Fund Tracker India by Ishaan Dungarwal
Guide
Fund categoriesHybridSep 2026

Arbitrage funds: what they hold and bought

SEBI's rule: Follows an arbitrage strategy, with at least 65 % in equity and equity-related instruments. Source: SEBI categorisation circular, 6 Oct 2017, as amended

36 arbitrage funds from 36 fund houses filed a portfolio for Sep 2026. Here is what most of them hold, and what they added and cut.

Category as AMFI lists it; the two AMFI spellings of a category are one page. Counted over open-ended schemes with an equity portfolio for the month, share counts from each fund house's monthly file. Value added or cut = change in shares × the month's value per share in that file, never a change in price.

Schemes36portfolio filed for Sep 2026, of 40
Fund houses36running one
Stocks held206listed on NSE, any scheme

Stocks most arbitrage funds hold, Sep 2026

Ranked by how many schemes in the category hold the stock; the average is its % of net assets in the schemes holding it.

schemes holding · average weight
  1. HDFCBANK HDFC Bank Ltd.
    36 of 36 · 5.21%
  2. RELIANCE Reliance Industries Ltd.
    36 of 36 · 4.56%
  3. ICICIBANK ICICI Bank Ltd.
    35 of 36 · 4.43%
  4. AXISBANK Axis Bank Ltd.
    35 of 36 · 2.69%
  5. BHARTIARTL Bharti Airtel Ltd.
    35 of 36 · 2.48%
  6. BAJFINANCE Bajaj Finance Ltd.
    34 of 36 · 1.33%
  7. BANKBARODA Bank of Baroda
    34 of 36 · 0.81%
  8. SBIN State Bank of India
    32 of 36 · 1.90%
  9. TATASTEEL Tata Steel Ltd.
    32 of 36 · 1.72%
  10. KOTAKBANK Kotak Mahindra Bank Ltd.
    32 of 36 · 1.39%
  11. ITC ITC Ltd.
    32 of 36 · 0.93%
  12. CANBK Canara Bank
    31 of 36 · 2.33%
  13. INDUSTOWER Indus Towers Ltd.
    31 of 36 · 1.03%
  14. HDFCLIFE HDFC Life Insurance Company Ltd.
    31 of 36 · 0.68%
  15. HINDALCO Hindalco Industries Ltd.
    30 of 36 · 1.02%
  16. LT Larsen & Toubro Ltd.
    30 of 36 · 0.84%
  17. JIOFIN Jio Financial Services Ltd.
    30 of 36 · 0.82%
  18. CROMPTON Crompton Greaves Consumer Electricals Ltd.
    30 of 36 · 0.60%
  19. IDEA Vodafone Idea Ltd.
    29 of 36 · 2.46%
  20. LICI Life Insurance Corporation of India
    29 of 36 · 1.15%

Most bought, Sep 2026

value of shares added · schemes adding
  1. ICICIBANK ICICI Bank Ltd. · 32
    +₹4,376 cr
  2. RELIANCE Reliance Industries Ltd. · 30, 1 new
    +₹3,752 cr
  3. INFY Infosys Ltd. · 24, 4 new
    +₹1,345 cr
  4. SWIGGY Swiggy Ltd. · 23, 20 new
    +₹1,179 cr
  5. DIVISLAB Divi's Laboratories Ltd. · 21, 4 new
    +₹1,160 cr
  6. PFC Power Finance Corporation Ltd. · 22, 6 new
    +₹1,007 cr
  7. TATASTEEL Tata Steel Ltd. · 22, 1 new
    +₹848 cr
  8. POLICYBZR PB Fintech Ltd. · 16, 4 new
    +₹841 cr
  9. SBIN State Bank of India · 18
    +₹812 cr
  10. ADANIENSOL Adani Energy Solutions Ltd. · 15, 2 new
    +₹796 cr

Most sold, Sep 2026

value of shares cut · schemes cutting
  1. ADANIPORTS Adani Ports and Special Economic Zone Ltd. · 18, 6 sold out
    −₹1,555 cr
  2. BEL Bharat Electronics Ltd. · 18, 2 sold out
    −₹1,309 cr
  3. BHARTIARTL Bharti Airtel Ltd. · 19, 1 sold out
    −₹1,215 cr
  4. NTPC NTPC Ltd. · 20
    −₹1,083 cr
  5. AXISBANK Axis Bank Ltd. · 19, 1 sold out
    −₹982 cr
  6. KOTAKBANK Kotak Mahindra Bank Ltd. · 23
    −₹981 cr
  7. DLF DLF Ltd. · 22, 6 sold out
    −₹780 cr
  8. POWERINDIA Hitachi Energy India Ltd. · 14
    −₹728 cr
  9. APOLLOHOSP Apollo Hospitals Enterprise Ltd. · 13, 3 sold out
    −₹701 cr
  10. HEROMOTOCO Hero MotoCorp Ltd. · 19, 6 sold out
    −₹641 cr

