TRUSTMF Arbitrage Fund Direct Growth NAV today
AMFI: 153804ISIN: INF0GCD01859MUTF_IN: TRUS_ARBI_DIRE_2AZJULTrust Mutual FundArbitrage funds
NAV ₹10.7567up ₹0.01 (0.12%)
NAV for 27 Oct 2026, against 26 Oct 2026. Declared once a day.
Other plans: Regular Growth ₹10.6583, 0.11%
- Fund sizeAssets under management. The money the fund manages for all its investors, across every plan, at the end of the month. Assets under management in the glossary
- ₹138 CrSep 2026
- Expense ratioTotal expense ratio. What the fund charges each year as a share of the money invested, taken out of the NAV every day, so the returns shown are already after it. Total expense ratio: how it is worked out
- 1.42%21 Oct 2026
- Exit loadExit load. A charge, as a share of the amount redeemed, on units sold before a set period has passed since they were bought. Exit load in the glossary
- 0.25%if sold within 7 days
- P/EP/E. What the fund pays for each rupee of yearly profit its companies earn: the total value of its shares divided by those companies' last four quarters of profit, each in proportion to what the fund holds. The profit leaves out one-off items (exceptional items and businesses sold or demerged), so one company's one-off gain cannot pull the fund's P/E down. A loss-making company lowers the profit. Shown when at least 80% of the fund's shares are counted. P/E in the glossary
- 18.430 Sep 2026
- Risk levelRiskometer. The fund's own risk label on SEBI's six-step scale, from Low to Very High, set from what the fund holds and reviewed every month. Riskometer in the glossary
- LowAug 2026
- HoldingsHoldings. The number of different securities in the fund's latest monthly portfolio: shares, bonds, money market paper and units of other funds, not cash, overnight lending or futures. Holdings in the glossary
- 5730 Sep 2026
- LaunchedLaunch date. The day the fund first allotted units to investors, at the close of its new fund offer. Launch date in the glossary
- 28 Aug 2025
TRUSTMF Arbitrage Fund returns
Direct Growth plan
Over each window to 27 Oct 2026
| Over | Direct GrowthTrailing return. The change in NAV from the start date to the latest NAV; over a year and longer, the yearly rate that would compound to the same change (CAGR). Trailing return: how it is worked out | Regular Growth | BenchmarkBenchmark. The index the fund house chose to measure the fund against, in its total return form, with dividends added back. Benchmark in the glossary | Rank in categoryRank in category. The fund's place among the funds of its category with a return over the same window, highest return first. Rank in category in the glossary | Category medianCategory median. The middle return of the funds in the category over the same window: half returned more, half less. Category median in the glossary | Middle halfMiddle half of the category. The returns of the fund a quarter of the way down the category and the fund a quarter of the way up, over the same window: half the category's funds returned between the two. Middle half of the category in the glossary |
|---|---|---|---|---|---|---|
| 1 week | +0.22% | +0.20% | – | – | – | – |
| 1 month | +0.64% | +0.57% | – | 7 of 40 | +0.52% | +0.5% to +0.6% |
| 3 months | +1.71% | +1.51% | – | 7 of 39 | +1.62% | +1.6% to +1.7% |
| 6 months | +3.22% | +2.82% | – | 18 of 38 | +3.21% | +3.1% to +3.3% |
| 1 year | +6.61% | +5.78% | +7.33%to 30 Sep 2026 | 16 of 34 | +6.60% | +6.5% to +6.7% |
| 3 years | Needs 3 years | – | – | – | +7.24% | +7.1% to +7.3% |
| 5 years | Needs 5 years | – | – | – | +6.73% | +6.6% to +6.8% |
| 10 years | Needs 10 years | – | – | – | +6.34% | +6.2% to +6.5% |
₹10,000 put in on 1 Sep 2025 is ₹10,757 at the NAV of 27 Oct 2026Growth of ₹10,000. What ₹10,000 put in at the NAV of the first day would be worth at the latest NAV, after the fund's expenses and before tax and any exit load. Growth of ₹10,000 in the glossaryOver a year and longer, a return is the yearly rate. Benchmark: Nifty 50 Arbitrage Index, over the same days as the fund, or to the month end its cell names. Rank, median and middle half among the Direct plans of Arbitrage funds, each fund's return to its latest NAV on or before 27 Oct 2026.
