HDFC Arbitrage Fund is an Arbitrage fund run by HDFC Mutual Fund. On 30-09-2026, it managed ₹25,407 Cr of investors' money. In the 3 years to 30-10-2026, its Direct plan returned 7.3% a year and its Regular plan returned 6.7% a year.
NAV on 30-10-2026: Direct Plan Growth ₹21.93 (up 0.16% that day); Regular Plan Growth ₹33.08 (up 0.15% that day).
Returns as on 30-10-2026. Up to one year they are absolute returns. Longer periods are a rate per year.
| Period | 1M | 3M | 6M | 1Y | 3Y | 5Y | 10Y |
|---|---|---|---|---|---|---|---|
| This fund (Direct) | +0.55% | +1.55% | +3.25% | +6.66% | +7.26% | +6.73% | +6.13% |
| This fund (Regular) | +0.51% | +1.40% | +2.97% | +6.09% | +6.69% | +6.16% | +5.57% |
| Arbitrage average | +0.56% | +1.52% | +3.20% | +6.62% | +7.18% | +6.68% | +6.31% |
| Best in Arbitrage | +0.73% | +1.71% | +3.63% | +7.56% | +7.46% | +7.14% | +6.52% |
| Worst in Arbitrage | +0.45% | +1.28% | +2.60% | +5.24% | +6.42% | +5.89% | +5.63% |
| Rank in Arbitrage | 19/39 | 9/38 | 14/38 | 14/33 | 12/25 | 13/20 | 11/12 |
Category rows compare the Direct plans of 39 Arbitrage funds. Rank 1 is the highest return. This fund's benchmark is Nifty 50 Arbitrage TRI. Returns of that index are not available to us, so the category average is the comparison.
| Year | Direct | Regular |
|---|---|---|
| 2026to date | +5.43% | +4.96% |
| 2025 | +6.93% | +6.34% |
| 2024 | +8.22% | +7.66% |
| 2023 | +7.78% | +7.23% |
| 2022 | +4.73% | +4.16% |
| 2021 | +4.17% | +3.60% |
The return of every holding period in the fund's history, not only the one that ends today
Rolling returns
Each point is the yearly return of one 3-year holding period, plotted on the day it ended. There are 2,364 periods, one for each trading day from 27-03-2017 to 30-10-2026.
HDFC Arbitrage Fund (Direct)
Category average, 39 Arbitrage funds
Every holding period at a glance
| Period | Periods | Median | Lowest | Highest | With a loss | Category median | Beat category |
|---|---|---|---|---|---|---|---|
| 1 year | 2,855 | 6.6% | 3.3% | 8.7% | 0% | 6.7% | 48% |
| 2 years | 2,610 | 6.4% | 3.7% | 8.1% | 0% | 6.7% | 48% |
| 3 years | 2,364 | 6.3% | 4.2% | 7.8% | 0% | 6.6% | 38% |
| 5 years | 1,870 | 5.8% | 5.1% | 7.0% | 0% | 5.9% | 31% |
| 7 years | 1,376 | 6.0% | 5.5% | 6.4% | 0% | 6.0% | 18% |
| 10 years | 639 | 6.2% | 6.1% | 6.3% | 0% | 6.3% | 0% |
Every SIP holding period at a glance
| Period | Periods | Median | Lowest | Highest | With a loss | Category median | Beat category |
|---|---|---|---|---|---|---|---|
| 1 year | 140 | 6.6% | 3.5% | 8.4% | 0% | 6.7% | 50% |
| 2 years | 128 | 6.5% | 4.0% | 8.2% | 0% | 6.7% | 52% |
| 3 years | 116 | 6.4% | 4.0% | 7.9% | 0% | 6.7% | 42% |
| 5 years | 92 | 6.1% | 4.6% | 7.3% | 0% | 6.2% | 46% |
| 7 years | 68 | 5.8% | 5.0% | 6.8% | 0% | 5.9% | 40% |
| 10 years | 32 | 6.3% | 5.9% | 6.4% | 0% | 6.3% | 13% |
Lumpsum: the yearly rate (CAGR) from the NAV on a period's first day to the NAV on its last. SIP: the XIRR of the monthly instalments and their value on the last day. "With a loss" counts the periods that ended below the money put in. "Beat category" counts the periods in which the fund did better than the average of the 39 Arbitrage funds (Direct plans, each weighted the same) over the same days. Past returns do not promise future returns.
How much it swings, and the falls an investor had to sit through
Risk and return
| Measure | HDFC Arbitrage Fund (Direct)This fund | Category average |
|---|---|---|
| Return (CAGR) | +6.66% | +6.61% |
| Standard deviation | 1.39% | 1.35% |
| Sharpe ratio | 1.01 | 1.01 |
| Sortino ratio | 1.55 | 1.54 |
| Maximum drawdown | −0.50% (06-08-2026) | −0.45% (06-08-2026) |
From daily NAVs, 30-10-2025 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls.
| Measure | HDFC Arbitrage Fund (Direct)This fund | Category average |
|---|---|---|
| Return (CAGR) | +7.26% | +7.18% |
| Standard deviation | 1.10% | 1.07% |
| Sharpe ratio | 1.12 | 1.08 |
| Sortino ratio | 1.71 | 1.65 |
| Maximum drawdown | −0.50% (06-08-2026) | −0.45% (06-08-2026) |
From daily NAVs, 30-10-2023 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls.
| Measure | HDFC Arbitrage Fund (Direct)This fund | Category average |
|---|---|---|
| Return (CAGR) | +6.73% | +6.65% |
| Standard deviation | 1.01% | 0.98% |
| Sharpe ratio | 0.92 | 0.87 |
| Sortino ratio | 1.39 | 1.32 |
| Maximum drawdown | −0.50% (06-08-2026) | −0.45% (06-08-2026) |
From daily NAVs, 29-10-2021 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls.
| Measure | HDFC Arbitrage Fund (Direct)This fund | Category average |
|---|---|---|
| Return (CAGR) | +6.13% | +6.20% |
| Standard deviation | 1.01% | 0.97% |
| Sharpe ratio | 0.72 | 0.83 |
| Sortino ratio | 1.06 | 1.23 |
| Maximum drawdown | −0.73% (25-03-2020) | −0.53% (03-06-2020) |
From daily NAVs, 28-10-2016 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls.
| Measure | HDFC Arbitrage Fund (Direct)This fund | Category average |
|---|---|---|
| Return (CAGR) | +6.43% | +6.56% |
| Standard deviation | 1.02% | 0.98% |
| Sharpe ratio | 0.60 | 0.75 |
| Sortino ratio | 0.87 | 1.11 |
| Maximum drawdown | −0.73% (25-03-2020) | −0.53% (03-06-2020) |
From daily NAVs, 27-03-2014 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls.
