MonitorDirect · GrowthWatch before adding
HDFC Arbitrage Fund
HDFC Mutual FundHybrid Scheme - Arbitrage Fund12.6 years
The scheme seeks to generate income through arbitrage opportunities and debt & money market instruments.
- NAV
- 21.899
- 29 Oct 2026
- 1Y
- +6.5%
- Trailing CAGR
- AUM
- ₹25,407.18 Cr
- 30 Sept 2026
- Volatility
- Low
- 1.0% annualized
Buying brief
Should you add this fund?
Evidence on this desk, framed as a purchase checklist - not SEBI-registered advice.
As of 29 Oct 2026
Stance
Watch before adding
Recent evidence is mixed. Compare peers before increasing exposure.
In three lines
Fits if · Peak-to-trough drawdown has stayed shallower than 15%.
Prefer peers if · Prefer Edelweiss Arbitrage Fund if you want a same-category peer with stronger evidence.
Buy checklist
History depth
Pass
12.6 years of path to read.
Engine status
Watch
Recent evidence is mixed. Compare peers before increasing exposure.
Expense ratio
Pass
1.48% TER (Direct). Lower cost compounds on long SIPs.
Drawdown vs peers
Pass
Peak-to-trough -0.7%. Ask whether you can hold through a similar fall.
Vs category
Fail
4% of rolling 3Y windows beat the category median, same plan and option.
Manager tenure
Watch
Nandita Menezes · 1.6 years on the scheme.
Exit load
n/a
No exit-load summary on file.
Tax / wrapper
Pass
Direct Growth, no ELSS lock flagged. Equity LTCG rules still apply after one year - not tax advice.
Portfolio concentration
Watch
Top 10 holdings ≈ 110.7% of the portfolio.
Browse category
Same-category peers are preloaded into compare when available.
Before you buy or SIP
Behaviour and wrappers - the usual India MF failure modes - not a buy instruction.
Drawdown rehearsal
This scheme’s worst fall on file is about 1%. Before you SIP, ask whether you would keep contributing through a similar drop - pausing on fear is the usual India MF failure mode.
SIP discipline
Monitor is recent mixed evidence - keep the SIP unless the buying brief says prefer peers, then swap with intent.
NAV
Path not in current snapshots
n/a
Returns
Trailing CAGR and simulated monthly SIP XIRR from daily NAV. Category comparison uses the median of comparable share classes in the peer set.
Trailing CAGR
Point-to-point, calendar-day annualized
- 1Y+6.5%
- 3Y+7.2%
- 5Y+6.7%
- 10Y+6.1%
- SI+6.4%
SIP XIRR
Equal monthly instalments to latest NAV
- 1Y+6.3%
- 3Y+6.8%
- 5Y+7.0%
- 10Y+6.3%
- Since inception
- +6.4%
- Calendar-day CAGR
- Excess 1Y
- -0.1%
- Category median, same plan and option
- 3Y win rate
- +4%
- Windows beating the median
- 3Y percentile
- 57
- Vs comparable share classes
- SIP 3Y XIRR
- +6.8%
- Simulated monthly SIP
- Worst rolling 3Y
- +4.2%
- 2365 daily-ending windows
- Median rolling 3Y
- +6.3%
- Calendar-day CAGR
- Positive rolling 5Y
- +100%
- 1871 daily-ending windows
Drawdown
Peak to trough from a running NAV high, with the path and recovery episodes.
- Max drawdown
- -0.7%
- Worst peak-to-trough
- Current
- -0.2%
- Below last peak
- Current spell
- 6 days
- Days below latest peak
- Time below peak
- +43%
- NAV observations
Drawdown
Path not in current snapshots
n/a
- Average recovery
- 2 days
- 692 recovered episodes
- Longest recovery
- 72 days
- Trough to prior peak
16 Mar 2020 – 3 Apr 2020
Trough 25 Mar 2020 · recovered in 9 days
-0.7%
29 May 2020 – 14 Aug 2020
Trough 3 Jun 2020 · recovered in 72 days
-0.5%
3 Aug 2026 – 31 Aug 2026
Trough 6 Aug 2026 · recovered in 25 days
-0.5%
1 Sept 2026 – 10 Sept 2026
Trough 4 Sept 2026 · recovered in 6 days
-0.4%
Dimensions
0–100 reads of named metrics. The mean is unweighted and only uses dimensions with data.
Returns
57
Vs category
50
Consistency
14
Risk-adjusted
47
Drawdown
98
Mean
53
Decision
Quantitative engine reasons behind the buying stance. An explanation can only restate what is already here.
Monitor
Buying stance
Watch before adding
Recent evidence is mixed. Compare peers before increasing exposure.
Why this status
No status reasons yet. History is still thin.
Supporting reads
- Peak-to-trough drawdown has stayed shallower than 15%.
Portfolio
30 Sept 2026 · 171 holdings · top 10 are 110.7%.
- Top 5
- 93.6%
- Top 10
- 110.7%
- Largest holding
- 67.8%
- Effective holdings
- 2.0
Cash Margin
Unspecified
67.8%
HDFC Money Market Fund Direct-Growth
Unspecified
9.1%
Repo
Unspecified
6.5%
HDFC Bank Ltd
Financial
5.0%
ICICI Bank Ltd
Financial
5.0%
What changed
DECISION
Status moved from HEALTHY to MONITOR.
24 Sept 2026
Worth investigating
Same-category peers with enough history to inspect beside this fund - including tradeoffs.
Edelweiss Arbitrage Fund
Edelweiss Mutual Fund
- 1Y
- +6.6%
- 3Y
- +7.3%
- Vol
- 1.0%
- Max DD
- -0.5%
- Sharpe
- 0.82
- 3Y win
- +100%
- Lower volatility
- Shallower drawdown
- Higher win rate vs category
- Higher trailing returns
Caveat: Higher TER
Tata Arbitrage Fund
Tata Mutual Fund
- 1Y
- +6.6%
- 3Y
- +7.4%
- Vol
- 1.0%
- Max DD
- -0.6%
- Sharpe
- 0.52
- 3Y win
- +100%
- Lower volatility
- Shallower drawdown
- Higher win rate vs category
- Higher trailing returns
Caveat: Higher TER
ADITYA BIRLA SUN LIFE ARBITRAGE FUND
Aditya Birla Sun Life Mutual Fund
- 1Y
- +6.6%
- 3Y
- +7.3%
- Vol
- 1.1%
- Max DD
- -0.5%
- Sharpe
- 0.89
- 3Y win
- +56%
- Shallower drawdown
- Higher win rate vs category
- Lower TER
- Higher trailing returns
Caveat: Higher volatility
BARODA BNP PARIBAS ARBITRAGE FUND
Baroda BNP Paribas Mutual Fund
- 1Y
- +6.2%
- 3Y
- +7.2%
- Vol
- 1.0%
- Max DD
- -0.3%
- Sharpe
- 0.82
- 3Y win
- +65%
- Lower volatility
- Shallower drawdown
- Higher win rate vs category
- Lower TER
Caveat: Lower trailing returns
Nippon India Arbitrage Fund
Nippon India Mutual Fund
- 1Y
- +6.6%
- 3Y
- +7.2%
- Vol
- 1.1%
- Max DD
- -0.6%
- Sharpe
- 1.00
- 3Y win
- +92%
- Shallower drawdown
- Higher win rate vs category
- Lower TER
- Higher trailing returns
Caveat: Higher volatility