Union Arbitrage Fund Direct IDCW NAV today
AMFI: 146296ISIN: INF582M01EU3MUTF_IN: UNIO_ARBI_DIR_158NVIXUnion Mutual FundArbitrage funds
NAV ₹15.4137
NAV for 23 Oct 2026. Declared once a day.
- Fund sizeAssets under management. The money the fund manages for all its investors, across every plan, at the end of the month.
- ₹220 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.
- 1.61%18 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.
- 0.25%if sold within 1 month
- 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 make the fund look cheap. A loss-making company lowers the profit. Shown when at least 80% of the fund's shares are counted.
- 28.130 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.
- 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.
- 8130 Sep 2026
- LaunchedLaunch date. The day the fund first allotted units to investors, at the close of its new fund offer.
- 20 Feb 2019
Union Arbitrage Fund returns
Read from the direct plan's growth option: an IDCW plan's NAV falls by every payout, so it carries no return of its own
Over each window to 23 Oct 2026
| Over | ReturnTrailing 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). | BenchmarkBenchmark. The index the fund house chose to measure the fund against, in its total return form, with dividends added back. | 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. | Category medianCategory median. The middle return of the funds in the category over the same window: half returned more, half less. | 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. |
|---|---|---|---|---|---|
| 1 week | +0.19% | +0.03% | – | – | – |
| 1 month | +0.65% | +0.67% | 19 of 40 | +0.65% | +0.6% to +0.7% |
| 3 months | +1.81% | +1.81% | 4 of 39 | +1.70% | +1.7% to +1.7% |
| 6 months | +3.39% | +3.41% | 4 of 38 | +3.27% | +3.2% to +3.3% |
| 1 year | +6.80% | +7.43% | 16 of 34 | +6.78% | +6.6% to +6.9% |
| 3 years | +7.20% | +7.43% | 19 of 26 | +7.29% | +7.1% to +7.3% |
| 5 years | +6.61% | +6.78% | 18 of 24 | +6.77% | +6.6% to +6.9% |
| 10 years | Needs 10 years | – | – | +6.35% | +6.2% to +6.5% |
₹10,000 put in on 27 Feb 2019 is ₹15,753 at the NAV of 23 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.Over a year and longer, a return is the yearly rate. Benchmark: Nifty 50 Arbitrage Index, over the same days as the fund. Rank, median and middle half among the Direct plans of Arbitrage funds, each fund's return to its latest NAV on or before 25 Oct 2026.
At the month end, 30 Sep 2026
| Over | FundTrailing 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). | 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. |
|---|---|---|
| 1 year | +6.70% | +7.33% |
| 3 years | +7.20% | +7.42% |
| 5 years | +6.55% | +6.69% |
| Since launch | +6.11% | +5.90% |
Benchmark: Nifty 50 Arbitrage Index. Both as the fund house states them for the month.
Return in each calendar year
- Fund, Direct GrowthCalendar year return. The change in NAV from the last NAV of one year to the last NAV of the next.
- Nifty 50 Arbitrage IndexBenchmark 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.
Highest year to Dec 2024, +8.2%; lowest year to Dec 2021, +4.1%Above the benchmark in 3 of 6 years
Union Arbitrage Fund SIP returns
₹10,000 on the 1st of every month, valued at the NAV of 23 Oct 2026
| Period | InvestedAmount invested. ₹10,000 on the 1st of every month, or the next day the fund priced, added up over the period. | Value todayValue today. What the units bought by every instalment are worth at the latest NAV. | 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. | 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. | Stamp dutyStamp duty paid. The stamp duty on all the instalments, in rupees: 0.005% of each purchase made since 1 Jul 2020. |
|---|---|---|---|---|---|---|
| 1 year12 instalments | ₹1,20,000 | ₹1,24,220₹1,24,214 after stamp duty | +6.88% | +6.87% | ₹6 | |
| 3 years36 instalments | ₹3,60,000 | ₹3,99,058₹3,99,038 after stamp duty | +6.91% | +6.90% | ₹18 | |
| 5 years60 instalments | ₹6,00,000 | ₹7,15,394₹7,15,358 after stamp duty | +7.03% | +7.03% | ₹30 | |
| Since Feb 201992 instalments | ₹9,20,000 | ₹11,83,786₹11,83,739 after stamp duty | +6.49% | +6.49% | ₹38 |
10 years: Launched 20 Feb 2019, needs 10 years of history.
