आर्बिट्रेज रणनीति विभिन्न बाजारों में मूल्य अंतर का लाभ उठाती है और पैसा कमाती है। इन योजनाओं के कारण कीमतों में अंतर का लाभ उठाकर रिटर्न मिलता हैमंडी विभिन्न बाजारों में अक्षमता। इन फंडों की रिटर्न उत्पन्न करने की क्षमता बाजार में निवेशित परिसंपत्ति की अस्थिरता पर निर्भर करती है। आर्बिट्राज फंड के कुछ फायदों में कम जोखिम, रिटर्न और अनुकूल कराधान शामिल हैं। एक का हिस्सा होने के नातेइक्विटी फंड, यदि निवेश एक वर्ष से अधिक के लिए आयोजित किया जाता है, तो यह लंबी अवधि को आकर्षित करता हैपूंजी लाभ जिस पर कोई टैक्स नहीं है। साल 2021 में आर्बिट्राज फंड्स का प्रदर्शन निशाने पर रहा। कई योजनाओं ने 2021 में सकारात्मक रिटर्न दिया है। तो, आइए 2021 के शीर्ष और सर्वश्रेष्ठ प्रदर्शन करने वाले आर्बिट्राज फंडों पर एक नजर डालते हैं।आधार प्रदर्शन का यानी रिटर्न।
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Fund NAV Net Assets (Cr) 2025 (%) 2024 (%) 2023 (%) 2022 (%) 2021 (%) UTI Arbitrage Fund Growth ₹37.2027
↓ 0.00 ₹10,991 6.5 7.7 7.2 4 3.9 SBI Arbitrage Opportunities Fund Growth ₹35.8971
↓ 0.00 ₹43,266 6.5 7.5 7.4 4.6 4 Invesco India Arbitrage Fund Growth ₹33.8889
↑ 0.00 ₹28,062 6.5 7.6 7.4 5.1 3.5 ICICI Prudential Equity Arbitrage Fund Growth ₹36.4178
↑ 0.00 ₹32,260 6.5 7.6 7.1 4.2 3.9 Aditya Birla Sun Life Arbitrage Fund Growth ₹28.1811
↓ 0.00 ₹26,280 6.4 7.5 7.1 4.1 3.8 Kotak Equity Arbitrage Fund Growth ₹39.789
↓ 0.00 ₹72,079 6.4 7.8 7.4 4.5 4 Edelweiss Arbitrage Fund Growth ₹20.5609
↓ 0.00 ₹14,862 6.3 7.7 7.1 4.4 3.8 HDFC Arbitrage Fund Growth ₹32.527
↓ 0.00 ₹25,085 6.3 7.7 7.2 4.2 3.6 Axis Arbitrage Fund Growth ₹19.8255
↓ 0.00 ₹9,781 6.3 7.6 6.9 4.2 3.8 Bandhan Arbitrage Fund Growth ₹34.3336
↓ 0.00 ₹8,189 6.2 7.5 7.1 4.1 3.5 Note: Returns up to 1 year are on absolute basis & more than 1 year are on CAGR basis. as on 8 Jul 26 Research Highlights & Commentary of 10 Funds showcased
Commentary UTI Arbitrage Fund SBI Arbitrage Opportunities Fund Invesco India Arbitrage Fund ICICI Prudential Equity Arbitrage Fund Aditya Birla Sun Life Arbitrage Fund Kotak Equity Arbitrage Fund Edelweiss Arbitrage Fund HDFC Arbitrage Fund Axis Arbitrage Fund Bandhan Arbitrage Fund Point 1 Bottom quartile AUM (₹10,991 Cr). Top quartile AUM (₹43,266 Cr). Upper mid AUM (₹28,062 Cr). Upper mid AUM (₹32,260 Cr). Upper mid AUM (₹26,280 Cr). Highest AUM (₹72,079 Cr). Lower mid AUM (₹14,862 Cr). Lower mid AUM (₹25,085 Cr). Bottom quartile AUM (₹9,781 Cr). Bottom quartile AUM (₹8,189 Cr). Point 2 Oldest track record among peers (20 yrs). Established history (19+ yrs). Established history (19+ yrs). Established history (19+ yrs). Established history (16+ yrs). Established history (20+ yrs). Established history (12+ yrs). Established history (18+ yrs). Established history (11+ yrs). Established history (19+ yrs). Point 3 Rating: 3★ (upper mid). Rating: 2★ (bottom quartile). Rating: 3★ (upper mid). Rating: 4★ (top quartile). Rating: 3★ (lower mid). Rating: 4★ (upper mid). Top rated. Rating: 3★ (lower mid). Rating: 2★ (bottom quartile). Rating: 1★ (bottom quartile). Point 4 Risk profile: Moderately Low. Risk profile: Moderately Low. Risk profile: Moderately Low. Risk profile: Moderate. Risk profile: Moderate. Risk profile: Moderately Low. Risk profile: Moderately Low. Risk profile: Moderately Low. Risk profile: Moderate. Risk profile: Moderately Low. Point 5 5Y return: 6.03% (lower mid). 5Y return: 6.23% (top quartile). 5Y return: 6.24% (top quartile). 5Y return: 6.04% (upper mid). 5Y return: 5.96% (bottom quartile). 5Y return: 6.21% (upper mid). 5Y return: 6.07% (upper mid). 5Y return: 6.01% (lower mid). 5Y return: 5.99% (bottom quartile). 5Y return: 5.89% (bottom quartile). Point 6 3Y return: 6.98% (top quartile). 3Y return: 6.92% (upper mid). 3Y return: 6.96% (upper mid). 3Y return: 6.92% (upper mid). 3Y return: 6.87% (bottom quartile). 3Y return: 7.04% (top quartile). 3Y return: 6.90% (lower mid). 3Y return: 6.92% (lower mid). 3Y return: 6.81% (bottom quartile). 3Y return: 6.73% (bottom quartile). Point 7 1Y return: 6.02% (upper mid). 1Y return: 6.03% (upper mid). 1Y return: 6.10% (top quartile). 1Y return: 6.02% (lower mid). 1Y return: 5.96% (lower mid). 1Y return: 6.05% (upper mid). 1Y return: 5.95% (bottom quartile). 1Y return: 6.07% (top quartile). 1Y return: 5.93% (bottom quartile). 1Y return: 5.69% (bottom quartile). Point 8 1M return: 0.60% (upper mid). 1M return: 0.58% (bottom quartile). 1M return: 0.59% (bottom quartile). 1M return: 0.60% (lower mid). 1M return: 0.63% (top quartile). 1M return: 0.61% (upper mid). 1M return: 0.60% (upper mid). 1M return: 0.62% (top quartile). 1M return: 0.59% (lower mid). 1M return: 0.57% (bottom quartile). Point 9 Alpha: 0.00 (top quartile). Alpha: 0.00 (top quartile). Alpha: 0.00 (upper mid). Alpha: 0.00 (upper mid). Alpha: 0.00 (upper mid). Alpha: 0.00 (lower mid). Alpha: -0.82 (bottom quartile). Alpha: 0.00 (lower mid). Alpha: 0.00 (bottom quartile). Alpha: 0.00 (bottom quartile). Point 10 Sharpe: -0.21 (upper mid). Sharpe: -0.06 (top quartile). Sharpe: -0.08 (top quartile). Sharpe: -0.30 (lower mid). Sharpe: -0.40 (bottom quartile). Sharpe: -0.28 (upper mid). Sharpe: -0.40 (lower mid). Sharpe: -0.24 (upper mid). Sharpe: -0.44 (bottom quartile). Sharpe: -0.91 (bottom quartile). UTI Arbitrage Fund
SBI Arbitrage Opportunities Fund
Invesco India Arbitrage Fund
ICICI Prudential Equity Arbitrage Fund
Aditya Birla Sun Life Arbitrage Fund
Kotak Equity Arbitrage Fund
Edelweiss Arbitrage Fund
