Axis Arbitrage Fund
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 | 1Y | 3Y CAGR | 5Y CAGR |
|---|---|---|---|---|---|
| Direct Growth | ₹21.4459 | — | — | — | — |
| Regular Growth | ₹19.6265 | +0.25% | +5.83% | +6.78% | +5.93% |
Portfolio Metrics(latest month)
vs Category Peers
Balanced ApproachActive Share = ½Σ|wfund − wpeer|, computed using leave-one-out peer portfolio within SEBI category.
Similar Funds in Category
What Changed2026-03-31 → 2026-04-30
| Stock | Weight |
|---|---|
| Adani Power Limited | 0.18% |
| Indian Bank | 0.33% |
| Muthoot Finance Limited | 0.25% |
| SRF Limited | 0.15% |
| Bharat Forge Limited | 0.10% |
| BSE Limited | 0.07% |
| Supreme Industries Limited | 0.05% |
| Waaree Energies Limited | 0.04% |
| Info Edge (India) Limited | 0.04% |
| Hitachi Energy India Limited | 0.04% |
| CG Power and Industrial Solutions Limited | 0.03% |
| Jindal Steel Limited | 0.02% |
| Avenue Supermarts Limited | 0.02% |
| Samvardhana Motherson International Limited | 0.01% |
| HDFC Bank Limited (11/09/2026) ** | 1.00% |
| Bank of Baroda (25/01/2027) ** | 0.98% |
| HDFC Bank Limited (22/01/2027) ** | 0.49% |
| Canara Bank (25/03/2027) ** | 0.48% |
Full Holdings
| # | Holding | % to NAV |
|---|---|---|
| 1 | Net Receivables / (Payables) | 66.12% |
| 2 | Axis Money Market Fund - Direct Plan - Growth Option INF846K01Q62 | 14.62% |
| 3 | HDFC Bank Limited INE040A01034 | 4.41% |
| 4 | Clearing Corporation of India Ltd | 3.54% |
| 5 | ICICI Bank Limited INE090A01021 | 3.19% |
| 6 | Reliance Industries Limited INE002A01018 | 2.91% |
| 7 | Bharti Airtel Limited INE397D01024 | 2.54% |
| 8 | Kotak Mahindra Bank Limited INE237A01036 | 2.45% |
| 9 | Union Bank of India (12/03/2027) INE692A16LU9 | 2.42% |
| 10 | Bharat Heavy Electricals Limited INE257A01026 | 1.98% |
| 11 | Bharat Electronics Limited INE263A01024 | 1.56% |
| 12 | State Bank of India INE062A01020 | 1.55% |
| 13 | Cholamandalam Investment and Finance Company Ltd INE121A01024 | 1.53% |
| 14 | ITC Limited INE154A01025 | 1.53% |
| 15 | Mahindra & Mahindra Financial Services Limited (18/02/2027) ** INE774D14TL6 | 1.46% |
| 16 | Sun Pharmaceutical Industries Limited INE044A01036 | 1.40% |
| 17 | Eternal Limited INE758T01015 | 1.38% |
| 18 | Adani Enterprises Limited INE423A01024 | 1.30% |
| 19 | Small Industries Dev Bank of India (04/02/2027) INE556F16BY8 | 1.22% |
| 20 | Jio Financial Services Limited INE758E01017 | 1.22% |
Sector Allocation
Top 10 sectors by % to NAV. Excludes derivatives.
Frequently Asked Questions
How many stocks does Axis Arbitrage Fund hold?
Axis Arbitrage Fund holds 166 stocks as per the latest AMFI portfolio disclosure. The top 5 positions account for 28.67% of NAV.
What is the largest holding in Axis Arbitrage Fund?
The largest position in Axis Arbitrage Fund is Net Receivables / (Payables), accounting for 66.12% of NAV.
Is Axis Arbitrage Fund a concentrated or diversified fund?
With a Gini coefficient of 0.637, Axis Arbitrage Fund is moderately concentrated. The HHI concentration index is 33,860 bps, which is above the 2500 bps threshold for high concentration. The top 5 holdings together make up 28.67% of the portfolio.
What is the market cap allocation of Axis Arbitrage Fund?
Based on SEBI's AMFI classification, Axis Arbitrage Fund's equity portfolio is split as: Large Cap: 46.29%, Mid Cap: 14.49%, Small Cap: 3.78%. This reflects the fund's positioning within the market cap spectrum.
Which sectors does Axis Arbitrage Fund invest in most?
Axis Arbitrage Fund has the highest allocation to Banks (15.60%), CARE A1+ (6.13%), Finance (5.98%). The fund is invested across 46 sectors in total.
How actively managed is Axis Arbitrage Fund compared to other Arbitrage Fund funds?
Axis Arbitrage Fund has an Active Share of 47.32%, classifying it as "Balanced Approach" among 34 Arbitrage Fund peers. This indicates a moderate level of differentiation from category peers.
What changed in Axis Arbitrage Fund's portfolio in the latest month?
Between 2026-03-31 and 2026-04-30, Axis Arbitrage Fund added 18 new stocks (including Adani Power Limited) and exited 19 stocks (including Kaynes Technology India Limited). Total holding count decreased from 168 to 167 stocks.