DSP Arbitrage fund

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

The fund maintains its defensive arbitrage positioning with banking stocks anchoring two-thirds of equity exposure, while the substantial mutual fund holding signals tactical liquidity management. The 11 new additions across energy, industrials, and aviation suggest the manager is opportunistically capturing mispricing in cyclical sectors likely benefiting from near-term economic acceleration. The simultaneous exit from IT and consumer durables reflects conviction that these segments face near-term headwinds, with the portfolio increasingly tilted toward value plays and rate-sensitive financials.

Portfolio analysis · April 2026

NAV & Returns

Plan	NAV	1M	3M	6M	1Y	3Y CAGR	5Y CAGR
Regular Growth	₹15.6690	+0.29%	+1.26%	+2.79%	+5.74%	+6.74%	+5.81%

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

Portfolio Metrics(latest month)

Holdings

157

Top 5 Weight

24.76%

Top 10 Weight

35.05%

Active Share

—

Large Cap

42.51%

Gini

0.576

What Changed2026-03-31 → 2026-04-30

Holdings: 164 → 159+11 added−16 removed40 weight shifts ≥ 0.1%

Stock	Sector	Weight
Bharat Petroleum Corporation Limited	Petroleum Products	0.04%
Supreme Industries Limited	Industrial Products	0.03%
Adani Power Limited	Power	0.03%
Interglobe Aviation Limited	Transport Services	0.01%
Cummins India Limited	Industrial Products	0.01%
HDFC Bank Limited	CRISIL A1+	0.74%
Small Industries Development Bank of India**	CRISIL A1+	0.72%
Indian Bank**	CRISIL A1+	0.44%
Axis Bank Limited**	CRISIL A1+	0.37%
Small Industries Development Bank of India**	CRISIL A1+	0.36%
National Bank for Agriculture and Rural Development	CRISIL A1+	0.36%

Full Holdings

#	Holding	Sector	Class	% to NAV
1	DSP Savings Fund - Direct Plan - Growth INF740K01NU2	Mutual Funds	MUTUAL_FUND	10.98%
2	HDFC Bank Limited INE040A01034	Banks	EQUITY	5.25%
3	ICICI Bank Limited INE090A01021	Banks	EQUITY	3.23%
4	Reliance Industries Limited INE002A01018	Petroleum Products	EQUITY	2.89%
5	Kotak Mahindra Bank Limited INE237A01036	Banks	EQUITY	2.41%
6	Canara Bank** INE476A16G02	CRISIL A1+	DEBT	2.19%
7	Bharti Airtel Limited INE397D01024	Telecom - Services	EQUITY	2.17%
8	ITC Limited INE154A01025	Diversified FMCG	EQUITY	2.10%
9	Vodafone Idea Limited INE669E01016	Telecom - Services	EQUITY	2.00%
10	364 DAYS T-BILL 2027 IN002025Z484	Sovereign	DEBT	1.83%
11	TREPS / Reverse Repo Investments		CASH_EQUIVALENT	1.61%
12	JSW Steel Limited INE019A01038	Ferrous Metals	EQUITY	1.56%
13	Axis Bank Limited INE238A01034	Banks	EQUITY	1.35%
14	Bharat Heavy Electricals Limited INE257A01026	Electrical Equipment	EQUITY	1.29%
15	Punjab National Bank INE160A01022	Banks	EQUITY	1.28%
16	Tata Power Company Limited INE245A01021	Power	EQUITY	1.22%
17	Bharat Electronics Limited INE263A01024	Aerospace & Defense	EQUITY	1.19%
18	Multi Commodity Exchange of India Limited INE745G01043	Capital Markets	EQUITY	1.18%
19	Bajaj Housing Finance Limited** INE377Y07557	CRISIL AAA	DEBT	1.16%
20	GMR Airports Limited INE776C01039	Transport Infrastructure	EQUITY	1.15%

Sector Allocation

Banks18.6%

CRISIL A1+12.2%

Mutual Funds11.0%

Finance6.4%

Telecom - Services4.2%

CRISIL AAA3.5%

Ferrous Metals3.4%

Pharmaceuticals & Biotechnology3.1%

Petroleum Products3.1%

Power2.6%

Top 10 sectors by % to NAV. Excludes derivatives.