HDFC Arbitrage Fund
Axis Arbitrage Fund
Bandhan Arbitrage Fund
(Erstwhile UTI SPREAD Fund) The investment objective of the scheme is to provide capital appreciation and dividend distribution through arbitrage opportunities arising out of price differences between the cash and derivative market by investing predominantly in equity and equity-related securities, derivatives and the balance portion in debt securities. However, there can be no assurance that the investment objective of the scheme will be realised. Below is the key information for UTI Arbitrage Fund Returns up to 1 year are on To provide capital appreciation and regular income for unitholders by identifying profitable arbitrage opportunities between the spot and derivative market segments as also through investment of surplus cash in debt and money market instruments. Research Highlights for SBI Arbitrage Opportunities Fund Below is the key information for SBI Arbitrage Opportunities Fund Returns up to 1 year are on The primary investment objective of the scheme is to generate income through arbitrage opportunities emerging out of mis-pricing between the cash market and the derivatives market and through deployment of surplus cash in fixed income instruments. Research Highlights for Invesco India Arbitrage Fund Below is the key information for Invesco India Arbitrage Fund Returns up to 1 year are on The investment objective of Income Optimiser Plan under the scheme is to seek to generate low volatility returns by using arbitrage and other derivative strategies in equity markets and investments in short-term debt portfolio. Research Highlights for ICICI Prudential Equity Arbitrage Fund Below is the key information for ICICI Prudential Equity Arbitrage Fund Returns up to 1 year are on (Erstwhile Aditya Birla Sun Life Enhanced Arbitrage Fund) An Open ended Equity Scheme with an investment objective to generate income by investing predominantly in equity and equity related instruments. Scheme intends to take advantage from the price differentials / mis-pricing prevailing for stock / index in various market segments (Cash & Futures). Research Highlights for Aditya Birla Sun Life Arbitrage Fund Below is the key information for Aditya Birla Sun Life Arbitrage Fund Returns up to 1 year are on The investment objective of the scheme is to generate capital appreciation and income by predominantly investing in arbitrage opportunities in the cash and derivatives segment of the equity market, and by investing the balance in debt and money market instruments. However, there is no assurance that the objective of the scheme will be realized Research Highlights for Kotak Equity Arbitrage Fund Below is the key information for Kotak Equity Arbitrage Fund Returns up to 1 year are on The investment objective of the Scheme is to generate income by predominantly investing in arbitrage opportunities in the cash and the derivative segments of the equity markets and the arbitrage opportunities available within the derivative segment and by investing the balance in debt and money market instruments. However, there is no assurance that the investment objective of the scheme will be realized. Research Highlights for Edelweiss Arbitrage Fund Below is the key information for Edelweiss Arbitrage Fund Returns up to 1 year are on "To generate income through arbitrage opportunities between cash and derivative market and arbitrage opportunities within the derivative segment and by deployment of surplus cash in debt securities and money market instruments." Research Highlights for HDFC Arbitrage Fund Below is the key information for HDFC Arbitrage Fund Returns up to 1 year are on (Erstwhile Axis Enhanced Arbitrage Fund) To generate income through low volatility absolute return strategies that take advantage of opportunities in the cash and the derivative segments of the equity markets including the arbitrage opportunities available within the derivative segment, by using other derivative based strategies and by investing the balance in debt and money market instruments. However, there is no assurance or guarantee that the investment objective of the Scheme will be achieved. The Scheme does not assure or guarantee any returns. Research Highlights for Axis Arbitrage Fund Below is the key information for Axis Arbitrage Fund Returns up to 1 year are on The investment objective of the Scheme is to generate capital appreciation and
income by predominantly investing in arbitrage opportunity in the cash and
the derivative segments of the equity markets and the arbitrage opportunity
available within the derivative segments and by investing the balance in debt
and money market instruments. However there is no assurance that the
investment objective of the scheme will be realized. Research Highlights for Bandhan Arbitrage Fund Below is the key information for Bandhan Arbitrage Fund Returns up to 1 year are on 1. UTI Arbitrage Fund
UTI Arbitrage Fund
Growth Launch Date 22 Jun 06 NAV (08 Jul 26) ₹37.2027 ↓ 0.00 (-0.01 %) Net Assets (Cr) ₹10,991 on 31 May 26 Category Hybrid - Arbitrage AMC UTI Asset Management Company Ltd Rating ☆☆☆ Risk Moderately Low Expense Ratio 0.78 Sharpe Ratio -0.21 Information Ratio 0 Alpha Ratio 0 Min Investment 5,000 Min SIP Investment 500 Exit Load 0-30 Days (0.5%),30 Days and above(NIL) Growth of 10,000 investment over the years.
