One of India's largest SIFs by AUM at ₹3,462 Cr (Value Research) — SBI Mutual Fund's distribution muscle at work. A conservative, heavily-hedged hybrid mandate carrying Value Research's lowest risk band in the category.
Magnum's score is built on SBI's institutional platform, scale economics, and a steady positive return through the March 2026 crash. The mandate is conservative rather than differentiated — that's both the strength and the cap.
A conservative equity-tilt hybrid leveraging SBI MF's deep stock research bench. Less adventurous than peers — and that's the point.
The equity book is 65-75% gross, heavily hedged. The fund runs a high-conviction portfolio of 40-50 large- and select mid-caps drawn from SBI MF's research universe, then layers index futures shorts on top to bring net exposure into the 35-50% range during normal markets.
The remaining 25-35% sits in AAA debt with 2-3 year duration. The debt book follows SBI MF's institutional fixed-income playbook — no aggressive duration, no credit risk.
Hedging is index-led, not single-stock. Magnum's shorts are dominated by Nifty 50 and Nifty Next 50 futures, not bottom-up stock shorts. This means the fund won't benefit when individual richly-valued names correct — but it also won't get caught in a short squeeze.
The conservative design shows through. Magnum's heavily-hedged book is built to protect capital through corrections; the trade-off is that it tends to recover more slowly than punchier peers once markets turn.
Magnum is the SIF you allocate to when the conversation is about scale, distribution comfort, and a brand the family trusts.
Gaurav Mehta's alternatives pedigree is genuine. SBI MF's operations are unrivalled. The product itself is reliable rather than innovative — and for many HNI portfolios, reliable is exactly what's needed.
Our ACCUMULATE rating reflects this position in the universe. We would not place Magnum as the first or only SIF in a portfolio (iSIF Hybrid or Altiva does that better). But as the second or third holding — particularly for clients who already work with SBI banking or Cap relationships — Magnum is sound.
The AUM scale is a tailwind, not a concern. SBI MF runs ₹11+ lakh Cr; an additional ₹5,000 Cr in this SIF is rounding error in operational terms.
Three illustrative profiles. Magnum's role is consistent: the "comfort" allocation backed by the SBI brand, sized smaller than the differentiated picks.
Magnum vs iSIF Hybrid vs Altiva — three flagship Hybrid LS SIFs with materially different design philosophies.
| Attribute | Magnum Hybrid | iSIF Hybrid | Altiva Hybrid |
|---|---|---|---|
| TFS Score | 75 ACCUMULATE | 78 ★ BUY | 76 ACCUMULATE |
| AMC | SBI (largest) | ICICI Prudential | Edelweiss |
| Lead PM | Gaurav Mehta | Sankaran Naren | Bhavesh Jain |
| Launched | Oct 2025 | Jan 2026 | Oct 2025 |
| Net equity range | 30% to 70% | −7.5% to +75% | 25% to 65% |
| AUM | ₹3,462 Cr | ₹844 Cr | ₹4,466 Cr |
| Best fit | Brand-comfort / mass affluent | Contrarian / unconstrained | Conservative HNI |
Bold = leader. See all 20 live SIFs →
ACCUMULATE, not high-conviction BUY. Four risks to monitor.