Scheme

HDFC Arbitrage Fund

Holds 162 companies worth ₹17,147 Cr in Sept 2026.

Fund house
HDFCThe fund house that runs this scheme.
AUM
₹25,407 CrHDFC Arbitrage Fund's AUM at the end of 30 Sept 2026, as AMFI reports it. Down 0.4% on Aug 2026, ₹25,509 Cr.
Largest holding
HDFC BankHDFC Bank is 5.1% of this scheme's NAV.
Fund manager
Nandita MenezesRuns it since 29 Mar 2025, as the fund house dates it. With Arun Agarwal (overseas), Anil Bamboli (overseas), Gopal Agrawal (overseas).

Holdings^{(Sept 2012 – Sept 2026)}

Holdings in Sept 2026. Tick up to 2 to plot them.
Plot	162 companies ·	₹ Cr
	HDFC Bank	1,281
	ICICI Bank	1,280
	Reliance Industries	861
	Bharti Airtel Limited	840
	Axis Bank	728
	JSW Steel	590
	State Bank of India	585
	Bajaj Finance Limited	456
	Tata Steel Limited	394
	Canara Bank	386
	Kotak Mahindra Bank Limited	366
	Hindustan Unilever	364
	Punjab National Bank	324
	Divi s Laboratories Limited	320
	TVS Motor Co Ltd	279
	Idea Cellular	263
	IDFC Bank Limited	242
	Coal India	221
	Bharti Infratel	206
	Bank of Baroda	188
	NTPC	187
	Hindalco Industries	186
	NMDC	171
	Cholamandalam DBS Finance	157
	Interglobe Aviation Limited	157
	STEEL AUTHORITY INDIA LTD	153
	ITC	150
	Apollo Hospitals Enterprise Limited	149
	Eicher Motors	147
	Infosys	146
	Marico	144
	Varun Beverages Limited	142
	Larsen and Toubro	138
	Tata Consumer Products Limited	126
	Adani Enterprises	124
	LIC Housing Finance	123
	Indian Oil Corp Ltd	122
	Bharat Heavy Electricals	118
	Bharat Electronics	117
	Glenmark Pharmaceuticals	116
	Multi Commodity Exchange of India Limited	112
	Ambuja Cement	111
	Mahindra and Mahindra Limited	109
	MARUTI SUZUKI INDA LIMITED	108
	Power Finance Corporation	104
	LIC of India Ltd	102
	Kalyan Jewellers India Limited	98.7
	HDFC Life Insurance Co Ltd	95.3
	Info Edge India Limited	94.4
	Biocon	93.7

HDFC Bank
ICICI Bank

Market value of each ticked company in HDFC Arbitrage Fund, ₹ crore. Month end. Source: AMC monthly portfolio disclosures.
Month	HDFC Bank	ICICI Bank
Sept 2025	₹1,264 Cr	₹1,163 Cr
Oct 2025	₹1,284 Cr	₹1,234 Cr
Nov 2025	₹1,339 Cr	₹1,378 Cr
Dec 2025	₹1,323 Cr	₹1,380 Cr
Jan 2026	₹1,251 Cr	₹1,165 Cr
Feb 2026	₹1,616 Cr	₹921 Cr
Mar 2026	₹1,608 Cr	₹865 Cr
Apr 2026	₹1,599 Cr	₹819 Cr
May 2026	₹1,553 Cr	₹992 Cr
Jun 2026	₹1,205 Cr	₹920 Cr
Jul 2026	₹1,081 Cr	₹1,034 Cr
Aug 2026	₹1,289 Cr	₹1,240 Cr
Sept 2026	₹1,281 Cr	₹1,280 Cr

Fig. 1.Market value of each ticked company in HDFC Arbitrage Fund, ₹ crore. Month end. Source: AMC monthly portfolio disclosures.

Allocation^{(Sept 2026)}

Market cap

		% of NAV
Large Cap	85	54.27

Mid Cap	60	10.25

Small Cap	16	1.72

Other equity	1	1.56

Cash & others		32.20

Sectors

Companies

Fig. 2.This scheme's holdings, by market cap, by sector and by company. Hover a slice or a row; click a slice to open it.

Buying and selling, month by month^{(Oct 2025 – Sept 2026)}

Buying and selling, month by month. Change in market value since the previous month, ₹ crore. Month end. Source: AMC monthly portfolio disclosures.

Fig. 3.Change in market value since the previous month, ₹ crore. Month end. Source: AMC monthly portfolio disclosures.

Portfolio^{(Sept 2026)}

Every holding in Sept 2026: its shares, market value (₹ crore) and % of NAV. Month end. Source: AMC monthly portfolio disclosures. Click a column's header to sort by it.