Drawdowns
How far below its previous high each one was on every day: the falls an investor had to sit through. 0% means it was at a new high.
HDFC Arbitrage Fund (Direct)
Category average, 39 Arbitrage funds
| Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today | |
|---|---|---|---|---|---|---|
| HDFC Arbitrage Fund (Direct) | −0.73% | 16-03-2020 | 25-03-2020 | 03-04-2020 | 9 days | −0.05% |
| Category average | −0.53% | 29-05-2020 | 03-06-2020 | 14-08-2020 | 2 months | −0.04% |
From the Direct plan's daily NAV since 27-03-2014, adjusted for unit splits, and the average of the 39 Arbitrage funds (Direct plans, each weighted the same) over the same days. "Time to climb back" runs from the bottom to the first day back at the old high.
The five Arbitrage funds with the best three year return, and this fund. Direct plans.
| Fund name | Rank | AUM (Cr) | Exp. ratio | 1Y return | 3Y return | 3Y alpha | 3Y beta | 3Y Sharpe | 3Y Sortino | |
|---|---|---|---|---|---|---|---|---|---|---|
| Invesco India Arbitrage Fund | 1/25 | 30,396 | 2.20% | +6.88% | +7.46% | -- | -- | 1.32 | 2.01 | Compare |
| Kotak Arbitrage Fund | 2/25 | 75,275 | 2.31% | +6.75% | +7.43% | -- | -- | 1.28 | 1.96 | Compare |
| Tata Arbitrage Fund | 2/25 | 24,539 | 1.57% | +6.77% | +7.43% | -- | -- | 1.39 | 2.16 | Compare |
| Aditya Birla Sun Life Arbitrage Fund | 4/25 | 26,933 | 1.23% | +6.75% | +7.40% | -- | -- | 1.29 | 2.00 | Compare |
| Edelweiss Arbitrage Fund | 5/25 | 14,250 | 1.53% | +6.66% | +7.37% | -- | -- | 1.27 | 1.98 | Compare |
| HDFC Arbitrage Fund | 12/25 | 25,407 | 1.48% | +6.66% | +7.26% | -- | -- | 1.12 | 1.71 |
AUM is each fund's size at the end of its last reported month, from its own portfolio file. We calculate the risk ratios from daily NAVs over the last three years. The risk-free return is what NSE's overnight rate index earned over the same years. Alpha and beta compare each fund with its own benchmark's TRI. "--" means we have no figure: for alpha and beta, no daily series for that benchmark.
What each plan charges a year, in force from 01-10-2026
| Plan | Base expense ratio | Brokerage | Transaction costs | Levies and GST | Total expense ratio | Arbitrage median | Cost rank (1 = cheapest) |
|---|---|---|---|---|---|---|---|
| Direct | 0.34% | 0.07% | 0.07% | 1.00% | 1.48% | 1.45% | 23/39 |
| Regular | 0.80% | 0.07% | 0.07% | 1.08% | 2.02% | 2.08% | 16/38 |
The expense ratio comes out of the fund's assets every day, so every return on this page is already after it. Base expense ratio: the fund house's own fee. The total adds brokerage, the cost of executing trades, and statutory levies with GST. From AMFI's expense ratio file. Cost rank: where this plan comes when the Arbitrage funds' plans of the same type are sorted from the lowest total expense ratio to the highest.
Direct vs Regular: what the gap cost
Both plans own the same portfolio, so the difference in what they earned is the Regular plan's extra cost, taken out of its NAV.
| Over the last | Regular | Direct | Direct earned more by | ₹1 lakh became (Regular) | ₹1 lakh became (Direct) |
|---|---|---|---|---|---|
| 1 year | 6.09% | 6.66% | 0.57% | ₹1,06,090 | ₹1,06,660 |
| 3 years | 6.69% | 7.26% | 0.57% a year | ₹1,21,443 | ₹1,23,399 |
| 5 years | 6.16% | 6.73% | 0.57% a year | ₹1,34,836 | ₹1,38,495 |
| 10 years | 5.57% | 6.13% | 0.56% a year | ₹1,71,951 | ₹1,81,293 |
Returns over more than 1 year are a rate a year (CAGR). ₹1 lakh invested once at the start of each period, valued on the last NAV.
What a one-time or monthly investment in this fund would be worth today, from its own NAV history
Growth of an investment
₹10,000 on the first trading day of every month, from 27-03-2014 to 30-10-2026: 152 instalments, ₹15,20,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Direct planHDFC Arbitrage Fund (Direct) | ₹15,20,000 | ₹23,04,061 | ₹7,84,061 | 6.3% |
| Regular planHDFC Arbitrage Fund (Regular) | ₹15,20,000 | ₹22,19,895 | ₹6,99,895 | 5.8% |
| Category averageCategory average, 39 Arbitrage funds | ₹15,20,000 | ₹23,08,236 | ₹7,88,236 | 6.4% |
Direct planHDFC Arbitrage Fund (Direct)
Regular planHDFC Arbitrage Fund (Regular)
Category averageCategory average, 39 Arbitrage funds
Amount invested
From each plan's published NAV (Growth option) and the category average, over the same days. Return a year: XIRR for a SIP, CAGR for a lumpsum, shown for a year or more. It does not include exit load, stamp duty or tax. Past returns do not promise future returns.