At the month end, 30 Sep 2026
| Over | Fund | BenchmarkBenchmark return. The change in the benchmark index's total return level over the same dates as the fund's return, as a yearly rate over a year and longer. Benchmark return in the glossary |
|---|---|---|
| 1 year | +6.47% | +7.33% |
| Since launch | +6.36% | +7.27% |
Benchmark: Nifty 50 Arbitrage Index. Both as the fund house states them for the month.
TRUSTMF Arbitrage Fund SIP returns
₹10,000 on the 1st of every month, valued at the NAV of 27 Oct 2026SIP calculator
| Period | InvestedAmount invested. ₹10,000 on the 1st of every month, or the next day the fund priced, added up over the period. Amount invested in the glossary | Value todayValue today. What the units bought by every instalment are worth at the latest NAV. Value today in the glossary | Invested against value today | SIP returnSIP return (XIRR). The yearly rate that, applied to each monthly instalment from the day it was invested, gives the value of all the units today. SIP return (XIRR) in the glossary | After stamp dutySIP return after stamp duty. The same SIP return with stamp duty of 0.005% taken from every instalment since 1 Jul 2020, so ₹10,000 buys ₹9,999.50 of units. SIP return after stamp duty in the glossary | Stamp dutyStamp duty paid. The stamp duty on all the instalments, in rupees: 0.005% of each purchase made since 1 Jul 2020. Stamp duty paid in the glossary |
|---|---|---|---|---|---|---|
| 1 year12 instalments | ₹1,20,000 | ₹1,24,047₹1,24,041 after stamp duty | +6.46% | +6.45% | ₹6 | |
| Since Sep 202514 instalments | ₹1,40,000 | ₹1,45,509₹1,45,501 after stamp duty | +6.48% | +6.47% | ₹7 |
3 years: Launched 28 Aug 2025, needs 3 years of history.
A SIP that rises every year: Step-up SIP calculator
TRUSTMF Arbitrage Fund expense ratio and exit load
Per cent of the money invested, a year. Each month shows its last day filed; the parts were redefined from Apr 2026.
- Regular over directDirect and regular plan cost gap. The regular plan's expense ratio less the direct plan's: what buying through a distributor costs each year, since both plans own the same portfolio. Direct and regular plan cost gap in the glossary
- 0.77 ptsA year, on 21 Oct 2026
- Direct, 30-day averageExpense ratio, 30-day average. The total expense ratio averaged over the last 30 days the fund filed it, which evens out the day-to-day moves in brokerage and levies. Expense ratio, 30-day average in the glossary
- 1.43%Over the last 30 days filed
- Regular, 30-day average
- 2.20%Over the last 30 days filed
Total expense ratio, month by month
- Regular plan
- Direct plan
Direct plan highest 1.68%, Jul 2026.Direct plan lowest 0.20%, May 2026.
What the expense ratio is made of
| Part | Direct | Regular |
|---|---|---|
| Base expense ratioBase expense ratio. The part of the expense ratio that pays the fund house and the distributor, before brokerage, transaction costs, levies and GST. Base expense ratio in the glossary | 0.17% | 0.85% |
| Brokerage | 0.21% | 0.21% |
| Transaction costs | None | None |
| Statutory levies | 1.04% | 1.13% |
Per cent of assets a year, filed for 21 Oct 2026. The parts add up to that day's total.
Exit load, in the fund house's words
0.25% If redeemed / switched out within 7 days from the date of allotment. Nil - if redeemed/switched out after 7 days from the date of allotment.
Buying and selling
- Lump-sum purchases
- Accepted
- Minimum investmentMinimum investment. The smallest amount the plan accepts for a first purchase. Minimum investment in the glossary
- ₹1,000
- Minimum top-up
- ₹1,000
- Minimum redemption
- ₹1
- SIP
- Accepted
- SIP minimum
- ₹1,000
- STP, transfers to another fund
- Not accepted
- SWP, regular withdrawals
- Accepted
- Switches
- Accepted
- Lock-inLock-in. The time after each purchase during which those units cannot be sold. Lock-in in the glossary
- None
- SIP instalments, at least
- Monthly - 6 instalments ; Quarterly - 4 instalments ; Fortnightly - 12 ; Weekly - 24
- SIP dates
- Weekly - 1st, 8th, 15th & 22nd of every month , Fortnightly - 1st and 16th of every month, Monthly and Quarterly - Any date (from 1st to 28th)
As listed for this plan on 28 Oct 2026.