HDFC Bank	Equity	Banks	1.81Cr	1,281	5.09
ICICI Bank	Equity	Banks	96.8L	1,280	5.07
Reliance Industries	Equity	Petroleum Products	72.6L	861	3.40
Bharti Airtel Limited	Equity	Telecom - Services	47.8L	840	3.33
Axis Bank	Equity	Banks	59.4L	728	2.87
JSW Steel	Equity	Ferrous Metals	47.1L	590	2.35
State Bank of India	Equity	Banks	61L	585	2.32
Bajaj Finance Limited	Equity	Finance	47.6L	456	1.81
Tata Steel Limited	Rights	Ferrous Metals	2.14Cr	394	1.56
Canara Bank	Equity	Banks	3.23Cr	386	1.53
Kotak Mahindra Bank Limited	Equity	Banks	87.9L	366	1.44
Hindustan Unilever	Equity	Diversified FMCG	19.3L	364	1.43
Punjab National Bank	Equity	Banks	2.86Cr	324	1.28
Divi s Laboratories Limited	Equity	Pharmaceuticals & Biotechnology	3.45L	320	1.27
TVS Motor Co Ltd	Equity	Automobiles	6.8L	279	1.11
Idea Cellular	Equity	Telecom - Services	20.3Cr	263	1.04
IDFC Bank Limited	Equity	Banks	2.97Cr	242	0.95
Coal India	Equity	Consumable Fuels	52.1L	221	0.87
Bharti Infratel	Equity	Telecom - Services	55.1L	206	0.81
Bank of Baroda	Equity	Banks	81.6L	188	0.75
NTPC	Equity	Power	58.1L	187	0.73
Hindalco Industries	Equity	Non - Ferrous Metals	19.8L	186	0.74
NMDC	Equity	Minerals & Mining	2.23Cr	171	0.67
Cholamandalam DBS Finance	Equity	Finance	9.71L	157	0.62
Interglobe Aviation Limited	Equity	Transport Services	3.15L	157	0.61
STEEL AUTHORITY INDIA LTD	Equity	Ferrous Metals	84.1L	153	0.59
ITC	Equity	Diversified FMCG	57.2L	150	0.59
Apollo Hospitals Enterprise Limited	Equity	Healthcare Services	1.82L	149	0.58
Eicher Motors	Equity	Automobiles	2.05L	147	0.58
Infosys	Equity	IT - Software	14.7L	146	0.58
Marico	Equity	Agricultural Food & other Products	18.3L	144	0.57
Varun Beverages Limited	Equity	Beverages	33L	142	0.56
Larsen and Toubro	Equity	Construction	3.66L	138	0.54
Tata Consumer Products Limited	Equity	Agricultural Food & other Products	13.2L	126	0.50
Adani Enterprises	Equity	Metals & Minerals Trading	4.28L	124	0.49
LIC Housing Finance	Equity	Finance	23.1L	123	0.49
Indian Oil Corp Ltd	Equity	Petroleum Products	90.2L	122	0.48
Bharat Heavy Electricals	Equity	Electrical Equipment	28.4L	118	0.46
Bharat Electronics	Equity	Aerospace & Defense	30L	117	0.46
Glenmark Pharmaceuticals	Equity	Pharmaceuticals & Biotechnology	4.96L	116	0.46
Multi Commodity Exchange of India Limited	Equity	Capital Markets	3.38L	112	0.44
Ambuja Cement	Equity	Cement & Cement Products	29.7L	111	0.44
Mahindra and Mahindra Limited	Equity	Automobiles	3.68L	109	0.43
MARUTI SUZUKI INDA LIMITED	Equity	Automobiles	90.2K	108	0.42
Power Finance Corporation	Equity	Finance	31.9L	104	0.41
LIC of India Ltd	Equity	Insurance	25.9L	102	0.41
Kalyan Jewellers India Limited	Equity	Consumer Durables	17.8L	98.7	0.39
HDFC Life Insurance Co Ltd	Equity	Insurance	18.3L	95.3	0.37
Info Edge India Limited	Equity	Retailing	7.74L	94.4	0.37
Biocon	Equity	Pharmaceuticals & Biotechnology	25.3L	93.7	0.37
Tata Motors	Equity	Automobiles	31.9L	90.4	0.36
Bharat Forge	Equity	Auto Components	4.66L	89.8	0.35
Aditya Birla Capital Limited	Equity	Finance	21.8L	82.8	0.33
Hindustan Petroleum Corp Ltd	Equity	Petroleum Products	23L	80.5	0.32
Jio Financial Services Limited	Equity	Finance	36.5L	79.1	0.31
Tata Power Co	Equity	Power	20.9L	75.1	0.30
Yes Bank Limited	Equity	Banks	3.57Cr	74.9	0.30
Ashok Leyland	Equity	Agricultural, Commercial & Construction Vehicles	48.1L	74.1	0.29
