Mahindra Manulife Arbitrage Fund

ArbitrageDirect and Regular plans, Growth and IDCW options

Data as on 30-10-2026

Mahindra Manulife Arbitrage Fund is an Arbitrage fund run by Mahindra Manulife Mutual Fund. On 30-09-2026, it managed ₹138 Cr of investors' money. In the 3 years to 30-10-2026, its Direct plan returned 6.4% a year and its Regular plan returned 5.6% a year.

NAV (Direct plan): ₹13.90; ▲ 0.20%30-10-2026
NAV (Regular plan): ₹13.22; ▲ 0.20%30-10-2026
Expense ratio: 1.15%Direct1.91%Regular; 1.15%; A year
Riskometer: Low; Set by the fund house
3 year return: 6.4%Direct5.6%Regular; 6.4%; A year

Mahindra Manulife Arbitrage Fund NAV Today

NAV on 30-10-2026: Direct Plan Growth ₹13.90 (up 0.20% that day); Regular Plan Growth ₹13.22 (up 0.20% that day).

This fund (Direct plan)

₹13.8973

Mahindra Manulife Arbitrage Fund Returns vs Arbitrage Funds

Returns as on 30-10-2026. Up to one year they are absolute returns. Longer periods are a rate per year.

Trailing returns
Period	1M	3M	6M	1Y	3Y	5Y	10Y
This fund (Direct)	+0.56%	+1.45%	+3.03%	+6.26%	+6.42%	+5.89%	--
This fund (Regular)	+0.50%	+1.25%	+2.63%	+5.45%	+5.59%	+5.04%	--
Arbitrage average	+0.56%	+1.52%	+3.20%	+6.62%	+7.18%	+6.68%	--
Best in Arbitrage	+0.73%	+1.71%	+3.63%	+7.56%	+7.46%	+7.14%	--
Worst in Arbitrage	+0.45%	+1.28%	+2.60%	+5.24%	+6.42%	+5.89%	--
Rank in Arbitrage	16/39	33/38	34/38	32/33	25/25	20/20	--

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.

Mahindra Manulife Arbitrage Fund Year-wise Returns

Return of each calendar year
Year	Direct	Regular
2026to date	+5.07%	+4.40%
2025	+6.20%	+5.37%
2024	+6.97%	+6.12%
2023	+6.65%	+5.79%
2022	+4.04%	+3.17%
2021	+3.67%	+2.80%

Mahindra Manulife Arbitrage Fund Rolling Returns

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 782 periods, one for each trading day from 25-08-2023 to 30-10-2026.

0%2%4%6%8%

Nov 2020
to
Nov 2023Jun 2021
to
Jun 2024Dec 2021
to
Dec 2024Jul 2022
to
Jul 2025Jan 2023
to
Jan 2026Jul 2023
to
Jul 2026

Mahindra Manulife 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	1,277	6.2%	3.2%	7.3%	0%	6.8%	0%
2 years	1,029	6.2%	3.5%	6.9%	0%	7.0%	0%
3 years	782	6.1%	4.4%	6.7%	0%	7.1%	0%
5 years	291	5.6%	5.3%	5.9%	0%	6.4%	0%

Period	Periods	Median	Lowest	Highest	With a loss	Category median	Beat category
1 year	63	6.2%	3.2%	7.3%	0%	6.7%	0%
2 years	51	6.3%	3.5%	7.0%	0%	7.0%	0%
3 years	39	6.4%	4.8%	6.7%	0%	7.3%	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.

Mahindra Manulife Arbitrage Fund Risk

How much it swings, and the falls an investor had to sit through

Risk and return

Measure	Mahindra Manulife Arbitrage Fund (Direct)This fund	Category average
Return (CAGR)	+6.26%	+6.61%
Standard deviation	1.45%	1.35%
Sharpe ratio	0.70	1.01
Sortino ratio	1.06	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	Mahindra Manulife Arbitrage Fund (Direct)This fund	Category average
Return (CAGR)	+6.42%	+7.18%
Standard deviation	1.14%	1.07%
Sharpe ratio	0.35	1.08
Sortino ratio	0.51	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	Mahindra Manulife Arbitrage Fund (Direct)This fund	Category average
Return (CAGR)	+5.89%	+6.65%
Standard deviation	1.07%	0.98%
Sharpe ratio	0.08	0.87
Sortino ratio	0.12	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	Mahindra Manulife Arbitrage Fund (Direct)This fund	Category average
Return (CAGR)	+5.47%	+6.17%
Standard deviation	1.05%	0.95%
Sharpe ratio	0.16	0.92
Sortino ratio	0.23	1.39
Maximum drawdown	−0.51% (06-08-2026)	−0.45% (06-08-2026)

From daily NAVs, 25-08-2020 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.

