NJ Arbitrage Fund
The fund maintains a heavily equity-weighted arbitrage stance with concentrated exposure to large-cap financials and telecom, positioning for market liquidity and merger activity. Recent portfolio churn—adding cyclicals like Eicher Motors and UltraTech Cement while exiting IT and discretionary names—signals conviction toward domestic consumption and infrastructure plays over tech. The sharp reduction in receivables/payables suggests the manager anticipates fewer near-term arbitrage opportunities, prioritizing fundamental positioning over pure spread capture.
Portfolio analysis · April 2026
NAV & Returns
| Plan | NAV | 1M | 3M | 6M | 1Y | 3Y CAGR | 5Y CAGR |
|---|---|---|---|---|---|---|---|
| Direct Growth | ₹12.8707 | — | — | — | — | — | — |
| Regular Growth | ₹12.5325 | +0.32% | +1.21% | +2.69% | +5.33% | +6.25% | — |
Portfolio Metrics(latest month)
What Changed2026-03-31 → 2026-04-30
| Stock | Weight |
|---|---|
| Eicher Motors Limited | 1.97% |
| UltraTech Cement Limited | 1.38% |
| Power Grid Corporation of India Limited | 0.18% |
| Pidilite Industries Limited | 0.08% |
| Bharat Electronics Limited | 0.07% |
| Bajaj Finserv Limited | 0.03% |
| JSW Steel Limited | 0.03% |
| Hero MotoCorp Limited | 0.03% |
| 364 Days Tbill (MD 03/12/2026) | 2.27% |
| 182 Days Tbill (MD 08/10/2026) | 1.85% |
| 91 Days Tbill (MD 30/07/2026) | 1.12% |
Full Holdings
| # | Holding | % to NAV |
|---|---|---|
| 1 | Reliance Industries Limited INE002A01018 | 8.03% |
| 2 | Bharti Airtel Limited INE397D01024 | 7.51% |
| 3 | Kotak Mahindra Bank Limited INE237A01036 | 6.95% |
| 4 | Sammaan Capital Limited INE148I01020 | 5.61% |
| 5 | Mahindra & Mahindra Limited INE101A01026 | 4.42% |
| 6 | ICICI Bank Limited INE090A01021 | 4.19% |
| 7 | HDFC Bank Limited INE040A01034 | 3.78% |
| 8 | Sun Pharmaceutical Industries Limited INE044A01036 | 3.72% |
| 9 | Vodafone Idea Limited INE669E01016 | 3.49% |
| 10 | Clearing Corporation of India Ltd nan | 2.27% |
| 11 | 364 Days Tbill (MD 03/12/2026) IN002025Z369 | 2.27% |
| 12 | Adani Enterprises Limited INE423A01024 | 2.26% |
| 13 | Eicher Motors Limited INE066A01021 | 1.97% |
| 14 | Biocon Limited INE376G01013 | 1.94% |
| 15 | 182 Days Tbill (MD 08/05/2026) IN002025Y321 | 1.89% |
| 16 | 182 Days Tbill (MD 08/10/2026) IN002026Y014 | 1.85% |
| 17 | Bajaj Finance Limited INE296A01032 | 1.78% |
| 18 | Bank of Baroda INE028A01039 | 1.78% |
| 19 | Eternal Limited INE758T01015 | 1.52% |
| 20 | Net Receivables / (Payables) nan | 1.47% |
Sector Allocation
Top 10 sectors by % to NAV. Excludes derivatives.