Hindustan Aeronautics Limited	Equity	Aerospace & Defense	1.56L	72.7	0.29
Cummins India	Equity	Industrial Products	1.52L	72.5	0.29
Asian Paints	Equity	Consumer Durables	3.01L	72.3	0.28
Indian Hotels Co	Equity	Leisure Services	9.37L	68.3	0.27
GE Vernova T D India Limited	Equity	Electrical Equipment	1.61L	67.7	0.27
Godrej Properties	Equity	Realty	4.07L	66.2	0.26
Indian Energy Exchange Limited	Equity	Capital Markets	61.6L	65.9	0.26
Bank of India	Equity	Banks	50.4L	65.6	0.26
Titan Co Ltd	Equity	Consumer Durables	1.36L	62.2	0.25
APL Apollo Tubes	Equity	Industrial Products	2.71L	59.3	0.23
Coforge Limited	Equity	IT - Software	3.39L	59.2	0.24
Pidilite Industries	Equity	Chemicals & Petrochemicals	4.04L	59.1	0.23
Adani Power Limited	Equity	Power	28.3L	57.7	0.23
Bharat Petroleum Corp Ltd	Equity	Petroleum Products	18.9L	57.4	0.23
Voltas	Equity	Consumer Durables	4.95L	52.9	0.21
UltraTech Cement Limited	Equity	Cement & Cement Products	48.1K	52.7	0.21
Adani Energy Solutions Limited	Equity	Power	3.65L	47.9	0.19
Central Depository Services I Ltd	Equity	Capital Markets	3.76L	47.5	0.19
Grasim Industries	Equity	Cement & Cement Products	1.55L	47.5	0.19
Adani Green Energy Limited	Equity	Power	3.61L	46.2	0.18
Bajaj Auto	Equity	Automobiles	41.6K	45.3	0.18
Alkem Laboratories Limited	Equity	Pharmaceuticals & Biotechnology	86.9K	44.9	0.18
Eternal Limited	Equity	Retailing	13.5L	43.2	0.17
Aurobindo Pharma	Equity	Pharmaceuticals & Biotechnology	2.54L	42.4	0.17
Inox Wind Limited	Equity	Electrical Equipment	58.7L	40.8	0.16
Torrent Pharmaceuticals Limited	Equity	Pharmaceuticals & Biotechnology	84.9K	40.7	0.16
United Phosphorous	Equity	Fertilizers & Agrochemicals	7.47L	40.3	0.16
Lupin	Equity	Pharmaceuticals & Biotechnology	1.92L	39	0.15
Bajaj Finserv Limited	Equity	Finance	2.17L	37.6	0.15
Motherson Sumi Systems	Equity	Auto Components	21.9L	35.7	0.14
Patanjali Foods Limited	Equity	Agricultural Food & other Products	9.37L	34	0.13
Radico Khaitan Limited	Equity	Beverages	77.3K	33.7	0.13
Bandhan Bank Limited	Equity	Banks	18.7L	33.4	0.13
Cipla	Equity	Pharmaceuticals & Biotechnology	2.41L	32.4	0.13
Federal Bank	Equity	Banks	8.9L	28.3	0.11
One 97 Communications Limited	Equity	Financial Technology (Fintech)	1.5L	25.2	0.10
IndusInd Bank	Equity	Banks	2.73L	24.6	0.10
Delhivery Limited	Equity	Transport Services	5.56L	22.8	0.090
PNB Housing Finance Limited	Equity	Finance	1.92L	21.5	0.090
Max Financial Services Limited	Equity	Insurance	1.52L	20.9	0.080
PG Electroplast Limited	Equity	Consumer Durables	4.17L	20.6	0.080
Tube Investments of India Ltd	Equity	Auto Components	86.2K	20.5	0.080
Shriram Finance Limited	Equity	Finance	2L	19.7	0.080
JSW Energy	Equity	Power	3.69L	18.2	0.070
GAIL India	Equity	Gas	10.7L	18.2	0.070
Union Bank of India	Equity	Banks	10.3L	17.6	0.070
DLF	Equity	Realty	2.59L	17.5	0.070
Sun Pharmaceutical Ind Ltd	Equity	Pharmaceuticals & Biotechnology	95.6K	17.4	0.070
Fortis Healthcare Limited	Equity	Healthcare Services	2.25L	17.3	0.070
Avenue Supermarts Limited	Equity	Retailing	45.3K	17.2	0.070
Oil and Natural Gas Corporation Limited	Equity	Oil	7.61L	17.2	0.070
SUPREME INDUSTIRES LTD	Equity	Industrial Products	48K	16.6	0.070
AU Small Finance Bank Limited	Equity	Banks	1.62L	16.4	0.060
SBI Life Insurance Co Ltd	Equity	Insurance	89.6K	15.2	0.060
