Arthaya Equity Long-Short Fund

by Union Mutual Fund | Specialised Investment Fund | Min. ₹10 Lakh

Net Long ?Long book minus short book (% of NAV). The fund's actual unhedged market exposure after netting both sides.

102.1%

of NAV

Gross Exposure ?Long book + |Short book| in absolute terms. Values above 100% reflect leverage through derivatives.

132.9%

of NAV

Gross Short ?Absolute value of all short positions (% of NAV). Includes both hedged shorts (matched against a long holding) and naked shorts.

15.4%

Futures + Options

Naked Shorts ?Short positions with no matching long holding. Pure directional bets — unlike hedged shorts which simply offset a stock held long.

1.41%

1 futures contract(s)

Positions

39 long + 10 short

Data As Of

Jul 2026

Updated monthly

Physical book is 100% — futures are an additional derivative overlay

This fund's physical holdings (equity, debt, cash equivalents) independently sum to approximately 100% of NAV. The futures positions (long: 17.5% notional) are a derivative overlay on top, expressing additional directional views. Total gross exposure therefore exceeds 100%. Net Long (102.1%) reflects the combined effect of the physical book and the net futures position.

Portfolio Bifurcation — July 2026 (scroll right →)

EQUITY +73.9%	DEBT 0%	COMMODITY 0%	CASH & EQUIV +26.1%						OPTIONS 0%		FUTURES +2.1%
Equity Long?Equity stocks held long (% of NAV)	Debt Long?Bonds and fixed-income instruments held long	Commodity Long?Physical commodity ETFs or commodity fund units (e.g. gold ETFs)	Money Market?Money market instruments: T-Bills, CDs, Commercial Papers	TREPS / Repo?Tri-party repos and CCIL settlement receivables — overnight/very short-term, near-cash	Cash Margin?Cash deposited as margin collateral for derivatives positions — earns repo rate	MF Units?Units of other mutual funds held in portfolio (excluding commodity ETFs)	InvIT / REIT?Real Estate Investment Trusts and Infrastructure Investment Trusts	Net Rec/(Pay)?Net Current Assets: receivables minus payables. Negative = net liability	Long?Options held long — buyer paid the premium	Short?Options written or sold short — shown as absolute value of obligation	Long?Futures contracts held long at notional value (% of NAV)	Hedged Short?Short futures matched against a corresponding equity long — limits downside on a held stock	Naked Short?Short futures with no matching long — directional bet on a stock or index falling
+73.87%	-	-	+18.80%	+5.56%	-	-	-	+1.77%	-	-	+17.50%	-14.01%	-1.41%

All positions sum to: 102.08% of NAV

Last updated: July 2026 | Next update: August 2026

Portfolio Allocation

July 2026

Equity (Long)

73.87%

Debt (Long)

0.00%

Cash & Equivalents

26.13%

Futures (Long)

17.50%

Options (Long)

0.00%

Gross Short ?Absolute value of all short positions. Includes hedged + naked shorts.

-15.42%

Holdings

39 long + 10 short

Company	% NAV	Mkt Value
ICICI Bank Ltd.	6.67%	₹884L
HDFC Bank Ltd.	5.37%	₹712L
Reliance Industries Ltd.	4.79%	₹634L
Maruti Suzuki India Ltd.	4.03%	₹534L
Axis Bank Ltd.	3.88%	₹515L
Bharti Airtel Ltd.	3.82%	₹506L
State Bank of India	3.78%	₹501L
Apollo Hospitals Enterprise Ltd.	3.46%	₹459L
Max Healthcare Institute Ltd.	3.35%	₹444L
Mahindra & Mahindra Ltd.	3.08%	₹408L
Trent Ltd.	3.06%	₹406L
TVS Motor Company Ltd.	2.73%	₹362L
Bajaj Finance Ltd.	2.58%	₹342L
Shriram Finance Ltd.	2.41%	₹320L
Divi's Laboratories Ltd.	2.25%	₹298L
FSN E-Commerce Ventures Ltd.	2.04%	₹271L
Sun Pharmaceutical Industries Ltd.	1.94%	₹258L
Coforge Ltd.	1.60%	₹213L
Tech Mahindra Ltd.	1.57%	₹208L
Hindalco Industries Ltd.	1.54%	₹205L
Cipla Ltd.	1.42%	₹188L
RBL Bank Ltd.	1.35%	₹179L
Adani Ports and Special Economic Zone Ltd.	1.28%	₹169L
SBI Life Insurance Co. Ltd.	1.22%	₹162L
Kotak Mahindra Bank Ltd.	1.12%	₹148L
ABB India Ltd.	0.96%	₹127L
HDFC Life Insurance Company Ltd.	0.91%	₹121L
Delhivery Ltd.	0.91%	₹120L
Bank of Baroda	0.75%	₹99.3L