How TRUSTMF Arbitrage Fund is taxed
Gains on units held over 12 months are taxed at 12.5% above ₹1.25 lakh a year; gains on units held 12 months or less at 20%.
Rules in force from 23 Jul 2024, checked 27 Oct 2026. Surcharge and cess are not included.
TRUSTMF Arbitrage Fund AUM
₹ crore, every plan of the fund together.
- Average assetsAverage assets under management. The money the fund managed, averaged over every day of the quarter, added up across its plans.
- ₹142 CrQuarter to Sep 2026
- In the direct plansShare of assets in the direct plans. The direct plans' average assets for the quarter as a percentage of the fund's total; the rest is in the regular plans, bought through distributors. Share of assets in the direct plans in the glossary
- 29.2%Of the quarter's average
Average assets by quarter, by plan
- Regular plans
- Direct plans
The latest quarter is the largest since the quarter to Sep 2025.
Assets at each month end
Highest ₹152 Cr, Jul 2026.Lowest ₹54 Cr, Sep 2025.
TRUSTMF Arbitrage Fund portfolio
Portfolio disclosed for 30 Sep 2026.
Holdings on 30 Sep 2026
| Large, mid and small cap. Companies ranked by average market value over six months: the first 100 are large cap, the next 150 mid cap, the rest small cap, by the list in force for the portfolio's month. Large, mid and small cap in the glossary | Weight in the fund. The holding's market value on the portfolio date as a share of the fund's net assets. Weight in the fund in the glossary | Held since. The first month end of the fund's current run of holding this position; marked "or earlier" where that month is the fund's first portfolio on record or the first after a gap in its portfolios. Held since in the glossary | ||||
|---|---|---|---|---|---|---|
| TRUSTMF Liquid Fund | Fund units | 18.59% | 25.62 | 1,85,806 | Mar 2026 | |
| Canara BankBanks | Shares | Large cap80th | 6.38% | 8.79 | 7,35,750 | Jul 2026 |
| Axis BankBanks | Shares | Large cap15th | 5.61% | 7.74 | 63,125 | May 2026 |
| ICICI BankBanks | Shares | Large cap5th | 4.09% | 5.64 | 42,700 | Sep 2025 |
| HDFC BankBanks | Shares | Large cap2nd | 4.08% | 5.62 | 79,300 | Sep 2025 |
| Maruti Suzuki IndiaAutomobiles | Shares | Large cap12th | 3.95% | 5.45 | 4,550 | Jun 2026 |
| Reliance IndustriesPetroleum Products | Shares | Large cap1st | 3.83% | 5.28 | 44,500 | Sep 2025 |
| Bharti AirtelTelecom - Services | Shares | Large cap3rd | 3.15% | 4.34 | 24,700 | Aug 2026 |
| Kalyan Jewellers IndiaConsumer Durables | Shares | Mid cap219th | 2.93% | 4.03 | 72,900 | Jun 2026 |
| Bajaj FinanceFinance | Shares | Large cap7th | 2.61% | 3.60 | 37,500 | Jun 2026 |
| Vodafone IdeaTelecom - Services | Shares | Large cap83rd | 2.55% | 3.52 | 27,16,050 | Oct 2025 |
| Indus TowersTelecom - Services | Shares | Large cap92nd | 2.53% | 3.49 | 93,500 | Jun 2026 |
| Tata SteelFerrous Metals | Shares | Large cap36th | 2.28% | 3.14 | 1,70,500 | Jun 2026 |
| Larsen & ToubroConstruction | Shares | Large cap8th | 2.20% | 3.03 | 8,050 | Jul 2026 |
| Bandhan BankBanks | Shares | Small cap277th | 1.91% | 2.63 | 1,47,600 | Jan 2026 |
Weight is per cent of the fund's net assets; value in ₹ crore.