From the Direct Growth plan's NAV, since an IDCW plan's NAV falls by each payout.
Rolling returns
Per cent a year, every window from 27 Feb 2019 to 23 Oct 2026
Lowest to highestAverage
LowestLowest rolling return. The worst yearly return of any window of this length in the fund's history, one window starting on each day it priced.AverageAverage rolling return. The average of the yearly returns of every window of this length in the fund's history.HighestHighest rolling return. The best yearly return of any window of this length in the fund's history.Ended higherWindows that ended higher. The share of all the windows of this length in which the NAV ended above where it started.
1 year1,642 windows+3.2%+6.0%+8.6%100.0%
3 years1,146 windows+4.2%+6.0%+7.6%100.0%
5 years655 windows+5.6%+6.0%+6.6%100.0%
10 yearsLaunched 20 Feb 2019, needs 11 years of history
Every 1, 3 and 5-year window ended higher than it started.From the Direct Growth plan's NAV, since an IDCW plan's NAV falls by each payout.
Union 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.
- 0.63 ptsA year, on 18 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.
- 1.59%Over the last 30 days filed
- Regular, 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.
- 2.21%Over the last 30 days filed
Total expense ratio, month by month
- Regular plan
- Direct plan
Direct plan at its highest since Feb 2019 in the latest month.Direct plan lowest 0.29%, Feb 2022.
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. | 0.34% | 0.87% |
| Brokerage | 0.13% | 0.13% |
| Transaction costs | 0.04% | 0.04% |
| Statutory levies | 1.10% | 1.20% |
Per cent of assets a year, filed for 18 Oct 2026. The parts add up to that day's total.
Exit load, in the fund house's words
0.25% if units are redeemed or switched out on or before completion of 1 month from the date of allotment of units. Nil if units are redeemed or switched out after completion of 1 month from the date of allotment of units
Buying and selling
- Lump-sum purchases
- Accepted
- Minimum investmentMinimum investment. The smallest amount the plan accepts for a first purchase.
- ₹1,000
- Minimum top-up
- ₹1,000
- Minimum redemption
- ₹1,000
- SIP
- Accepted
- SIP instalments, at least
- 6 instalments for all frequencies
- 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.
- None
- SIP dates
- Daily (only business days) for Daily frequency, any date of the month for weekly, fortnightly and monthly frequency
As listed for this plan on 24 Oct 2026.
Union 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.
- ₹233 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.
- 34.3%Of the quarter's average
Average assets by quarter, by plan
- Regular plans
- Direct plans
Largest ₹313 Cr, quarter to Sep 2025.
Assets at each month end
Highest ₹335 Cr, Jun 2025.Lowest ₹64 Cr, Jan 2021.
