Mutual fund · Arbitrage
HDFC Arbitrage Fund
₹25,407 cr across 161 positions, as filed for 2026-09-30. Returns are the fund's AMFI growth-plan NAV; holdings and behavior come from its filed monthly portfolios.
Returns, against the category
Q2 FY27: +6% over 1 year against the median Arbitrage fund's +6%.
| Over | Quarter | 1 year | 3 years (ann.) | 5 years (ann.) |
|---|---|---|---|---|
| HDFC Arbitrage Fund | +1% | +6% | +7% | +6% |
| Median Arbitrage fund | +1% | +6% | +7% | +6% |
+7%Q3 FY24+8%Q4 FY24+8%Q1 FY25+8%Q2 FY25+8%Q3 FY25+7%Q4 FY25+7%Q1 FY26+7%Q2 FY26+6%Q3 FY26+6%Q4 FY26+6%Q1 FY27+6%Q2 FY27
What moved the fund, last 12 filed months
Contribution = the fund's filed weight each month × that stock's price move in its own filings, in percentage points of NAV. Corporate-action months are left out.
| Stock | 12 months | Latest month |
|---|---|---|
| State Bank of India | +0.9 pp | −0.2 pp |
| Axis Bank Ltd. | +0.7 pp | −0.2 pp |
| Shriram Finance Ltd. | +0.6 pp | −0.0 pp |
| JSW Steel Ltd. | +0.4 pp | −0.1 pp |
| Bharat Heavy Electricals Ltd. | +0.4 pp | −0.0 pp |
| Stock | 12 months | Latest month |
|---|---|---|
| HDFC Bank Ltd. | −1.4 pp | −0.0 pp |
| ITC LIMITED | −0.7 pp | +0.0 pp |
| Dixon Technologies (India) Ltd. | −0.6 pp | 0.0 pp |
| Reliance Industries Ltd. | −0.5 pp | −0.2 pp |
| Eternal Limited | −0.4 pp | −0.0 pp |
Holdings, as filed for 2026-09-30
| Holding | Sector | % of fund | Value | Held for | Vs avg cost |
|---|---|---|---|---|---|
| HDFC Bank | Financial Services | 5.04% | ₹1,281 cr | 45 mo | -16% |
| ICICI Bank | Financial Services | 5.04% | ₹1,280 cr | 28 mo | +0% |
| Reliance Industries Limited | Oil, Gas & Consumable Fuels | 3.39% | ₹861 cr | 46 mo | -14% |
| Bharti Airtel Limited | Telecommunication | 3.31% | ₹840 cr | 39 mo | -5% |
| Axis Bank | Financial Services | 2.87% | ₹728 cr | 39 mo | +1% |
| JSW Steel | Metals & Mining | 2.32% | ₹590 cr | 41 mo | +16% |
| State Bank of India | Financial Services | 2.30% | ₹585 cr | 17 mo | -4% |
| Bajaj Finance Limited | Financial Services | 1.80% | ₹456 cr | 46 mo | -7% |
| Tata Steel | Metals & Mining | 1.55% | ₹394 cr | 43 mo | +1% |
| Canara Bank | Financial Services | 1.52% | ₹386 cr | 9 mo | -7% |
| Kotak Mahindra Bank Limited | Financial Services | 1.44% | ₹366 cr | 40 mo | +6% |
| Hindustan Unilever Limited | Fast Moving Consumer Goods | 1.43% | ₹364 cr | 8 mo | -10% |
| Punjab National Bank | Financial Services | 1.27% | ₹324 cr | 24 mo | +1% |
| Divi's Laboratories Limited | Healthcare | 1.26% | ₹320 cr | 24 mo | +17% |
| TVS Motor Company Limited | Automobile and Auto Components | 1.10% | ₹279 cr | 13 mo | +10% |
How this fund actually behaves
Computed from every filed monthly portfolio (46 months of filings) by the research pipeline.
| Holding patience | Median months a position is held (25th–75th band) | 3 mo (1–10) |
| Win rate on exits | Closed positions sold above entry, and the payoff ratio (510 exits) | 44% · payoff 1.4× |
| Loser handling | Cuts losers vs averages down, from 12 months of filings | Averages down |
| Entry valuation discipline | Median P/E paid on entries over 36 months; share above 50× | 44× · 42% over 50× |
| Portfolio valuation today | Weighted P/E and P/B of the current book at filed prices | 40.3× P/E · 5.2× P/B · 1% loss-makers |
| Churn | Stocks entered and exited in 12 months, of 161 positions | 174 in · 176 out |
| Concentration | Top 10 holdings' share; effective number of positions | 29% · ~37 effective |