Futures and options on 30 Sep 2026
| Canara Bank_27/10/2026 | −6.43% | −8.87 | −7,35,750 |
| HDFC Bank Limited_27/10/2026 | −4.12% | −5.67 | −79,300 |
| Reliance Industries Limited_27/10/2026 | −3.85% | −5.30 | −44,500 |
| Axis Bank Limited_27/10/2026 | −3.62% | −4.99 | −40,625 |
| Kalyan Jewellers India Limited_27/10/2026 | −2.94% | −4.06 | −72,900 |
| Bajaj Finance Limited_27/10/2026 | −2.63% | −3.62 | −37,500 |
| Maruti Suzuki India Limited_27/10/2026 | −2.61% | −3.59 | −3,000 |
| Vodafone Idea Limited_27/10/2026 | −2.56% | −3.53 | −27,16,050 |
| Indus Towers Limited_27/10/2026 | −2.54% | −3.50 | −93,500 |
| Larsen & Toubro Limited_27/10/2026 | −2.20% | −3.03 | −8,050 |
| ICICI Bank Limited_23/11/2026 | −2.10% | −2.90 | −21,700 |
| ICICI Bank Limited_27/10/2026 | −2.02% | −2.79 | −21,000 |
| Axis Bank Limited_23/11/2026 | −2.01% | −2.78 | −22,500 |
| Tata Steel Limited_27/10/2026 | −2.00% | −2.76 | −1,48,500 |
| Bandhan Bank Limited_27/10/2026 | −1.92% | −2.64 | −1,47,600 |
Weight is per cent of the fund's net assets; value in ₹ crore.
Cash and receivables on 30 Sep 2026
| TREPS 01-Oct-2026 | 3.60% | 4.97 |
| Net Receivables / (Payables) | 0.79% | 1.09 |
Weight is per cent of the fund's net assets; value in ₹ crore.
- Largest holdingLargest holding. The share of the fund in its single largest position, cash and futures not counted as positions. Largest holding in the glossary
- 18.59%TRUSTMF Liquid Fund
- Top 5 holdingsTop 5 holdings. The share of the fund held in its five largest positions. Top 5 holdings in the glossary
- 38.75%
- Top 10 holdingsTop 10 holdings. The share of the fund held in its ten largest positions. Top 10 holdings in the glossary
- 55.22%
- Top 10 sharesTop 10 shares. The share of the fund held in its ten largest shareholdings, bonds and fund units left out. Top 10 shares in the glossary
- 39.18%
- Effective holdingsEffective number of holdings. The number of equal-sized positions that would be as concentrated as the fund's actual weights. Effective number of holdings in the glossary
- 16.2Taken over 95.61% of the fund
Asset allocation
Asset allocation. What the fund owns, by kind of asset, each as a share of its net assets; futures and options are shown beside it, not in it, since they are contracts rather than assets bought. Asset allocation in the glossary- Indian shares77.02%
- Units of other funds18.59%
- Cash and receivables4.39%
- Futures and options, netFutures and options, net. The value of the shares or bonds the fund's contracts are written on, as a share of its net assets, a sold contract counted as a minus: a hedged fund's sold futures offset the shares it holds. Futures and options, net in the glossary−77.44%
- Futures and options, grossFutures and options, gross. The value the fund's contracts are written on, as a share of its net assets, counting each contract as a plus whichever way it faces. Futures and options, gross in the glossary77.44%
Per cent of the fund's net assets.
Large, mid and small cap
- Large cap79.60%Category 75.59%
- Mid cap13.92%Category 19.51%
- Small cap6.48%Category 4.90%
Per cent of the fund's Indian shares. By the list for the six months to Jun 2026. Category is the average of 40 Arbitrage funds.
Sector allocation
Sector weight. The fund's shares grouped by the business each company is in, less the futures sold on them, each group as a share of the fund's net assets. Sector weight in the glossary3sectors
- Construction0.00%Category 0.05%
- Power0.00%Category 0.12%
- Realty0.00%Category 0.02%
Per cent of the fund's net assets, less the futures sold on its shares, Sep 2026. Category is the average of 40 Arbitrage funds. Category average. The sector's weight, less the futures sold on it, averaged over the 40 Arbitrage funds that disclosed a portfolio for Sep 2026. A fund holding none of the sector counts as 0.
