Funds/Arbitrage Fund/PGIM India Arbitrage Fund

PGIM India Arbitrage Fund

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

PGIM India Arbitrage Fund maintains its classic strategy as a low-volatility cash alternative, holding 75.7% in cash and near-term treasuries while deploying the remainder in liquid mutual funds and blue-chip equities. The fund's heavy net receivables position—reflecting its core arbitrage operations—combined with concentrated bets in banking and large-cap stocks like HDFC Bank and L&T suggests it's positioned for steady returns with minimal portfolio friction. Recent exits from pharma and IT names while adding a fintech play signal modest repositioning toward financial sector exposure, though the overwhelmingly defensive posture indicates the manager prioritizes capital preservation over conviction bets.

Portfolio analysis · April 2026

NAV & Returns

Plan	NAV	1M	3M	6M	1Y	3Y CAGR	5Y CAGR
Direct Growth	₹20.6666	—	—	—	—	—	—
Regular Growth	₹19.2236	+0.36%	+1.35%	+2.77%	+5.37%	+6.45%	+5.56%

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

Portfolio Metrics(latest month)

Holdings

Top 5 Weight

50.65%

Top 10 Weight

73.76%

Active Share

—

Large Cap

59.08%

Gini

0.471

What Changed2026-03-31 → 2026-04-30

Holdings: 55 → 47+1 added−5 removed45 weight shifts ≥ 0.1%

Stock	Sector	Weight
Jio Financial Services Ltd.	Finance	1.56%

Full Holdings

#	Holding	Sector	Class	% to NAV
1	Net Receivables / (Payables) nan	nan	CASH_EQUIVALENT	70.93%
2	PGIM India Liquid Fund INF223J01NS5	nan	MUTUAL_FUND	19.31%
3	HDFC Bank Ltd. INE040A01034	Banks	EQUITY	9.32%
4	Reliance Industries Ltd. INE002A01018	Petroleum Products	EQUITY	8.08%
5	Larsen & Toubro Ltd. INE018A01030	Construction	EQUITY	7.71%
6	Mahindra & Mahindra Ltd. INE101A01026	Automobiles	EQUITY	6.23%
7	Titan Company Ltd. INE280A01028	Consumer Durables	EQUITY	5.57%
8	91 DAYS TBILL RED 04-06-2026 IN002025X489	SOVEREIGN	DEBT	5.16%
9	Clearing Corporation of India Ltd. nan	nan	CASH_EQUIVALENT	4.74%
10	Vodafone Idea Ltd. INE669E01016	Telecom - Services	EQUITY	4.01%
11	HDFC Asset Management Company Ltd. INE127D01025	Capital Markets	EQUITY	3.63%
12	PNB Housing Finance Ltd. INE572E01012	Finance	EQUITY	3.03%
13	ICICI Bank Ltd. INE090A01021	Banks	EQUITY	2.93%
14	Bharti Airtel Ltd. INE397D01024	Telecom - Services	EQUITY	2.69%
15	Ambuja Cements Ltd. INE079A01024	Cement & Cement Products	EQUITY	2.27%
16	DLF Ltd. INE271C01023	Realty	EQUITY	2.11%
17	Punjab National Bank INE160A01022	Banks	EQUITY	2.08%
18	Bank of Baroda INE028A01039	Banks	EQUITY	2.00%
19	Dabur India Ltd. INE016A01026	Personal Products	EQUITY	1.72%
20	Grasim Industries Ltd. INE047A01021	Cement & Cement Products	EQUITY	1.59%

Sector Allocation

nan25.0%

Banks18.7%

Petroleum Products8.1%

Construction7.7%

Telecom - Services6.7%

Automobiles6.2%

Consumer Durables5.6%

SOVEREIGN5.4%

Finance4.6%

Cement & Cement Products3.9%

Top 10 sectors by % to NAV. Excludes derivatives.