−0.6%−0.5%−0.4%−0.3%−0.2%−0.1%0%

202120222023202420252026

Mahindra Manulife 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
Mahindra Manulife Arbitrage Fund (Direct)	−0.51%	03-08-2026	06-08-2026	01-09-2026	26 days	0.0%
Category average	−0.45%	03-08-2026	06-08-2026	24-08-2026	18 days	−0.04%

From the Direct plan's daily NAV since 25-08-2020, 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.

Mahindra Manulife Arbitrage Fund vs Other Arbitrage Funds

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
Mahindra Manulife Arbitrage Fund	25/25	138	1.15%	+6.26%	+6.42%	--	--	0.35	0.51

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.

Mahindra Manulife Arbitrage Fund Expense Ratio and Costs

What each plan charges a year, in force from 08-10-2026

Plan	Base expense ratio	Brokerage	Transaction costs	Levies and GST	Total expense ratio	Arbitrage median	Cost rank (1 = cheapest)
Direct	0.30%	0.20%	0.00%	0.65%	1.15%	1.45%	9/39
Regular	0.95%	0.20%	0.00%	0.76%	1.91%	2.08%	8/38

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	5.45%	6.26%	0.81%	₹1,05,450	₹1,06,260
3 years	5.59%	6.42%	0.83% a year	₹1,17,725	₹1,20,523
5 years	5.04%	5.89%	0.85% a year	₹1,27,871	₹1,33,130

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.

Mahindra Manulife Arbitrage Fund SIP Calculator

What a one-time or monthly investment in this fund would be worth today, from its own NAV history

Growth of an investment

Every month₹

Step up each year

PeriodFor

₹10,000 on the first trading day of every month, from 25-08-2020 to 30-10-2026: 75 instalments, ₹7,50,000 in all.

Investment	Invested	Value now	Gain	Return a year
Direct planMahindra Manulife Arbitrage Fund (Direct)	₹7,50,000	₹9,07,433	₹1,57,433	6.0%
Regular planMahindra Manulife Arbitrage Fund (Regular)	₹7,50,000	₹8,83,678	₹1,33,678	5.2%
Category averageCategory average, 39 Arbitrage funds	₹7,50,000	₹9,28,526	₹1,78,526	6.8%

₹0₹2.0 L₹4.0 L₹6.0 L₹8.0 L₹10.0 L

202120222023202420252026

Direct planMahindra Manulife Arbitrage Fund (Direct)Regular planMahindra Manulife Arbitrage Fund (Regular)Category averageCategory average, 39 Arbitrage fundsAmount 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.

Mahindra Manulife Arbitrage Fund Asset Allocation

Asset allocation as on 30-09-2026

What the fund holds

67.0%Equity

Asset	Fund	Category
Equity	67.0%	71.6%
Cash and others	33.0%	19.5%

Market cap of stocks

Market cap	Fund	Category
Large Cap	59.3%	54.0%
Mid Cap	6.2%	14.1%
Small Cap	1.5%	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.

Mahindra Manulife Arbitrage Fund Sector Allocation

Sector allocation of the fund's stocks as on 30-09-2026

Largest sectors

Banks28.4%
Finance8.6%
Power4.8%
Telecom - Services4.4%
Non - Ferrous Metals4.2%
Petroleum Products3.0%
Ferrous Metals2.9%
Construction2.7%
Cement & Cement Products1.5%
Aerospace & Defense1.5%

The ten largest of 18 sectors. The other 8 add up to 5.1%.

Sector changes

Sector	July 2026	August 2026	September 2026	Change
Banks	26.7%	27.6%	28.4%	+1.7%
Finance	8.0%	8.1%	8.6%	+0.6%
Power	5.3%	4.8%	4.8%	−0.5%
Telecom - Services	7.5%	7.5%	4.4%	−3.1%
Non - Ferrous Metals	4.5%	4.7%	4.2%	−0.3%

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.