Sector allocation month by month
| 13 months | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Construction1 company | 0.00% | 0.00% | 2.09% | −0.04% | −0.04% | −0.01% | −0.01% | 3.20% | 3.05% | 2.95% | 3.36% | 0.69% | |
| Power2 companies | 0.00% | −0.03% | 2.42% | −0.04% | −0.03% | −0.01% | 0.00% | 0.23% | 0.00% | 0.00% | 0.00% | 0.64% | |
| Realty1 company | 0.00% | 0.01% | 0.04% | 0.00% | −0.03% | −0.02% | −0.01% | −0.01% | 0.00% | −0.03% | −0.03% | −0.01% | |
| Information Technology | 0.00% | 0.00% | 0.08% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | −0.02% | −0.03% | −0.01% | −0.03% | |
| Chemicals | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | |
| Textiles | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | |
| Healthcare3 companies | 0.00% | −0.01% | 0.70% | −0.01% | 0.00% | −0.01% | 0.00% | 0.63% | 0.48% | 0.68% | 2.23% | 0.52% | |
| Services2 companies | 0.00% | −0.01% | 0.11% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | −0.01% | −0.01% | 0.00% | 0.00% | |
| Construction Materials2 companies | −0.01% | −0.02% | 1.78% | −0.02% | −0.01% | 0.00% | 0.00% | 0.57% | 1.74% | 0.98% | 0.39% | 0.32% | |
| Consumer Services3 companies | −0.01% | 0.00% | 2.28% | −0.02% | −0.04% | −0.04% | −0.02% | 1.13% | 0.91% | 1.43% | 1.51% | 1.36% | |
| Capital Goods3 companies | −0.01% | −0.01% | 0.20% | −0.02% | −0.04% | −0.02% | −0.01% | 1.07% | 0.87% | 1.31% | 1.72% | 1.99% | |
| Oil Gas & Consumable Fuels2 companies | −0.02% | −0.04% | 4.06% | −0.03% | −0.02% | −0.01% | −0.01% | −0.02% | −0.01% | −0.03% | −0.03% | −0.03% |
Per cent of the fund's net assets, less the futures sold on its shares, at each month end, Oct 2025 to Sep 2026; the line runs from Sep 2025.
Bought and sold
Sep 2026 against Aug 2026, position by position.
Positions changed, month by month
- New
- Added
- Trimmed
- Sold out
- New positionsNew positions. Holdings in this month's portfolio that were not in the month before. New positions in the glossary
- 7381.12% of the fund
- Sold outSold out. Holdings in last month's portfolio that are gone from this one, other than a bond or deposit repaid on its due date. Sold out in the glossary
- 7083.31% of the fund before
- Added toAdded to. Holdings with more units than the month before. Where the fund states no units, a weight that rose by more than a tenth. Added to in the glossary
- 10
- TrimmedTrimmed. Holdings with fewer units than the month before. Where the fund states no units, a weight that fell by more than a tenth. Trimmed in the glossary
- 5
- UnchangedUnchanged. Holdings with the same number of units as the month before. Their weight can still move with the price. Unchanged in the glossary
- 34
- Traded at leastTraded at least. The smaller of the weight bought in new positions and the weight sold out of old ones, cash left out: the least the fund must have bought and sold in the month. Traded at least in the glossary
- 81.12%
- Weight that movedWeight that moved. Half the sum of every position's change in weight between the two month ends, new and sold positions included; price moves alone raise it. Weight that moved in the glossary
- 91.88%
Changes in Sep 2026
| What changed. New: not held the month before. Added or trimmed: more or fewer units than the month before, or, where no units are stated, a weight that moved by more than a tenth. Sold out: held the month before, gone now. Matured: a bond or deposit whose repayment date fell between the two portfolios, so it was repaid rather than sold (one sold in its last days reads the same). What changed in the glossary | Change in weight. The holding's weight this month less its weight the month before, in percentage points; a price move alone changes it. Change in weight in the glossary | ||||
|---|---|---|---|---|---|
| HDFC Bank | Trimmed | 4.08% | 6.77% | −2.69 pts | −48,750 |
| Reliance Industries | Added | 3.83% | 1.95% | +1.88 pts | +24,000 |
| ICICI Bank | Added | 4.09% | 2.28% | +1.81 pts | +21,700 |
| Astral | New | 1.73% | 0.00% | +1.73 pts | +17,425 |
| Nestle India | Added | 1.57% | 0.17% | +1.40 pts | +15,000 |
| Adani Enterprises | Sold out | – | 1.19% | −1.19 pts | −5,562 |
| Multi Commodity Exchange of India | Sold out | – | 1.14% | −1.14 pts | −4,500 |
| TRUSTMF Liquid Fund | Added | 18.59% | 17.51% | +1.08 pts | +14,521 |
| Larsen & Toubro | Added | 2.20% | 1.16% | +1.04 pts | +4,200 |
| Tata Steel | Added | 2.28% | 1.32% | +0.96 pts | +74,250 |
| Hindustan Unilever | Sold out | – | 0.88% | −0.88 pts | −6,000 |
| Maruti Suzuki India | Added | 3.95% | 3.23% | +0.72 pts | +1,350 |
| Mahindra & Mahindra | Added | 1.07% | 0.39% | +0.68 pts | +3,400 |
| Canara Bank | Trimmed | 6.38% | 7.02% | −0.64 pts | −6,750 |
| Steel Authority of India | Sold out | – | 0.55% | −0.55 pts | −37,600 |
Weights are per cent of the fund's net assets; a change in weight is in percentage points. Securities only: 124 futures, options and cash lines that changed are not listed.
