JM Arbitrage Fund is an Arbitrage fund run by JM Financial Mutual Fund. On 30-09-2026, it managed ₹341 Cr of investors' money. In the 3 years to 30-10-2026, its Direct plan returned 6.9% a year and its Regular plan returned 6.2% a year.
NAV on 30-10-2026: Direct Plan Growth ₹37.71 (up 0.18% that day); Regular Plan Growth ₹35.05 (up 0.17% 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) | +0.52% | +1.53% | +3.14% | +6.43% | +6.94% | +6.44% | +5.63% |
| This fund (Regular) | +0.47% | +1.36% | +2.80% | +5.73% | +6.22% | +5.74% | +5.07% |
| 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 | 25/39 | 16/38 | 29/38 | 28/33 | 22/25 | 17/20 | 12/12 |
Category rows compare the Direct plans of 39 Arbitrage funds. Rank 1 is the highest return. This fund's benchmark is Nifty 50 Arbitrage Index. Returns of that index are not available to us, so the category average is the comparison.
| Year | Direct | Regular |
|---|---|---|
| 2026to date | +5.21% | +4.63% |
| 2025 | +6.61% | +5.90% |
| 2024 | +7.96% | +7.20% |
| 2023 | +7.39% | +6.64% |
| 2022 | +4.62% | +3.96% |
| 2021 | +3.16% | +2.75% |
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 2,669 periods, one for each trading day from 04-01-2016 to 30-10-2026.
JM 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 | 3,158 | 6.4% | 2.0% | 10.4% | 0% | 6.8% | 16% |
| 2 years | 2,915 | 6.4% | 2.8% | 9.4% | 0% | 6.7% | 8% |
| 3 years | 2,669 | 6.2% | 3.4% | 8.8% | 0% | 6.7% | 3% |
| 5 years | 2,173 | 5.5% | 4.4% | 7.9% | 0% | 6.1% | 0% |
| 7 years | 1,683 | 5.4% | 5.0% | 7.3% | 0% | 6.0% | 0% |
| 10 years | 940 | 5.8% | 5.6% | 6.2% | 0% | 6.4% | 0% |
Every SIP holding period at a glance
| Period | Periods | Median | Lowest | Highest | With a loss | Category median | Beat category |
|---|---|---|---|---|---|---|---|
| 1 year | 154 | 6.4% | 2.1% | 10.3% | 0% | 6.8% | 16% |
| 2 years | 142 | 6.3% | 2.9% | 9.1% | 0% | 6.7% | 6% |
| 3 years | 130 | 6.1% | 3.3% | 8.3% | 0% | 6.7% | 2% |
| 5 years | 106 | 5.9% | 3.8% | 7.1% | 0% | 6.5% | 0% |
| 7 years | 82 | 5.4% | 4.3% | 6.5% | 0% | 6.0% | 0% |
| 10 years | 46 | 5.6% | 5.1% | 6.0% | 0% | 6.2% | 0% |
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 | JM Arbitrage Fund (Direct)This fund | Category average |
|---|---|---|
| Return (CAGR) | +6.43% | +6.61% |
| Standard deviation | 1.45% | 1.35% |
| Sharpe ratio | 0.82 | 1.01 |
| Sortino ratio | 1.24 | 1.54 |
| Maximum drawdown | −0.51% (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 | JM Arbitrage Fund (Direct)This fund | Category average |
|---|---|---|
| Return (CAGR) | +6.94% | +7.18% |
| Standard deviation | 1.14% | 1.07% |
| Sharpe ratio | 0.81 | 1.08 |
| Sortino ratio | 1.22 | 1.65 |
| Maximum drawdown | −0.51% (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 | JM Arbitrage Fund (Direct)This fund | Category average |
|---|---|---|
| Return (CAGR) | +6.44% | +6.65% |
| Standard deviation | 1.06% | 0.98% |
| Sharpe ratio | 0.60 | 0.87 |
| Sortino ratio | 0.90 | 1.32 |
| Maximum drawdown | −0.51% (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 | JM Arbitrage Fund (Direct)This fund | Category average |
|---|---|---|
| Return (CAGR) | +5.63% | +6.20% |
| Standard deviation | 1.05% | 0.97% |
| Sharpe ratio | 0.22 | 0.83 |
| Sortino ratio | 0.32 | 1.23 |
| Maximum drawdown | −0.54% (09-07-2020) | −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 | JM Arbitrage Fund (Direct)This fund | Category average |
|---|---|---|
| Return (CAGR) | +6.41% | +6.83% |
| Standard deviation | 1.05% | 0.98% |
| Sharpe ratio | 0.34 | 0.80 |
| Sortino ratio | 0.50 | 1.19 |
| Maximum drawdown | −0.54% (09-07-2020) | −0.53% (03-06-2020) |
From daily NAVs, 03-01-2013 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.
