Funds/Arbitrage Fund/Axis Arbitrage Fund

Axis Arbitrage Fund

Axis Mutual Fund·Arbitrage Fund·vs Nifty 50 Arbitrage TRI

Axis Arbitrage Fund maintains its core arbitrage positioning with over two-thirds equity exposure backed by substantial cash and money market holdings to capture spread opportunities. The heavy concentration in banking and finance sectors reflects typical arbitrage strategy targeting liquid, merger-linked plays, while recent portfolio churn adding financials and cyclicals like Adani Power and Bharat Forge suggests the manager is hunting for fresh arbitrage windows in PSU and infrastructure names. The significant uptick in the money market allocation signals cautious positioning, potentially indicating fewer attractive spread opportunities in the near term.

Portfolio analysis · April 2026

NAV & Returns

Plan	NAV	1M	3M	6M	1Y	3Y CAGR	5Y CAGR
Direct Growth	₹21.4369	—	—	—	—	—	—
Regular Growth	₹19.6187	+0.27%	+1.28%	+2.86%	+5.80%	+6.80%	+5.92%

Returns above 1Y are CAGR. Direct plan rows highlighted. NAV from AMFI.

Portfolio Metrics(latest month)

Holdings

166

Top 5 Weight

28.67%

Top 10 Weight

39.62%

Active Share

—

Large Cap

46.29%

Gini

0.637

What Changed2026-03-31 → 2026-04-30

Holdings: 168 → 167+18 added−19 removed53 weight shifts ≥ 0.1%

Stock	Sector	Weight
Adani Power Limited	Power	0.18%
Indian Bank	Banks	0.33%
Muthoot Finance Limited	Finance	0.25%
SRF Limited	Chemicals & Petrochemicals	0.15%
Bharat Forge Limited	Auto Components	0.10%
BSE Limited	Capital Markets	0.07%
Supreme Industries Limited	Industrial Products	0.05%
Waaree Energies Limited	Electrical Equipment	0.04%
Info Edge (India) Limited	Retailing	0.04%
Hitachi Energy India Limited	Electrical Equipment	0.04%
CG Power and Industrial Solutions Limited	Electrical Equipment	0.03%
Jindal Steel Limited	Ferrous Metals	0.02%
Avenue Supermarts Limited	Retailing	0.02%
Samvardhana Motherson International Limited	Auto Components	0.01%
HDFC Bank Limited (11/09/2026) **	CARE A1+	1.00%
Bank of Baroda (25/01/2027) **	CARE A1+	0.98%
HDFC Bank Limited (22/01/2027) **	CRISIL A1+	0.49%
Canara Bank (25/03/2027) **	CRISIL A1+	0.48%

Full Holdings

#	Holding	Sector	Class	% to NAV
1	Net Receivables / (Payables)		CASH_EQUIVALENT	66.12%
2	Axis Money Market Fund - Direct Plan - Growth Option INF846K01Q62		MUTUAL_FUND	14.62%
3	HDFC Bank Limited INE040A01034	Banks	EQUITY	4.41%
4	Clearing Corporation of India Ltd		CASH_EQUIVALENT	3.54%
5	ICICI Bank Limited INE090A01021	Banks	EQUITY	3.19%
6	Reliance Industries Limited INE002A01018	Petroleum Products	EQUITY	2.91%
7	Bharti Airtel Limited INE397D01024	Telecom - Services	EQUITY	2.54%
8	Kotak Mahindra Bank Limited INE237A01036	Banks	EQUITY	2.45%
9	Union Bank of India (12/03/2027) INE692A16LU9	ICRA A1+	DEBT	2.42%
10	Bharat Heavy Electricals Limited INE257A01026	Electrical Equipment	EQUITY	1.98%
11	Bharat Electronics Limited INE263A01024	Aerospace & Defense	EQUITY	1.56%
12	State Bank of India INE062A01020	Banks	EQUITY	1.55%
13	Cholamandalam Investment and Finance Company Ltd INE121A01024	Finance	EQUITY	1.53%
14	ITC Limited INE154A01025	Diversified FMCG	EQUITY	1.53%
15	Mahindra & Mahindra Financial Services Limited (18/02/2027) ** INE774D14TL6	CRISIL A1+	DEBT	1.46%
16	Sun Pharmaceutical Industries Limited INE044A01036	Pharmaceuticals & Biotechnology	EQUITY	1.40%
17	Eternal Limited INE758T01015	Retailing	EQUITY	1.38%
18	Adani Enterprises Limited INE423A01024	Metals & Minerals Trading	EQUITY	1.30%
19	Small Industries Dev Bank of India (04/02/2027) INE556F16BY8	CARE A1+	DEBT	1.22%
20	Jio Financial Services Limited INE758E01017	Finance	EQUITY	1.22%

Sector Allocation

Banks15.6%

CARE A1+6.1%

Finance6.0%

CRISIL A1+5.1%

Telecom - Services3.9%

Automobiles3.2%

Ferrous Metals3.1%

Pharmaceuticals & Biotechnology3.1%

Petroleum Products3.0%

ICRA A1+2.9%

Top 10 sectors by % to NAV. Excludes derivatives.