Holdings month by month
| Holding | Oct 25 | Nov 25 | Dec 25 | Jan 26 | Feb 26 | Mar 26 | Apr 26 | May 26 | Jun 26 | Jul 26 | Aug 26 | Sep 26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| TRUSTMF Liquid Fund | 15.46%Added | 13.39%Cut | 12.23%Cut | 11.57%Added | Sold out | 18.05%Bought again | 16.66% | 14.14% | 14.01%Added | 15.40%Added | 17.51% | 18.59%Added |
 Canara Bank | – | – | – | – | – | – | – | 0.31%Bought | Sold out | 7.11%Bought again | 7.02%Cut | 6.38%Cut |
 Axis Bank | 0.17%Cut | Sold out | – | – | – | – | – | 2.80%Bought again | 1.09%Cut | 5.11%Added | 6.12% | 5.61% |
 ICICI Bank | 5.98%Added | 4.30%Cut | 5.84%Added | 4.25% | 5.28% | 3.04%Cut | 5.84%Added | 4.19%Cut | 1.87%Cut | 1.85%Added | 2.28%Added | 4.09%Added |
 HDFC Bank | 5.65%Added | 5.64%Cut | 5.81%Cut | 6.68%Added | 7.78% | 5.55%Cut | 4.09%Cut | 6.12%Added | 3.37%Cut | 6.25%Added | 6.77%Added | 4.08%Cut |
 Maruti Suzuki India | – | 0.96%Bought | Sold out | – | – | 1.94%Bought again | Sold out | – | 3.38%Bought again | 2.77% | 3.23%Added | 3.95%Added |
 Reliance Industries | 4.23%Cut | 4.41%Cut | 1.95%Cut | 1.61%Added | 1.96% | 1.81% | 5.12%Added | 3.07%Cut | 2.78%Added | 3.75%Added | 1.95%Cut | 3.83%Added |
 Bharti Airtel | – | – | – | 1.68%Bought | Sold out | 0.89%Bought again | 1.97%Added | Sold out | – | – | 2.63%Bought again | 3.15%Added |
 Kalyan Jewellers India | 3.22%Added | 3.90% | 4.96% | 2.67% | 1.43%Cut | 1.33%Added | 1.33% | Sold out | 2.29%Bought again | 2.94% | 3.27% | 2.93% |
 Bajaj Finance | 0.43%Bought | 0.52% | 1.31%Added | 4.47%Added | 3.62%Cut | 1.44%Cut | 1.55% | Sold out | 3.00%Bought again | 2.76% | 2.95%Added | 2.61% |
 Vodafone Idea | 1.98%Bought | 2.77% | 4.37%Added | 3.27% | 4.49%Added | 3.48% | 3.82% | 4.41% | 3.19% | 2.33% | 2.90% | 2.55% |
 Indus Towers | – | – | – | – | – | – | – | – | 2.59%Bought | 2.41%Added | 2.71% | 2.53% |
 Tata Steel | 0.22%Bought | Sold out | – | 0.14%Bought again | Sold out | – | – | – | 0.88%Bought again | 0.41%Cut | 1.32%Added | 2.28%Added |
 Larsen & Toubro | – | – | – | – | – | 0.09%Bought | 0.10% | Sold out | – | 2.09%Bought again | 1.16%Cut | 2.20%Added |
 Bandhan Bank | Sold out | – | – | 4.28%Bought again | 6.14% | 4.43%Cut | 5.74% | 5.05% | 2.45%Cut | 1.69% | 1.80% | 1.91% |
Per cent of the fund's net assets at each month end, Oct 2025 to Sep 2026. Under it, the change on the fund's previous month. "After a gap" is a holding after a month with no portfolio on record, so when it was bought is not known; "Not filed" is one gone across such a gap.
Risk ratios
NAV to 27 Oct 2026
Each bar runs from the lowest to the highest figure among the Direct plans of Arbitrage funds (33 funds) over the same 1 year; the tick is their average and the dot this fund.
