Funds/Arbitrage Fund/HDFC Arbitrage Fund

HDFC Arbitrage Fund

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

HDFC Arbitrage Fund maintains its classic low-volatility positioning through heavy liquid fund holdings and repo instruments, cushioning equity exposure across financials and industrials. The manager is pruning tech exposure and rotating into cyclical stocks like JSW Steel and Avenue Supermarts, signaling confidence in economic recovery while reducing repo allocation suggests tightening liquidity conditions. With top-10 concentration at 41 percent and seventeen exits last month, the fund is actively repositioning away from defensive plays toward value-oriented bets.

Portfolio analysis · April 2026

NAV & Returns

Plan	NAV	1M	3M	6M	1Y	3Y CAGR	5Y CAGR
Primary	₹31.2000	+0.30%	+1.34%	+2.96%	+5.92%	+6.85%	+5.80%

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

Portfolio Metrics(latest month)

Holdings

178

Top 5 Weight

26.71%

Top 10 Weight

38.79%

Active Share

—

Large Cap

53.09%

Gini

0.669

What Changed2026-03-31 → 2026-04-30

Holdings: 182 → 180+15 added−17 removed59 weight shifts ≥ 0.1%

Stock	Sector	Weight
Samvardhana Motherson International Ltd.	Auto Components	0.20%
Avenue Supermarts Ltd.	Retailing	0.11%
Muthoot Finance Ltd.	Finance	0.09%
Infosys Limited	IT - Software	0.06%
NBCC (India) Limited	Construction	0.06%
KEI Industries Ltd.	Industrial Products	0.04%
Power Finance Corporation Ltd.	Finance	0.04%
360 ONE WAM LIMITED	Capital Markets	0.03%
Cochin Shipyard Ltd.	Industrial Manufacturing	0.03%
Pidilite Industries Ltd.	Chemicals & Petrochemicals	0.03%
Polycab India Limited	Industrial Products	0.03%
Adani Power (Mundra) Limited	Power	0.02%
Angel One Ltd.	Capital Markets	0.02%
Bajaj Holdings & Investment Ltd	Finance	0.01%
Oil India Limited	Oil	0.01%

Full Holdings

#	Holding	Sector	Class	% to NAV
1	HDFC Money Market Fund - Direct Plan - Growth Option INF179KB1HU9		MUTUAL_FUND	8.43%
2	HDFC Bank Ltd.£ INE040A01034	Banks	EQUITY	6.54%
3	Reliance Industries Ltd. INE002A01018	Petroleum Products	EQUITY	4.59%
4	TREPS - Tri-party Repo		CASH_EQUIVALENT	4.46%
5	HDFC Liquid Fund - Direct Plan - Growth Option INF179KB1HP9		MUTUAL_FUND	3.80%
6	ICICI Bank Ltd. INE090A01021	Banks	EQUITY	3.35%
7	Bharti Airtel Ltd. INE397D01024	Telecom - Services	EQUITY	2.71%
8	JSW Steel Ltd. INE019A01038	Ferrous Metals	EQUITY	2.51%
9	HDFC Ultra Short Term Fund - Direct Plan - Growth Option INF179KB15Q6		MUTUAL_FUND	2.49%
10	HDFC Low Duration Fund - Direct Plan - Growth Option INF179K01VF7		MUTUAL_FUND	2.27%
11	ITC LIMITED INE154A01025	Diversified FMCG	EQUITY	2.10%
12	Grasim Industries Ltd. INE047A01021	Cement & Cement Products	EQUITY	2.09%
13	Mahindra & Mahindra Ltd. INE101A01026	Automobiles	EQUITY	1.79%
14	Axis Bank Ltd. INE238A01034	Banks	EQUITY	1.79%
15	Tata Steel Ltd. INE081A01020	Ferrous Metals	EQUITY	1.69%
16	NTPC Limited INE733E01010	Power	EQUITY	1.54%
17	Titan Company Ltd. INE280A01028	Consumer Durables	EQUITY	1.47%
18	Bharat Electronics Ltd. INE263A01024	Aerospace & Defense	EQUITY	1.45%
19	Bank of Baroda^ INE028A16LF7	CARE - A1+	EQUITY	1.36%
20	Maruti Suzuki India Limited INE585B01010	Automobiles	EQUITY	1.29%

Sector Allocation

Banks15.8%

CARE - A1+7.5%

Petroleum Products5.3%

Finance4.7%

Ferrous Metals4.7%

Automobiles4.6%

CRISIL - A1+4.5%

Telecom - Services3.4%

Cement & Cement Products2.9%

Power2.5%

Top 10 sectors by % to NAV. Excludes derivatives.