Union 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. | Weight in the fund. The holding's market value on the portfolio date as a share of the fund's net assets. | Yield to maturity. The yearly return the fund's bonds would earn if each were held to maturity at today's price, weighted by what the fund holds of each. | 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. | ||||
|---|---|---|---|---|---|---|---|
| Union Money Market FundMutual Fund | Fund units | 13.38% | 29.40 | 2,13,930 | – | Sep 2024 | |
| Bank of BarodaIND A1+, repaid 8 Mar 2027 | Bonds and bills | 6.63% | 14.57 | 15,00,00,000 | 6.86% | Apr 2026 | |
| Patanjali FoodsAgricultural Food & other Products | Shares | Mid cap197th | 3.91% | 8.59 | 2,36,500 | – | Aug 2026 |
| Reliance IndustriesPetroleum Products | Shares | Large cap1st | 3.03% | 6.65 | 56,000 | – | Aug 2021or earlier |
| Vodafone IdeaTelecom - Services | Shares | Large cap83rd | 2.36% | 5.18 | 40,02,600 | – | May 2024 |
| ICICI BankBanks | Shares | Large cap5th | 2.19% | 4.81 | 36,400 | – | Nov 2024 |
| PB FintechFinancial Technology (Fintech) | Shares | Mid cap144th | 2.10% | 4.62 | 43,400 | – | Sep 2026 |
| UPLFertilizers & Agrochemicals | Shares | Mid cap187th | 2.10% | 4.61 | 85,365 | – | Feb 2026 |
| Tata SteelFerrous Metals | Shares | Large cap36th | 1.85% | 4.05 | 2,20,000 | – | Dec 2023 |
| JSW SteelFerrous Metals | Shares | Large cap26th | 1.81% | 3.98 | 31,725 | – | May 2025 |
| HDFC BankBanks | Shares | Large cap2nd | 1.80% | 3.96 | 55,900 | – | Apr 2022 |
| Kotak Mahindra BankBanks | Shares | Large cap16th | 1.78% | 3.92 | 94,000 | – | Jun 2023 |
| State Bank of IndiaBanks | Shares | Large cap4th | 1.44% | 3.17 | 33,000 | – | Jan 2023 |
| Axis BankBanks | Shares | Large cap15th | 1.36% | 2.99 | 24,375 | – | Jul 2023 |
| Eicher MotorsAutomobiles | Shares | Large cap43rd | 1.33% | 2.93 | 4,100 | – | Sep 2024 |
Weight is per cent of the fund's net assets; value in ₹ crore.
Futures and options on 30 Sep 2026
| Weight in the fund. The holding's market value on the portfolio date as a share of the fund's net assets. | |||
|---|---|---|---|
| Patanjali Foods Ltd. 27.10.2026 | −3.93% | −8.62 | −2,36,500 |
| Reliance Industries Ltd. 27.10.2026 | −3.04% | −6.67 | −56,000 |
| PB Fintech Ltd. 27.10.2026 | −2.11% | −4.64 | −43,400 |
| UPL Ltd. 27.10.2026 | −2.10% | −4.60 | −85,365 |
| Vodafone Idea Ltd. 23.11.2026 | −1.91% | −4.20 | −32,16,375 |
| Tata Steel Ltd. 27.10.2026 | −1.86% | −4.09 | −2,20,000 |
| JSW Steel Ltd. 27.10.2026 | −1.83% | −4.02 | −31,725 |
| Kotak Mahindra Bank Ltd. 27.10.2026 | −1.63% | −3.59 | −86,000 |
| State Bank of India 27.10.2026 | −1.45% | −3.19 | −33,000 |
| Axis Bank Ltd. 27.10.2026 | −1.36% | −2.99 | −24,375 |
| Eicher Motors Ltd. 27.10.2026 | −1.34% | −2.95 | −4,100 |
| One 97 Communications Ltd. 27.10.2026 | −1.33% | −2.93 | −17,400 |
| Bajaj Finance Ltd. 27.10.2026 | −1.32% | −2.90 | −30,000 |
| ICICI Bank Ltd. 27.10.2026 | −1.31% | −2.88 | −21,700 |
| BSE Ltd. 27.10.2026 | −1.30% | −2.86 | −9,200 |
Weight is per cent of the fund's net assets; value in ₹ crore.
Cash and receivables on 30 Sep 2026
| Weight in the fund. The holding's market value on the portfolio date as a share of the fund's net assets. | ||
|---|---|---|
| TREPS | 6.50% | 14.27 |
| Net Receivable / Payable | 2.69% | 5.97 |
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.
- 13.38%Union Money Market Fund
- Top 5 holdingsTop 5 holdings. The share of the fund held in its five largest positions.
- 29.31%
- Top 10 holdingsTop 10 holdings. The share of the fund held in its ten largest positions.
- 39.36%
- Top 10 sharesTop 10 shares. The share of the fund held in its ten largest shareholdings, bonds and fund units left out.
- 22.93%
- Effective holdingsEffective number of holdings. The number of equal-sized positions that would be as concentrated as the fund's actual weights.