Asset allocation as on 30-09-2026
67.5%Equity
| Asset | Fund | Category |
|---|---|---|
| Equity | 67.5% | 71.6% |
| Cash and others | 23.4% | 19.5% |
| Debt | 9.0% | 9.0% |
| Market cap | Fund | Category |
|---|---|---|
| Large Cap | 55.6% | 54.0% |
| Mid Cap | 10.3% | 14.1% |
| Small Cap | 1.7% | 3.5% |
Share of the whole fund. Category: the average of the Arbitrage funds that hold stocks. Groups follow AMFI's latest list, as SEBI defines them: Large Cap is the 100 largest companies, Mid Cap the next 150, Small Cap the rest.
Sector allocation of the fund's stocks as on 30-09-2026
Banks22.2%
Telecom - Services5.2%
Ferrous Metals4.5%
Petroleum Products4.4%
Finance4.3%
Automobiles3.1%
Pharmaceuticals & Biotechnology3.0%
Diversified FMCG2.0%
Power1.7%
Consumer Durables1.3%
The ten largest of 43 sectors. The other 33 add up to 15.9%.
| Sector | July 2026 | August 2026 | September 2026 | Change |
|---|---|---|---|---|
| Banks | 19.3% | 22.5% | 22.2% | +2.9% |
| Telecom - Services | 3.4% | 5.0% | 5.2% | +1.8% |
| Ferrous Metals | 4.3% | 4.6% | 4.5% | +0.2% |
| Petroleum Products | 4.7% | 4.7% | 4.4% | −0.3% |
| Finance | 4.8% | 4.7% | 4.3% | −0.5% |
Each sector's share of the fund at the end of each month. The five largest sectors of September 2026. Change: from July 2026 to September 2026, in % of the fund.
As on 30-09-2026 · 179 holdings · from the fund house's monthly portfolio
| Holdings | Sector / Rating | Weight% | Holdings trend | 1M change |
|---|---|---|---|---|
| HDFC Money Market Fund - Direct Plan - Growth Option | 9.14% | |||
| HDFC Bank Ltd. | Banks | 5.04% | −0.6% | |
| ICICI Bank Ltd. | Banks | 5.04% | +13.6% | |
| Union Bank of India · Certificate of deposit | IND - A1+ | 3.84% | ||
| HDFC Liquid Fund - Direct Plan - Growth Option | 3.75% | |||
| Reliance Industries Ltd. | Petroleum Products | 3.39% | +3.5% | |
| Bharti Airtel Ltd. | Telecom - Services | 3.31% | +3.5% | |
| Axis Bank Ltd. | Banks | 2.87% | +2.3% | |
| HDFC Ultra Short Term Fund - Direct Plan - Growth Option | 2.85% | |||
| HDFC Ultra Short to Short Term Fund - Direct Plan - Growth Option | 2.64% | |||
| JSW Steel Ltd. | Ferrous Metals | 2.32% | +1.8% | |
| State Bank of India | Banks | 2.30% | +7.6% | |
| Bajaj Finance Ltd. | Finance | 1.80% | +24.9% | |
| Tata Steel Ltd. | Ferrous Metals | 1.55% | +4.9% | |
| Canara Bank | Banks | 1.52% | −6.8% | |
| Kotak Mahindra Bank Limited | Banks | 1.44% | +0.9% | |
| Hindustan Unilever Ltd. | Diversified FMCG | 1.43% | +12.7% | |
| Punjab National Bank | Banks | 1.27% | +0.1% | |
| Divis Laboratories Ltd. | Pharmaceuticals & Biotechnology | 1.26% | +82.5% | |
| Indian Overseas Bank · Certificate of deposit | CARE - A1+ | 1.15% | ||
| TVS Motor Company Ltd. | Automobiles | 1.10% | −14.9% | |
| VODAFONE IDEA LIMITED | Telecom - Services | 1.03% | +38.2% | |
| IDFC First Bank Limited | Banks | 0.95% | +18.2% | |
| Coal India Ltd. | Consumable Fuels | 0.87% | +37.9% | |
| Small Industries Development Bank · Certificate of deposit | CARE - A1+ | 0.87% | ||
| Indus Towers Limited | Telecom - Services | 0.81% | −5.5% | |
| Union Bank of India · Certificate of deposit | ICRA - A1+ | 0.77% | ||
| Bank of Baroda | Banks | 0.74% | +27.5% | |
| NTPC Limited | Power | 0.74% | −49.4% | |
| Hindalco Industries Ltd. | Non - Ferrous Metals | 0.73% | −19.0% | |
| Punjab National Bank · Certificate of deposit | CARE - A1+ | 0.67% | ||
| NMDC Limited | Minerals & Mining | 0.67% | +20.4% | |
| Cholamandalam Investment & Finance Co. Ltd. | Finance | 0.62% | −0.3% | |
| InterGlobe Aviation Ltd. | Transport Services | 0.62% | +2.5% | |
| Steel Authority Of India Ltd. | Ferrous Metals | 0.60% | −0.1% | |
| ITC LIMITED | Diversified FMCG | 0.59% | −2.1% | |
| Apollo Hospitals Enterprise Ltd. | Healthcare Services | 0.59% | −8.0% | |
| Eicher Motors Ltd. | Automobiles | 0.58% | +14.8% | |
| Infosys Limited | IT - Software | 0.57% | +137.5% | |
| Marico Ltd. | Agricultural Food & Other Products | 0.57% | +16.3% | |
| Varun Beverages Ltd | Beverages | 0.56% | +20.9% | |
| Larsen and Toubro Ltd. | Construction | 0.54% | +15.4% | |
| Tata Consumer Products Limited | Agricultural Food & Other Products | 0.49% | +0.1% | |
| ADANI ENTERPRISES LIMTIED | Metals & Minerals Trading | 0.49% | −25.7% | |
| LIC Housing Finance Ltd. | Finance | 0.48% | +14.6% | |
| Indian Oil Corporation Ltd. | Petroleum Products | 0.48% | −13.9% | |
| Bharat Heavy Electricals Ltd. | Electrical Equipment | 0.46% | −14.6% | |
| Bharat Electronics Ltd. | Aerospace & Defense | 0.46% | −67.5% | |