Mahindra Manulife Arbitrage Fund Portfolio Holdings

As on 30-09-2026 · 37 holdings · from the fund house's monthly portfolio

Holdings	Sector	Weight%	1M change
Mahindra Manulife Utra Short to Short Term Fund Direct Plan -Growth		14.76%
Mahindra Manulife Liquid Fund -Direct Plan -Growth		10.48%
ICICI Bank Limited	Banks	5.99%	0.0%
HDFC Bank Limited	Banks	5.53%	0.0%
Bajaj Finance Ltd	Finance	4.81%	0.0%
Axis Bank Limited	Banks	4.68%	0.0%
Hindalco Industries Limited	Non - Ferrous Metals	4.22%	0.0%
Tata Power Company Limited	Power	4.09%	0.0%
Kotak Mahindra Bank Ltd	Banks	3.40%	+5.7%
Bharti Airtel Limited	Telecom - Services	3.28%	0.0%
Reliance Industries Limited	Petroleum Products	2.98%	+25.4%
IDFC First Bank Limited	Banks	2.97%	+14.9%
Tata Steel Limited	Ferrous Metals	2.80%	0.0%
Canara Bank	Banks	2.70%	0.0%
Larsen & Toubro Limited	Construction	2.68%	+33.3%
State Bank of India	Banks	1.88%	+140.0%
Jio Financial Services Limited	Finance	1.59%	0.0%
LIC Housing Finance Limited	Finance	1.50%	New
APL Apollo Tubes Limited	Industrial Products	1.39%	0.0%
IndusInd Bank Limited	Banks	1.24%	+1250.0%
Indus Towers Limited	Telecom - Services	1.11%	−70.4%
ITC Limited	Diversified FMCG	1.02%	0.0%
UltraTech Cement Limited	Cement & Cement Products	1.00%	0.0%
Bharat Electronics Limited	Aerospace & Defense	0.76%	0.0%
Hindustan Aeronautics Limited	Aerospace & Defense	0.76%	0.0%
Bajaj Finserv Limited	Finance	0.72%	0.0%
NTPC Limited	Power	0.70%	0.0%
Life Insurance Corporation Of India	Insurance	0.64%	New
Asian Paints Limited	Consumer Durables	0.61%	−22.2%
Ambuja Cements Limited	Cement & Cement Products	0.52%	0.0%
Lupin Limited	Pharmaceuticals & Biotechnology	0.44%	0.0%
Titan Company Limited	Consumer Durables	0.23%	0.0%
InterGlobe Aviation Limited	Transport Services	0.22%	New
HDFC Life Insurance Company Limited	Insurance	0.21%	0.0%
The Indian Hotels Company Limited	Leisure Services	0.16%	0.0%
Infosys Limited	IT - Software	0.14%	New
JSW Steel Limited	Ferrous Metals	0.06%	0.0%

Mahindra Manulife Arbitrage Fund Stocks Bought and Sold

All changes are between August 2026 and September 2026

Stocks bought and sold in September 2026

Indus Towers Limited	Reduced	−70.4%	1.11%
Kotak Mahindra Bank Ltd	Added	+5.7%	3.40%
Reliance Industries Limited	Added	+25.4%	2.98%
IDFC First Bank Limited	Added	+14.9%	2.97%
Larsen & Toubro Limited	Added	+33.3%	2.68%
Maruti Suzuki India Limited	Sold out	−100%	was 1.97%
State Bank of India	Added	+140.0%	1.88%
LIC Housing Finance Limited	New	New	1.50%
IndusInd Bank Limited	Added	+1250.0%	1.24%
Asian Paints Limited	Reduced	−22.2%	0.61%
Life Insurance Corporation Of India	New	New	0.64%
InterGlobe Aviation Limited	New	New	0.22%
Infosys Limited	New	New	0.14%

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.

What Mahindra Manulife Arbitrage Fund bought and sold

Mahindra Manulife Arbitrage Fund Portfolio Overlap

Funds with the most similar portfolios, across every fund house and category

Fund	Overlap	Holdings in common
Parag Parikh Arbitrage FundArbitrage · PPFAS	41.1%	28	Compare
SBI BSE 100 ETFETF · SBI	40.9%	31	Compare
Tata NIFTY 50 Exchange Traded FundIndex · Tata	40.3%	23	Compare
Zerodha Nifty 50 Index FundIndex · Zerodha	40.3%	23	Compare
360 ONE ELSS Tax Saver Nifty 50 Index FundIndex · 360 ONE	40.3%	23	Compare
Nippon India Index Fund - Nifty 50 PlanIndex · Nippon India	40.3%	23	Compare
JioBlackRock Nifty 50 Index FundIndex · Jio BlackRock	40.3%	23	Compare
SBI NIFTY Index FundIndex · SBI	40.3%	23	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.

Mahindra Manulife Arbitrage Fund Overview

Fund facts from the scheme summary document, as on 16-10-2026

Expense ratio (Direct): 1.15%
Expense ratio (Regular): 1.91%
Category: Arbitrage
Risk: Low
Benchmark: Nifty 50 Arbitrage TRI
Launch date: 24-08-2020
Minimum investment: ₹1,000
Minimum additional investment: ₹1,000
AUM: ₹137.56 Cr (30-09-2026)
Lock in: None
Scheme code (Direct): 148468
ISIN (Direct): INF174V01AA0
Scheme code (Regular): 148467
ISIN (Regular): INF174V01978
NAV history: From 25-08-2020, 6.2 years

Exit load: Exit load of 0.25%, if redeemed within 30 days.