Date Value 30 Jun 21 ₹10,000 30 Jun 22 ₹10,355 30 Jun 23 ₹10,942 30 Jun 24 ₹11,793 30 Jun 25 ₹12,638 30 Jun 26 ₹13,381 Returns for UTI Arbitrage Fund
absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 8 Jul 26 Duration Returns 1 Month 0.6% 3 Month 1.5% 6 Month 3% 1 Year 6% 3 Year 7% 5 Year 6% 10 Year 15 Year Since launch 6.8% Historical performance (Yearly) on absolute basis
Year Returns 2025 6.5% 2024 7.7% 2023 7.2% 2022 4% 2021 3.9% 2020 4.4% 2019 6.2% 2018 6.2% 2017 5.7% 2016 6.5% Fund Manager information for UTI Arbitrage Fund
Name Since Tenure Amit Sharma 2 Jul 18 8 Yr. Sharwan Kumar Goyal 1 Jan 21 5.5 Yr. Data below for UTI Arbitrage Fund as on 31 May 26
Asset Allocation
Asset Class Value Cash 96.72% Debt 3.81% Other 0.06% Equity Sector Allocation
Sector Value Financial Services 30.95% Basic Materials 8.08% Consumer Cyclical 6.66% Health Care 5.43% Communication Services 5.25% Industrials 4.66% Energy 3.41% Consumer Defensive 3.2% Real Estate 1.2% Technology 0.76% Utility 0.71% Debt Sector Allocation
Sector Value Cash Equivalent 79.24% Corporate 17.66% Government 3.64% Credit Quality
Rating Value AAA 99.96% Top Securities Holdings / Portfolio
Name Holding Value Quantity UTI Money Market Dir Gr
Investment Fund | -15% ₹1,660 Cr 5,038,839
↑ 608,752 Future on ICICI Bank Ltd
Derivatives | -5% -₹590 Cr 4,645,900
↑ 4,645,900 ICICI Bank Ltd (Financial Services)
Equity, Since 30 Sep 24 | ICICIBANK5% ₹584 Cr 4,645,900
↑ 1,540,700 HDFC Bank Ltd (Financial Services)
Equity, Since 30 Apr 22 | HDFCBANK5% ₹541 Cr 7,260,650
↓ -371,150 Future on HDFC Bank Ltd
Derivatives | -5% -₹539 Cr 7,260,650
↑ 7,260,650 Future on Reliance Industries Ltd
Derivatives | -3% -₹336 Cr 2,522,500
↑ 2,522,500 Reliance Industries Ltd (Energy)
Equity, Since 31 Aug 23 | RELIANCE3% ₹333 Cr 2,522,500
↑ 343,500 Future on Steel Authority Of India Ltd
Derivatives | -3% -₹295 Cr 14,273,900
↑ 14,273,900 Steel Authority Of India Ltd (Basic Materials)
Equity, Since 31 May 23 | SAIL3% ₹292 Cr 14,273,900
↑ 1,057,500 Future on Bharti Airtel Ltd
Derivatives | -3% -₹287 Cr 1,557,050
↑ 1,557,050 2. SBI Arbitrage Opportunities Fund
SBI Arbitrage Opportunities Fund
Growth Launch Date 3 Nov 06 NAV (08 Jul 26) ₹35.8971 ↓ 0.00 (-0.01 %) Net Assets (Cr) ₹43,266 on 31 May 26 Category Hybrid - Arbitrage AMC SBI Funds Management Private Limited Rating ☆☆ Risk Moderately Low Expense Ratio 0.95 Sharpe Ratio -0.06 Information Ratio 0 Alpha Ratio 0 Min Investment 5,000 Min SIP Investment 500 Exit Load 0-1 Months (0.5%),1 Months and above(NIL) Growth of 10,000 investment over the years.
Date Value 30 Jun 21 ₹10,000 30 Jun 22 ₹10,407 30 Jun 23 ₹11,063 30 Jun 24 ₹11,910 30 Jun 25 ₹12,753 30 Jun 26 ₹13,499 Returns for SBI Arbitrage Opportunities Fund
absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 8 Jul 26 Duration Returns 1 Month 0.6% 3 Month 1.5% 6 Month 3% 1 Year 6% 3 Year 6.9% 5 Year 6.2% 10 Year 15 Year Since launch 6.7% Historical performance (Yearly) on absolute basis
Year Returns 2025 6.5% 2024 7.5% 2023 7.4% 2022 4.6% 2021 4% 2020 3.5% 2019 6% 2018 6.2% 2017 5.3% 2016 6.4% Fund Manager information for SBI Arbitrage Opportunities Fund
Name Since Tenure Neeraj Kumar 5 Oct 12 13.74 Yr. Ardhendu Bhattacharya 27 Dec 24 1.51 Yr. Data below for SBI Arbitrage Opportunities Fund as on 31 May 26
Asset Allocation
Asset Class Value Cash 98.64% Debt 1.84% Other 0.05% Equity Sector Allocation
Sector Value Financial Services 30.08% Basic Materials 8.13% Industrials 7.69% Consumer Cyclical 5.81% Energy 5.26% Communication Services 4.2% Utility 3.85% Consumer Defensive 3.81% Health Care 3.65% Real Estate 1.67% Technology 0.79% Debt Sector Allocation
Sector Value Cash Equivalent 87.8% Corporate 10.39% Government 2.29% Credit Quality
Rating Value AA 1.87% AAA 98.13% Top Securities Holdings / Portfolio
Name Holding Value Quantity SBI Liquid Dir Gr
Investment Fund | -8% ₹3,665 Cr 8,413,178
↑ 2,746,616 SBI Savings Dir Gr
Investment Fund | -8% ₹3,407 Cr 726,722,883 HDFC Bank Ltd (Financial Services)
Equity, Since 30 Apr 22 | HDFCBANK6% ₹2,463 Cr 33,079,600
↑ 3,964,250 Future on HDFC Bank Ltd
Derivatives | -6% -₹2,454 Cr 33,079,600
↑ 33,079,600 Future on ICICI Bank Ltd
Derivatives | -5% -₹2,372 Cr 18,673,900
↑ 18,673,900 ICICI Bank Ltd (Financial Services)
Equity, Since 30 Jun 21 | ICICIBANK5% ₹2,346 Cr 18,673,900
↑ 5,756,100 Future on State Bank of India
Derivatives | -3% -₹1,368 Cr 14,047,500
↑ 14,047,500 State Bank of India (Financial Services)
Equity, Since 31 May 23 | SBIN3% ₹1,355 Cr 14,047,500
↑ 650,250 Future on Reliance Industries Ltd
Derivatives | -3% -₹1,090 Cr 8,193,000
↑ 8,193,000 Reliance Industries Ltd (Energy)
Equity, Since 30 Nov 21 | RELIANCE3% ₹1,082 Cr 8,193,000
↑ 2,581,000 3. Invesco India Arbitrage Fund
Invesco India Arbitrage Fund
Growth Launch Date 30 Apr 07 NAV (08 Jul 26) ₹33.8889 ↑ 0.00 (0.00 %) Net Assets (Cr) ₹28,062 on 31 May 26 Category Hybrid - Arbitrage AMC Invesco Asset Management (India) Private Ltd Rating ☆☆☆ Risk Moderately Low Expense Ratio 1.06 Sharpe Ratio -0.08 Information Ratio 0 Alpha Ratio 0 Min Investment 5,000 Min SIP Investment 500 Exit Load 0-15 Days (0.5%),15 Days and above(NIL) Growth of 10,000 investment over the years.
