360 ONE DynaSIF Review 2026: The Wealth Manager's SIF Platform

This is the fifth article in SafalMoney's SIF Fund Review series. After reviewing ITI AMC's Diviniti SIF, Edelweiss Altiva SIF, SBI Magnum SIF, and Tata Titanium SIF, we now turn to perhaps the most credible pure-play alternative investment manager to enter the SIF space — 360 ONE Asset Management and its DynaSIF platform.

360 ONE is fundamentally different from the other AMCs we have reviewed. SBI Mutual Fund and Tata AMC are conventional fund houses that have added SIF as a new product category. 360 ONE — formerly known as IIFL Wealth — is a wealth management and alternative investment specialist. Managing high-net-worth and ultra-high-net-worth clients has been its core business for over a decade. Alternative strategies, long-short thinking, and sophisticated portfolio construction are not new to 360 ONE — they are what the organisation has built its reputation on.

This heritage matters enormously when evaluating DynaSIF. The team and infrastructure that 360 ONE brings to SIF is not a conventional fund house trying something new — it is a specialist alternative investment house bringing its existing capabilities into a new, more accessible regulatory framework.

As of July 2026, 360 ONE has launched three strategies under the DynaSIF platform — more than any other AMC in India — making it the most comprehensive SIF product platform currently available.

360 ONE Asset Management: The Alternative Investment Heritage

360 ONE Asset Management has an AUM of approximately ₹13,479 crore as of December 2025 — modest by conventional AMC standards but substantial for an alternative-focused manager. The organisation's DNA is in concentrated, high-conviction investing. Having pioneered the concept of benchmark-agnostic funds in India, 360 ONE's fund managers function in an unconstrained but research-oriented manner.

The co-founder and CIO is Anup Maheshwari — one of India's most respected alternative investment practitioners — who articulated the DynaSIF philosophy at launch: the SIF framework allows for greater flexibility, institutional-grade risk management, and outcome-oriented strategies, while retaining the governance and taxation efficiencies of mutual funds.

CEO Raghav Iyengar framed the market context accurately: today's investment environment is defined by faster interest rate cycles, sudden volatility spikes, shifting correlations, inflation uncertainty, and liquidity shocks. The traditional 60:40 construct is increasingly challenged by shifting correlations and sharper rate cycles.

This is not marketing language for a conventional fund house entering SIF for the first time — it is the articulation of a fund house that has been thinking about multi-asset, long-short strategies as its core business for years.

The DynaSIF Platform: Three Strategies Across the Risk Spectrum

DynaSIF is named after the Greek word "dynamis" — symbolising power, strength, and capability. The platform currently offers three distinct strategies, each designed for a different investor profile and risk objective:

This three-strategy architecture — spanning pure equity long-short, multi-asset dynamic allocation, and SMID-focused equity — gives investors more precise risk-return positioning than any other SIF platform in India.

Strategy 1: DynaSIF Equity Long-Short Fund — The Flagship

Fund Snapshot

Investment Philosophy and Strategy

The DynaSIF Equity Long-Short Fund is a pure equity long-short strategy with a distinctly institutional philosophy. The investment objective is to generate long-term capital appreciation using structural, cyclical, and tactical investing opportunities in equities, with the optionality of hedging and shorting through derivatives.

The strategy is explicitly sector-agnostic, market-cap-agnostic, and style-agnostic — the fund manager has complete freedom to invest across any sector, any market cap, and any valuation style. This unconstrained mandate is one of the most liberating in the Indian SIF category, reflecting 360 ONE's benchmark-agnostic investment heritage.

Portfolio construction combines qualitative and quantitative screens — macro context, industry dynamics, thematic positioning, and business strength combined with valuation factors, momentum signals, and market regime analysis. This blended fundamental + quantitative approach is more sophisticated than most pure fundamental or pure quant approaches in the SIF category.

