Funds/Arbitrage Fund/SBI Arbitrage Opportunities Fund

SBI Arbitrage Opportunities Fund

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

The fund maintains its core arbitrage mandate with heavy banking and financial services exposure, leveraging intra-market spreads while deploying substantial allocations to SBI's own liquid and savings schemes. The month's shifts—rotating out of energy and tech names while deepening SBI holdings—suggest the manager is calibrating exposure to capture near-term fixed income opportunities amid a potentially stable rate environment. With cash hovering around 4% and mutual fund holdings absorbing volatility, the portfolio remains defensively positioned for tactical alpha generation rather than directional equity bets.

Portfolio analysis · April 2026

NAV & Returns

Plan	NAV	1M	3M	6M	1Y	3Y CAGR	5Y CAGR
Primary	₹35.5265	+0.32%	+1.32%	+2.91%	+6.00%	+6.97%	+6.18%

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

Portfolio Metrics(latest month)

Holdings

185

Top 5 Weight

26.06%

Top 10 Weight

36.08%

Active Share

—

Large Cap

49.72%

Gini

0.625

What Changed2026-03-31 → 2026-04-30

Holdings: 189 → 188+14 added−15 removed44 weight shifts ≥ 0.1%

Stock	Sector	Weight
Jindal Steel Ltd.	Ferrous Metals	0.16%
Infosys Ltd.	IT - Software	0.11%
KEI Industries Ltd.	Industrial Products	0.09%
Muthoot Finance Ltd.	Finance	0.06%
Supreme Industries Ltd.	Industrial Products	0.05%
Swiggy Ltd.	Retailing	0.05%
Adani Power Ltd.	Power	0.04%
Info Edge (India) Ltd.	Retailing	0.03%
Persistent Systems Ltd.	IT - Software	0.03%
Voltas Ltd.	Consumer Durables	0.02%
Oil India Ltd.	Oil	0.02%
Astral Ltd.	Industrial Products	0.01%
Avenue Supermarts Ltd.	Retailing	0.01%
Bank of Baroda	IND A1+	0.44%

Full Holdings

#	Holding	Sector	Class	% to NAV
1	SBI Savings Fund - Direct Plan - Growth Option INF200K01SZ5	Mutual Fund/ETF	MUTUAL_FUND	7.94%
2	SBI Liquid Fund - Direct Plan - Growth Option INF200K01UT4	Mutual Fund/ETF	MUTUAL_FUND	5.73%
3	HDFC Bank Ltd. INE040A01034	Banks	EQUITY	5.24%
4	TREPS		CASH_EQUIVALENT	4.53%
5	ICICI Bank Ltd. INE090A01021	Banks	EQUITY	3.81%
6	State Bank of India INE062A01020	Banks	EQUITY	3.34%
7	SBI Low Duration Fund - Direct Plan - Growth Option INF200K01VM7	Mutual Fund/ETF	MUTUAL_FUND	2.58%
8	Bharti Airtel Ltd. INE397D01024	Telecom - Services	EQUITY	2.17%
9	Reliance Industries Ltd. INE002A01018	Petroleum Products	EQUITY	1.87%
10	JSW Steel Ltd. INE019A01038	Ferrous Metals	EQUITY	1.77%
11	SBI Ultra Short Duration Fund - Direct Plan - Cash Option INF200K01TF5	Mutual Fund/ETF	MUTUAL_FUND	1.64%
12	Kotak Mahindra Bank Ltd. INE237A01036	Banks	EQUITY	1.63%
13	Bharat Electronics Ltd. INE263A01024	Aerospace & Defense	EQUITY	1.58%
14	Axis Bank Ltd. INE238A01034	Banks	EQUITY	1.43%
15	Adani Enterprises Ltd. INE423A01024	Metals & Minerals Trading	EQUITY	1.36%
16	Hindustan Aeronautics Ltd. INE066F01020	Aerospace & Defense	EQUITY	1.26%
17	ITC Ltd. INE154A01025	Diversified FMCG	EQUITY	1.24%
18	Larsen & Toubro Ltd. INE018A01030	Construction	EQUITY	1.22%
19	Punjab National Bank INE160A16UD4	CRISIL A1+	DEBT	1.11%
20	Bank of Baroda INE028A16LG5	IND A1+	DEBT	1.11%

Sector Allocation

Banks18.8%

Mutual Fund/ETF17.9%

Finance6.6%

Telecom - Services4.0%

Pharmaceuticals & Biotechnology3.7%

Ferrous Metals3.2%

CRISIL A1+3.0%

Aerospace & Defense2.8%

Power2.8%

Petroleum Products2.4%

Top 10 sectors by % to NAV. Excludes derivatives.