- 25.7Taken over 90.81% 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.- Indian shares70.55%
- Bonds and bills6.88%
- Units of other funds13.38%
- Cash and receivables9.19%
- 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.−70.82%
- 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.70.82%
Per cent of the fund's net assets.
Large, mid and small cap
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 cap72.13%Category 75.59%
- Mid cap25.84%Category 19.51%
- Small cap2.03%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.1sector
- Services0.01%Category 0.09%
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 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Services4 companies | 0.01% | −0.04% | 0.00% | −0.01% | 0.00% | 0.00% | 0.00% | −0.01% | −0.01% | 0.00% | 0.00% | −0.02% | |
| Consumer Durables2 companies | 0.00% | −0.02% | 0.00% | 0.00% | 0.00% | −0.01% | −0.02% | 0.00% | −0.01% | 0.00% | 0.00% | 0.00% | |
| Consumer Services | 0.00% | 0.00% | 0.00% | −0.01% | −0.03% | −0.01% | −0.01% | −0.01% | −0.01% | −0.01% | −0.01% | −0.02% | |
| Chemicals1 company | 0.00% | −0.02% | −0.02% | 0.00% | −0.02% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | |
| Construction1 company | 0.00% | 0.00% | 0.00% | 0.00% | −0.01% | −0.01% | −0.01% | −0.01% | 0.00% | 0.00% | 0.00% | −0.01% | |
| Realty | 0.00% | 0.02% | 0.00% | 0.00% | −0.01% | −0.01% | 0.00% | −0.02% | −0.02% | −0.01% | −0.02% | −0.01% | |
| 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% | |
| Metals & Mining6 companies | −0.01% | −0.04% | −0.02% | −0.04% | −0.02% | −0.02% | −0.03% | −0.04% | −0.03% | −0.03% | −0.05% | −0.04% | |
| Oil Gas & Consumable Fuels3 companies | −0.01% | −0.06% | −0.02% | −0.03% | −0.02% | −0.04% | −0.02% | −0.03% | −0.02% | −0.03% | −0.02% | 0.00% | |
| Healthcare7 companies | −0.01% | 0.05% | −0.02% | −0.03% | −0.04% | −0.01% | −0.02% | −0.01% | −0.01% | −0.01% | 0.00% | −0.02% | |
| Capital Goods4 companies | −0.01% | 0.06% | −0.03% | −0.04% | −0.02% | −0.02% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | −0.01% | |
| Power4 companies | −0.01% | −0.01% | 0.00% | −0.02% | −0.03% | 0.00% | −0.01% | −0.01% | 0.02% | −0.01% | −0.01% | −0.01% |
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.
- Yield to maturityYield to maturity. The yearly return the fund's bonds would earn if each were held to maturity at today's price, weighted by what the fund holds of each.
- 6.81%Lines stating a yield: 51.42% of the bond book
- Yield after expensesYield after expenses. The yield to maturity less the plan's expense ratio.
- 5.26%Direct plan
- Macaulay durationMacaulay duration. The weighted average time, in years, until the fund's bonds pay back their interest and principal.
- 11days
- Modified durationModified duration. Roughly how much the bonds' value changes, in per cent, for each one point change in interest rates.
- 10days
- Average maturityAverage maturity. The weighted average time, in years, until the fund's bonds are repaid.
- 11days
- Maturity date knownMaturity date known. The share of the bond book, perpetual bonds left out, whose repayment date is known: the bonds the durations and the maturity profile are taken over.
- 100.00%Of the bond book, perpetual bonds left out
- Perpetual bondsPerpetual bonds. Bonds with no maturity date: the issuer pays interest with no fixed day to repay. Their share of the bond book; they are in no duration and no maturity window.
- None
The bond book is the fund's bonds, bills and overnight lending.
Credit rating
Credit rating. A rating agency's grade for how likely the borrower is to repay on time: AAA down to D for loans of over a year, A1+ down to A4 for loans of under a year, two scales that are never compared.Loans of over a year
- Sovereign0.25%
Loans of under a year
- A1+6.63%
Other
- Overnight lending6.50%
Per cent of the fund's net assets. A grade is stated for 100.00% of the bonds.