Tax on Mahindra Manulife Arbitrage Fund returns

Mahindra Manulife Arbitrage Fund is taxed as an equity fund: 65% or more of it is in Indian stocks, counting its hedged positions.
Units sold within 1 year: the gain is taxed at 20%.
Units held longer: gains above ₹1.25 lakh in a financial year, across all your equity funds and shares, are taxed at 12.5%.
IDCW (dividend) payouts are added to your income and taxed at your slab rate.
A stamp duty of 0.005% is deducted when you invest.

Rules in force from 23-07-2024 (Finance Act 2024). Tax depends on your own income; this is general information, not tax advice.

All plans and options

Plan	Option	NAV	As on
direct	Growth	₹13.8973	30-10-2026
direct	IDCW	₹13.2878	30-10-2026
regular	Growth	₹13.2159	30-10-2026
regular	IDCW	₹12.6076	30-10-2026

About Mahindra Manulife Arbitrage Fund

Mahindra Manulife Arbitrage Fund is a mutual fund from Mahindra Manulife Mutual Fund. Its category is Arbitrage. It was launched on 24-08-2020. Its benchmark is Nifty 50 Arbitrage TRI. At the end of September 2026 it held 37 securities.

Fund Manager

Mitul Doshi
Fund manager of Mahindra Manulife Arbitrage Fund, since 02-05-2025
Navin Matta
Fund manager of Mahindra Manulife Arbitrage Fund, since 24-10-2024
Rahul Pal
Fund manager of Mahindra Manulife Arbitrage Fund, since 24-08-2020

See all funds of Mahindra Manulife Mutual Fund

AUM change

September 2026: ₹137.56 Cr; +2.64% from August 2026
August 2026: ₹134.02 Cr; +1.35% from July 2026
July 2026: ₹132.23 Cr; +4.63% from June 2026

AUM moves with money invested or taken out, and with the value of what the fund holds.

Compare Mahindra Manulife Arbitrage Fund with Other Funds

Returns, risk, costs and the stocks they share, side by side

Mahindra Manulife Arbitrage vs Invesco India ArbitrageArbitrage
Mahindra Manulife Arbitrage vs Kotak ArbitrageArbitrage
Mahindra Manulife Arbitrage vs Tata ArbitrageArbitrage
Mahindra Manulife Arbitrage vs Aditya Birla Sun Life ArbitrageArbitrage
Mahindra Manulife Arbitrage vs Edelweiss ArbitrageArbitrage
Mahindra Manulife Arbitrage vs Parag Parikh Arbitrage41.1% overlap
Mahindra Manulife Arbitrage vs SBI BSE 100 ETF40.9% overlap
Mahindra Manulife Arbitrage vs Tata NIFTY 50 Exchange Traded40.3% overlap

Compare with any other fund

Frequently Asked Questions for Mahindra Manulife Arbitrage Fund

What is the current NAV of Mahindra Manulife Arbitrage Fund?

The Direct plan NAV is ₹13.8973. The Regular plan NAV is ₹13.2159, as on 30-10-2026.

What are the returns of Mahindra Manulife Arbitrage Fund?

The Direct plan returned +6.26% in 1 year, +6.42% a year over 3 years, +5.89% a year over 5 years. The Regular plan returned +5.45% in 1 year, +5.59% a year over 3 years, +5.04% a year over 5 years. These figures are as on 30-10-2026.

What is the expense ratio of Mahindra Manulife Arbitrage Fund?

The Direct plan charges 1.15% a year. The Regular plan charges 1.91% a year. This is the figure the fund house reported to AMFI, in force from 08-10-2026.

What is the AUM of Mahindra Manulife Arbitrage Fund?

Mahindra Manulife Arbitrage Fund managed ₹137.56 Cr on 30-09-2026, as its fund house reported in its monthly portfolio.

What are the top holdings of Mahindra Manulife Arbitrage Fund?

At the end of September 2026 the largest holdings were Mahindra Manulife Utra Short to Short Term Fund Direct Plan -Growth (14.76%), Mahindra Manulife Liquid Fund -Direct Plan -Growth (10.48%), ICICIBANK (5.99%), HDFCBANK (5.53%), BAJFINANCE (4.81%). The fund held 37 securities in all.

What did Mahindra Manulife Arbitrage Fund buy and sell in September 2026?

It bought 4 new stocks: Infosys Limited, Life Insurance Corporation Of India, LIC Housing Finance Limited, InterGlobe Aviation Limited. It sold out of 1: Maruti Suzuki India Limited. It added shares in 6. It reduced 2.

How do I invest in Mahindra Manulife Arbitrage Fund?

Through Mahindra Manulife 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.

Who is the fund manager of Mahindra Manulife Arbitrage Fund?

Mitul Doshi (since 02-05-2025), Navin Matta (since 24-10-2024), Rahul Pal (since 24-08-2020).

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.