How much the NAV moves
Standard deviationStandard deviation. How far the fund's monthly returns spread around their average, stated as a yearly figure: the wider the spread, the more the NAV moves. Standard deviation in the glossary0.64%
0.55%Lowest0.69%Average1.11%Highest
Downside deviationDownside deviation. Standard deviation counting only the months in which the fund lost money, stated as a yearly figure. Downside deviation in the glossaryNo losing month
0.00%Lowest0.00%Average0.15%Highest
Sharpe ratioSharpe ratio. The monthly return above the 91-day Treasury bill yield, divided by its standard deviation and stated for a year: the extra return for each unit of movement in the NAV. Sharpe ratio in the glossary1.63
−0.25Lowest1.77Average3.41Highest
Sortino ratioSortino ratio. The monthly return above the 91-day Treasury bill yield, divided by how far it fell below that yield and stated for a year: the extra return for each unit of movement on the way down. Sortino ratio in the glossary2.97
−0.31Lowest3.39Average7.85Highest
Against Nifty 50 Arbitrage Index
BetaBeta. How much the fund's monthly return moved for each 1% move in its benchmark: 1 moves with it, below 1 moves less. Beta in the glossary0.68
0.45Lowest0.68Average1.15Highest
AlphaAlpha. The yearly return the fund made beyond what its beta to the benchmark accounts for. Alpha in the glossary−0.24 pts
−1.63 ptsLowest−0.06 ptsAverage+1.07 ptsHighest
R-squaredR-squared. The share of the fund's monthly movement that its benchmark's movement explains, from 0 to 100. R-squared in the glossary80.1
23.5Lowest69.3Average85.3Highest
CorrelationCorrelation. How closely the fund's monthly returns moved in step with its benchmark's, from minus 1 (always opposite) to 1 (always together). Correlation in the glossary0.90
0.49Lowest0.83Average0.92Highest
Upside captureUpside capture. The fund's return in the months its benchmark rose, as a percentage of the benchmark's return in those months. Upside capture in the glossary88.6%
71.2%Lowest90.9%Average105.3%Highest
Downside captureDownside capture. The fund's return in the months its benchmark fell, as a percentage of the benchmark's fall in those months. Downside capture in the glossaryNeeds 6 falling months
Largest falls
| Largest over | FallLargest fall. The biggest drop in NAV from a high to the low that followed, before the NAV went back above that high. Largest fall in the glossary | High on | Low on | Back at the highBack at the high. The first day the NAV closed at or above the high it had fallen from. Back at the high in the glossary |
|---|---|---|---|---|
| 1 year and since Sep 2025 | −0.41% | 3 Aug 2026 | 17 Aug 2026 | 24 Aug 2026 |
Risk level by month
| Months | Fund | BenchmarkBenchmark's risk level. The riskometer level of the fund's benchmark index for the same month, on the same six-step scale as the fund's own. Benchmark's risk level in the glossary |
|---|---|---|
| Aug 20261 month | Low | LowNifty 50 Arbitrage Index |
| Feb 2026 to Jul 20266 months | Low | |
| Sep 2025 to Jan 20265 months | Low to Moderate | |
| Aug 20251 month | Low |
The riskometer at each month end, the fund's and its benchmark's. A month with none on record is left out.
TRUSTMF Arbitrage Fund managers
Managers now
| Manager | Return in the manager's time. The change in the plan's NAV from the day the manager took the fund over to the latest NAV; past a year, the yearly rate that would compound to the same change. Return in the manager's time in the glossary | Benchmark over the same days. The change in the fund's benchmark index over the same days as the manager's return, worked out the same way, with the dividends of the index's companies added back. Benchmark over the same days in the glossary | Difference from the benchmark. The fund's return in the manager's time less its benchmark's over the same days, in percentage points. Difference from the benchmark in the glossary | Portfolio changed after the handover. How much of the portfolio was different three months after the manager took over: half the sum of every holding's change in weight, with each side's holdings scaled to add up to 100 so a move into cash does not count. Portfolio changed after the handover in the glossary | Portfolio changed before the handover. The same measure over the three months before the manager took over, since portfolios change anyway. Portfolio changed before the handover in the glossary | Assets the manager runs. The latest monthly size of every fund the manager runs now, added up; a fund run with others counts in full for each of its managers, and the line under it counts only the funds they run alone. Assets the manager runs in the glossary | ||
|---|---|---|---|---|---|---|---|---|
| Bhavin HemaniCo-manage | Jul 2026 | +1.77%over 105 days | +1.86% | −0.09 pts | 40.2% | 43.0% | 1 | ₹138 Cr |
| Mihir VoraCo-manage | – | – | – | – | – | 6 | ₹7,039 Cr |
Returns are the direct plan's growth NAV, from the day each took over to the latest NAV, beside the benchmark over the same days.