Maturity profile
Maturity profile. The fund's bonds grouped by how long until each is repaid, as a share of the fund's net assets; a bond with no known maturity date is left off.- Up to 1 month6.64%
- 1 to 3 months0.11%
- 3 to 6 months6.63%
- 6 to 12 monthsNone
- 1 to 3 yearsNone
- 3 to 5 yearsNone
- 5 to 10 yearsNone
- Over 10 yearsNone
Per cent of the fund's net assets, over the bonds whose maturity date is known; perpetual bonds have none.
- Largest borrowerLending to one borrower. The share of the fund lent to a single company or group of companies, government bonds left out.
- 6.63%Bank of Baroda
- Top 5 borrowersLending to one borrower. The share of the fund lent to a single company or group of companies, government bonds left out.
- 6.63%
- Top 10 borrowersLending to one borrower. The share of the fund lent to a single company or group of companies, government bonds left out.
- 6.63%
Per cent of the fund's net assets. Lent outside the government: 6.63% of the fund, to 1 borrowers; the borrower is named for 100.00% of it, its group for 0.00%.
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.
- 8567.68% 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.
- 7171.01% 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.
- 11
- TrimmedTrimmed. Holdings with fewer units than the month before. Where the fund states no units, a weight that fell by more than a tenth.
- 30
- UnchangedUnchanged. Holdings with the same number of units as the month before. Their weight can still move with the price.
- 37
- 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.
- 67.68%
- 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.
- 84.32%
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). | Change in weight. The holding's weight this month less its weight the month before, in percentage points; a price move alone changes it. | ||||
|---|---|---|---|---|---|
| PB Fintech | New | 2.10% | 0.00% | +2.10 pts | +43,400 |
| Bharti Airtel | Trimmed | 0.87% | 2.81% | −1.94 pts | −23,275 |
| Max Financial Services | Trimmed | 0.65% | 2.00% | −1.35 pts | −17,600 |
| One 97 Communications | New | 1.33% | 0.00% | +1.33 pts | +17,400 |
| UPL | Added | 2.10% | 0.90% | +1.20 pts | +50,135 |
| L&T Finance | New | 1.11% | 0.00% | +1.11 pts | +92,250 |
| Infosys | New | 1.09% | 0.00% | +1.09 pts | +24,000 |
| NTPC | Trimmed | 0.99% | 2.07% | −1.08 pts | −72,000 |
| Cipla | Trimmed | 0.39% | 1.44% | −1.05 pts | −16,150 |
| Radico Khaitan | Sold out | – | 1.04% | −1.04 pts | −5,100 |
| Cholamandalam Investment and Finance Company | New | 0.92% | 0.00% | +0.92 pts | +12,500 |
| DLF | Sold out | – | 0.92% | −0.92 pts | −29,450 |
| Kotak Mahindra Bank | Trimmed | 1.78% | 2.70% | −0.92 pts | −48,000 |
| SBI Life Insurance Company | Trimmed | 0.75% | 1.66% | −0.91 pts | −11,250 |
| Nippon Life India Asset Management | Sold out | – | 0.90% | −0.90 pts | −16,875 |
Weights are per cent of the fund's net assets; a change in weight is in percentage points. Securities only: 142 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Union Money Market Fund | 4.84% | 5.27% | 4.74%Cut | 4.50% | 4.75% | 5.14%Cut | 17.37%Added | 16.33%Cut | 16.66%Added | 14.69%Cut | 13.94%Cut | 13.38%Cut |
| Bank of Baroda | – | – | – | – | – | – | 5.92%Bought | 5.84% | 5.83% | 6.37% | 6.57% | 6.63% |
 Patanjali Foods | 0.73% | 0.75% | 3.23%Added | 2.49%Cut | 1.99%Cut | Sold out | 1.07%Bought again | 1.88%Added | 0.31%Cut | Sold out | 4.51%Bought again | 3.91%Cut |
 Reliance Industries | 2.64% | 3.01% | 3.01% | 2.53% | 2.66% | 3.31%Added | 3.56% | 3.24% | 3.13% | 3.36%Cut | 3.36% | 3.03%Cut |
