Union Arbitrage Fund
Union Mutual Fund·Arbitrage Fund·vs Nifty 50 Arbitrage TRI
Union Arbitrage Fund has significantly shifted toward liquidity and banking exposure, with its internal money market fund surging to nearly a fifth of the portfolio while exiting cyclical steel and auto plays. This dramatic rotation into cash-equivalent instruments and financial sector concentration signals cautious positioning, likely reflecting near-term market volatility concerns. The manager appears to be prioritizing capital preservation and arbitrage opportunities over growth, a defensive tilt inconsistent with broader market optimism.
Portfolio analysis · April 2026
NAV & Returns
| Plan | NAV | 1M | 3M | 6M | 1Y | 3Y CAGR | 5Y CAGR |
|---|---|---|---|---|---|---|---|
| Direct Growth | ₹15.2960 | — | — | — | — | — | — |
| Regular Growth | ₹14.7041 | +0.30% | +1.26% | +2.72% | +5.61% | +6.73% | +5.73% |
| Direct IDCW | ₹14.9330 | — | — | — | — | — | — |
| Regular IDCW | ₹14.3575 | — | — | — | — | — | — |
Returns above 1Y are CAGR. Direct plan rows highlighted. NAV from AMFI.
Portfolio Metrics(latest month)
Holdings
69
Top 5 Weight
34.50%
Top 10 Weight
44.32%
Active Share
—
Large Cap
54.40%
Gini
0.489
What Changed2026-03-31 → 2026-04-30
Holdings: 81 → 71+5 added−15 removed34 weight shifts ≥ 0.1%
| Stock | Weight |
|---|---|
| Patanjali Foods Ltd. | 1.07% |
| Max Healthcare Institute Ltd. | 0.92% |
| Bharat Heavy Electricals Ltd. | 0.85% |
| Bank of Baroda | 5.92% |
| 364 Day Treasury Bills | 0.12% |
Full Holdings
| # | Holding | % to NAV |
|---|---|---|
| 1 | Union Money Market Fund - Direct Plan - INF582M01HG5 | 17.37% |
| 2 | Bank of Baroda INE028A16LS0 | 5.92% |
| 3 | HDFC Bank Ltd. INE040A01034 | 4.76% |
| 4 | Reliance Industries Ltd. INE002A01018 | 3.56% |
| 5 | Net Receivable / Payable | 3.02% |
| 6 | TREPS | 3.00% |
| 7 | Bharti Airtel Ltd. INE397D01024 | 2.89% |
| 8 | Kotak Mahindra Bank Ltd. INE237A01036 | 2.28% |
| 9 | Max Financial Services Ltd. INE180A01020 | 1.99% |
| 10 | Tata Steel Ltd. INE081A01020 | 1.90% |
| 11 | JSW Steel Ltd. INE019A01038 | 1.89% |
| 12 | Eternal Ltd. INE758T01015 | 1.76% |
| 13 | Vodafone Idea Ltd. INE669E01016 | 1.71% |
| 14 | Cholamandalam Investment & Finance Co. Ltd. INE121A01024 | 1.64% |
| 15 | Hindalco Industries Ltd. INE038A01020 | 1.61% |
| 16 | Eicher Motors Ltd. INE066A01021 | 1.61% |
| 17 | Sun Pharmaceutical Industries Ltd. INE044A01036 | 1.59% |
| 18 | Titan Company Ltd. INE280A01028 | 1.57% |
| 19 | State Bank of India INE062A01020 | 1.51% |
| 20 | Grasim Industries Ltd. INE047A01021 | 1.43% |
Sector Allocation
Mutual Fund17.4%
Banks13.7%
IND A1+5.9%
Finance5.8%
Insurance5.1%
Telecom - Services4.7%
Automobiles4.4%
Petroleum Products4.0%
Ferrous Metals3.8%
Cement & Cement Products3.3%
Top 10 sectors by % to NAV. Excludes derivatives.