JM 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 | |
|---|---|---|---|---|---|---|
| JM Arbitrage Fund (Direct) | −0.54% | 29-05-2020 | 09-07-2020 | 21-09-2020 | 2 months | −0.08% |
| 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 03-01-2013, 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 |
| JM Arbitrage Fund | 22/25 | 341 | 1.42% | +6.43% | +6.94% | -- | -- | 0.81 | 1.22 |
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 13-10-2026
| Plan | Base expense ratio | Brokerage | Transaction costs | Levies and GST | Total expense ratio | Arbitrage median | Cost rank (1 = cheapest) |
|---|---|---|---|---|---|---|---|
| Direct | 0.35% | 0.13% | 0.05% | 0.89% | 1.42% | 1.45% | 18/39 |
| Regular | 0.91% | 0.13% | 0.05% | 0.98% | 2.07% | 2.08% | 18/38 |
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 | 5.73% | 6.43% | 0.70% | ₹1,05,730 | ₹1,06,430 |
| 3 years | 6.22% | 6.94% | 0.72% a year | ₹1,19,845 | ₹1,22,298 |
| 5 years | 5.74% | 6.44% | 0.70% a year | ₹1,32,189 | ₹1,36,623 |
| 10 years | 5.07% | 5.63% | 0.56% a year | ₹1,63,979 | ₹1,72,931 |
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 03-01-2013 to 30-10-2026: 166 instalments, ₹16,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Direct planJM Arbitrage Fund (Direct) | ₹16,60,000 | ₹25,49,864 | ₹8,89,864 | 6.0% |
| Regular planJM Arbitrage Fund (Regular) | ₹16,60,000 | ₹24,40,547 | ₹7,80,547 | 5.4% |
| Category averageCategory average, 39 Arbitrage funds | ₹16,60,000 | ₹26,40,536 | ₹9,80,536 | 6.4% |
Direct planJM Arbitrage Fund (Direct)
Regular planJM 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
77.1%Equity
| Asset | Fund | Category |
|---|---|---|
| Equity | 77.1% | 71.6% |
| Cash and others | 15.6% | 19.5% |
| Debt | 7.3% | 9.0% |
| Market cap | Fund | Category |
|---|---|---|
| Large Cap | 57.7% | 54.0% |
| Mid Cap | 13.0% | 14.1% |
| Small Cap | 6.4% | 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
Banks23.7%
Finance6.3%
Telecom - Services6.2%
Ferrous Metals5.1%
Petroleum Products4.4%
Automobiles4.1%
Pharmaceuticals & Biotechnology3.4%
Power2.6%
Electrical Equipment2.5%
Consumer Durables2.3%
The ten largest of 33 sectors. The other 23 add up to 16.6%.