 Vodafone Idea | 0.95%Cut | 1.17% | 1.26% | 1.54%Added | 1.54% | 1.42% | 1.71% | 2.31% | 2.35% | 2.30% | 2.60% | 2.36% |
 ICICI Bank | 1.78% | 1.99% | 1.92% | 1.34%Cut | 0.70%Cut | 0.70% | 0.74% | 1.12%Added | 1.21% | 1.38% | 1.43% | 2.19%Added |
 PB Fintech | – | – | – | – | – | – | – | – | – | – | – | 2.10%Bought again |
 UPL | – | – | – | – | 0.82%Bought again | 0.83% | 0.95% | 0.94% | 0.82% | 0.94% | 0.90% | 2.10%Added |
 Tata Steel | 1.33% | 1.32% | 1.41% | 1.43% | 1.65% | 1.71% | 1.90% | 1.58%Cut | 1.41% | 1.55% | 1.54% | 1.85%Added |
 JSW Steel | 2.45%Added | 2.55% | 2.56% | 2.52% | 1.64%Cut | 1.66% | 1.89% | 1.89% | 1.78% | 2.01% | 1.88%Cut | 1.81% |
 HDFC Bank | 3.08% | 3.41% | 3.34% | 2.97% | 2.98% | 4.47%Added | 4.76% | 4.53% | 3.63%Cut | 3.31%Cut | 2.63%Cut | 1.80%Cut |
 Kotak Mahindra Bank | 2.87% | 3.14% | 3.25% | 2.85% | 2.29%Cut | 2.08%Cut | 2.28% | 2.25% | 2.26% | 2.45% | 2.70% | 1.78%Cut |
 State Bank of India | 1.26% | 1.43% | 1.43% | 1.48% | 0.26%Cut | 1.37%Added | 1.51% | 1.34% | 1.41% | 1.53% | 1.62% | 1.44%Cut |
 Axis Bank | 1.17% | 1.32% | 1.30% | 1.15%Cut | 1.22% | 1.17% | 1.29% | 1.29% | 1.33% | 1.33% | 1.44% | 1.36% |
 Eicher Motors | 0.66% | 0.72% | 1.44%Added | 1.33% | 1.57% | 1.47% | 1.61% | 1.21%Cut | 1.18% | 1.42% | 1.48% | 1.33% |
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.
Portfolio turnover, per cent of assets a year
- TurnoverPortfolio turnover. How much of the portfolio the fund bought or sold over the last year, as a share of its assets, as the fund house states it.
Highest 1,564.0% in Jun 2022
Risk ratios
NAV to 23 Oct 2026
Each bar runs from the lowest to the highest figure among the Direct plans of Arbitrage funds (26 funds) over the same 3 years; 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.0.54%
0.44%Lowest0.52%Average0.71%Highest
Downside deviationDownside deviation. Standard deviation counting only the months in which the fund lost money, stated as a yearly figure.No losing month
0.00%Lowest0.00%Average0.08%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.2.12
0.70Lowest2.18Average2.80Highest
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.4.69
1.15Lowest4.63Average6.68Highest
From the Direct Growth plan's NAV, since an IDCW plan's NAV falls by each payout.
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.0.68
0.51Lowest0.63Average0.89Highest
AlphaAlpha. The yearly return the fund made beyond what its beta to the benchmark accounts for.+0.21 pts
−0.44 ptsLowest+0.28 ptsAverage+0.62 ptsHighest
R-squaredR-squared. The share of the fund's monthly movement that its benchmark's movement explains, from 0 to 100.57.7
29.0Lowest52.9Average68.1Highest
CorrelationCorrelation. How closely the fund's monthly returns moved in step with its benchmark's, from minus 1 (always opposite) to 1 (always together).0.76
0.54Lowest0.73Average0.83Highest
Upside captureUpside capture. The fund's return in the months its benchmark rose, as a percentage of the benchmark's return in those months.97.2%
86.6%Lowest97.0%Average100.7%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.Needs 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. | 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. |
|---|---|---|---|---|
| 1, 3 and 5 years | −0.58% | 3 Aug 2026 | 6 Aug 2026 | 1 Sep 2026 |
| Since Feb 2019 | −0.59% | 19 Mar 2020 | 25 Mar 2020 | 20 Apr 2020 |
Risk level by month
| Months | FundRiskometer. 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. | 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. |
|---|---|---|
| Oct 2021 to Aug 202659 months | Low | LowNifty 50 Arbitrage Index |
The riskometer at each month end, the fund's and its benchmark's. A month with none on record is left out.