| Glenmark Pharmaceuticals Ltd. | Pharmaceuticals & Biotechnology | 0.46% | −3.8% | |
| Ambuja Cements Ltd. | Cement & Cement Products | 0.44% | −4.3% | |
| Multi Commodity Exchange of India L | Capital Markets | 0.44% | +157.2% | |
| Mahindra & Mahindra Ltd. | Automobiles | 0.43% | +145.2% | |
| Maruti Suzuki India Limited | Automobiles | 0.42% | +15.9% | |
| Power Finance Corporation Ltd. | Finance | 0.41% | +118.5% | |
| Life Insurance Corporation of India | Insurance | 0.40% | +28.3% | |
| Kalyan Jewellers India Ltd | Consumer Durables | 0.39% | +12.9% | |
| Indian Overseas Bank · Certificate of deposit | CARE - A1+ | 0.38% | ||
| HDFC Life Insurance Company Limited | Insurance | 0.38% | −22.9% | |
| Biocon Ltd. | Pharmaceuticals & Biotechnology | 0.37% | +2.7% | |
| INFO EDGE (INDIA) LIMITED | Retailing | 0.37% | −7.7% | |
| Tata Motors Passenger Vehicles Limited | Automobiles | 0.36% | +9.6% | |
| Bharat Forge Ltd. | Auto Components | 0.35% | +36.5% | |
| Aditya Birla Capital ltd. | Finance | 0.33% | +43.9% | |
| Hindustan Petroleum Corp. Ltd. | Petroleum Products | 0.32% | −0.7% | |
| Jio Financial Services Limited | Finance | 0.31% | +0.8% | |
| The Tata Power Company Ltd. | Power | 0.30% | −19.1% | |
| Hindustan Aeronautics Limited | Aerospace & Defense | 0.29% | +26.7% | |
| ICICI Bank Ltd. | ICRA - A1+ | 0.29% | ||
| Punjab National Bank · Certificate of deposit | CARE - A1+ | 0.29% | ||
| Ashok Leyland Ltd | Agricultural, Commercial & Construction Vehicles | 0.29% | −2.9% | |
| Kotak Mahindra Bank Limited | CRISIL - A1+ | 0.29% | ||
| Cummins India Ltd. | Industrial Products | 0.29% | −44.8% | |
| Yes Bank Ltd. | Banks | 0.29% | −15.2% | |
| Asian Paints Limited | Consumer Durables | 0.28% | −25.6% | |
| Indian Hotels Company Ltd. | Leisure Services | 0.27% | −50.0% | |
| GE Vernova T&D India Limited | Electrical Equipment | 0.27% | −24.8% | |
| Indian Energy Exchange Limited | Capital Markets | 0.26% | −18.6% | |
| Bank of India | Banks | 0.26% | −1.5% | |
| Godrej Properties Ltd. | Realty | 0.26% | −6.3% | |
| Titan Company Ltd. | Consumer Durables | 0.24% | −13.8% | |
| Bharat Petroleum Corporation Ltd. | Petroleum Products | 0.23% | −0.2% | |
| Pidilite Industries Ltd. | Chemicals & Petrochemicals | 0.23% | −4.3% | |
| Coforge Limited | IT - Software | 0.23% | +13.0% | |
| APL Apollo Tubes Ltd. | Industrial Products | 0.23% | +42.1% | |
| Adani Power (Mundra) Limited | Power | 0.23% | +10.9% | |
| Voltas Ltd. | Consumer Durables | 0.21% | −2.4% | |
| UltraTech Cement Limited | Cement & Cement Products | 0.21% | −30.2% | |
| Grasim Industries Ltd. | Cement & Cement Products | 0.19% | −76.4% | |
| Canara Bank · Certificate of deposit | CRISIL - A1+ | 0.19% | ||
| Central Depository Services (India) Ltd. | Capital Markets | 0.19% | −1.9% | |
| Adani Energy Solutions Limited | Power | 0.19% | +620.0% | |
| Adani Green Energy Limited | Power | 0.18% | −11.7% | |
| Alkem Laboratories Ltd. | Pharmaceuticals & Biotechnology | 0.18% | +11.7% | |
| Bajaj Auto Limited | Automobiles | 0.18% | +46.8% | |
| Aurobindo Pharma Ltd. | Pharmaceuticals & Biotechnology | 0.17% | +1.3% | |
| Eternal Limited | Retailing | 0.17% | +79.1% | |
| INOX Wind Limited | Electrical Equipment | 0.16% | −5.2% | |
| UPL Ltd. | Fertilizers & Agrochemicals | 0.16% | −29.8% | |
| Torrent Pharmaceuticals Ltd. | Pharmaceuticals & Biotechnology | 0.16% | +204.5% | |
| Lupin Ltd. | Pharmaceuticals & Biotechnology | 0.15% | −37.0% | |
| Bajaj Finserv Ltd. | Finance | 0.15% | +29.6% | |
| Samvardhana Motherson International Ltd. | Auto Components | 0.14% | +4.7% | |
| Cipla Ltd. | Pharmaceuticals & Biotechnology | 0.13% | −52.6% | |
| Bandhan Bank Ltd. | Banks | 0.13% | +24.4% | |
| Patanjali Foods Limited | Agricultural Food & Other Products | 0.13% | +55.4% | |
| Radico Khaitan Limited | Beverages | 0.13% | +91.5% | |
| The Federal Bank Ltd. | Banks | 0.11% | +54.1% | |
| Indusind Bank Ltd. | Banks | 0.10% | +572.4% | |
| Canara Bank · Certificate of deposit | CRISIL - A1+ | 0.10% | ||
| Export - Import Bank of India · Certificate of deposit | CRISIL - A1+ | 0.10% | ||
| Union Bank of India · Certificate of deposit | IND - A1+ | 0.10% | ||
| One 97 Communications Limited | Financial Technology (Fintech) | 0.10% | −87.2% | |
| Delhivery Limited | Transport Services | 0.09% | +1.1% | |
| Max Financial Services Ltd. | Insurance | 0.08% | −57.1% | |
| PG Electroplast Limited | Consumer Durables | 0.08% | +35.5% | |
| PNB Housing Finance Ltd. | Finance | 0.08% | +30.0% | |
| Shriram Finance Ltd. | Finance | 0.08% | −26.6% | |
| Tube Investments of India Ltd. | Auto Components | 0.08% | +86.6% | |