Other funds they run
| Fund | |||||
|---|---|---|---|---|---|
| TRUSTMF Small Cap FundMihir Vora | – | – | – | ₹3,877 Cr | |
| TRUSTMF Flexi Cap FundMihir Vora | – | – | – | ₹1,006 Cr | |
| TRUSTMF Multi Cap FundMihir Vora | – | – | – | ₹914 Cr | |
| TRUSTMF Mid Cap FundMihir Vora | – | – | – | ₹687 Cr | |
| TRUSTMF Large & Midcap FundMihir Vora | Jul 2026 | −5.58%over 88 days | −8.06% | +2.48 pts | ₹418 Cr |
The ten largest by assets, by manager. Returns are the direct plan's.
Portfolio overlap
Funds holding the most of the same securities, by weight.
Closest funds in the category
| Portfolio overlap. The share of the two funds' portfolios that is the same: for every holding they share, the smaller of its two weights, added up. Portfolio overlap in the glossary | Shared holdings. The number of securities both funds hold, cash and futures left out. Shared holdings in the glossary | |
|---|---|---|
| JM Arbitrage FundJM Financial Mutual Fund | 42.04% | 49 |
| HDFC Arbitrage FundHDFC Mutual Fund | 40.03% | 53 |
| DSP Arbitrage FundDSP Mutual Fund | 39.58% | 56 |
| Nippon India Arbitrage FundNippon India Mutual Fund | 39.51% | 53 |
| Parag Parikh Arbitrage FundPPFAS Mutual Fund | 39.37% | 35 |
| Old Bridge Arbitrage FundOld Bridge Mutual Fund | 38.80% | 43 |
| SBI Arbitrage FundSBI Mutual Fund | 38.73% | 55 |
| NJ Arbitrage FundNJ Mutual Fund | 38.63% | 34 |
| Invesco India Arbitrage FundInvesco Mutual Fund | 38.01% | 56 |
| Mahindra Manulife Arbitrage FundMahindra Manulife Mutual Fund | 37.98% | 24 |
Portfolios for Sep 2026. Overlap is per cent of the portfolio the two funds hold in common.
Changes to the fund
Newest first.
2026
- 1 AprExpenseExpense ratio stated under the new rules: a base ratio, with brokerage, levies and GST on top
Fund details
Objective
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 the arbitrage opportunities available within the derivative segment and by investing the balance in debt and money market instruments. There is no assurance that the investment objective of the scheme will be realized.
Asset allocation
- Equity and Equity related instruments including equity derivatives - 65 to 100;
- Debt & Money Market Instruments - 0 to 35 Gold ETFs, Silver ETFs, and ETCDs, and mutual fund scheme - 0 to 35
Type of scheme
An open-ended scheme investing in arbitrage opportunities
- Benchmark
- Nifty 50 Arbitrage Index
- Risk level at launch
- Low
- New fund offer
- 18 Aug 2025 to 22 Aug 2025
- Units first allotted
- 28 Aug 2025
- Open for sale again
- 1 Sep 2025
- Price at the offer
- ₹10 a unit
- Minimum at the offer
- ₹1,000
Plans and codes
| Plan | AMFI code | ISIN | MUTF_IN | First NAV |
|---|---|---|---|---|
| Direct Growth | 153804 | INF0GCD01859 | TRUS_ARBI_DIRE_2AZJUL | 1 Sep 2025 |
| Regular Growth | 153805 | INF0GCD01867 | TRUS_ARBI_REGU_42013G | 1 Sep 2025 |
This fund
- Scheme information documentThe fund's objective, terms, costs and risks in full
Factsheet
- September 2026Trust Mutual Fund, Sep 2026
Statement of additional information
- SAI Trust Mutual FundTrust Mutual Fund, Oct 2026
Annual report
- TRUST Mutual Fund Annual Report F.Y. 2025-26Trust Mutual Fund, Mar 2026
Riskometer disclosure
- Product Label along with Riskometer – September 2026Trust Mutual Fund, Sep 2026
Portfolio overlap disclosure
- Portfolio Overlap - 30 Sep 2026Trust Mutual Fund, Sep 2026