| Sector | July 2026 | August 2026 | September 2026 | Change |
|---|---|---|---|---|
| Banks | -- | 23.6% | 23.7% | -- |
| Finance | -- | 6.2% | 6.3% | -- |
| Telecom - Services | -- | 6.7% | 6.2% | -- |
| Ferrous Metals | -- | 4.7% | 5.1% | -- |
| Petroleum Products | -- | 3.4% | 4.4% | -- |
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 · 113 holdings · from the fund house's monthly portfolio
| Holdings | Sector / Rating | Weight% | Holdings trend | 1M change |
|---|---|---|---|---|
| JM Financial Mutual Fund | 7.82% | |||
| ICICI Bank Limited | Banks | 4.54% | +4.4% | |
| Reliance Industries Limited | Petroleum Products | 4.13% | 0.0% | |
| Axis Bank Limited | Banks | 3.89% | −1.1% | |
| Vodafone Idea Limited | Telecom - Services | 3.40% | −2.3% | |
| Tata Steel Limited | Ferrous Metals | 3.27% | −15.4% | |
| Kotak Mahindra Bank Limited | Banks | 2.94% | −42.9% | |
| State Bank of India | Banks | 2.60% | +0.8% | |
| Indus Towers Limited | Telecom - Services | 1.97% | 0.0% | |
| Adani Enterprises Limited | Metals & Minerals Trading | 1.92% | 0.0% | |
| Bandhan Bank Limited | Banks | 1.90% | +7.5% | |
| Eicher Motors Limited | Automobiles | 1.76% | −32.3% | |
| Bharat Heavy Electricals Limited | Electrical Equipment | 1.76% | −15.4% | |
| IDFC First Bank Limited | Banks | 1.73% | −15.2% | |
| Varun Beverages Limited | Beverages | 1.65% | 0.0% | |
| Yes Bank Ltd | Banks | 1.55% | −20.6% | |
| 364 Days Treasury Bill 06-Nov-2026 · Government security | SOVEREIGN | 1.46% | ||
| 182 Days Treasury Bill 19-Nov-2026 · Government security | SOVEREIGN | 1.46% | ||
| 364 Days Treasury Bill 03-Dec-2026 · Government security | SOVEREIGN | 1.45% | ||
| 364 Days Treasury Bill 15-JAN-2027 · Government security | SOVEREIGN | 1.44% | ||
| 182 Days Treasury Bill 21-Jan-2027 · Government security | SOVEREIGN | 1.44% | ||
| Power Finance Corporation Limited | Finance | 1.39% | 0.0% | |
| NMDC Limited | Minerals & Mining | 1.37% | −4.3% | |
| Bajaj Finance Limited | Finance | 1.33% | −38.8% | |
| Bank of Baroda | Banks | 1.29% | +10.2% | |
| Maruti Suzuki India Limited | Automobiles | 1.28% | −7.6% | |
| Steel Authority of India Limited | Ferrous Metals | 1.18% | 0.0% | |
| Crompton Greaves Consumer Electrical Ltd | Consumer Durables | 1.12% | −1.2% | |
| Adani Energy Solutions Limited | Power | 1.09% | 0.0% | |
| Asian Paints Limited | Consumer Durables | 1.09% | 0.0% | |
| Life Insurance Corporation Of India | Insurance | 1.02% | 0.0% | |
| Godrej Properties Limited | Realty | 0.98% | 0.0% | |
| Adani Port & Special Economic Zone Ltd | Transport Infrastructure | 0.95% | −60.8% | |
| LIC Housing Finance Limited | Finance | 0.95% | 0.0% | |
| The Indian Hotels Company Limited | Leisure Services | 0.94% | 0.0% | |
| NBCC (India) Limited | Construction | 0.93% | 0.0% | |
| Canara Bank | Banks | 0.88% | −5.1% | |
| Jio Financial Services Limited | Finance | 0.87% | −4.9% | |
| Bharti Airtel Limited | Telecom - Services | 0.81% | −76.9% | |
| Bajaj Finserv Limited | Finance | 0.81% | 0.0% | |
| Mahindra & Mahindra Limited | Automobiles | 0.80% | −47.7% | |