Union 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. | 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. | Difference from the benchmark. The fund's return in the manager's time less its benchmark's over the same days, in percentage points. | 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 before the handover. The same measure over the three months before the manager took over, since portfolios change anyway. | 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. | ||
|---|---|---|---|---|---|---|---|---|
| Vishal Thakkercomanage | Feb 2019 | +6.10%a year | – | – | – | – | 3 | ₹1,433 Cr |
| Devesh Thackercomanage | Feb 2019 | +6.10%a year | – | – | – | – | 6 | ₹7,302 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 | 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. | 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. | Difference from the benchmark. The fund's return in the manager's time less its benchmark's over the same days, in percentage points. | ||
|---|---|---|---|---|---|
| Union Balanced Advantage FundVishal Thakker | Oct 2025 | +0.53%a year | – | – | ₹1,158 Cr |
| Union Income Plus Arbitrage Active FOFVishal Thakker | Jun 2025 | +3.98%a year | – | – | ₹55 Cr |
| Union Liquid FundDevesh Thacker | Jun 2011 | – | – | – | ₹5,014 Cr |
| Union Money Market FundDevesh Thacker | Aug 2021 | +6.42%a year | – | – | ₹1,120 Cr |
| Union Overnight FundDevesh Thacker | Mar 2019 | +5.11%a year | – | – | ₹657 Cr |
| Union Ultra Short to Short Term FundDevesh Thacker | Jul 2025 | +5.60%a year | – | – | ₹228 Cr |
| Union Dynamic Term FundDevesh Thacker | Jun 2018 | +5.75%a year | – | – | ₹62 Cr |
Up to ten funds a manager, largest first. 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. | Shared holdings. The number of securities both funds hold, cash and futures left out. | |
|---|---|---|
| Aditya Birla Sun Life Arbitrage FundAditya Birla Sun Life Mutual Fund | 39.34% | 76 |
| Kotak Arbitrage FundKotak Mahindra Mutual Fund | 38.23% | 71 |
| SBI Arbitrage FundSBI Mutual Fund | 38.07% | 76 |
| Nippon India Arbitrage FundNippon India Mutual Fund | 36.62% | 71 |
| Axis Arbitrage FundAxis Mutual Fund | 36.39% | 70 |
| HDFC Arbitrage FundHDFC Mutual Fund | 36.36% | 74 |
| ICICI Prudential Arbitrage FundICICI Prudential Mutual Fund | 35.78% | 76 |
| Edelweiss Arbitrage FundEdelweiss Mutual Fund | 35.48% | 73 |
| JM Arbitrage FundJM Financial Mutual Fund | 35.28% | 57 |
| Bandhan Arbitrage FundBandhan Mutual Fund | 35.09% | 70 |
Portfolios for Sep 2026. Overlap is per cent of the portfolio the two funds hold in common.
Overlap with the fund house's other funds
| 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. | |
|---|---|
| Union Equity Savings FundUnion Mutual Fund | 30.68% |
| Union Balanced Advantage FundUnion Mutual Fund | 28.23% |
| Union Multi Asset Allocation FundUnion Mutual Fund | 24.23% |
| Union Aggressive Hybrid FundUnion Mutual Fund | 24.00% |
As the fund house states it, for Sep 2026.
Union Arbitrage Fund dividend history
IDCW (income distribution cum capital withdrawal), once called a dividend: rupees per unit, paid to holders on the record date and taken out of the NAV.
Paid per unit, the latest payouts
- Paid per unitIDCW payout. Rupees paid out per unit to holders on the record date; the money comes out of the fund, so the plan's NAV falls by the same amount.
