JM Arbitrage Fund

JM Financial Mutual Fund·Arbitrage Fund·vs Nifty 50 Arbitrage TRI

The fund maintains a defensive arbitrage stance with heavy banking sector concentration at over 21 percent, capturing dividend and merger spreads in large-cap financials. The manager added 26 positions across consumer and IT names while pruning energy and metals exposures, signaling a tactical rotation toward non-cyclical opportunities ahead. The elevated cash position and modest debt allocation suggest readiness to capitalize on market dislocations while managing redemption volatility.

Portfolio analysis · April 2026

NAV & Returns

Plan	NAV	1M	3M	6M	1Y	3Y CAGR	5Y CAGR
Primary	₹34.1484	+0.31%	+1.22%	+2.74%	+5.54%	+6.44%	+5.53%

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

Portfolio Metrics(latest month)

Holdings

126

Top 5 Weight

20.90%

Top 10 Weight

35.65%

Active Share

—

Large Cap

49.72%

Gini

0.597

What Changed2026-03-31 → 2026-04-30

Holdings: 111 → 128+26 added−9 removed56 weight shifts ≥ 0.1%

Stock	Sector	Weight
SBI Cards and Payment Services Limited	Finance	0.53%
Info Edge (India) Limited	Retailing	0.50%
Adani Power Limited	Power	0.45%
Asian Paints Limited	Consumer Durables	0.45%
PERSISTENT SYSTEMS LTD	IT - Software	0.41%
Steel Authority of India Limited	Ferrous Metals	0.40%
SBI Life Insurance Company Limited	Insurance	0.35%
Dixon Technologies (India) Limited	Consumer Durables	0.26%
FSN E-Commerce Ventures Limited	Retailing	0.25%
ABB India Limited	Electrical Equipment	0.15%
Power Finance Corporation Limited	Finance	0.14%
Power Grid Corporation of India Limited	Power	0.13%
Oberoi Realty Limited	Realty	0.13%
Varun Beverages Limited	Beverages	0.13%
Hindustan Aeronautics Limited	Aerospace & Defense	0.09%
UNO Minda Limited	Auto Components	0.08%
Hindustan Unilever Limited	Diversified FMCG	0.06%
InterGlobe Aviation Limited	Transport Services	0.05%
Apollo Hospitals Enterprise Limited	Healthcare Services	0.05%
HDFC Asset Management Company Limited	Capital Markets	0.04%
Hero MotoCorp Limited	Automobiles	0.04%
Delhivery Limited	Transport Services	0.03%
JSW Energy Limited	Power	0.02%
Mazagon Dock Shipbuilders Limited	Industrial Manufacturing	0.01%
182 Days Treasury Bill 03-Sep-2026	SOVEREIGN	1.34%
182 Days Treasury Bill 21-May-2026	SOVEREIGN	0.54%

Full Holdings

#	Holding	Sector	Class	% to NAV
1	HDFC Bank Limited INE040A01034	Banks	EQUITY	5.01%
2	CCIL nan	nan	CASH_EQUIVALENT	4.32%
3	Multi Commodity Exchange of India Ltd. INE745G01043	Capital Markets	EQUITY	4.20%
4	Kotak Mahindra Bank Limited INE237A01036	Banks	EQUITY	3.97%
5	JM Financial Mutual Fund INF192K01CM6	nan	MUTUAL_FUND	3.95%
6	ICICI Bank Limited INE090A01021	Banks	EQUITY	3.76%
7	Bharti Airtel Limited INE397D01024	Telecom - Services	EQUITY	3.64%
8	Tata Steel Limited INE081A01020	Ferrous Metals	EQUITY	3.17%
9	Reliance Industries Limited INE002A01018	Petroleum Products	EQUITY	2.75%
10	Adani Port & Special Economic Zone Ltd INE742F01042	Transport Infrastructure	EQUITY	2.60%
11	Vodafone Idea Limited INE669E01016	Telecom - Services	EQUITY	2.59%
12	Eternal Limited INE758T01015	Retailing	EQUITY	2.42%
13	Bharat Heavy Electricals Limited INE257A01026	Electrical Equipment	EQUITY	1.87%
14	Adani Enterprises Limited INE423A01024	Metals & Minerals Trading	EQUITY	1.75%
15	Yes Bank Ltd INE528G01035	Banks	EQUITY	1.72%
16	State Bank of India INE062A01020	Banks	EQUITY	1.68%
17	LIC Housing Finance Limited INE115A01026	Finance	EQUITY	1.59%
18	Lodha Developers Limited INE670K01029	Realty	EQUITY	1.43%
19	9.1% Shriram Finance Limited 18-MAR-2027** INE721A07RZ1	CRISIL AAA	DEBT	1.38%
20	182 DTB 11-Jun-2026 IN002025Y370	SOVEREIGN	DEBT	1.36%

Sector Allocation

Banks21.2%

SOVEREIGN9.1%

nan9.0%

Telecom - Services7.0%

Finance5.6%

Ferrous Metals4.8%

Capital Markets4.3%

Pharmaceuticals & Biotechnology3.8%

Retailing3.5%

Consumer Durables2.9%

Top 10 sectors by % to NAV. Excludes derivatives.