| The Federal Bank Limited | Banks | 0.79% | 0.0% | |
| ITC Limited | Diversified FMCG | 0.79% | −41.6% | |
| Larsen & Toubro Limited | Construction | 0.77% | −67.7% | |
| Adani Power Limited | Power | 0.77% | 0.0% | |
| HDFC Bank Limited | Banks | 0.70% | −86.4% | |
| JSW Steel Limited | Ferrous Metals | 0.67% | −55.7% | |
| Sun Pharmaceutical Industries Limited | Pharmaceuticals & Biotechnology | 0.63% | −51.4% | |
| Hitachi Energy India Limited | Electrical Equipment | 0.63% | 0.0% | |
| Manappuram Finance Limited | Finance | 0.56% | 0.0% | |
| InterGlobe Aviation Limited | Transport Services | 0.55% | −21.9% | |
| Biocon Limited | Pharmaceuticals & Biotechnology | 0.54% | −39.4% | |
| United Spirits Limited | Beverages | 0.48% | −6.3% | |
| Ambuja Cements Limited | Cement & Cement Products | 0.47% | 0.0% | |
| Lupin Limited | Pharmaceuticals & Biotechnology | 0.46% | 0.0% | |
| RBL Bank Limited | Banks | 0.41% | −26.7% | |
| Glenmark Pharmaceuticals Limited | Pharmaceuticals & Biotechnology | 0.41% | 0.0% | |
| Divi's Laboratories Limited | Pharmaceuticals & Biotechnology | 0.41% | 0.0% | |
| Hindustan Unilever Limited | Diversified FMCG | 0.38% | −64.6% | |
| Indian Energy Exchange Limited | Capital Markets | 0.34% | 0.0% | |
| Aurobindo Pharma Limited | Pharmaceuticals & Biotechnology | 0.32% | 0.0% | |
| Info Edge (India) Limited | Retailing | 0.32% | −44.8% | |
| Mankind Pharma Limited | Pharmaceuticals & Biotechnology | 0.31% | 0.0% | |
| Tata Consumer Products Limited | Agricultural Food & other Products | 0.31% | −20.0% | |
| HDFC Asset Management Company Limited | Capital Markets | 0.28% | −50.0% | |
| Ashok Leyland Limited | Agricultural, Commercial & Construction Vehicles | 0.27% | −61.3% | |
| NTPC Limited | Power | 0.27% | −55.8% | |
| Punjab National Bank | Banks | 0.27% | −75.0% | |
| Shriram Finance Limited | Finance | 0.24% | −68.8% | |
| UPL Limited | Fertilizers & Agrochemicals | 0.24% | −15.4% | |
| TVS Motor Company Limited | Automobiles | 0.23% | −57.7% | |
| JSW Energy Limited | Power | 0.20% | +8.3% | |
| Grasim Industries Limited | Cement & Cement Products | 0.20% | −71.9% | |
| HDFC Life Insurance Company Limited | Insurance | 0.19% | −65.6% | |
| Adani Green Energy Limited | Power | 0.18% | −63.6% | |
| APL Apollo Tubes Limited | Industrial Products | 0.18% | 0.0% | |
| Bharat Petroleum Corporation Limited | Petroleum Products | 0.14% | −27.3% | |
| Cummins India Limited | Industrial Products | 0.14% | 0.0% | |
| PNB Housing Finance Limited | Finance | 0.13% | 0.0% | |
| Torrent Pharmaceuticals Limited | Pharmaceuticals & Biotechnology | 0.12% | 0.0% | |
| Alkem Laboratories Limited | Pharmaceuticals & Biotechnology | 0.11% | 0.0% | |
| The Tata Power Company Limited | Power | 0.11% | −61.1% | |
| Hindustan Aeronautics Limited | Aerospace & Defense | 0.10% | −81.5% | |
| Bharat Electronics Limited | Aerospace & Defense | 0.10% | 0.0% | |
| Hindalco Industries Limited | Non - Ferrous Metals | 0.10% | −82.1% | |
| Hindustan Petroleum Corporation Limited | Petroleum Products | 0.08% | 0.0% | |