The mandate structure:

• Equity: 80–100% of net assets
• Short exposure via derivatives: 0–25%
• Debt and money market: 0–20%
• InvIT units: 0–20%
• Overseas securities: 0–20%
• Securities lending: up to 20%

The inclusion of InvITs and overseas securities in the mandate is notable — it gives Harsh Agarwal flexibility to invest in infrastructure income assets and global equities, creating potential diversification beyond pure domestic equity long-short.

Fund Manager: Harsh Agarwal — The Star Credential

Harsh Agarwal is DynaSIF's most compelling asset — and arguably one of the strongest fund manager credentials in the entire Indian SIF category.

He brings nearly 20 years of experience in long-short and multi-asset strategies — not theoretical knowledge, but actual live trading experience. He started his career working for global hedge fund managers and quantitative portfolio managers, where he was trained in stock picking, portfolio construction, and risk management using both quantitative and fundamental approaches.

He holds an MBA from Symbiosis Pune, certifications in Portfolio Management (CPM) and Treasury Management (CTM) from ICFAI, and the NISM XIX-C certification for derivatives.

In our assessment: Harsh Agarwal's profile stands out among all fund managers across the SIF category reviewed so far — ahead of Gaurav Mehta (SBI Magnum), the ITI Diviniti team, and Amit Somani (Tata Titanium) in terms of directly relevant long-short strategy experience.

The March 2026 Stress Test Performance

Independent assessment of DynaSIF Equity Long-Short through the March 2026 crash described the performance as moderate protection — the fund cushioned some of the benchmark's fall but underperformed category peers.

This is a nuanced result. "Moderate protection" means the fund did provide some downside cushioning — consistent with a fund running a meaningful short book. The underperformance versus category peers may reflect the fact that DynaSIF was early in its portfolio construction phase — launched just days before the February 28 Iran war began — and may not have had full short book deployment at the time of the crash.

With only 63.27% deployed in equities as of May 2026 and 36.73% in cash equivalents, the early portfolio data suggests Harsh Agarwal was taking a cautious, measured approach to deployment — building positions carefully rather than rushing in.

Early Performance Assessment

The since-inception CAGR of 1.35% as of May 19, 2026 reflects a genuinely difficult market environment — the fund was launched and deployed capital precisely during the Iran war crash period. With the fund re-opening February 27, 2026 — just days before the Nifty's sharpest single-month decline — early performance was always going to be challenging.

The NAV of ₹10.23 as of May 14, 2026 represents modest positive performance from inception — reasonable given the market context. However, with only approximately 3–4 months of data, no meaningful performance assessment is possible.

Strategy 2: DynaSIF Active Asset Allocator Long-Short Fund — The Conservative Sophisticate

Fund Snapshot

What Makes This Strategy Genuinely Unique

The DynaSIF Active Asset Allocator is the most distinctive SIF product in the Indian market. Unlike every other SIF reviewed in this series — which are either pure Equity Long-Short or Equity-Heavy Hybrid Long-Short — the Active Asset Allocator is a true multi-asset long-short strategy spanning equities, debt, commodities, and derivatives simultaneously.

The portfolio construction combines equities (partial hedging of equity exposure), debt (active duration management by Milan Mody), commodities (including commodity derivatives managed by Rahul Khetawat), and derivatives overlays across all three.

The benchmark itself tells the story — 25% equity + 60% short-term bonds + 15% commodities. This is not an equity fund with a small debt sleeve. It is a genuinely diversified multi-asset strategy with meaningful commodity and debt exposure alongside selective equity participation.

Harsh Agarwal described the strategy's objective clearly: to generate returns in the long term with low volatility, through disciplined diversification across asset classes and individual securities, partial hedging of equity and commodity exposures, and long-short strategies to capture alpha with lower beta.

For risk-conscious HNI investors who want SIF's long-short capabilities but are uncomfortable with the equity concentration of pure Equity Long-Short strategies, the Active Asset Allocator is the most conservative and genuinely diversified SIF option available in India.