Date Value 30 Jun 21 ₹10,000 30 Jun 22 ₹10,398 30 Jun 23 ₹11,056 30 Jun 24 ₹11,915 30 Jun 25 ₹12,748 30 Jun 26 ₹13,505 Returns for Invesco India Arbitrage Fund
absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 8 Jul 26 Duration Returns 1 Month 0.6% 3 Month 1.6% 6 Month 3% 1 Year 6.1% 3 Year 7% 5 Year 6.2% 10 Year 15 Year Since launch 6.6% Historical performance (Yearly) on absolute basis
Year Returns 2025 6.5% 2024 7.6% 2023 7.4% 2022 5.1% 2021 3.5% 2020 4.3% 2019 5.9% 2018 5.9% 2017 5.5% 2016 6.5% Fund Manager information for Invesco India Arbitrage Fund
Name Since Tenure Deepak Gupta 11 Nov 21 4.64 Yr. Pradeep Sukte 25 Jun 26 0.01 Yr. Data below for Invesco India Arbitrage Fund as on 31 May 26
Asset Allocation
Asset Class Value Cash 97.74% Debt 2.79% Equity Sector Allocation
Sector Value Financial Services 29.67% Basic Materials 6.63% Consumer Cyclical 5.89% Industrials 5.55% Energy 5.47% Health Care 4.85% Consumer Defensive 3.25% Communication Services 3.2% Utility 2.3% Real Estate 0.73% Technology 0.54% Debt Sector Allocation
Sector Value Cash Equivalent 81.55% Corporate 17.35% Government 2.28% Credit Quality
Rating Value AA 1.84% AAA 98.16% Top Securities Holdings / Portfolio
Name Holding Value Quantity Future on BANK Index
- | -18% -₹4,993 Cr 233,489,475
↑ 135,632,150 Invesco India Liquid Dir Gr
Investment Fund | -7% ₹1,886 Cr 4,932,898
↓ -1,205,000 HDFC Bank Ltd (Financial Services)
Equity, Since 31 Jan 23 | HDFCBANK6% ₹1,767 Cr 23,732,950
↑ 14,076,050 ICICI Bank Ltd (Financial Services)
Equity, Since 31 Oct 24 | ICICIBANK6% ₹1,583 Cr 12,601,400
↑ 5,239,500 Invesco India Money Market Dir Gr
Investment Fund | -5% ₹1,467 Cr 4,415,910 Future on Reliance Industries Ltd
Derivatives | -3% -₹711 Cr 5,343,000
↑ 5,343,000 Reliance Industries Ltd (Energy)
Equity, Since 31 Dec 22 | RELIANCE3% ₹706 Cr 5,343,000
↑ 1,528,500 Future on Bharat Heavy Electricals Ltd
Derivatives | -2% -₹655 Cr 15,584,625
↑ 15,584,625 Bharat Heavy Electricals Ltd (Industrials)
Equity, Since 31 Mar 23 | BHEL2% ₹649 Cr 15,584,625
↓ -2,000,250 State Bank of India (Financial Services)
Equity, Since 31 Jan 23 | SBIN2% ₹641 Cr 6,649,500
↓ -2,771,250 4. ICICI Prudential Equity Arbitrage Fund
ICICI Prudential Equity Arbitrage Fund
Growth Launch Date 30 Dec 06 NAV (08 Jul 26) ₹36.4178 ↑ 0.00 (0.00 %) Net Assets (Cr) ₹32,260 on 31 May 26 Category Hybrid - Arbitrage AMC ICICI Prudential Asset Management Company Limited Rating ☆☆☆☆ Risk Moderate Expense Ratio 0.9 Sharpe Ratio -0.3 Information Ratio 0 Alpha Ratio 0 Min Investment 5,000 Min SIP Investment 1,000 Exit Load 0-1 Months (0.25%),1 Months and above(NIL) Growth of 10,000 investment over the years.