| Eternal Limited | Retailing | 0.07% | New | |
| Union Bank of India | Banks | 0.07% | 0.0% | |
| KALYAN JEWELLERS INDIA LIMITED | Consumer Durables | 0.07% | 0.0% | |
| Cholamandalam Invest & Finance Co Ltd | Finance | 0.06% | 0.0% | |
| GMR Airports Limited | Transport Infrastructure | 0.06% | −76.9% | |
| Indian Oil Corporation Limited | Petroleum Products | 0.06% | 0.0% | |
| Bharat Forge Limited | Auto Components | 0.06% | 0.0% | |
| SBI Life Insurance Company Limited | Insurance | 0.06% | 0.0% | |
| IndusInd Bank Limited | Banks | 0.06% | 0.0% | |
| Cipla Limited | Pharmaceuticals & Biotechnology | 0.05% | −89.7% | |
| UltraTech Cement Limited | Cement & Cement Products | 0.05% | −81.3% | |
| GE Vernova T&D India Limited | Electrical Equipment | 0.05% | 0.0% | |
| TUBE INVESTMENTS OF INDIA LTD | Auto Components | 0.04% | 0.0% | |
| Hindustan Zinc Limited | Non - Ferrous Metals | 0.04% | −80.0% | |
| Prestige Estates Projects Limited | Realty | 0.04% | 0.0% | |
| DLF Limited | Realty | 0.04% | −93.3% | |
| Container Corporation of India Limited | Transport Services | 0.03% | 0.0% | |
| Computer Age Management Services Limited | Capital Markets | 0.03% | 0.0% | |
| ICICI Lombard General Insurance Company | Insurance | 0.03% | −60.0% | |
| Apollo Hospitals Enterprise Limited | Healthcare Services | 0.03% | 0.0% | |
| AU Small Finance Bank Limited | Banks | 0.03% | −94.4% | |
| Dabur India Limited | Personal Products | 0.03% | −66.7% | |
| Inox Wind Limited | Electrical Equipment | 0.03% | 0.0% | |
| Bank of India | Banks | 0.02% | 0.0% | |
| Fortis Healthcare Limited | Healthcare Services | 0.02% | 0.0% | |
| Coal India Limited | Consumable Fuels | 0.02% | −96.3% | |
| Suzlon Energy Limited | Electrical Equipment | 0.01% | 0.0% |
All changes are between August 2026 and September 2026
| ICICI Bank Limited | Added | +4.4% | 4.54% |
|---|---|---|---|
| Axis Bank Limited | Reduced | −1.1% | 3.89% |
| Kotak Mahindra Bank Limited | Reduced | −42.9% | 2.94% |
| HDFC Bank Limited | Reduced | −86.4% | 0.70% |
| Vodafone Idea Limited | Reduced | −2.3% | 3.40% |
| Tata Steel Limited | Reduced | −15.4% | 3.27% |
| State Bank of India | Added | +0.8% | 2.60% |
| Bharti Airtel Limited | Reduced | −76.9% | 0.81% |
| Eicher Motors Limited | Reduced | −32.3% | 1.76% |
| Bandhan Bank Limited | Added | +7.5% | 1.90% |
| Larsen & Toubro Limited | Reduced | −67.7% | 0.77% |
| Bharat Heavy Electricals Limited | Reduced | −15.4% | 1.76% |
| IDFC First Bank Limited | Reduced | −15.2% | 1.73% |
| Bajaj Finance Limited | Reduced | −38.8% | 1.33% |
| Yes Bank Ltd | Reduced | −20.6% | 1.55% |
| Adani Port & Special Economic Zone Ltd | Reduced | −60.8% | 0.95% |
| NMDC Limited | Reduced | −4.3% | 1.37% |
| Bank of Baroda | Added | +10.2% | 1.29% |
| Maruti Suzuki India Limited | Reduced | −7.6% | 1.28% |
| Mahindra & Mahindra Limited | Reduced | −47.7% | 0.80% |
| Crompton Greaves Consumer Electrical Ltd | Reduced | −1.2% | 1.12% |
| JSW Steel Limited | Reduced | −55.7% | 0.67% |
| Sun Pharmaceutical Industries Limited | Reduced | −51.4% | 0.63% |