Solar Industries India	Equity	Chemicals & Petrochemicals	7.7K	15.2	0.060
Computer Age Management Services Limited	Equity	Capital Markets	2.06L	13.8	0.050
Jindal Steel and Power Limited	Equity	Ferrous Metals	1.21L	13.7	0.050
United Spirits	Equity	Beverages	97.6K	13.2	0.050
National Aluminium Co Ltd	Equity	Non - Ferrous Metals	3.71L	12.7	0.050
CG Power and Industrial Solutions Limited	Equity	Electrical Equipment	1.47L	12.6	0.050
Muthoot Finance Limited	Equity	Finance	44.3K	12.1	0.050
Sagility India Limited	Equity	IT - Services	27.4L	11.7	0.050
MphasiS	Equity	IT - Software	53.1K	11.4	0.040
Tata Consultancy Services	Equity	IT - Software	51.3K	10.5	0.040
Container Corporation of India Limited	Equity	Transport Services	2.23L	10	0.040
Trent	Equity	Retailing	37.4K	9.8	0.040
Swiggy Limited	Equity	Retailing	3.91L	9.8	0.040
GMR Airport Ltd	Equity	Transport Infrastructure	9.77L	9.3	0.040
Amber Enterprises India Limited	Equity	Consumer Durables	13.4K	8.9	0.040
SRF	Equity	Chemicals & Petrochemicals	32.8K	8.1	0.030
Britannia Industries	Equity	Food Products	16.3K	7.9	0.030
Bombay Stock Exchange Limited BSE	Equity	Capital Markets	25K	7.7	0.030
Nestle India	Equity	Food Products	58.5K	7.7	0.030
HCL Technologies	Equity	IT - Software	60.8K	7.5	0.030
Dabur India Ltd	Equity	Personal Products	1.86L	7.1	0.030
National Building Construction Corp	Equity	Construction	8.52L	6.7	0.030
Manappuram Finance Limited	Equity	Finance	1.74L	5.5	0.020
Suzlon Energy Limited	Equity	Electrical Equipment	13.5L	5.3	0.020
Hindustan Zinc	Equity	Non - Ferrous Metals	93.1K	5.3	0.020
Oil India	Equity	Oil	1.16L	5.2	0.020
Crompton Greaves Cons Electrical Ltd	Equity	Consumer Durables	2.17L	4.5	0.020
Page Industries	Equity	Textiles & Apparels	1.24K	4.5	0.020
PB Fintech Limited	Equity	Financial Technology (Fintech)	38.2K	4.1	0.020
ADANI PORT AND SPECIAL ECONOMIC ZONE LTD	Equity	Transport Infrastructure	17.1K	3.1	0.010
Hitachi Energy India Limited	Equity	Electrical Equipment	900	2.8	0.010
Laurus Labs Limited	Equity	Pharmaceuticals & Biotechnology	13.6K	2.7	0.010
Astral Limited	Equity	Industrial Products	18.7K	2.6	0.010
Power Grid Corporation of India	Equity	Power	93.1K	2.4	0.010
Angel One Limited	Equity	Capital Markets	77.5K	2.1	0.010
Cadila Healthcare	Equity	Pharmaceuticals & Biotechnology	15.3K	1.8	0.010
MOTILAL OSWAL FINANCIAL SERVICE LTD	Equity	Capital Markets	14K	1.4	0.010
Colgate Palmolive I Ltd	Equity	Personal Products	7.7K	1.4	0.010
Polycab India Limited	Equity	Industrial Products	1.63K	1.3	0.010
Ratnakar Bank Limited	Equity	Banks	31.8K	1.3	0.010
Sesa Goa	Equity	Diversified Metals	42.6K	1.1	0.00
ICICI Prudential Life Insurance Co Ltd	Equity	Insurance	24.1K	1.1	0.00
ABB	Equity	Electrical Equipment	1.25K	0.85	0.00
FSN E Commerce Ventures Limited	Equity	Retailing	18.8K	0.6	0.00
Bajaj Holdings and Investment Ltd	Equity	Finance	450	0.49	0.00
Lodha Developers Limited	Equity	Realty	3.75K	0.43	0.00
Bank of Maharashtra	Equity	Banks	26K	0.21	0.00
Phoenix Mills Limited	Equity	Realty	1.05K	0.2	0.00
Bosch	Equity	Auto Components	25	0.12	0.00
Cochin Shipyard Limited	Equity	Industrial Manufacturing	800	0.11	0.00

Fig. 4.Every holding in Sept 2026: its shares, market value (₹ crore) and % of NAV. Month end. Source: AMC monthly portfolio disclosures.