Funds/Arbitrage Fund/Kotak Arbitrage Fund

Kotak Arbitrage Fund

Kotak Mutual Fund·Arbitrage Fund·vs Nifty 50 Arbitrage TRI

Kotak Arbitrage Fund maintains its defensive positioning through substantial mutual fund holdings and banking sector concentration, generating modest 0.5% monthly returns typical of arbitrage strategies. The manager rotated into 27 new positions while trimming some pharma and power exposure, signaling tactical rebalancing rather than conviction shifts. The significant reduction in liquid fund allocation suggests the manager is deploying capital more aggressively into equity arbitrage opportunities, though the concentrated top-10 weight of 38.5% reflects reliance on Kotak's own fund ecosystem for stability.

Portfolio analysis · April 2026

NAV & Returns

Plan	NAV	1M	3M	6M	1Y	3Y CAGR	5Y CAGR
Direct Growth	₹42.2864	+0.36%	—	—	—	—	—
Regular Growth	₹39.3628	+0.31%	+1.34%	+2.92%	+5.89%	+7.05%	+6.15%
Regular IDCW	₹10.7146	-0.31%	—	—	—	—	—

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

Portfolio Metrics(latest month)

Holdings

187

Top 5 Weight

27.82%

Top 10 Weight

38.53%

Active Share

—

Large Cap

48.32%

Gini

0.629

What Changed2026-03-31 → 2026-04-30

Holdings: 175 → 189+27 added−13 removed87 weight shifts ≥ 0.1%

Stock	Sector	Weight
ADANI POWER LTD	Power	0.40%
Infosys Ltd.	IT - Software	0.20%
UNION BANK OF INDIA	Banks	0.16%
polycab India Limited	Industrial Products	0.16%
INDIAN BANK	Banks	0.14%
Oil India Limited	Oil	0.13%
VISHAL MEGA MART LIMITED	Retailing	0.10%
MUTHOOT FINANCE LTD.	Finance	0.09%
Bajaj Auto Ltd.	Automobiles	0.06%
COCHIN SHIPYARD LTD	Industrial Manufacturing	0.06%
Avenue Supermarts Ltd	Retailing	0.05%
ABB India Ltd.	Electrical Equipment	0.05%
MOTILAL OSWAL FINANCIAL SERVICES LIMITED	Capital Markets	0.04%
Godfrey Phillips India Ltd.	Cigarettes and Tobacco Products	0.04%
Persistent Systems Limited	IT - Software	0.03%
BHARAT FORGE LTD.	Auto Components	0.03%
SBI CARDS & PAYMENT SERVICES PVT. LTD.	Finance	0.02%
KEI Industries Ltd.	Industrial Products	0.02%
HITACHI ENERGY INDIA LTD.	Electrical Equipment	0.01%
Coal India Limited	Consumable Fuels	0.01%
L&T FINANCE HOLDINGS LTD	Finance	0.01%
PG ELECTROPLAST LTD	Consumer Durables	0.01%
Dixon Technologies India Ltd	Consumer Durables	0.01%
CD HDFC BANK LTD.**	CARE A1+	0.21%
CD SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA**	CARE A1+	0.20%
CD HDFC BANK LTD.	CARE A1+	0.07%
CD HDFC BANK LTD.**	CARE A1+	0.07%

Full Holdings

#	Holding	Sector	Class	% to NAV
1	Kotak Money Market Fund Direct Growth INF174K01MW2	Mutual Fund	MUTUAL_FUND	11.64%
2	Kotak Savings Fund Direct Growth INF174K01JP2	Mutual Fund	MUTUAL_FUND	5.80%
3	HDFC BANK LTD. INE040A01034	Banks	EQUITY	3.99%
4	Kotak Liquid Direct Growth INF174K01NE8	Mutual Fund	MUTUAL_FUND	3.45%
5	ICICI BANK LTD. INE090A01021	Banks	EQUITY	2.94%
6	Kotak Low Duration Fund Direct Growth INF178L01AX4	Mutual Fund	MUTUAL_FUND	2.72%
7	AXIS BANK LTD. INE238A01034	Banks	EQUITY	2.15%
8	KOTAK MAHINDRA BANK LTD. INE237A01036	Banks	EQUITY	2.14%
9	CD HDFC BANK LTD. INE040A16JC3	CARE A1+	DEBT	2.03%
10	BHARTI AIRTEL LTD. INE397D01024	Telecom - Services	EQUITY	1.67%
11	JSW Steel Ltd. INE019A01038	Ferrous Metals	EQUITY	1.62%
12	STATE BANK OF INDIA. INE062A01020	Banks	EQUITY	1.57%
13	Vodafone Idea Ltd INE669E01016	Telecom - Services	EQUITY	1.48%
14	CD SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA** INE556F16CB4	CARE A1+	DEBT	1.42%
15	RELIANCE INDUSTRIES LTD. INE002A01018	Petroleum Products	EQUITY	1.42%
16	SUN PHARMACEUTICAL INDUSTRIES LTD. INE044A01036	Pharmaceuticals and Biotechnology	EQUITY	1.31%
17	ITC Ltd. INE154A01025	Diversified FMCG	EQUITY	1.27%
18	NTPC LTD INE733E01010	Power	EQUITY	1.20%
19	Grasim Industries Ltd. INE047A01021	Cement and Cement Products	EQUITY	1.17%
20	JIO FINANCIAL SERVICES LTD INE758E01017	Finance	EQUITY	1.17%

Sector Allocation

Mutual Fund23.6%

Banks16.2%

Finance6.0%

CARE A1+5.1%

Telecom - Services4.1%

Automobiles3.8%

Power3.4%

Pharmaceuticals and Biotechnology2.9%

Ferrous Metals2.8%

Insurance2.5%

Top 10 sectors by % to NAV. Excludes derivatives.