Date Value 30 Jun 21 ₹10,000 30 Jun 22 ₹10,357 30 Jun 23 ₹10,964 30 Jun 24 ₹11,801 30 Jun 25 ₹12,641 30 Jun 26 ₹13,380 Returns for ICICI Prudential Equity Arbitrage Fund
absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 8 Jul 26 Duration Returns 1 Month 0.6% 3 Month 1.6% 6 Month 3% 1 Year 6% 3 Year 6.9% 5 Year 6% 10 Year 15 Year Since launch 6.8% Historical performance (Yearly) on absolute basis
Year Returns 2025 6.5% 2024 7.6% 2023 7.1% 2022 4.2% 2021 3.9% 2020 4.3% 2019 5.9% 2018 6.2% 2017 5.5% 2016 6.8% Fund Manager information for ICICI Prudential Equity Arbitrage Fund
Name Since Tenure Nikhil Kabra 29 Dec 20 5.51 Yr. Sharmila D'Silva 31 Jul 22 3.92 Yr. Darshil Dedhia 13 Sep 24 1.8 Yr. Ajaykumar Solanki 23 Aug 24 1.85 Yr. Archana Nair 1 Feb 24 2.41 Yr. Data below for ICICI Prudential Equity Arbitrage Fund as on 31 May 26
Asset Allocation
Asset Class Value Cash 94.91% Debt 5.69% Other 0.05% Equity Sector Allocation
Sector Value Financial Services 22.67% Communication Services 9.35% Basic Materials 7.56% Consumer Cyclical 6.61% Industrials 6.02% Health Care 5.39% Energy 5.07% Utility 3.51% Consumer Defensive 2.98% Real Estate 1.44% Technology 0.45% Debt Sector Allocation
Sector Value Cash Equivalent 77.8% Corporate 17.69% Government 5.12% Credit Quality
Rating Value AAA 100% Top Securities Holdings / Portfolio
Name Holding Value Quantity ICICI Pru Money Market Dir Gr
Investment Fund | -16% ₹5,182 Cr 127,933,512 Future on Bharti Airtel Ltd
Derivatives | -5% -₹1,675 Cr 9,081,050
↑ 9,081,050 Bharti Airtel Ltd (Communication Services)
Equity, Since 31 Dec 23 | BHARTIARTL5% ₹1,661 Cr 9,081,050
↓ -931,950 HDFC Bank Ltd (Financial Services)
Equity, Since 30 Nov 21 | HDFCBANK4% ₹1,259 Cr 16,903,300
↑ 2,274,400 Future on HDFC Bank Ltd
Derivatives | -4% -₹1,254 Cr 16,903,300
↑ 16,903,300 Future on Vodafone Idea Ltd
Derivatives | -4% -₹1,206 Cr 853,197,075
↑ 853,197,075 Vodafone Idea Ltd (Communication Services)
Equity, Since 30 Sep 23 | 5328224% ₹1,194 Cr 853,197,075
↓ -1,929,825 Future on Reliance Industries Ltd
Derivatives | -4% -₹1,137 Cr 8,541,500
↑ 8,541,500 Reliance Industries Ltd (Energy)
Equity, Since 31 Aug 18 | RELIANCE3% ₹1,129 Cr 8,541,500
↑ 2,788,000 Future on State Bank of India
Derivatives | -3% -₹961 Cr 9,864,000
↑ 9,864,000 5. Aditya Birla Sun Life Arbitrage Fund
Aditya Birla Sun Life Arbitrage Fund
Growth Launch Date 24 Jul 09 NAV (08 Jul 26) ₹28.1811 ↓ 0.00 (0.00 %) Net Assets (Cr) ₹26,280 on 31 May 26 Category Hybrid - Arbitrage AMC Birla Sun Life Asset Management Co Ltd Rating ☆☆☆ Risk Moderate Expense Ratio 1.01 Sharpe Ratio -0.4 Information Ratio 0 Alpha Ratio 0 Min Investment 1,000 Min SIP Investment 1,000 Exit Load 0-30 Days (0.5%),30 Days and above(NIL) Growth of 10,000 investment over the years.
Date Value 30 Jun 21 ₹10,000 30 Jun 22 ₹10,349 30 Jun 23 ₹10,940 30 Jun 24 ₹11,777 30 Jun 25 ₹12,604 30 Jun 26 ₹13,332 Returns for Aditya Birla Sun Life Arbitrage Fund
absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 8 Jul 26 Duration Returns 1 Month 0.6% 3 Month 1.5% 6 Month 3% 1 Year 6% 3 Year 6.9% 5 Year 6% 10 Year 15 Year Since launch 6.3% Historical performance (Yearly) on absolute basis
Year Returns 2025 6.4% 2024 7.5% 2023 7.1% 2022 4.1% 2021 3.8% 2020 4.1% 2019 6.2% 2018 6% 2017 5.6% 2016 6.5% Fund Manager information for Aditya Birla Sun Life Arbitrage Fund
Name Since Tenure Lovelish Solanki 15 Dec 14 11.55 Yr. Mohit Sharma 3 Mar 25 1.33 Yr. Krina Mehta 2 Oct 25 0.74 Yr. Data below for Aditya Birla Sun Life Arbitrage Fund as on 31 May 26
Asset Allocation
Asset Class Value Cash 91.06% Debt 9.53% Other 0.04% Equity Sector Allocation
Sector Value Financial Services 25.1% Basic Materials 8.94% Consumer Cyclical 7.2% Communication Services 5.85% Energy 5.79% Industrials 5.63% Health Care 3.55% Consumer Defensive 2.98% Utility 2.83% Real Estate 1.14% Technology 0.76% Debt Sector Allocation
Sector Value Cash Equivalent 78.12% Corporate 15.68% Government 6.8% Credit Quality
Rating Value AA 4.49% AAA 95.51% Top Securities Holdings / Portfolio
Name Holding Value Quantity Aditya BSL Money Mgr Dir Gr
Investment Fund | -10% ₹2,667 Cr 67,468,928 HDFC Bank Ltd (Financial Services)
Equity, Since 31 Dec 21 | HDFCBANK5% ₹1,358 Cr 18,243,250
↓ -667,950 Hdfc Bank Limited
Derivatives | -5% -₹1,354 Cr Reliance Industries Limited
Derivatives | -4% -₹1,003 Cr Reliance Industries Ltd (Energy)
Equity, Since 30 Jun 18 | RELIANCE4% ₹993 Cr 7,517,500
↑ 190,000 Aditya BSL FRF Dir Gr
Investment Fund | -4% ₹936 Cr 24,863,082 Icici Bank Limited
Derivatives | -3% -₹836 Cr ICICI Bank Ltd (Financial Services)
Equity, Since 31 May 24 | ICICIBANK3% ₹826 Cr 6,574,400
↑ 917,000 Vodafone Idea Limited
Derivatives | -2% -₹624 Cr Vodafone Idea Ltd (Communication Services)
Equity, Since 30 Nov 20 | 5328222% ₹617 Cr 441,286,650
↓ -8,862,900 6. Kotak Equity Arbitrage Fund
Kotak Equity Arbitrage Fund
Growth Launch Date 29 Sep 05 NAV (08 Jul 26) ₹39.789 ↓ 0.00 (0.00 %) Net Assets (Cr) ₹72,079 on 31 May 26 Category Hybrid - Arbitrage AMC Kotak Mahindra Asset Management Co Ltd Rating ☆☆☆☆ Risk Moderately Low Expense Ratio 0.97 Sharpe Ratio -0.28 Information Ratio 0 Alpha Ratio 0 Min Investment 5,000 Min SIP Investment 500 Exit Load 0-30 Days (0.25%),30 Days and above(NIL) Growth of 10,000 investment over the years.