| Sun Pharmaceutical Industries Ltd. | Pharmaceuticals & Biotechnology | 0.07% | +148.2% | |
| Fortis Healthcare Limited | Healthcare Services | 0.07% | −11.0% | |
| JSW Energy Ltd. | Power | 0.07% | +9.2% | |
| GAIL (India) Ltd. | Gas | 0.07% | −13.3% | |
| Avenue Supermarts Ltd. | Retailing | 0.07% | New | |
| Supreme Industries Ltd. | Industrial Products | 0.07% | −43.9% | |
| Oil & Natural Gas Corporation Ltd. | Oil | 0.07% | +10.8% | |
| DLF LIMITED | Realty | 0.07% | −55.8% | |
| Union Bank of India | Banks | 0.07% | −73.0% | |
| SBI Life Insurance Company Ltd. | Insurance | 0.06% | −32.7% | |
| Solar Industries India Ltd. | Chemicals & Petrochemicals | 0.06% | −81.0% | |
| Au Small Finance Bank Ltd. | Banks | 0.06% | −19.8% | |
| CG Power and Industrial Solutions Ltd. | Electrical Equipment | 0.05% | −84.9% | |
| Sagility Limited | IT - Services | 0.05% | +91.6% | |
| National Aluminium Co. Ltd. | Non - Ferrous Metals | 0.05% | −55.2% | |
| MphasiS Limited. | IT - Software | 0.05% | +286.0% | |
| Muthoot Finance Ltd. | Finance | 0.05% | −91.1% | |
| Computer Age Management Services | Capital Markets | 0.05% | +1.6% | |
| Jindal Steel Limited. | Ferrous Metals | 0.05% | −42.9% | |
| United Spirits Limited | Beverages | 0.05% | −58.7% | |
| Swiggy Limited | Retailing | 0.04% | +10600.0% | |
| Container Corporation of India Ltd. | Transport Services | 0.04% | +32.8% | |
| Amber Enterprises India Ltd. | Consumer Durables | 0.04% | −68.7% | |
| Tata Consultancy Services Ltd. | IT - Software | 0.04% | −29.6% | |
| GMR Airports Limited | Transport Infrastructure | 0.04% | −78.2% | |
| Trent Ltd. | Retailing | 0.04% | +876.5% | |
| Dabur India Ltd. | Personal Products | 0.03% | −85.8% | |
| NBCC (India) Limited | Construction | 0.03% | +36.5% | |
| Bombay Stock Exchange Limited (BSE) | Capital Markets | 0.03% | −72.3% | |
| Britannia Industries Ltd. | Food Products | 0.03% | −25.3% | |
| Nestle India Ltd. | Food Products | 0.03% | +7.3% | |
| SRF Ltd. | Chemicals & Petrochemicals | 0.03% | −80.2% | |
| HCL Technologies Ltd. | IT - Software | 0.03% | +7.8% | |
| Suzlon Energy Ltd | Electrical Equipment | 0.02% | +606.7% | |
| Hindustan Zinc Ltd. | Non - Ferrous Metals | 0.02% | −91.0% | |
| Oil India Limited | Oil | 0.02% | New | |
| Crompton Greaves Consumer Elec. Ltd. | Consumer Durables | 0.02% | New | |
| PB Fintech Limited | Financial Technology (Fintech) | 0.02% | −74.7% | |
| Manappuram Finance Ltd. | Finance | 0.02% | −91.7% | |
| Page Industries Ltd | Textiles & Apparels | 0.02% | +1966.7% | |
| Astral Limited | Industrial Products | 0.01% | New | |
| Zydus Lifesciences Limited | Pharmaceuticals & Biotechnology | 0.01% | −84.8% | |
| Hitachi Energy India Ltd. | Electrical Equipment | 0.01% | −98.0% | |
| Colgate-Palmolive ( I ) Ltd. | Personal Products | 0.01% | −93.5% | |
| Motilal Oswal Financial Services Ltd. | Capital Markets | 0.01% | −80.4% | |
| Polycab India Limited | Industrial Products | 0.01% | −94.8% | |
| Angel One Ltd. | Capital Markets | 0.01% | −11.4% | |
| Adani Ports & Special Economic Zone | Transport Infrastructure | 0.01% | −93.7% | |
| Power Grid Corporation of India Ltd. | Power | 0.01% | −85.2% | |
| Laurus Labs Ltd. | Pharmaceuticals & Biotechnology | 0.01% | New | |
| RBL Bank Ltd. | Banks | 0.01% | −96.8% | |
| ABB India Ltd. | Electrical Equipment | 0.00% | New | |
| Bajaj Holdings & Investment Ltd | Finance | 0.00% | New | |
| Vedanta Ltd. | Diversified Metals | 0.00% | −90.8% | |
| The Phoenix Mills Limited | Realty | 0.00% | −96.9% | |
| Bosch Limited | Auto Components | 0.00% | −99.7% | |
| Fsn Ecommerce Ventures Limited (Nykaa) | Retailing | 0.00% | −96.9% | |
| Bank of Maharashtra | Banks | 0.00% | +100.0% | |
| Lodha Developers Limited | Realty | 0.00% | New | |
| Cochin Shipyard Ltd. | Industrial Manufacturing | 0.00% | −96.7% | |
| ICICI Prudential Life Insurance Company Ltd. | Insurance | 0.00% | −91.4% |
All changes are between August 2026 and September 2026
| HDFC Bank Ltd. | Reduced | −0.6% | 5.04% |
|---|---|---|---|
| ICICI Bank Ltd. | Added | +13.6% | 5.04% |
| Reliance Industries Ltd. | Added | +3.5% | 3.39% |
| Bharti Airtel Ltd. | Added | +3.5% | 3.31% |
| Axis Bank Ltd. | Added | +2.3% | 2.87% |
| JSW Steel Ltd. | Added | +1.8% | 2.32% |
| State Bank of India | Added | +7.6% | 2.30% |
| Bajaj Finance Ltd. | Added | +24.9% | 1.80% |
| Canara Bank | Reduced | −6.8% | 1.52% |
| Tata Steel Ltd. | Added | +4.9% | 1.55% |
| Bharat Electronics Ltd. | Reduced | −67.5% | 0.46% |
| NTPC Limited | Reduced | −49.4% | 0.74% |
