JM Arbitrage Fund
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 | 1Y | 3Y CAGR | 5Y CAGR |
|---|---|---|---|---|---|
| Primary | ₹34.1635 | +0.32% | +5.58% | +6.42% | +5.53% |
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 |
|---|---|
| SBI Cards and Payment Services Limited | 0.53% |
| Info Edge (India) Limited | 0.50% |
| Adani Power Limited | 0.45% |
| Asian Paints Limited | 0.45% |
| PERSISTENT SYSTEMS LTD | 0.41% |
| Steel Authority of India Limited | 0.40% |
| SBI Life Insurance Company Limited | 0.35% |
| Dixon Technologies (India) Limited | 0.26% |
| FSN E-Commerce Ventures Limited | 0.25% |
| ABB India Limited | 0.15% |
| Power Finance Corporation Limited | 0.14% |
| Power Grid Corporation of India Limited | 0.13% |
| Oberoi Realty Limited | 0.13% |
| Varun Beverages Limited | 0.13% |
| Hindustan Aeronautics Limited | 0.09% |
| UNO Minda Limited | 0.08% |
| Hindustan Unilever Limited | 0.06% |
| InterGlobe Aviation Limited | 0.05% |
| Apollo Hospitals Enterprise Limited | 0.05% |
| HDFC Asset Management Company Limited | 0.04% |
| Hero MotoCorp Limited | 0.04% |
| Delhivery Limited | 0.03% |
| JSW Energy Limited | 0.02% |
| Mazagon Dock Shipbuilders Limited | 0.01% |
| 182 Days Treasury Bill 03-Sep-2026 | 1.34% |
| 182 Days Treasury Bill 21-May-2026 | 0.54% |
Full Holdings
| # | Holding | % to NAV |
|---|---|---|
| 1 | HDFC Bank Limited INE040A01034 | 5.01% |
| 2 | CCIL nan | 4.32% |
| 3 | Multi Commodity Exchange of India Ltd. INE745G01043 | 4.20% |
| 4 | Kotak Mahindra Bank Limited INE237A01036 | 3.97% |
| 5 | JM Financial Mutual Fund INF192K01CM6 | 3.95% |
| 6 | ICICI Bank Limited INE090A01021 | 3.76% |
| 7 | Bharti Airtel Limited INE397D01024 | 3.64% |
| 8 | Tata Steel Limited INE081A01020 | 3.17% |
| 9 | Reliance Industries Limited INE002A01018 | 2.75% |
| 10 | Adani Port & Special Economic Zone Ltd INE742F01042 | 2.60% |
| 11 | Vodafone Idea Limited INE669E01016 | 2.59% |
| 12 | Eternal Limited INE758T01015 | 2.42% |
| 13 | Bharat Heavy Electricals Limited INE257A01026 | 1.87% |
| 14 | Adani Enterprises Limited INE423A01024 | 1.75% |
| 15 | Yes Bank Ltd INE528G01035 | 1.72% |
| 16 | State Bank of India INE062A01020 | 1.68% |
| 17 | LIC Housing Finance Limited INE115A01026 | 1.59% |
| 18 | Lodha Developers Limited INE670K01029 | 1.43% |
| 19 | 9.1% Shriram Finance Limited 18-MAR-2027** INE721A07RZ1 | 1.38% |
| 20 | 182 DTB 11-Jun-2026 IN002025Y370 | 1.36% |
Sector Allocation
Top 10 sectors by % to NAV. Excludes derivatives.
Frequently Asked Questions
How many stocks does JM Arbitrage Fund hold?
JM Arbitrage Fund holds 126 stocks as per the latest AMFI portfolio disclosure. The top 5 positions account for 20.90% of NAV.
What is the largest holding in JM Arbitrage Fund?
The largest position in JM Arbitrage Fund is HDFC Bank Limited, accounting for 5.01% of NAV in the Banks sector.
Is JM Arbitrage Fund a concentrated or diversified fund?
With a Gini coefficient of 0.597, JM Arbitrage Fund is moderately concentrated. The HHI concentration index is 19,273 bps, which is above the 2500 bps threshold for high concentration. The top 5 holdings together make up 20.90% of the portfolio.
What is the market cap allocation of JM Arbitrage Fund?
Based on SEBI's AMFI classification, JM Arbitrage Fund's equity portfolio is split as: Large Cap: 49.72%, Mid Cap: 17.81%, Small Cap: 4.77%. This reflects the fund's positioning within the market cap spectrum.
Which sectors does JM Arbitrage Fund invest in most?
JM Arbitrage Fund has the highest allocation to Banks (21.17%), SOVEREIGN (9.14%), nan (9.00%). The fund is invested across 38 sectors in total.
How actively managed is JM Arbitrage Fund compared to other Arbitrage Fund funds?
JM Arbitrage Fund has an Active Share of 49.24%, classifying it as "Balanced Approach" among 34 Arbitrage Fund peers. This indicates a moderate level of differentiation from category peers.
What changed in JM Arbitrage Fund's portfolio in the latest month?
Between 2026-03-31 and 2026-04-30, JM Arbitrage Fund added 26 new stocks (including SBI Cards and Payment Services Limited) and exited 9 stocks (including National Aluminium Company Limited). Total holding count increased from 111 to 128 stocks.