Instrument	Coupon	% NAV	Mkt Value
No debt holdings

TREPS / Repo

Instrument	% NAV	Mkt Value
TREPS	+5.56%	₹736L

Money Market

Instrument	% NAV	Mkt Value
91 Day Treasury Bills	+7.53%	₹997L
91 Day Treasury Bills	+3.76%	₹498L
364 Day Treasury Bills	+3.76%	₹498L
91 Day Treasury Bills	+3.75%	₹497L

Net Rec/(Pay)

Instrument	% NAV	Mkt Value
Net Receivable / Payable	+1.77%	₹235L

Estimated margin required: ~0.47% of NAV. Cash & equivalents stand at 26.1% — approximately 55x coverage. TREPS and money market instruments earn 6.5–7.5% p.a. — an active yield position, not idle margin reserve.

No options positions

Long Futures

Contract	% NAV	Mkt Value	Expiry
National Stock Exchange of India Ltd. 25.08.2026	+9.71%	₹1,287L	-
National Stock Exchange of India Ltd. 25.08.2026	+4.83%	₹640L	-
Dixon Technologies (India) Ltd. 25.08.2026	+2.35%	₹311L	-
GE Vernova T&D India Ltd. 25.08.2026	+0.61%	₹81.1L	-

Short Futures — Hedged

Contract	% NAV	Mkt Value	Expiry
Bank of Baroda 25.08.2026	-0.75%	₹99.9L	-
Delhivery Ltd. 25.08.2026	-0.91%	₹120L	-
State Bank of India 25.08.2026	-1.05%	₹139L	-
Kotak Mahindra Bank Ltd. 25.08.2026	-1.12%	₹149L	-
Adani Ports and Special Economic Zone Ltd. 25.08.2026	-1.28%	₹170L	-
Hindalco Industries Ltd. 25.08.2026	-1.55%	₹206L	-
Coforge Ltd. 25.08.2026	-1.61%	₹213L	-
Shriram Finance Ltd. 25.08.2026	-2.42%	₹321L	-
ICICI Bank Ltd. 25.08.2026	-3.32%	₹441L	-

Short Futures — Naked

Contract	% NAV	Mkt Value	Expiry
Tata Consultancy Services Ltd. 25.08.2026	-1.41%	₹187L	-

Naked (directional) futures short: 1.41% of NAV across 1 contract(s).

Portfolio Analysis

Updated July 2026

July 2026 — Monthly Update

Arthaya Equity Long-Short Fund runs a mixed short book — hedged positions paired with equity longs, plus 1.41% in naked directional shorts across 1 futures contract(s). These represent direct bets on specific stocks or indices falling in price.

Net long exposure of 102.1% reflects partial but not complete market hedging. Investors get reduced market beta versus a long-only fund, combined with potential alpha from both long and short stock selection. Options short book (0.00%) adds further positioning.

March 2026 — Initial Coverage

Tequity initiated coverage of Arthaya Equity Long-Short Fund with the March 2026 portfolio disclosure. Updated monthly as Union Mutual Fund publishes new disclosures on the AMFI portal.

Data sourced directly from AMFI monthly portfolio disclosure. All figures as a percentage of Net Asset Value.

Portfolio History

Updated monthly

July 2026

Net long: 102.08%. Gross exposure: 132.92%. Equity: 73.87%, Debt: 0.00%, Cash & Equiv: 26.13%, Options Short: 0.00%, Futures Short: 15.42%. Naked futures short: 1.41%. Total positions: 49.

May 2026

Net long: 33.65%. Gross exposure: 166.83%. Equity: 65.91%, Debt: 0.00%, Cash & Equiv: 34.09%, Options Short: 0.00%, Futures Short: 66.59%. Naked futures short: 0% (fully hedged). Total positions: 37.

Arthaya Equity Long-Short Fund

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