Funds/Arbitrage Fund/LIC MF Arbitrage Fund

LIC MF Arbitrage Fund

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

LIC's arbitrage fund maintains a heavily concentrated portfolio tilted toward banking and financial services, capturing structural opportunities in these defensive, dividend-yielding sectors. The recent addition of quality names like Sun Pharma and NTPC alongside marginal increases in cyclical exposure via Tata Steel suggests the manager is cautiously broadening conviction beyond financials while retaining significant cash buffers. The outsized allocation to its own money market fund and the reduction in receivables signal positioning for potential liquidity tightening, though the fund's arbitrage-focused design continues to prioritize capital preservation over growth.

Portfolio analysis · April 2026

NAV & Returns

Plan	NAV	1M	3M	6M	1Y	3Y CAGR	5Y CAGR
Direct Growth	₹15.2405	—	—	—	—	—	—
Regular Growth	₹14.4939	+0.34%	+1.36%	+2.89%	+5.68%	+6.56%	+5.64%

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

Portfolio Metrics(latest month)

Holdings

Top 5 Weight

42.43%

Top 10 Weight

64.96%

Active Share

—

Large Cap

55.30%

Gini

0.654

What Changed2026-03-31 → 2026-04-30

Holdings: 43 → 47+5 added−1 removed19 weight shifts ≥ 0.1%

Stock	Sector	Weight
Sun Pharmaceutical Industries Ltd.	Pharmaceuticals & Biotechnology	0.96%
NTPC Ltd.	Power	0.61%
Indus Towers Ltd.	Telecom - Services	0.54%
Bajaj Finserv Ltd.	Finance	0.07%
Asian Paints Ltd.	Consumer Durables	0.05%

Full Holdings

#	Holding	Sector	Class	% to NAV
1	LIC MF MONEY MARKET FUND-DIRECT PLAN-GR INF767K01RE0		MUTUAL_FUND	17.65%
2	7.83% National Bk for Agriculture & Rural Dev. INE261F08ED0	CRISIL AAA	DEBT	8.42%
3	HDFC Bank Ltd. INE040A01034	Banks	EQUITY	6.56%
4	State Bank of India INE062A01020	Banks	EQUITY	4.92%
5	Treps		CASH_EQUIVALENT	4.91%
6	Bharti Airtel Ltd. INE397D01024	Telecom - Services	EQUITY	4.88%
7	GMR Airports Ltd. INE776C01039	Transport Infrastructure	EQUITY	4.79%
8	Reliance Industries Ltd. INE002A01018	Petroleum Products	EQUITY	4.68%
9	Mahindra & Mahindra Ltd. INE101A01026	Automobiles	EQUITY	4.59%
10	Kotak Mahindra Bank Ltd. INE237A01036	Banks	EQUITY	4.45%
11	ICICI Bank Ltd. INE090A01021	Banks	EQUITY	4.02%
12	Bharat Electronics Ltd. INE263A01024	Aerospace & Defense	EQUITY	3.97%
13	Bajaj Finance Ltd. INE296A01032	Finance	EQUITY	3.68%
14	Tata Steel Ltd. INE081A01020	Ferrous Metals	EQUITY	3.61%
15	Axis Bank Ltd. INE238A01034	Banks	EQUITY	2.40%
16	LIC MF LIQUID FUND-DR PLN-GR INF767K01DN1		MUTUAL_FUND	2.40%
17	Jio Financial Services Ltd. INE758E01017	Finance	EQUITY	2.23%
18	Maruti Suzuki India Ltd. INE585B01010	Automobiles	EQUITY	1.66%
19	Punjab National Bank INE160A01022	Banks	EQUITY	0.97%
20	Sun Pharmaceutical Industries Ltd. INE044A01036	Pharmaceuticals & Biotechnology	EQUITY	0.96%

Sector Allocation

Banks24.2%

CRISIL AAA8.4%

Automobiles6.7%

Finance6.1%

Telecom - Services5.4%

Transport Infrastructure4.8%

Petroleum Products4.7%

Aerospace & Defense4.0%

Ferrous Metals3.6%

Realty1.2%

Top 10 sectors by % to NAV. Excludes derivatives.