HDFC Arbitrage Fund
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 | 1Y | 3Y CAGR | 5Y CAGR |
|---|---|---|---|---|---|
| Primary | ₹31.2150 | +0.29% | +5.98% | +6.84% | +5.81% |
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 |
|---|---|
| Samvardhana Motherson International Ltd. | 0.20% |
| Avenue Supermarts Ltd. | 0.11% |
| Muthoot Finance Ltd. | 0.09% |
| Infosys Limited | 0.06% |
| NBCC (India) Limited | 0.06% |
| KEI Industries Ltd. | 0.04% |
| Power Finance Corporation Ltd. | 0.04% |
| 360 ONE WAM LIMITED | 0.03% |
| Cochin Shipyard Ltd. | 0.03% |
| Pidilite Industries Ltd. | 0.03% |
| Polycab India Limited | 0.03% |
| Adani Power (Mundra) Limited | 0.02% |
| Angel One Ltd. | 0.02% |
| Bajaj Holdings & Investment Ltd | 0.01% |
| Oil India Limited | 0.01% |
Full Holdings
| # | Holding | % to NAV |
|---|---|---|
| 1 | HDFC Money Market Fund - Direct Plan - Growth Option INF179KB1HU9 | 8.43% |
| 2 | HDFC Bank Ltd.£ INE040A01034 | 6.54% |
| 3 | Reliance Industries Ltd. INE002A01018 | 4.59% |
| 4 | TREPS - Tri-party Repo | 4.46% |
| 5 | HDFC Liquid Fund - Direct Plan - Growth Option INF179KB1HP9 | 3.80% |
| 6 | ICICI Bank Ltd. INE090A01021 | 3.35% |
| 7 | Bharti Airtel Ltd. INE397D01024 | 2.71% |
| 8 | JSW Steel Ltd. INE019A01038 | 2.51% |
| 9 | HDFC Ultra Short Term Fund - Direct Plan - Growth Option INF179KB15Q6 | 2.49% |
| 10 | HDFC Low Duration Fund - Direct Plan - Growth Option INF179K01VF7 | 2.27% |
| 11 | ITC LIMITED INE154A01025 | 2.10% |
| 12 | Grasim Industries Ltd. INE047A01021 | 2.09% |
| 13 | Mahindra & Mahindra Ltd. INE101A01026 | 1.79% |
| 14 | Axis Bank Ltd. INE238A01034 | 1.79% |
| 15 | Tata Steel Ltd. INE081A01020 | 1.69% |
| 16 | NTPC Limited INE733E01010 | 1.54% |
| 17 | Titan Company Ltd. INE280A01028 | 1.47% |
| 18 | Bharat Electronics Ltd. INE263A01024 | 1.45% |
| 19 | Bank of Baroda^ INE028A16LF7 | 1.36% |
| 20 | Maruti Suzuki India Limited INE585B01010 | 1.29% |
Sector Allocation
Top 10 sectors by % to NAV. Excludes derivatives.
Frequently Asked Questions
How many stocks does HDFC Arbitrage Fund hold?
HDFC Arbitrage Fund holds 178 stocks as per the latest AMFI portfolio disclosure. The top 5 positions account for 26.71% of NAV.
What is the largest holding in HDFC Arbitrage Fund?
The largest position in HDFC Arbitrage Fund is HDFC Money Market Fund - Direct Plan - Growth Option, accounting for 8.43% of NAV.
Is HDFC Arbitrage Fund a concentrated or diversified fund?
With a Gini coefficient of 0.669, HDFC Arbitrage Fund is highly concentrated. The HHI concentration index is 23,907 bps, which is above the 2500 bps threshold for high concentration. The top 5 holdings together make up 26.71% of the portfolio.
What is the market cap allocation of HDFC Arbitrage Fund?
Based on SEBI's AMFI classification, HDFC Arbitrage Fund's equity portfolio is split as: Large Cap: 53.09%, Mid Cap: 9.60%, Small Cap: 1.57%. This reflects the fund's positioning within the market cap spectrum.
Which sectors does HDFC Arbitrage Fund invest in most?
HDFC Arbitrage Fund has the highest allocation to Banks (15.75%), CARE - A1+ (7.49%), Petroleum Products (5.32%). The fund is invested across 46 sectors in total.
How actively managed is HDFC Arbitrage Fund compared to other Arbitrage Fund funds?
HDFC Arbitrage Fund has an Active Share of 49.61%, classifying it as "Balanced Approach" among 34 Arbitrage Fund peers. This indicates a moderate level of differentiation from category peers.
What changed in HDFC Arbitrage Fund's portfolio in the latest month?
Between 2026-03-31 and 2026-04-30, HDFC Arbitrage Fund added 15 new stocks (including Samvardhana Motherson International Ltd.) and exited 17 stocks (including Tata Consultancy Services Ltd.). Total holding count decreased from 182 to 180 stocks.