ICICI Prudential Equity Arbitrage Fund
ICICI Prudential Mutual Fund·Arbitrage Fund·vs Nifty 50 Arbitrage TRI
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 | 3M | 6M | 1Y | 3Y CAGR | 5Y CAGR |
|---|---|---|---|---|---|---|---|
| Direct Growth | ₹38.8150 | +0.34% | — | — | — | — | — |
| Regular Growth | ₹36.0352 | +0.30% | +1.32% | +2.90% | +5.93% | +6.91% | +5.99% |
| Direct IDCW | ₹17.6911 | +0.06% | — | — | — | — | — |
Returns above 1Y are CAGR. Direct plan rows highlighted. NAV from AMFI.
Portfolio Metrics(latest month)
Holdings
182
Top 5 Weight
31.34%
Top 10 Weight
41.94%
Active Share
—
Large Cap
43.33%
Gini
0.657
What Changed2026-03-31 → 2026-04-30
Holdings: 177 → 184+17 added−10 removed50 weight shifts ≥ 0.1%
| 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
Banks13.4%
CRISIL A1+10.6%
Telecom - Services8.8%
Finance6.3%
Pharmaceuticals & Biotechnology4.3%
Automobiles2.9%
ICRA A1+2.9%
Petroleum Products2.9%
Ferrous Metals2.8%
FITCH A1+2.2%
Top 10 sectors by % to NAV. Excludes derivatives.