ICICI Prudential Equity Arbitrage Fund
This arbitrage fund remains defensively positioned with two-thirds equity exposure anchored in large-cap banks and telecom—classic low-volatility arbitrage plays. The substantial mutual fund holding (16%) and negligible cash signal comfortable liquidity to execute spread trades, while the recent pruning of consumer stocks and entry into cyclicals like Vedanta and Bharat Forge suggests the manager is gradually rotating toward infrastructure and commodity-linked opportunities where arbitrage spreads may widen.
Portfolio analysis · April 2026
NAV & Returns
| Plan | NAV | 1M | 1Y | 3Y CAGR | 5Y CAGR |
|---|---|---|---|---|---|
| Direct Growth | ₹38.8261 | +0.30% | — | — | — |
| Regular Growth | ₹36.0450 | +0.26% | +5.94% | +6.89% | +5.99% |
| Direct IDCW | ₹17.6961 | +0.02% | — | — | — |
Portfolio Metrics(latest month)
vs Category Peers
Active Stock PickerActive 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 |
|---|---|
| Vedanta Ltd. | 0.09% |
| Infosys Ltd. | 0.07% |
| KEI Industries Ltd. | 0.07% |
| Astral Ltd. | 0.06% |
| Bharat Forge Ltd. | 0.05% |
| Adani Power Ltd. | 0.03% |
| Tube Investments of India Ltd. | 0.03% |
| FSN E-Commerce Ventures Ltd. | 0.03% |
| Angel One Ltd. | 0.03% |
| Mankind Pharma Ltd. | 0.03% |
| Supreme Industries Ltd. | 0.02% |
| Pg Electroplast Ltd. | 0.02% |
| Union Bank Of India | 0.01% |
| Sona Blw Precision Forgings Ltd. | 0.01% |
| HDFC Bank Ltd. ** | 1.06% |
| Punjab National Bank | 0.30% |
| Union Bank Of India ** | 0.23% |
Full Holdings
| # | Holding | % to NAV |
|---|---|---|
| 1 | ICICI Prudential Money Market fund - Direct Plan - Growth Option INF109K01R14 | 16.02% |
| 2 | Bharti Airtel Ltd. INE397D01024 | 5.85% |
| 3 | HDFC Bank Ltd. INE040A01034 | 3.50% |
| 4 | State Bank Of India INE062A01020 | 3.27% |
| 5 | Vodafone Idea Ltd. INE669E01016 | 2.71% |
| 6 | Reliance Industries Ltd. INE002A01018 | 2.55% |
| 7 | Kotak Mahindra Bank Ltd. INE237A01036 | 2.47% |
| 8 | Union Bank Of India ** INE692A16LQ7 | 2.05% |
| 9 | TREPS | 1.91% |
| 10 | Jio Financial Services Ltd INE758E01017 | 1.85% |
| 11 | Multi Commodity Exchange Of India Ltd. INE745G01043 | 1.69% |
| 12 | Bank Of Baroda ** INE028A16LD2 | 1.62% |
| 13 | JSW Steel Ltd. INE019A01038 | 1.55% |
| 14 | HDFC Bank Ltd. INE040A16JC3 | 1.46% |
| 15 | ITC Ltd. INE154A01025 | 1.36% |
| 16 | Bharat Electronics Ltd. INE263A01024 | 1.22% |
| 17 | Small Industries Development Bank Of India. ** INE556F16BW2 | 1.17% |
| 18 | Bajaj Finserv Ltd. INE918I01026 | 1.08% |
| 19 | Bharat Heavy Electricals Ltd. INE257A01026 | 1.06% |
| 20 | HDFC Bank Ltd. ** INE040A16HR5 | 1.06% |
Sector Allocation
Top 10 sectors by % to NAV. Excludes derivatives.
Frequently Asked Questions
How many stocks does ICICI Prudential Equity Arbitrage Fund hold?
ICICI Prudential Equity Arbitrage Fund holds 182 stocks as per the latest AMFI portfolio disclosure. The top 5 positions account for 31.34% of NAV.
What is the largest holding in ICICI Prudential Equity Arbitrage Fund?
The largest position in ICICI Prudential Equity Arbitrage Fund is ICICI Prudential Money Market fund - Direct Plan - Growth Option, accounting for 16.02% of NAV.
Is ICICI Prudential Equity Arbitrage Fund a concentrated or diversified fund?
With a Gini coefficient of 0.657, ICICI Prudential Equity Arbitrage Fund is highly concentrated. The HHI concentration index is 38,123 bps, which is above the 2500 bps threshold for high concentration. The top 5 holdings together make up 31.34% of the portfolio.
What is the market cap allocation of ICICI Prudential Equity Arbitrage Fund?
Based on SEBI's AMFI classification, ICICI Prudential Equity Arbitrage Fund's equity portfolio is split as: Large Cap: 43.33%, Mid Cap: 16.06%, Small Cap: 3.13%. This reflects the fund's positioning within the market cap spectrum.
Which sectors does ICICI Prudential Equity Arbitrage Fund invest in most?
ICICI Prudential Equity Arbitrage Fund has the highest allocation to Banks (13.36%), CRISIL A1+ (10.59%), Telecom - Services (8.75%). The fund is invested across 46 sectors in total.
How actively managed is ICICI Prudential Equity Arbitrage Fund compared to other Arbitrage Fund funds?
ICICI Prudential Equity Arbitrage Fund has an Active Share of 50.99%, classifying it as "Active Stock Picker" among 34 Arbitrage Fund peers. This indicates a moderate level of differentiation from category peers.
What changed in ICICI Prudential Equity Arbitrage Fund's portfolio in the latest month?
Between 2026-03-31 and 2026-04-30, ICICI Prudential Equity Arbitrage Fund added 17 new stocks (including Vedanta Ltd.) and exited 10 stocks (including Tata Consumer Products Ltd.). Total holding count increased from 177 to 184 stocks.