The Three-Manager Team Structure

The specialist three-manager team — Harsh Agarwal for overall strategy, Milan Mody for debt, and Rahul Khetawat for commodities — is the right approach for a multi-asset strategy. Attempting to manage equities, fixed income duration, and commodity derivatives with a single manager would create unacceptable skill concentration risk across very different markets.

Rahul Khetawat joined from Tata Asset Management and Daiwa Portfolio Advisory India, with a background in multi-asset and commodity strategies. Milan Mody's debt expertise provides the fixed income overlay. Together, the three managers cover the full asset class spectrum of the strategy.

Strategy 3: DynaSIF Equity Ex-Top 100 Long-Short Fund — The SMID Specialist

The third DynaSIF strategy — the Equity Ex-Top 100 Long-Short Fund — launched via NFO from June 5–19, 2026, with investors able to participate from late June. This strategy is focused exclusively on mid and small cap stocks (ranked beyond the top 100 by market capitalisation) with a long-short overlay.

With the fund only days old as of this review, no performance data is available. The strategy sits in the same category as the Edelweiss Altiva Equity Ex-Top 100 Long-Short Fund — SMID-focused, high-conviction, and appropriate only for aggressive investors with long horizons.

The DynaSIF platform's decision to launch an Ex-Top 100 strategy completes its coverage across the risk spectrum: conservative multi-asset (Active Asset Allocator), moderate equity long-short (Equity Long-Short), and aggressive SMID long-short (Ex-Top 100).

DynaSIF vs Peers: How 360 ONE Stacks Up

The standout finding: DynaSIF has the strongest fund manager pedigree in the SIF category — Harsh Agarwal's nearly 20 years of live long-short AIF management experience is unmatched. The concern is track record length — DynaSIF is 4–5 months old, while Edelweiss Altiva has a 10-month track record with demonstrably superior crash performance.

Who Should Consider DynaSIF?

DynaSIF Equity Long-Short is most suitable for:

• Aggressive investors with 5+ year horizons who want the most experienced long-short fund manager in the Indian SIF category
• Investors comfortable with 360 ONE's benchmark-agnostic, unconstrained investment philosophy
• Those who appreciate a blended fundamental + quantitative investment approach
• Portfolio builders who want pure equity long-short alpha with minimal hybrid dilution

DynaSIF Active Asset Allocator is most suitable for:

• Risk-conscious HNI investors who want SIF's long-short benefits with maximum diversification across asset classes
• Conservative investors uncomfortable with pure equity concentration
• Those specifically seeking low-volatility, multi-asset SIF exposure — the most conservative SIF product available in India
• Investors who understand and appreciate commodity exposure as a genuine diversifier

DynaSIF Equity Ex-Top 100 is most suitable for:

• Aggressive SMID-focused investors with 10+ year horizons
• Those specifically seeking long-short alpha in the mid and small cap universe
• Investors already holding a large cap core who want an aggressive satellite allocation

SafalMoney Verdict: The Platform to Watch Most Closely

DynaSIF is SafalMoney's pick for the SIF platform with the strongest long-term potential — primarily because of Harsh Agarwal's unmatched long-short credentials, the breadth of the three-strategy platform, and 360 ONE's authentic alternative investment heritage.

The honest caveat: at this stage, Edelweiss Altiva still leads on the most important current criterion — demonstrated performance, particularly through the March 2026 stress test. DynaSIF's track record is too short for a definitive performance assessment.

But if the question is which SIF platform is most likely to demonstrate genuine long-short alpha over a full 3–5 year cycle, SafalMoney's assessment is that DynaSIF — managed by the most experienced long-short practitioner in the Indian SIF category — has the strongest structural case.

Watch this space carefully. The next 12 months of DynaSIF performance — particularly through the volatility of the ongoing Iran-US situation and the RBI rate cycle — will be the most important data points for HNI investors considering this platform.

Use SafalCheck™ to track DynaSIF's SafalScore™ as performance data accumulates. Use SafalZenith to assess your ideal SIF allocation before choosing between DynaSIF and peers.