Union Arbitrage Fund
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 | 1Y | 3Y CAGR | 5Y CAGR |
|---|---|---|---|---|---|
| Direct Growth | ₹15.3078 | — | — | — | — |
| Regular Growth | ₹14.7153 | +0.31% | +5.68% | +6.73% | +5.75% |
| Direct IDCW | ₹14.9445 | — | — | — | — |
| Regular IDCW | ₹14.3684 | — | — | — | — |
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 |
|---|---|
| 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
Top 10 sectors by % to NAV. Excludes derivatives.
Frequently Asked Questions
How many stocks does Union Arbitrage Fund hold?
Union Arbitrage Fund holds 69 stocks as per the latest AMFI portfolio disclosure. The top 5 positions account for 34.50% of NAV.
What is the largest holding in Union Arbitrage Fund?
The largest position in Union Arbitrage Fund is Union Money Market Fund - Direct Plan -, accounting for 17.37% of NAV in the Mutual Fund sector.
Is Union Arbitrage Fund a concentrated or diversified fund?
With a Gini coefficient of 0.489, Union Arbitrage Fund is moderately concentrated. The HHI concentration index is 45,288 bps, which is above the 2500 bps threshold for high concentration. The top 5 holdings together make up 34.50% of the portfolio.
What is the market cap allocation of Union Arbitrage Fund?
Based on SEBI's AMFI classification, Union Arbitrage Fund's equity portfolio is split as: Large Cap: 54.40%, Mid Cap: 11.25%, Small Cap: 1.78%. This reflects the fund's positioning within the market cap spectrum.
Which sectors does Union Arbitrage Fund invest in most?
Union Arbitrage Fund has the highest allocation to Mutual Fund (17.37%), Banks (13.72%), IND A1+ (5.92%). The fund is invested across 32 sectors in total.
How actively managed is Union Arbitrage Fund compared to other Arbitrage Fund funds?
Union Arbitrage Fund has an Active Share of 56.30%, classifying it as "Active Stock Picker" among 34 Arbitrage Fund peers. This indicates a moderate level of differentiation from category peers.
What changed in Union Arbitrage Fund's portfolio in the latest month?
Between 2026-03-31 and 2026-04-30, Union Arbitrage Fund added 5 new stocks (including Patanjali Foods Ltd.) and exited 15 stocks (including GOI 6.97% 2026). Total holding count decreased from 81 to 71 stocks.