| ITC Limited | Reduced | −41.6% | 0.79% |
| Canara Bank | Reduced | −5.1% | 0.88% |
| Jio Financial Services Limited | Reduced | −4.9% | 0.87% |
| Hindustan Unilever Limited | Reduced | −64.6% | 0.38% |
| Punjab National Bank | Reduced | −75.0% | 0.27% |
| Biocon Limited | Reduced | −39.4% | 0.54% |
| Max Financial Services Limited | Sold out | −100% | was 0.67% |
| Shriram Finance Limited | Reduced | −68.8% | 0.24% |
| Ashok Leyland Limited | Reduced | −61.3% | 0.27% |
| Grasim Industries Limited | Reduced | −71.9% | 0.20% |
| InterGlobe Aviation Limited | Reduced | −21.9% | 0.55% |
| United Spirits Limited | Reduced | −6.3% | 0.48% |
| HDFC Asset Management Company Limited | Reduced | −50.0% | 0.28% |
| NTPC Limited | Reduced | −55.8% | 0.27% |
| Info Edge (India) Limited | Reduced | −44.8% | 0.32% |
| RBL Bank Limited | Reduced | −26.7% | 0.41% |
| Hindalco Industries Limited | Reduced | −82.1% | 0.10% |
| TVS Motor Company Limited | Reduced | −57.7% | 0.23% |
| DLF Limited | Reduced | −93.3% | 0.04% |
| AU Small Finance Bank Limited | Reduced | −94.4% | 0.03% |
| Hindustan Aeronautics Limited | Reduced | −81.5% | 0.10% |
| HDFC Life Insurance Company Limited | Reduced | −65.6% | 0.19% |
| Tata Consultancy Services Limited | Sold out | −100% | was 0.39% |
| Cipla Limited | Reduced | −89.7% | 0.05% |
| Adani Green Energy Limited | Reduced | −63.6% | 0.18% |
| Tata Consumer Products Limited | Reduced | −20.0% | 0.31% |
| Coal India Limited | Reduced | −96.3% | 0.02% |
| Muthoot Finance Limited | Sold out | −100% | was 0.24% |
| UPL Limited | Reduced | −15.4% | 0.24% |
| Tata Motors Passenger Vehicles Limited | Sold out | −100% | was 0.22% |
| Patanjali Foods Limited | Sold out | −100% | was 0.21% |
| JSW Energy Limited | Added | +8.3% | 0.20% |
| Colgate Palmolive (India) Limited | Sold out | −100% | was 0.19% |
| UltraTech Cement Limited | Reduced | −81.3% | 0.05% |
| The Tata Power Company Limited | Reduced | −61.1% | 0.11% |
| Hero MotoCorp Limited | Sold out | −100% | was 0.19% |
| GMR Airports Limited | Reduced | −76.9% | 0.06% |
| Hindustan Zinc Limited | Reduced | −80.0% | 0.04% |
| Bharat Petroleum Corporation Limited | Reduced | −27.3% | 0.14% |
| CG Power And Industrial Solutions Ltd | Sold out | −100% | was 0.13% |
| ICICI Prudential Life Insurance Company | Sold out | −100% | was 0.10% |
| Eternal Limited | New | New | 0.07% |
| Dabur India Limited | Reduced | −66.7% | 0.03% |
| UNO Minda Limited | Sold out | −100% | was 0.06% |
| Vishal Mega Mart Limited | Sold out | −100% | was 0.06% |
| ICICI Lombard General Insurance Company | Reduced | −60.0% | 0.03% |
| GAIL (India) Limited | Sold out | −100% | was 0.04% |
| Rail Vikas Nigam Limited | Sold out | −100% | was 0.03% |
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 | |
|---|---|---|---|
| ICICI Prudential Arbitrage FundArbitrage · ICICI Prudential | 44.5% | 106 | Compare |
| DSP Arbitrage fundArbitrage · DSP | 44.4% | 103 | Compare |
| SBI Arbitrage FundArbitrage · SBI | 44.0% | 106 | Compare |