Largest ₹0.132811 a unit, Mar 2020.
Every payout
| IDCW payout. Rupees paid out per unit to holders on the record date; the money comes out of the fund, so the plan's NAV falls by the same amount. | IDCW yield. A payout as a share of the plan's NAV on the record date, before the NAV fell by the amount paid. | NAV before | NAV after | |
|---|---|---|---|---|
| 17 Mar 2020 | ₹0.132811 | 1.25% | ₹10.6671 | ₹10.5094 |
| 11 Nov 2019 | ₹0.088541 | 0.84% | ₹10.4991 | ₹10.4110 |
All 2 payouts since 11 Nov 2019.
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 by investing the balance in debt and money market instruments. However, there is no assurance that the Investment Objective of the scheme will be achieved.
Asset allocation
- Equity and Equity related instruments (as part of hedged / arbitrage exposure)*: 65% - 90% of net assets;
- Debt and Money Market Instruments including margin money deployed for derivatives transactions**: 10%-35% of net assets.
*Equity allocation so built, at any point in time, would be completely hedged out, using derivative instruments that provide an equal but opposite exposure, thereby making the Net exposure market neutral. In case the fund is not able to have a net market-neutral position due to any operational reason such as short delivery in the cash market etc., the fund will endeavour to rebalance the portfolio to a net market-neutral position at the earliest.
**Exposure in debt instruments in CDs, government securities with maturities up to 1-year, overnight Debt securities, mutual fund units of liquid, money market or schemes having Macaulay duration less than 1 year for meeting liquidity and margin requirements. Please refer the Scheme Information Document for complete details.
Type of scheme
An open ended scheme investing in arbitrage opportunities. No investment in InvITs is permitted
- BenchmarkBenchmark. The index the fund house chose to measure the fund against, in its total return form, with dividends added back.
- NIFTY 50 Arbitrage Index# #Benchmark
- Risk level at launchRiskometer. 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.
- Low Risk Note: The above is the risk level at the time of introduction of 6 risk level riskometer in accordance with Sebi circular no. SEBI/HO/IMD/DF3/CIR/P/2020/197 dated October 05, 2020.
- New fund offer
- 30 Jan 2019 to 13 Feb 2019
- Units first allotted
- 20 Feb 2019
- Open for sale again
- 27 Feb 2019
- Price at the offer
- ₹10 a unit
- Minimum at the offer
- ₹1,000
Plans and codes
| Plan | AMFI code | ISIN | ISIN, reinvestment | MUTF_IN | First NAV |
|---|---|---|---|---|---|
| Direct Growth | 146297 | INF582M01ES7 | UNIO_ARBI_DIR_CI45SR | 27 Feb 2019 | |
| Regular Growth | 146294 | INF582M01EW9 | UNIO_ARBI_REG_1KTPC2Q | 27 Feb 2019 | |
| Direct IDCW | 146296 | INF582M01EU3 | INF582M01ET5 | UNIO_ARBI_DIR_158NVIX | 27 Feb 2019 |
| Regular IDCW | 146295 | INF582M01EY5 | INF582M01EX7 | UNIO_ARBI_REG_1UKNFM4 | 27 Feb 2019 |
This fund
- Scheme information document (opens in a new tab)The fund's objective, terms, costs and risks in full
Factsheet
- September 2026 (opens in a new tab)Union Mutual Fund, Sep 2026
Statement of additional information
- SAI Union Mutual Fund (opens in a new tab)Union Mutual Fund, Oct 2026
Annual report
- Debt including Fixed Maturity Plan (FMP) Abridged Report - Annual Report - FY 2025-26 (opens in a new tab)Union Mutual Fund, Mar 2026
- Annual Report - FY 2025-26 (opens in a new tab)Union Mutual Fund, Mar 2026
Riskometer disclosure
- Disclosure Of Risk-O-Meter Levels FY 2025-26 (opens in a new tab)Union Mutual Fund, Mar 2026
Portfolio overlap disclosure
- Portfolio Overlap - 30Sep2026 (opens in a new tab)Union Mutual Fund, Sep 2026