Arbitrage schemes (36)

largest AUM first
SchemeFund houseAUM1-year return
Kotak Arbitrage FundKotak Mahindra Mutual Fund₹74,963 cr+6.8%
SBI Arbitrage FundSBI Mutual Fund₹46,867 cr+6.7%
ICICI Prudential Arbitrage FundICICI Prudential Mutual Fund₹34,615 cr+6.7%
Invesco India Arbitrage FundInvesco Mutual Fund₹30,062 cr+6.9%
ADITYA BIRLA SUN LIFE ARBITRAGE FUNDAditya Birla Sun Life Mutual Fund₹27,071 cr+6.8%
HDFC Arbitrage FundHDFC Mutual Fund₹25,149 cr+6.7%
Tata Arbitrage FundTata Mutual Fund₹24,691 cr+6.8%
Nippon India Arbitrage FundNippon India Mutual Fund₹17,157 cr+6.8%
UTI - Arbitrage FundUTI Mutual Fund₹11,249 cr+6.6%
Axis Arbitrage FundAxis Mutual Fund₹10,422 cr+6.7%
BANDHAN Arbitrage FundBandhan Mutual Fund₹7,984 cr+6.5%
DSP Arbitrage fundDSP Mutual Fund₹6,693 cr+6.6%
Mirae Asset Arbitrage FundMirae Asset Mutual Fund₹3,788 cr+6.8%
Motilal Oswal Arbitrage FundMotilal Oswal Mutual Fund₹3,319 cr+7.1%
HSBC Arbitrage FundHSBC Mutual Fund₹3,170 cr+6.6%
Parag Parikh Arbitrage FundPPFAS Mutual Fund₹2,745 cr+6.6%
WhiteOak Capital Arbitrage FundWhiteOak Capital Mutual Fund₹2,146 cr+7.2%
Franklin India Arbitrage FundFranklin Templeton Mutual Fund₹1,676 cr+7.2%
Bajaj Finserv Arbitrage FundBajaj Finserv Mutual Fund₹1,286 cr+6.7%
BARODA BNP PARIBAS ARBITRAGE FUNDBaroda BNP Paribas Mutual Fund₹1,088 cr+6.3%
quant Arbitrage Fundquant Mutual Fund₹817 cr+7.6%
JioBlackRock Arbitrage FundJio BlackRock Mutual Fund₹567 cr—
Sundaram Arbitrage Fund(Formerly Known as Prinicpal Arbitrage Fund)Sundaram Mutual Fund₹566 cr+7.0%
LIC MF Arbitrage FundLIC Mutual Fund₹293 cr+6.8%
NJ Arbitrage FundNJ Mutual Fund₹255 cr+6.4%
Union Arbitrage FundUnion Mutual Fund₹233 cr+6.7%
Old Bridge Arbitrage FundOld Bridge Mutual Fund₹227 cr—
The Wealth Company Arbitrage FundThe Wealth Company Mutual Fund₹144 cr+6.6%
TRUSTMF ARBITRAGE FUNDTrust Mutual Fund₹142 cr+6.6%
BANK OF INDIA ARBITRAGE FUNDBank of India Mutual Fund₹125 cr+6.6%
Helios Arbitrage FundHelios Mutual Fund₹123 cr—
PGIM India Arbitrage FundPGIM India Mutual Fund₹92.5 cr+6.7%
Groww Arbitrage FundGroww Mutual Fund₹84.8 cr—
Samco Arbitrage FundSamco Mutual Fund₹28.8 cr+5.3%
Capitalmind Arbitrage FundCapitalmind Mutual Fund₹22.4 cr—
Zerodha Arbitrage FundZerodha Mutual Fund₹19.0 cr—

AUM = AMFI's latest average AUM for the scheme; 1-year return = change in NAV over the year, as on each scheme page. Filter and compare every scheme

Questions about arbitrage funds

from the figures on this page

Which stocks do arbitrage funds hold the most?

In Sep 2026, 36 of the 36 arbitrage funds with a portfolio held HDFC Bank Ltd.. The five held by the most schemes: HDFC Bank Ltd. (HDFCBANK), Reliance Industries Ltd. (RELIANCE), ICICI Bank Ltd. (ICICIBANK), Axis Bank Ltd. (AXISBANK), Bharti Airtel Ltd. (BHARTIARTL). Funds holding HDFCBANK

What did arbitrage funds buy and sell in Sep 2026?

Most bought by value of shares added: ICICI Bank Ltd. (ICICIBANK), Reliance Industries Ltd. (RELIANCE), Infosys Ltd. (INFY). Most sold: Adani Ports and Special Economic Zone Ltd. (ADANIPORTS), Bharat Electronics Ltd. (BEL), Bharti Airtel Ltd. (BHARTIARTL). All stocks bought and sold by mutual funds, Sep 2026

How many arbitrage funds are there?

AMFI lists 40 open-ended arbitrage funds; 36 from 36 fund houses filed an equity portfolio for Sep 2026. Filter every scheme

Other fund categories

Aggressive hybrid Balanced advantage or dynamic asset allocation Balanced hybrid Children's Conservative hybrid Contra Dividend yield ELSS (tax saver) Equity savings Flexi cap Focused Large & mid cap Large cap Life cycle Mid cap Multi asset allocation Multi cap Retirement Sectoral or thematic Small cap Value