Fundalysisby DARKHORSESTOCKS

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).

Overview(8 Oct 2026)

Fund managers4

  1. Nandita MenezesFund manager · Mar 2025
  2. Arun AgarwalOverseas · Aug 2020 · 25y · CA B.Com
  3. Anil BamboliOverseas · Feb 2022 · 31y · CFA MMS B.Com
  4. Gopal AgrawalOverseas · Sept 2026 · 21y · B.E.
  1. Dhruv MuchhalJun 2023 – Sept 2026
  2. Nirman MorakhiaFeb 2023 – Apr 2025

Key facts

Benchmark
NIFTY 50 Arbitrage Index (Total Returns Index)
Risk
Low
Expense
Regular 2.04% · Direct 1.5%
Exit load
0.25% within 15 days
Started
23 Oct 2007
Minimum
₹100

Source.Its Scheme Summary Document as of 8 Oct 2026 at AMFI.

What changed(19 changes)

Sept 2026

3 changes
  1. Expense ratio
    14 SeptRegular 2.09% → 2.11%Direct 1.5% → 1.53%
  2. Gopal Agrawal joined
    11 Septfor overseas investments
  3. Dhruv Muchhal left
    11 Septran it for overseas investments from Jun 2023

Aug 2026

1 change
  1. Expense ratio
    13 AugRegular 2.03% → 2.09%Direct 1.51% → 1.5%

Jul 2026

2 changes
  1. Exit load
    14 Jul0.25% within 1 month → 0.25% within 15 days
  2. Expense ratio
    14 JulRegular 0.93% → 2.03%Direct 0.4% → 1.51%

Source.Its filings at NSE, since Sept 2024.

Fund managers over time(Aug 2020 – now)

  1. Nandita Menezes
  2. Arun Agarwal
  3. Anil Bamboli
  4. Gopal Agrawal
  5. Dhruv Muchhal
  6. Nirman Morakhia
MainCoSlice202120222023202420252026
Fig. 1.Who ran it when: each manager from the date the fund house gives, or the first document listing them where it gives none, to when they left. A slice is part of it: overseas, gold and silver, or arbitrage.

Costs(Sept 2024 – Oct 2026)

Every change to the expense ratio, newest first.
15 changesRegularDirectΔ pt
14 Sept 20262.11%1.53%0.03
13 Aug 20262.09%1.50%0.01
14 Jul 20262.03%1.51%1.11
11 Jun 20260.93%0.40%6.38
12 May 20267.31%6.78%6.36
10 Feb 20260.92%0.42%0.01
13 Jan 20260.91%0.41%0
14 Oct 20250.93%0.41%0
14 Jul 20250.94%0.41%0
13 Jun 20250.96%0.41%0.01
12 May 20250.97%0.42%0
27 Mar 20251.08%0.42%0.01
12 Feb 20250.99%0.41%0
1 Jan 20250.97%0.41%0
15 Sept 20240.93%0.41%–
Direct plan, 14 Sept 2026
1.53%
Regular plan 2.11% · Exit load 0.25% within 15 days
Fig. 1.Total expense ratio a year, each plan's, as its Scheme Summary Documents state it, filing by filing at NSE. A change holds until the next.

Objective and risk(8 Oct 2026)

Objective

To generate income through arbitrage opportunities and permitted debt instruments.

Risk, type and benchmark

Riskometer
Low
Type
An open ended scheme investing in arbitrage opportunities. No investment in InvITs is permitted.There is no assurance that the investment objective of the Scheme will be achieved.
Benchmark
NIFTY 50 Arbitrage Index (Total Returns Index)

Asset allocation it may hold% of NAV

  1. Equity and Equity related instruments
    Allowed65–90%
  2. Derivatives including index futures, stock futures, index options and stock options, etc
    Allowed65–90%
  3. Debt instruments
    Allowed10–35%
  4. Equity and Equity related instruments
    Allowed0–65%
  5. Derivatives including index futures, stock futures, index options and stock options, etc
    Allowed0–65%
  6. Debt instruments
    Allowed35–100%

Holds in Sept 2026.67.8% equity · 32.2% debt and cash

How to invest(8 Oct 2026)

