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Equity Long-Short

Arudha Equity Long-Short Fund

by Arudha Capital  |  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.
91.4%
of NAV
Gross Exposure ?Long book + |Short book| in absolute terms. Values above 100% reflect leverage through derivatives.
108.6%
of NAV
Gross Short ?Absolute value of all short positions (% of NAV). Includes both hedged shorts (matched against a long holding) and naked shorts.
8.6%
Futures + Options
Naked Shorts ?Short positions with no matching long holding. Pure directional bets — unlike hedged shorts which simply offset a stock held long.
4.87%
3 futures contract(s)
Positions
49
45 long + 4 short
Data As Of
May 2026
Updated monthly
Physical book at 100% — short book via derivatives only
Physical holdings (equity, debt, cash) sum to approximately 100% of NAV. The 8.6% gross short book is built entirely through futures or options. Net Long (91.4%) is the effective market exposure after netting the short derivatives against the physical book.

Portfolio Bifurcation — May 2026 (scroll right →)

EQUITY
+76.5%		DEBT
0%		COMMODITY
0%		CASH & EQUIV
+23.5%		OPTIONS
0%		FUTURES
-8.6%
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 premiumShort?Options written or sold short — shown as absolute value of obligationLong?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
+76.46%--+10.06%+12.85%---+0.61%----3.74%-4.87%
All positions sum to: 91.37% of NAV
Last updated: May 2026  |  Next update: June 2026
Portfolio Allocation
May 2026
Equity (Long)
76.46%
Debt (Long)
0.00%
Cash & Equivalents
23.52%
Futures (Long)
0.00%
Options (Long)
0.00%
Gross Short ?Absolute value of all short positions. Includes hedged + naked shorts.
-8.61%
Holdings
45 long  +  4 short
Company% NAVMkt ValueWeight
ICICI Bank Ltd
 5.57% ₹449L
State Bank of India
 4.23% ₹341L
Tata Steel Ltd.
 3.76% ₹303L
HDFC Bank Ltd.
 3.48% ₹280L
Bharti Airtel Ltd.
 3.39% ₹273L
NTPC Ltd.
 3.38% ₹272L
Mahindra and Mahindra Ltd
 3.01% ₹242L
SBI Life Insurance Company Ltd.
 2.52% ₹203L
Indus Towers Ltd.
 2.43% ₹196L
TVS Motor Company Ltd
 2.40% ₹193L
6.68% GSEC BONDS- 07/07/2040
 2.34% ₹189L
Apollo Hospitals Enterprise Ltd.
 2.23% ₹180L
Kotak Mahindra Bank Ltd.
 2.13% ₹171L
REC Ltd.
 2.10% ₹169L
Info Edge India Ltd
 2.03% ₹163L
Ipca Laboratories Limited
 2.02% ₹163L
Sun Pharmaceutical Industries Ltd.
 1.88% ₹151L
S.J.S. Enterprises Ltd.
 1.85% ₹149L
Coromandel International Ltd.
 1.58% ₹128L
Sagility India Ltd.
 1.57% ₹126L
Infosys Ltd.
 1.45% ₹117L
Power Grid Corporation Of India Limited
 1.43% ₹115L
Aadhar Housing Finance Ltd.
 1.37% ₹110L
ICICI Lombard General Insurance Company
 1.36% ₹110L
Eureka Forbes Ltd.
 1.30% ₹105L
InstrumentCoupon% NAVMkt Value
No debt holdings
TREPS / Repo
Instrument% NAVMkt Value
Clearing Corporation of India Ltd
 +12.85% ₹1,035L
Money Market
Instrument% NAVMkt Value
CD - AXIS BANK LIMITED - 10/08/2026 **
 +6.12% ₹493L
091 DAYS T-BILL - 30/07/2026
 +3.94% ₹317L
Net Rec/(Pay)
Instrument% NAVMkt Value
Net Receivables / (Payables)
 +0.61% ₹48.9L
Estimated margin required: ~0.96% of NAV. Cash & equivalents stand at 23.5% — approximately 24x coverage. TREPS and money market instruments earn 6.5–7.5% p.a. — an active yield position, not idle margin reserve.

No options positions

Short Futures — Hedged
Contract% NAVMkt ValueExpiry
Tata Steel Ltd.
 -3.74% ₹301L 30/06/2026
Short Futures — Naked
Contract% NAVMkt ValueExpiry
PI Industries Ltd.
 -0.60% ₹48.6L 30/06/2026
Ambuja Cements Ltd.
 -0.82% ₹66.2L 30/06/2026
NIFTY
 -3.45% ₹278L 30/06/2026
Naked (directional) futures short: 4.87% of NAV across 3 contract(s).
Portfolio Analysis
Updated May 2026
May 2026 — Monthly Update

Arudha Equity Long-Short Fund runs a mixed short book — hedged positions paired with equity longs, plus 4.87% in naked directional shorts across 3 futures contract(s). These represent direct bets on specific stocks or indices falling in price.

Net long exposure of 91.4% 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 Arudha Equity Long-Short Fund with the March 2026 portfolio disclosure. Updated monthly as Arudha Capital 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
May 2026

Net long: 91.37%. Gross exposure: 108.59%. Equity: 76.46%, Debt: 0.00%, Cash & Equiv: 23.52%, Options Short: 0.00%, Futures Short: 8.61%. Naked futures short: 4.87%. Total positions: 49.

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Fund Details
AMCArudha Capital
CategoryEquity Long-Short
Fund TypeSIF (SEBI Regulated)
Min. Investment₹10 Lakh
NAV DisclosureDaily
Portfolio DisclosureMonthly (AMFI)
Exposure Metrics
Net Long ?Long book minus short book (% of NAV). Actual unhedged market exposure.91.4%
Gross Short ?Absolute value of all short positions. Includes hedged + naked shorts.8.6%
Naked Short ?Shorts with no matching long. Pure directional bets against specific stocks.4.87%
Gross Exposure ?Long book + |Short book|. Values above 100% indicate derivative leverage.108.6%
Disclaimer: All data sourced from AMFI monthly portfolio disclosures (May 2026). Tequity Investing is an AMFI-registered Mutual Fund Distributor (ARN-245270). This is not investment advice. Specialised Investment Funds carry higher risk and are suitable only for sophisticated investors with a minimum investment of ₹10 lakh. Please consult a SEBI-registered financial planner before investing. Past performance is not indicative of future results.

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