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 | 1Y | 3Y CAGR | 5Y CAGR |
|---|---|---|---|---|---|
| Direct Growth | ₹12.8813 | — | — | — | — |
| Regular Growth | ₹12.5426 | +0.30% | +5.42% | +6.25% | — |
Portfolio Metrics(latest month)
vs Category Peers
Active Stock PickerActive 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 |
|---|---|
| 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.
Frequently Asked Questions
How many stocks does NJ Arbitrage Fund hold?
NJ Arbitrage Fund holds 79 stocks as per the latest AMFI portfolio disclosure. The top 5 positions account for 32.51% of NAV.
What is the largest holding in NJ Arbitrage Fund?
The largest position in NJ Arbitrage Fund is Reliance Industries Limited, accounting for 8.03% of NAV in the Petroleum Products sector.
Is NJ Arbitrage Fund a concentrated or diversified fund?
With a Gini coefficient of 0.604, NJ Arbitrage Fund is moderately concentrated. The HHI concentration index is 34,398 bps, which is above the 2500 bps threshold for high concentration. The top 5 holdings together make up 32.51% of the portfolio.
What is the market cap allocation of NJ Arbitrage Fund?
Based on SEBI's AMFI classification, NJ Arbitrage Fund's equity portfolio is split as: Large Cap: 55.23%, Mid Cap: 11.47%, Small Cap: 8.12%. This reflects the fund's positioning within the market cap spectrum.
Which sectors does NJ Arbitrage Fund invest in most?
NJ Arbitrage Fund has the highest allocation to Banks (20.70%), Sovereign (14.06%), Telecom - Services (11.31%). The fund is invested across 31 sectors in total.
How actively managed is NJ Arbitrage Fund compared to other Arbitrage Fund funds?
NJ Arbitrage Fund has an Active Share of 63.78%, classifying it as "Active Stock Picker" among 34 Arbitrage Fund peers. This indicates a moderate level of differentiation from category peers.
What changed in NJ Arbitrage Fund's portfolio in the latest month?
Between 2026-03-31 and 2026-04-30, NJ Arbitrage Fund added 11 new stocks (including Eicher Motors Limited) and exited 11 stocks (including State Bank of India). Total holding count remained at 80 stocks.