Buying

To start
₹100, then any amount
To add
₹100, then any amount
Systematic
For Systematic Investmet Plan (SIP) Daily, Weekly, Monthly, Quarterly, Half Yearly and Yearly For Systematic Withdrawal Advantage Plan (SWAP) Fixed SWAP - Monthly, Quarterly, Half Yearly, Yearly Variable SWAP - Quarterly, Half Yearly, Yearly For Sytematic Transfer Plan (STP) Fixed Systematic Transfer Plan (FSTP) - Daily, Weekly, Monthly, Quarterly Capital Appreciation Systematic Transfer Plan (CASTP) - Monthly, Quarterly
Dates
SIP: For Daily SIP- All Business Days For Weekly SIP- Any business day between Monday to Friday, (Default date is Wednesday) For all other frequnecies - Any date fo the month. If it happens to be a non-Business Day, SIP will be processed on the next Business Day (Default date = 10th of the month) SWP: For Fixed and Variable SWP- Any date. Default Date: 25th STP For Daily FSTP- All Business days For Weekly FSTP-Monday,Tuesday,Wednesday,Thursday,Friday (Default Day) For Monthly FSTP and CASTP - 1,5,10#,15,20,25 For Quarterly FSTP and CASTP - 1,5,10#,15,20,25 #Default Date
Minimum
For SIP DSIP, WSIP, MSIP - Rs. 100; QSIP - Rs. 1500; HSIP - Rs. 2500; YSIP - Rs. 5000. For SWAP Fixed SWAP - Rs. 100; Variable SWAP - Rs. 300. For STP Fixed STP (FSTP) Daily FSTP - Rs. 500; Weekly FSTP - Rs. 500; Monthly FSTP - Rs. 1000; Quarterly FSTP -Rs. 3000. Capital Appreciation STP (CASTP) Monthly CASTP - Rs. 300; Quarterly CASTP - Rs 1000., then for SIP and SWAP Re. 1/- thereafter; For STP FSTP Daily, Monthly, Quarterly FSTP - Rs. 100 thereafter Weekly FSTP - any amount thereafter CASTP Mulitples will be based on the appreciated amount
Instalments
SIP: Minimum number of installments under DSIP- 2 Minimum number of Installments under WSIP and MSIP : - In respect of each SIP Installment between Rs.300 to Rs.499 in value - 20 - In respect of each SIP Installment between Rs.500 to Rs.999 in value - 12. In respect of each SIP Installment equal to or greater than Rs 1,000 in value - 6 Minimum number of installments under QSIP : - In respect of each SIP Installment between Rs.1,500 to Rs.2,999 in value- 4; In respect of each SIP Installment equal to or greater than Rs. 3,000 in value- 2 Minimum number of installments under HYSIP: - In respect of each SIP Installment equal to or greater than Rs. 2,500 in value- 2 Minimum number of installments under YSIP: - In respect of each SIP Installment equal to or greater than Rs. 5,000 in value- 1 SWP: For Fixed and Variable SWP- 2 STP: Under Daily FSTP: -where installment amount is less than Rs. 1,000 : 12 - where installment amount is equal to or greater than Rs. 1,000: 6 Under Weekly STP : - Where installment amount is less than Rs. 1,000: 12 installments - Where installment amount is equal to or greater than Rs. 1,000: 6 installments However, for weekly STP in equity linked savings schemes, there should be a minimum of 6 installments for enrollment. Under Monthly FSTP & Monthly CASTP : - Minimum 6 installments, Under Quarterly FSTP & Quarterly CASTP : - Minimum 2 installments. Further, the minimum balance in the Unit holders account or the minimum amount of application at the time of enrolment for STP in the Transferor Scheme should be Rs. 12,000. There will be no maximum duration for STP enrolment.

Selling and switching

To redeem
Rs.100 and and multiples of Rs.1 thereafter or No minimum redemption criterion for Unit based redemption units
Minimum balance
There is no minimum balance amount requirement. or There is no minimum balance amount in units requirement. units
Switch minimum
Switch - in: Rs.100 and any amount thereafter. Additional Amount:. Rs. 100 Switch-out :Rs. 100 and multiples of Rs. 1/- thereafter
Switch multiples
Any amount
Switch most
Switch in: Not Applicable Switch out: Not applicable. or Switch in: Not Applicable. Switch out: Not applicable. units

Scheme details(8 Oct 2026)

What it is

Category
Arbitrage Fund
Offer
28 Sept 2007 to 15 Oct 2007
Started
23 Oct 2007
Plans
Plans: Regular & Direct. Regular and Direct Plans offer the following options: (a) Growth Option (b)Income Distribution cum Capital Withdrawal (IDCW) Option - Under these Options · the Trustee reserves the right to declare IDCW depending on the availability of distributable surplus as computed in accordance with SEBI (Mutual Fund) Regulations 2026. Investors should note that the IDCW amount can be distributed out of investor’s capital (Equalization Reserve) · which is part of sale price that represents realized gains. The Trustee reserves the right to change the record date from time to time. The IDCW Option offers: Monthly IDCW Option - The Record Date for the same will be second last Tuesday of every month or the immediate succeeding Business Day · if that day happens to be a Non- Business Day. The IDCW Option offer following facilities: • Payout of IDCW (“Payout”) and • Re-investment of IDCW (“Re-investment”) Default Option: Growth Option · in case Growth Option or IDCW Option is not indicated. Default Facility: Payout Option / facility · in case Payout of IDCW Option / facility or Reinvestment of IDCW Option/ facility is not indicated.
Face value
₹10
Listed
No

How it is run

Swing pricing
No
Side-pocketing
No
Custodian
ICICI Bank Limited
Auditor
S.R. Batliboi & Co. LLP – Chartered Accountants
Registrar
Computer Age Management Services Limited
SEBI code
HDFC/O/H/ARB/07/08/0017