Date Value 30 Jun 21 ₹10,000 30 Jun 22 ₹10,389 30 Jun 23 ₹11,016 30 Jun 24 ₹11,896 30 Jun 25 ₹12,743 30 Jun 26 ₹13,489 Returns for Kotak Equity Arbitrage Fund
absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 8 Jul 26 Duration Returns 1 Month 0.6% 3 Month 1.6% 6 Month 3% 1 Year 6% 3 Year 7% 5 Year 6.2% 10 Year 15 Year Since launch 6.9% Historical performance (Yearly) on absolute basis
Year Returns 2025 6.4% 2024 7.8% 2023 7.4% 2022 4.5% 2021 4% 2020 4.3% 2019 6.1% 2018 6.3% 2017 5.8% 2016 6.7% Fund Manager information for Kotak Equity Arbitrage Fund
Name Since Tenure Hiten Shah 3 Oct 19 6.75 Yr. Data below for Kotak Equity Arbitrage Fund as on 31 May 26
Asset Allocation
Asset Class Value Cash 92.61% Debt 8% Other 0.06% Equity Sector Allocation
Sector Value Financial Services 26.85% Consumer Cyclical 7.94% Basic Materials 7.71% Energy 6.55% Industrials 6.48% Utility 4.97% Health Care 4.21% Communication Services 3.84% Consumer Defensive 3.45% Technology 0.96% Debt Sector Allocation
Sector Value Cash Equivalent 79.27% Corporate 16.25% Government 5.08% Credit Quality
Rating Value AAA 100% Top Securities Holdings / Portfolio
Name Holding Value Quantity Kotak Money Market Dir Gr
Investment Fund | -11% ₹8,159 Cr 17,061,028 Kotak Savings Fund Dir Gr
Investment Fund | -5% ₹3,915 Cr 826,303,438
↓ -31,700,680 ICICI Bank Ltd (Financial Services)
Equity, Since 31 Dec 19 | ICICIBANK5% ₹3,562 Cr 28,349,300
↑ 12,098,800 ICICI Bank Ltd.-JUN2026
Derivatives | -5% -₹3,407 Cr 26,824,000
↑ 23,160,900 HDFC Bank Ltd (Financial Services)
Equity, Since 30 Apr 22 | HDFCBANK4% ₹3,219 Cr 43,231,450
↑ 7,065,700 HDFC Bank Ltd.-JUN2026
Derivatives | -4% -₹2,898 Cr 39,114,350
↑ 25,024,450 Reliance Industries Ltd (Energy)
Equity, Since 31 May 18 | RELIANCE3% ₹2,405 Cr 18,201,500
↑ 11,245,500 RELIANCE INDUSTRIES LTD.-JUN2026
Derivatives | -3% -₹2,319 Cr 17,438,500
↑ 13,632,000 Kotak Low Duration Dir Gr
Investment Fund | -3% ₹2,050 Cr 5,338,100
↑ 377,270 Axis Bank Ltd (Financial Services)
Equity, Since 30 Jun 18 | AXISBANK2% ₹1,474 Cr 11,455,000
↓ -410,625 7. Edelweiss Arbitrage Fund
Edelweiss Arbitrage Fund
Growth Launch Date 27 Jun 14 NAV (08 Jul 26) ₹20.5609 ↓ 0.00 (-0.01 %) Net Assets (Cr) ₹14,862 on 31 May 26 Category Hybrid - Arbitrage AMC Edelweiss Asset Management Limited Rating ☆☆☆☆☆ Risk Moderately Low Expense Ratio 1.07 Sharpe Ratio -0.4 Information Ratio -1.79 Alpha Ratio -0.82 Min Investment 5,000 Min SIP Investment 500 Exit Load 0-30 Days (0.25%),30 Days and above(NIL) Growth of 10,000 investment over the years.
Date Value 30 Jun 21 ₹10,000 30 Jun 22 ₹10,380 30 Jun 23 ₹10,987 30 Jun 24 ₹11,838 30 Jun 25 ₹12,669 30 Jun 26 ₹13,399 Returns for Edelweiss Arbitrage Fund
absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 8 Jul 26 Duration Returns 1 Month 0.6% 3 Month 1.5% 6 Month 3% 1 Year 6% 3 Year 6.9% 5 Year 6.1% 10 Year 15 Year Since launch 6.2% Historical performance (Yearly) on absolute basis
Year Returns 2025 6.3% 2024 7.7% 2023 7.1% 2022 4.4% 2021 3.8% 2020 4.5% 2019 6.2% 2018 6.1% 2017 5.8% 2016 6.7% Fund Manager information for Edelweiss Arbitrage Fund
Name Since Tenure Bhavesh Jain 27 Jun 14 12.02 Yr. Rahul Dedhia 15 Jan 26 0.46 Yr. Amit Vora 6 Nov 24 1.65 Yr. Hetul Raval 22 Sep 25 0.77 Yr. Data below for Edelweiss Arbitrage Fund as on 31 May 26
Asset Allocation
Asset Class Value Cash 93.93% Debt 6.61% Other 0.03% Equity Sector Allocation
Sector Value Financial Services 25.49% Basic Materials 8.42% Industrials 6.65% Consumer Cyclical 5.56% Energy 5.3% Communication Services 5.05% Utility 4.85% Health Care 4.09% Consumer Defensive 2.95% Real Estate 1.89% Technology 0.48% Debt Sector Allocation
Sector Value Cash Equivalent 79.01% Corporate 15.46% Government 6.05% Credit Quality
Rating Value AAA 100% Top Securities Holdings / Portfolio
Name Holding Value Quantity Edelweiss Liquid Dir Gr
Investment Fund | -7% ₹1,101 Cr 3,055,629
↓ -218,214 HDFC Bank Ltd (Financial Services)
Equity, Since 31 Mar 21 | HDFCBANK5% ₹796 Cr 10,686,900
↑ 1,949,050 Hdfc Bank Ltd.30/06/2026
Derivatives | -5% -₹759 Cr 10,248,150
↑ 8,409,500 Edelweiss Money Market Dir Gr
Investment Fund | -4% ₹566 Cr 171,039,989 ICICI Bank Ltd (Financial Services)
Equity, Since 30 Apr 20 | ICICIBANK3% ₹430 Cr 3,420,200
↑ 735,700 Icici Bank Ltd.30/06/2026
Derivatives | -3% -₹414 Cr 3,257,100
↑ 2,751,000 Reliance Industries Ltd (Energy)
Equity, Since 30 Apr 18 | RELIANCE2% ₹357 Cr 2,699,500
↑ 1,114,500 Nmdc Ltd.30/06/2026
Derivatives | -2% -₹343 Cr 38,475,000
↑ 38,475,000 NMDC Ltd (Basic Materials)
Equity, Since 30 Nov 22 | NMDC2% ₹339 Cr 38,583,000
↓ -951,750 Vodafone Idea Ltd.30/06/2026
Derivatives | -2% -₹309 Cr 218,713,500
↑ 218,713,500 8. HDFC Arbitrage Fund
HDFC Arbitrage Fund
Growth Launch Date 23 Oct 07 NAV (08 Jul 26) ₹32.527 ↓ 0.00 (-0.01 %) Net Assets (Cr) ₹25,085 on 31 May 26 Category Hybrid - Arbitrage AMC HDFC Asset Management Company Limited Rating ☆☆☆ Risk Moderately Low Expense Ratio 0.97 Sharpe Ratio -0.24 Information Ratio 0 Alpha Ratio 0 Min Investment 100,000 Min SIP Investment 300 Exit Load 0-1 Months (0.25%),1 Months and above(NIL) Growth of 10,000 investment over the years.