| Kotak Mahindra Bank Limited | Added | +0.9% | 1.44% |
| Hindustan Unilever Ltd. | Added | +12.7% | 1.43% |
| TVS Motor Company Ltd. | Reduced | −14.9% | 1.10% |
| Punjab National Bank | Added | +0.1% | 1.27% |
| Divis Laboratories Ltd. | Added | +82.5% | 1.26% |
| VODAFONE IDEA LIMITED | Added | +38.2% | 1.03% |
| Hindalco Industries Ltd. | Reduced | −19.0% | 0.73% |
| IDFC First Bank Limited | Added | +18.2% | 0.95% |
| Indus Towers Limited | Reduced | −5.5% | 0.81% |
| Grasim Industries Ltd. | Reduced | −76.4% | 0.19% |
| Coal India Ltd. | Added | +37.9% | 0.87% |
| One 97 Communications Limited | Reduced | −87.2% | 0.10% |
| Bank of Baroda | Added | +27.5% | 0.74% |
| Cholamandalam Investment & Finance Co. Ltd. | Reduced | −0.3% | 0.62% |
| Apollo Hospitals Enterprise Ltd. | Reduced | −8.0% | 0.59% |
| NMDC Limited | Added | +20.4% | 0.67% |
| ADANI ENTERPRISES LIMTIED | Reduced | −25.7% | 0.49% |
| Steel Authority Of India Ltd. | Reduced | −0.1% | 0.60% |
| InterGlobe Aviation Ltd. | Added | +2.5% | 0.62% |
| Hitachi Energy India Ltd. | Reduced | −98.0% | 0.01% |
| ITC LIMITED | Reduced | −2.1% | 0.59% |
| Eicher Motors Ltd. | Added | +14.8% | 0.58% |
| Bharat Heavy Electricals Ltd. | Reduced | −14.6% | 0.46% |
| Muthoot Finance Ltd. | Reduced | −91.1% | 0.05% |
| Infosys Limited | Added | +137.5% | 0.57% |
| Marico Ltd. | Added | +16.3% | 0.57% |
| Indian Oil Corporation Ltd. | Reduced | −13.9% | 0.48% |
| Varun Beverages Ltd | Added | +20.9% | 0.56% |
| Cummins India Ltd. | Reduced | −44.8% | 0.29% |
| Larsen and Toubro Ltd. | Added | +15.4% | 0.54% |
| Indian Hotels Company Ltd. | Reduced | −50.0% | 0.27% |
| Tata Consumer Products Limited | Added | +0.1% | 0.49% |
| HDFC Life Insurance Company Limited | Reduced | −22.9% | 0.38% |
| Glenmark Pharmaceuticals Ltd. | Reduced | −3.8% | 0.46% |
| Ambuja Cements Ltd. | Reduced | −4.3% | 0.44% |
| LIC Housing Finance Ltd. | Added | +14.6% | 0.48% |
| Multi Commodity Exchange of India L | Added | +157.2% | 0.44% |
| Mahindra & Mahindra Ltd. | Added | +145.2% | 0.43% |
| INFO EDGE (INDIA) LIMITED | Reduced | −7.7% | 0.37% |
| Asian Paints Limited | Reduced | −25.6% | 0.28% |
| Maruti Suzuki India Limited | Added | +15.9% | 0.42% |
| Power Finance Corporation Ltd. | Added | +118.5% | 0.41% |
| Life Insurance Corporation of India | Added | +28.3% | 0.40% |
| Biocon Ltd. | Added | +2.7% | 0.37% |
| Kalyan Jewellers India Ltd | Added | +12.9% | 0.39% |
| Yes Bank Ltd. | Reduced | −15.2% | 0.29% |
| GE Vernova T&D India Limited | Reduced | −24.8% | 0.27% |
| Indian Energy Exchange Limited | Reduced | −18.6% | 0.26% |
| Tata Motors Passenger Vehicles Limited | Added | +9.6% | 0.36% |
| CG Power and Industrial Solutions Ltd. | Reduced | −84.9% | 0.05% |
| The Tata Power Company Ltd. | Reduced | −19.1% | 0.30% |
| Bharat Forge Ltd. | Added | +36.5% | 0.35% |
| Ashok Leyland Ltd | Reduced | −2.9% | 0.29% |
| Godrej Properties Ltd. | Reduced | −6.3% | 0.26% |
| Jio Financial Services Limited | Added | +0.8% | 0.31% |
| Hindustan Petroleum Corp. Ltd. | Reduced | −0.7% | 0.32% |
| Aditya Birla Capital ltd. | Added | +43.9% | 0.33% |
| Solar Industries India Ltd. | Reduced | −81.0% | 0.06% |
| Titan Company Ltd. | Reduced | −13.8% | 0.24% |
| UltraTech Cement Limited | Reduced | −30.2% | 0.21% |
| Hindustan Aeronautics Limited | Added | +26.7% | 0.29% |
| Cipla Ltd. | Reduced | −52.6% | 0.13% |
| Bank of India | Reduced | −1.5% | 0.26% |
| Pidilite Industries Ltd. | Reduced | −4.3% | 0.23% |
| Manappuram Finance Ltd. | Reduced | −91.7% | 0.02% |
| Union Bank of India | Reduced | −73.0% | 0.07% |
| Lupin Ltd. | Reduced | −37.0% | 0.15% |
| Bharat Petroleum Corporation Ltd. | Reduced | −0.2% | 0.23% |
| Voltas Ltd. | Reduced | −2.4% | 0.21% |
| Hindustan Zinc Ltd. | Reduced | −91.0% | 0.02% |
| Coforge Limited | Added | +13.0% | 0.23% |
| UPL Ltd. | Reduced | −29.8% | 0.16% |
| APL Apollo Tubes Ltd. | Added | +42.1% | 0.23% |
| Adani Power (Mundra) Limited | Added | +10.9% | 0.23% |
| Max Financial Services Ltd. | Reduced | −57.1% | 0.08% |
| Central Depository Services (India) Ltd. | Reduced | −1.9% | 0.19% |
| Tech Mahindra Ltd. | Sold out | −100% | was 0.21% |
| Dabur India Ltd. | Reduced | −85.8% | 0.03% |
| Adani Green Energy Limited | Reduced | −11.7% | 0.18% |
| Adani Energy Solutions Limited | Added | +620.0% | 0.19% |
| Alkem Laboratories Ltd. | Added | +11.7% | 0.18% |
| Bajaj Auto Limited | Added | +46.8% | 0.18% |
| INOX Wind Limited | Reduced | −5.2% | 0.16% |
| Aurobindo Pharma Ltd. | Added | +1.3% | 0.17% |
| SRF Ltd. | Reduced | −80.2% | 0.03% |