| Nippon India Arbitrage FundArbitrage · Nippon India | 44.0% | 104 | Compare |
| Invesco India Arbitrage FundArbitrage · Invesco | 43.8% | 106 | Compare |
| Axis Arbitrage FundArbitrage · Axis | 43.5% | 103 | Compare |
| Old Bridge Arbitrage FundArbitrage · Old Bridge | 42.6% | 76 | Compare |
| Bandhan Arbitrage FundArbitrage · Bandhan | 42.2% | 103 | 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 | Annual Bonus Principal Units | ₹19.3693 | 30-10-2026 |
| direct | Bonus Principal Units | ₹20.1803 | 30-10-2026 |
| direct | Growth | ₹37.7102 | 30-10-2026 |
| direct | Annual IDCW | ₹17.1604 | 30-10-2026 |
| direct | Half Yearly IDCW | ₹17.4432 | 30-10-2026 |
| direct | Monthly IDCW | ₹15.2278 | 30-10-2026 |
| direct | Quarterly IDCW | ₹17.9194 | 30-10-2026 |
| direct | IDCW | ₹17.7704 | 30-10-2026 |
| regular | Bonus Principal Units | ₹19.053 | 30-10-2026 |
| regular | Growth | ₹35.0465 | 30-10-2026 |
| regular | Annual IDCW | ₹15.4836 | 30-10-2026 |
| regular | Half Yearly IDCW | ₹15.5961 | 30-10-2026 |
| regular | IDCW | ₹16.2664 | 30-10-2026 |
| regular | Monthly IDCW | ₹13.779 | 30-10-2026 |
| regular | Quarterly IDCW | ₹15.827 | 30-10-2026 |
JM Arbitrage Fund is a mutual fund from JM Financial Mutual Fund. Its category is Arbitrage. It was launched on 18-07-2006. Its benchmark is Nifty 50 Arbitrage Index. At the end of September 2026 it held 113 securities.
Asit Bhandarkar
Fund manager of JM Arbitrage Fund, since 18-07-2014
Satish Ramanathan
Fund manager of JM Arbitrage Fund, since 01-10-2024
Deepak Gupta
Fund manager of JM Arbitrage Fund, since 11-04-2025
Ruchi Fozdar
Fund manager of JM Arbitrage Fund, since 04-10-2024
See all funds of JM Financial 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 ₹37.7102. The Regular plan NAV is ₹35.0465, as on 30-10-2026.
The Direct plan returned +6.43% in 1 year, +6.94% a year over 3 years, +6.44% a year over 5 years. The Regular plan returned +5.73% in 1 year, +6.22% a year over 3 years, +5.74% a year over 5 years. These figures are as on 30-10-2026.
The Direct plan charges 1.42% a year. The Regular plan charges 2.07% a year. This is the figure the fund house reported to AMFI, in force from 13-10-2026.
JM Arbitrage Fund managed ₹340.55 Cr on 30-09-2026, as its fund house reported in its monthly portfolio.
At the end of September 2026 the largest holdings were JM Financial Mutual Fund (7.82%), ICICIBANK (4.54%), RELIANCE (4.13%), AXISBANK (3.89%), IDEA (3.40%). The fund held 113 securities in all.
It bought 1 new stock: Eternal Limited. It sold out of 13: Vishal Mega Mart Limited, CG Power And Industrial Solutions Ltd, GAIL (India) Limited, Tata Motors Passenger Vehicles Limited, Hero MotoCorp Limited. It added shares in 5. It reduced 52.
Through JM Financial 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 ₹1,000. You can invest once or through a monthly SIP.
Asit Bhandarkar (since 18-07-2014), Satish Ramanathan (since 01-10-2024), Deepak Gupta (since 11-04-2025), Ruchi Fozdar (since 04-10-2024).
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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