Date Value 30 Jun 21 ₹10,000 30 Jun 22 ₹10,342 30 Jun 23 ₹10,948 30 Jun 24 ₹11,793 30 Jun 25 ₹12,620 30 Jun 26 ₹13,363 Returns for HDFC Arbitrage Fund
absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 8 Jul 26 Duration Returns 1 Month 0.6% 3 Month 1.6% 6 Month 3% 1 Year 6.1% 3 Year 6.9% 5 Year 6% 10 Year 15 Year Since launch 6.5% Historical performance (Yearly) on absolute basis
Year Returns 2025 6.3% 2024 7.7% 2023 7.2% 2022 4.2% 2021 3.6% 2020 3.7% 2019 6% 2018 5.7% 2017 5.3% 2016 6.6% Fund Manager information for HDFC Arbitrage Fund
Name Since Tenure Anil Bamboli 1 Feb 22 4.41 Yr. Arun Agarwal 24 Aug 20 5.85 Yr. Dhruv Muchhal 22 Jun 23 3.02 Yr. Nandita Menezes 29 Mar 25 1.25 Yr. Data below for HDFC Arbitrage Fund as on 31 May 26
Asset Allocation
Asset Class Value Cash 92.8% Debt 7.74% Other 0.05% Equity Sector Allocation
Sector Value Financial Services 23.93% Basic Materials 9.82% Consumer Cyclical 7.47% Energy 6.54% Industrials 6.04% Consumer Defensive 4.02% Communication Services 3.36% Health Care 3.21% Utility 3.01% Real Estate 0.7% Technology 0.68% Debt Sector Allocation
Sector Value Cash Equivalent 78.24% Corporate 18.35% Government 3.94% Credit Quality
Rating Value AAA 100% Top Securities Holdings / Portfolio
Name Holding Value Quantity HDFC Money Market Dir Gr
Investment Fund | -8% ₹2,064 Cr 3,354,179 HDFC Bank Ltd (Financial Services)
Equity, Since 31 Jan 23 | HDFCBANK6% ₹1,553 Cr 20,863,200
↑ 143,600 Hdfc Bank Ltd.
Derivatives | -6% -₹1,547 Cr 20,863,200
↑ 20,863,200 Reliance Industries Ltd.
Derivatives | -4% -₹1,111 Cr 8,355,000
↑ 8,355,000 Reliance Industries Ltd (Energy)
Equity, Since 31 Oct 21 | RELIANCE4% ₹1,104 Cr 8,355,000
↑ 522,000 Icici Bank Ltd.
Derivatives | -4% -₹1,004 Cr 7,896,700
↑ 7,896,700 ICICI Bank Ltd (Financial Services)
Equity, Since 30 Jun 24 | ICICIBANK4% ₹992 Cr 7,896,700
↑ 1,415,400 HDFC Liquid Dir Gr
Investment Fund | -4% ₹933 Cr 1,704,922 Bharti Airtel Ltd.
Derivatives | -2% -₹616 Cr 3,339,250
↑ 3,339,250 Jsw Steel Ltd.
Derivatives | -2% -₹613 Cr 4,739,175
↑ 4,739,175 9. Axis Arbitrage Fund
Axis Arbitrage Fund
Growth Launch Date 14 Aug 14 NAV (08 Jul 26) ₹19.8255 ↓ 0.00 (-0.01 %) Net Assets (Cr) ₹9,781 on 31 May 26 Category Hybrid - Arbitrage AMC Axis Asset Management Company Limited Rating ☆☆ Risk Moderate Expense Ratio 1 Sharpe Ratio -0.44 Information Ratio 0 Alpha Ratio 0 Min Investment 5,000 Min SIP Investment 1,000 Exit Load 0-7 Days (0.25%),7 Days and above(NIL) Growth of 10,000 investment over the years.