| Adani Ports & Special Economic Zone | Reduced | −93.7% | 0.01% |
| Eternal Limited | Added | +79.1% | 0.17% |
| DLF LIMITED | Reduced | −55.8% | 0.07% |
| Bosch Limited | Reduced | −99.7% | 0.00% |
| Torrent Pharmaceuticals Ltd. | Added | +204.5% | 0.16% |
| GMR Airports Limited | Reduced | −78.2% | 0.04% |
| Bajaj Finserv Ltd. | Added | +29.6% | 0.15% |
| RBL Bank Ltd. | Reduced | −96.8% | 0.01% |
| Samvardhana Motherson International Ltd. | Added | +4.7% | 0.14% |
| United Spirits Limited | Reduced | −58.7% | 0.05% |
| Amber Enterprises India Ltd. | Reduced | −68.7% | 0.04% |
| Bandhan Bank Ltd. | Added | +24.4% | 0.13% |
| Patanjali Foods Limited | Added | +55.4% | 0.13% |
| Radico Khaitan Limited | Added | +91.5% | 0.13% |
| UNO Minda Limited | Sold out | −100% | was 0.13% |
| Bombay Stock Exchange Limited (BSE) | Reduced | −72.3% | 0.03% |
| National Aluminium Co. Ltd. | Reduced | −55.2% | 0.05% |
| Supreme Industries Ltd. | Reduced | −43.9% | 0.07% |
| Polycab India Limited | Reduced | −94.8% | 0.01% |
| Shriram Finance Ltd. | Reduced | −26.6% | 0.08% |
| The Federal Bank Ltd. | Added | +54.1% | 0.11% |
| PB Fintech Limited | Reduced | −74.7% | 0.02% |
| Hero MotoCorp Ltd. | Sold out | −100% | was 0.11% |
| Indusind Bank Ltd. | Added | +572.4% | 0.10% |
| Delhivery Limited | Added | +1.1% | 0.09% |
| Jindal Steel Limited. | Reduced | −42.9% | 0.05% |
| Fortis Healthcare Limited | Reduced | −11.0% | 0.07% |
| SBI Life Insurance Company Ltd. | Reduced | −32.7% | 0.06% |
| GAIL (India) Ltd. | Reduced | −13.3% | 0.07% |
| Colgate-Palmolive ( I ) Ltd. | Reduced | −93.5% | 0.01% |
| Au Small Finance Bank Ltd. | Reduced | −19.8% | 0.06% |
| Fsn Ecommerce Ventures Limited (Nykaa) | Reduced | −96.9% | 0.00% |
| PG Electroplast Limited | Added | +35.5% | 0.08% |
| PNB Housing Finance Ltd. | Added | +30.0% | 0.08% |
| Tube Investments of India Ltd. | Added | +86.6% | 0.08% |
| Mazagon Dock Shipbuilders Ltd | Sold out | −100% | was 0.08% |
| Sun Pharmaceutical Industries Ltd. | Added | +148.2% | 0.07% |
| JSW Energy Ltd. | Added | +9.2% | 0.07% |
| Avenue Supermarts Ltd. | New | New | 0.07% |
| Oil & Natural Gas Corporation Ltd. | Added | +10.8% | 0.07% |
| Tata Consultancy Services Ltd. | Reduced | −29.6% | 0.04% |
| Power Grid Corporation of India Ltd. | Reduced | −85.2% | 0.01% |
| Computer Age Management Services | Added | +1.6% | 0.05% |
| ICICI Prudential Life Insurance Company Ltd. | Reduced | −91.4% | 0.00% |
| SBI CARDS AND PAYMENT SERVICES LIMITED | Sold out | −100% | was 0.06% |
| Oberoi Realty Ltd. | Sold out | −100% | was 0.06% |
| Nippon Life India Asset Management Limited | Sold out | −100% | was 0.06% |
| Zydus Lifesciences Limited | Reduced | −84.8% | 0.01% |
| Sagility Limited | Added | +91.6% | 0.05% |
| Vedanta Ltd. | Reduced | −90.8% | 0.00% |
| MphasiS Limited. | Added | +286.0% | 0.05% |
| Max Healthcare Institute Limited | Sold out | −100% | was 0.05% |
| ICICI Lombard General Insurance Co | Sold out | −100% | was 0.05% |
| Swiggy Limited | Added | +10600.0% | 0.04% |
| Container Corporation of India Ltd. | Added | +32.8% | 0.04% |
| Britannia Industries Ltd. | Reduced | −25.3% | 0.03% |
| Trent Ltd. | Added | +876.5% | 0.04% |
| MANKIND PHARMA LIMITED | Sold out | −100% | was 0.04% |
| NBCC (India) Limited | Added | +36.5% | 0.03% |
| The Phoenix Mills Limited | Reduced | −96.9% | 0.00% |
| Nestle India Ltd. | Added | +7.3% | 0.03% |
| Motilal Oswal Financial Services Ltd. | Reduced | −80.4% | 0.01% |
| HCL Technologies Ltd. | Added | +7.8% | 0.03% |
| Suzlon Energy Ltd | Added | +606.7% | 0.02% |
| Oil India Limited | New | New | 0.02% |
| Crompton Greaves Consumer Elec. Ltd. | New | New | 0.02% |
| Page Industries Ltd | Added | +1966.7% | 0.02% |
| Astral Limited | New | New | 0.01% |
| Cochin Shipyard Ltd. | Reduced | −96.7% | 0.00% |
| Angel One Ltd. | Reduced | −11.4% | 0.01% |
| Laurus Labs Ltd. | New | New | 0.01% |
| Godrej Consumer Products Ltd. | Sold out | −100% | was 0.01% |
| Havells India Ltd. | Sold out | −100% | was 0.01% |
| Rail Vikas Nigam Ltd | Sold out | −100% | was 0.01% |
| L&T Finance Ltd. | Sold out | −100% | was 0.01% |
| Prestige Estates Projects Ltd. | Sold out | −100% | was 0.01% |
| Oracle Financial Ser Software Ltd. | Sold out | −100% | was 0.01% |
| ABB India Ltd. | New | New | 0.00% |
| Bajaj Holdings & Investment Ltd | New | New | 0.00% |
| Bank of Maharashtra | Added | +100.0% | 0.00% |
| Lodha Developers Limited | New | New | 0.00% |
| Shree Cement Ltd. | Sold out | −100% | was 0.00% |
No stocks in this group for September 2026.
