also plans measured exposure to REITs and InvITs, which have emerged as alternative income-generating asset classes in recent years.
The fund is benchmarked against the NIFTY 50 Hybrid Composite Debt 50:50 Index and is structured as an interval investment fund, allowing subscriptions on any business day and weekly redemption windows.
The fund is benchmarked against the NIFTY 50 Hybrid Composite Debt 50:50 Index and is structured as an interval investment fund, allowing subscriptions on any business day and weekly redemption windows.
The launch comes as asset managers continue to expand offerings in the newly introduced SIF segment, targeting investors seeking alternatives between conventional mutual funds and more specialised investment products.
Investment strategy
According to HSBC Mutual Fund, the strategy will allocate investments across multiple asset classes, including debt instruments, equity arbitrage opportunities, REITs and InvITs. The fund intends to generate accrual income while also capturing capital appreciation opportunities from various market segments.
The strategy is benchmarked against the NIFTY 50 Hybrid Composite Debt 50:50 Index and has been structured as an interval investment fund. Investors can subscribe on any business day, while redemptions will be available through weekly redemption windows.
The minimum investment amount is ₹10 lakh, while accredited investors can participate with a minimum investment of ₹1 lakh.
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SIF segment
The launch comes amid growing interest in the Specialised Investment Fund ecosystem. The segment crossed 50,000 investment accounts in April, just a month after surpassing the ₹10,000 crore assets under management (AUM) milestone.
Among existing players, ICICI Prudential's iSIF currently leads in terms of investor folios, while Edelweiss Altiva SIF holds the highest assets under management. SBI Mutual Fund's Magnum SIF ranks among the top players in both folios and AUM.
The segment has witnessed rapid expansion, with asset managers including 360 ONE MF, Bandhan MF, Edelweiss MF, Franklin Templeton MF, ICICI Prudential MF, Quant MF, SBI MF, Tata MF and others already establishing dedicated SIF offerings. Recent entrants include Mirae Asset's Platinum SIF, Union Mutual Fund's Arthaya SIF, and Mahindra Manulife's MPOWER SIF.
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Growing competition
With HSBC Mutual Fund now entering the space through the RedHex Hybrid Long-Short Fund, competition within the SIF category is expected to intensify. Several major fund houses, including HDFC Mutual Fund, Kotak Mutual Fund, UTI Mutual Fund, Axis Mutual Fund, Nippon India Mutual Fund and DSP Mutual Fund, are at various stages of launching their own specialised offerings.
The growing number of launches highlights increasing investor interest in investment solutions that sit between conventional mutual funds and alternative investment products, offering enhanced flexibility and diversified return-generation strategies.
Published on: Jun 2, 2026 2:33 PM IST
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