Date Value 30 Jun 21 ₹10,000 30 Jun 22 ₹10,402 30 Jun 23 ₹10,971 30 Jun 24 ₹11,805 30 Jun 25 ₹12,622 30 Jun 26 ₹13,351 Returns for Axis Arbitrage Fund
absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 8 Jul 26 Duration Returns 1 Month 0.6% 3 Month 1.5% 6 Month 3% 1 Year 5.9% 3 Year 6.8% 5 Year 6% 10 Year 15 Year Since launch 5.9% Historical performance (Yearly) on absolute basis
Year Returns 2025 6.3% 2024 7.6% 2023 6.9% 2022 4.2% 2021 3.8% 2020 4.1% 2019 5.8% 2018 6.1% 2017 5.2% 2016 6.9% Fund Manager information for Axis Arbitrage Fund
Name Since Tenure Devang Shah 14 Aug 14 11.89 Yr. Sachin Jain 9 Nov 21 4.64 Yr. Data below for Axis Arbitrage Fund as on 31 May 26
Asset Allocation
Asset Class Value Cash 98.24% Debt 2.34% Equity Sector Allocation
Sector Value Financial Services 24.86% Basic Materials 8.22% Industrials 7.61% Consumer Cyclical 6.73% Energy 5.08% Health Care 4.08% Communication Services 4.08% Consumer Defensive 2.99% Utility 2.78% Real Estate 1.32% Technology 0.29% Debt Sector Allocation
Sector Value Cash Equivalent 79.81% Corporate 17.88% Government 2.9% Credit Quality
Rating Value AAA 100% Top Securities Holdings / Portfolio
Name Holding Value Quantity Axis Money Market Dir Gr
Investment Fund | -16% ₹1,549 Cr 10,155,490
↑ 820,489 Future on BANK Index
- | -14% -₹1,412 Cr 44,804,050
↑ 8,677,100 HDFC Bank Ltd (Financial Services)
Equity, Since 28 Feb 23 | HDFCBANK5% ₹453 Cr 6,077,600
↑ 525,900 ICICI Bank Ltd (Financial Services)
Equity, Since 30 Nov 24 | ICICIBANK4% ₹401 Cr 3,191,300
↑ 739,900 Reliance Industries Limited June 2026 Future
Derivatives | -3% -₹282 Cr 2,124,000
↑ 1,616,500 Reliance Industries Ltd (Energy)
Equity, Since 31 Mar 20 | RELIANCE3% ₹281 Cr 2,124,000
↑ 145,000 Bharat Heavy Electricals Limited June 2026 Future
Derivatives | -2% -₹242 Cr 5,754,000
↑ 5,712,000 Bharat Heavy Electricals Ltd (Industrials)
Equity, Since 31 Mar 25 | BHEL2% ₹240 Cr 5,754,000
↑ 307,125 Cenergy Holdings SA Future June 26
Derivatives | -2% -₹191 Cr 3,952,650
↑ 3,951,975 State Bank of India (Financial Services)
Equity, Since 31 May 24 | SBIN2% ₹175 Cr 1,818,750
↑ 409,500 10. Bandhan Arbitrage Fund
Bandhan Arbitrage Fund
Growth Launch Date 21 Dec 06 NAV (08 Jul 26) ₹34.3336 ↓ 0.00 (-0.01 %) Net Assets (Cr) ₹8,189 on 31 May 26 Category Hybrid - Arbitrage AMC IDFC Asset Management Company Limited Rating ☆ Risk Moderately Low Expense Ratio 1.1 Sharpe Ratio -0.91 Information Ratio 0 Alpha Ratio 0 Min Investment 100 Min SIP Investment 1,000 Exit Load 0-1 Months (0.25%),1 Months and above(NIL) Growth of 10,000 investment over the years.
Date Value 30 Jun 21 ₹10,000 30 Jun 22 ₹10,338 30 Jun 23 ₹10,945 30 Jun 24 ₹11,776 30 Jun 25 ₹12,593 30 Jun 26 ₹13,291 Returns for Bandhan Arbitrage Fund
absolute basis & more than 1 year are on CAGR (Compound Annual Growth Rate) basis. as on 8 Jul 26 Duration Returns 1 Month 0.6% 3 Month 1.5% 6 Month 2.8% 1 Year 5.7% 3 Year 6.7% 5 Year 5.9% 10 Year 15 Year Since launch 6.5% Historical performance (Yearly) on absolute basis
Year Returns 2025 6.2% 2024 7.5% 2023 7.1% 2022 4.1% 2021 3.5% 2020 3.8% 2019 6.2% 2018 6.3% 2017 5.5% 2016 6.3% Fund Manager information for Bandhan Arbitrage Fund
Name Since Tenure Harshal Joshi 20 Oct 16 9.7 Yr. Brijesh Shah 10 Jun 24 2.05 Yr. Ritika Behera 7 Oct 23 2.73 Yr. Gaurav Satra 7 Jun 24 2.06 Yr. Kapil Kankonkar 16 Jun 25 1.04 Yr. Data below for Bandhan Arbitrage Fund as on 31 May 26
Asset Allocation
Asset Class Value Cash 93.19% Debt 7.41% Equity Sector Allocation
Sector Value Financial Services 31.92% Basic Materials 7.11% Industrials 6.9% Communication Services 5.2% Energy 4.31% Consumer Cyclical 4.05% Health Care 4.04% Consumer Defensive 2.96% Utility 2.59% Real Estate 1.01% Technology 0.55% Debt Sector Allocation
Sector Value Cash Equivalent 78.95% Corporate 18.17% Government 3.48% Credit Quality
Rating Value AAA 100% Top Securities Holdings / Portfolio
Name Holding Value Quantity Future on BANK Index
- | -15% -₹1,268 Cr 61,043,125
↑ 10,006,650 Bandhan Money Market Dir Gr
Investment Fund | -12% ₹1,019 Cr 221,060,752
↓ -5,426,513 Bandhan Ultra Short Dur Dir Gr
Investment Fund | -7% ₹548 Cr 337,170,685
↓ -15,413,070 Bandhan Low Duration Dir Gr
Investment Fund | -6% ₹501 Cr 120,501,238
↓ -12,043,898 HDFC Bank Ltd (Financial Services)
Equity, Since 31 Mar 22 | HDFCBANK5% ₹384 Cr 5,156,250
↑ 486,750 Future on Vodafone Idea Ltd
Derivatives | -4% -₹333 Cr 235,009,800
↑ 235,009,800 Vodafone Idea Ltd (Communication Services)
Equity, Since 31 Jul 23 | 5328224% ₹329 Cr 235,009,800
↓ -25,945,425 ICICI Bank Ltd (Financial Services)
Equity, Since 31 Oct 24 | ICICIBANK4% ₹317 Cr 2,524,200
↑ 840,000 Future on Reliance Industries Ltd
Derivatives | -2% -₹157 Cr 1,180,500
↑ 1,180,500 Reliance Industries Ltd (Energy)
Equity, Since 31 Mar 18 | RELIANCE2% ₹156 Cr 1,180,500
↑ 135,500
Research Highlights for UTI Arbitrage Fund