A change is counted by the number of shares the fund holds, not by price. A stock can become a smaller part of the fund in a month when the fund bought more of it, if its price fell. Debt papers are left out.
Funds with the most similar portfolios, across every fund house and category
| Fund | Overlap | Holdings in common | |
|---|---|---|---|
| SBI Arbitrage FundArbitrage · SBI | 52.7% | 159 | Compare |
| Groww NIFTY 200 ETFETF · Groww | 52.2% | 145 | Compare |
| Kotak MSCI India ETFETF · Kotak Mahindra | 50.5% | 128 | Compare |
| DSP MSCI India ETFETF · DSP | 50.5% | 128 | Compare |
| Aditya Birla Sun Life Msci India ETFETF · Aditya Birla Sun Life | 50.5% | 128 | Compare |
| Invesco India Arbitrage FundArbitrage · Invesco | 50.4% | 162 | Compare |
| 360 ONE MSCI India ETFETF · 360 ONE | 50.2% | 128 | Compare |
| ICICI Prudential BSE 500 ETFETF · ICICI Prudential | 49.7% | 159 | Compare |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 40% means 40% of each fund's money sits in positions the other also holds. From each fund's latest monthly portfolio, matched by ISIN. Cash and hedged positions are left out. Funds that overlap under 10% are not listed. A high overlap does not make two funds the same: their costs, lock-in and category can differ.
Fund facts from the scheme summary document, as on 16-10-2026
Rules in force from 23-07-2024 (Finance Act 2024). Tax depends on your own income; this is general information, not tax advice.
| Plan | Option | NAV | As on |
|---|---|---|---|
| direct | Growth | ₹21.933 | 30-10-2026 |
| direct | Monthly IDCW | ₹11.343 | 30-10-2026 |
| regular | Growth | ₹33.08 | 30-10-2026 |
| regular | Monthly IDCW | ₹11.43 | 30-10-2026 |
HDFC Arbitrage Fund is a mutual fund from HDFC Mutual Fund. Its category is Arbitrage. It was launched on 23-10-2007. Its benchmark is Nifty 50 Arbitrage TRI. At the end of September 2026 it held 179 securities.
Nandita Menezes
Fund manager of HDFC Arbitrage Fund, since 29-03-2025
Arun Agarwal
Fund manager of HDFC Arbitrage Fund, since 24-08-2020
Anil Bamboli
Fund manager of HDFC Arbitrage Fund, since 01-02-2022
Gopal Agrawal
Fund manager of HDFC Arbitrage Fund, since 01-09-2026
See all funds of HDFC Mutual Fund
AUM moves with money invested or taken out, and with the value of what the fund holds.
Returns, risk, costs and the stocks they share, side by side
The Direct plan NAV is ₹21.933. The Regular plan NAV is ₹33.08, as on 30-10-2026.
The Direct plan returned +6.66% in 1 year, +7.26% a year over 3 years, +6.73% a year over 5 years. The Regular plan returned +6.09% in 1 year, +6.69% a year over 3 years, +6.16% a year over 5 years. These figures are as on 30-10-2026.
The Direct plan charges 1.48% a year. The Regular plan charges 2.02% a year. This is the figure the fund house reported to AMFI, in force from 01-10-2026.
HDFC Arbitrage Fund managed ₹25,407.18 Cr on 30-09-2026, as its fund house reported in its monthly portfolio.
At the end of September 2026 the largest holdings were HDFC Money Market Fund - Direct Plan - Growth Option (9.14%), HDFCBANK (5.04%), ICICIBANK (5.04%), Union Bank of India (3.84%), HDFC Liquid Fund - Direct Plan - Growth Option (3.75%). The fund held 179 securities in all.
It bought 8 new stocks: Astral Limited, ABB India Ltd, Bajaj Holdings & Investment Ltd, Avenue Supermarts Ltd, Oil India Limited. It sold out of 17: SBI CARDS AND PAYMENT SERVICES LIMITED, Max Healthcare Institute Limited, Shree Cement Ltd, Oberoi Realty Ltd, Godrej Consumer Products Ltd. It added shares in 72. It reduced 82.
Through HDFC Mutual Fund's website or app, a mutual fund distributor, or an investment platform. Choose the Direct plan to pay no distributor commission, or the Regular plan to invest through a distributor. The first investment is at least ₹100. You can invest once or through a monthly SIP.
Nandita Menezes (since 29-03-2025), Arun Agarwal (since 24-08-2020), Anil Bamboli (since 01-02-2022), Gopal Agrawal (since 01-09-2026).
Sources: NAV and expense ratio from AMFI. Holdings from the fund house's monthly portfolio statement. Fund facts from its scheme summary document, as on 16-10-2026.
This page is information, not investment advice. Mutual fund investments are subject to market risks; read all scheme related documents carefully. Past returns do not promise future returns. Figures come from AMFI, NSE, BSE and each fund house's own documents.
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