HSBC Arbitrage Fund - Direct Plan - Growth Portfolio | L&T Mutual Fund Portfolio

Equity Holding : 73.77% | F&O Holdings : 0.00%| Foreign Equity Holdings : 0.00%| Total : 73.77%

No of Stocks : 122 (Category Avg - 144.70) | Large Cap Investments : 36.03%| Mid Cap Investments : 19.08% | Small Cap Investments : 1.69% | Other : 16.97%

Portfolio Summary (as on 30th Sep,2025)

Particulars	This Scheme	Category
No. of Stocks	122	113
Top 5 Stock Weight	29.06%	22.65%
Top 10 Stock Weight	41.33%	34.93%
Top 3 Sector Weight	38.96%	27.74%

Category - Arbitrage Fund

Particulars	This Scheme	Category
Average mcap (Cr)	98234.69	94729.08
Holdings in large cap stocks	36.03%	40.04%
Holdings in mid cap stocks	19.08%	15.49%
Holdings in small cap stocks	1.69%	3.55%

Category - Arbitrage Fund

Top 10 Stocks holding in Portfolio (as on 30th Sep,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty
# State Bank Of India	Public sector bank	1730.7	7.10%	0.00%	7.3% (Jul 2025)	0.23% (Sep 2024)	19.84 L	-1.28 L
# HDFC Bank Ltd.	Private sector bank	1585.9	6.50%	0.00%	6.35% (Aug 2025)	0.76% (Dec 2024)	16.68 L	83.60 k
# ICICI Bank Ltd.	Private sector bank	1537.1	6.30%	0.00%	7.24% (Jul 2025)	0% (Sep 2024)	11.40 L	-0.77 L
# Reliance Industries Ltd.	Refineries & marketing	1134.9	4.65%	0.00%	6.01% (Mar 2025)	1.96% (Jun 2025)	8.32 L	1.74 L
# Axis Bank Ltd.	Private sector bank	1100.5	4.51%	0.00%	5.26% (Aug 2025)	0.03% (Sep 2024)	9.73 L	-2.23 L
# Eternal Ltd.	E-retail/ e-commerce	810.7	3.32%	0.00%	1.16% (Aug 2025)	0% (Sep 2024)	24.90 L	16.15 L
# PNB Housing Finance Ltd.	Housing finance company	732	3.00%	0.00%	2.83% (Aug 2025)	0% (Sep 2024)	8.48 L	-0.44 L
# RBL Bank Ltd.	Private sector bank	611.8	2.51%	0.00%	2.49% (Jun 2025)	0% (Sep 2024)	22.07 L	20.76 L
# Marico Ltd.	Personal care	428.5	1.76%	0.00%	1.18% (Aug 2025)	0% (Sep 2024)	6.14 L	2.28 L
# Sammaan Capital Ltd.	Housing finance company	410.9	1.68%	0.00%	0.27% (Aug 2025)	0% (Sep 2024)	25.54 L	20.34 L

- indicates change in weight in the portfolio. # indicates a new entry.

View complete holding

Complete equity Portfolio (as on 30th Sep,2025)

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Stock Invested in	Sector	Sector Total	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty	M-Cap	GroupName
# State Bank Of India	Public sector bank	10.78	1730.7	7.10%	0.00%	7.3% (Jul 2025)	0.23% (Sep 2024)	19.84 L	-1.28 L	Large Cap	36.03
# HDFC Bank Ltd.	Private sector bank	23.28	1585.9	6.50%	0.00%	6.35% (Aug 2025)	0.76% (Dec 2024)	16.68 L	83.60 k	Other	16.97
# ICICI Bank Ltd.	Private sector bank	23.28	1537.1	6.30%	0.00%	7.24% (Jul 2025)	0% (Sep 2024)	11.40 L	-0.77 L	Large Cap	36.03
# Reliance Industries Ltd.	Refineries & marketing	4.9	1134.9	4.65%	0.00%	6.01% (Mar 2025)	1.96% (Jun 2025)	8.32 L	1.74 L	Large Cap	36.03
# Axis Bank Ltd.	Private sector bank	23.28	1100.5	4.51%	0.00%	5.26% (Aug 2025)	0.03% (Sep 2024)	9.73 L	-2.23 L	Large Cap	36.03
# Eternal Ltd.	E-retail/ e-commerce	3.32	810.7	3.32%	0.00%	1.16% (Aug 2025)	0% (Sep 2024)	24.90 L	16.15 L	Other	16.97
# PNB Housing Finance Ltd.	Housing finance company	4.74	732	3.00%	0.00%	2.83% (Aug 2025)	0% (Sep 2024)	8.48 L	-0.44 L	Mid Cap	19.08
# RBL Bank Ltd.	Private sector bank	23.28	611.8	2.51%	0.00%	2.49% (Jun 2025)	0% (Sep 2024)	22.07 L	20.76 L	Mid Cap	19.08
# Marico Ltd.	Personal care	1.8	428.5	1.76%	0.00%	1.18% (Aug 2025)	0% (Sep 2024)	6.14 L	2.28 L	Large Cap	36.03
# Sammaan Capital Ltd.	Housing finance company	4.74	410.9	1.68%	0.00%	0.27% (Aug 2025)	0% (Sep 2024)	25.54 L	20.34 L	Mid Cap	19.08
# J S W Steel Ltd.	Iron & steel products	2.95	397.2	1.63%	0.00%	1.24% (Aug 2025)	0% (Sep 2024)	3.48 L	60.08 k	Large Cap	36.03
# Bank Of Baroda	Public sector bank	10.78	383.4	1.57%	0.00%	7.34% (Oct 2024)	1.2% (Jul 2025)	14.83 L	2.52 L	Large Cap	36.03
# Punjab National Bank	Public sector bank	10.78	310.5	1.27%	0.00%	3.09% (Jan 2025)	0% (Sep 2024)	27.52 L	7.04 L	Large Cap	36.03
# Tata Power Co. Ltd.	Integrated power utilities	1.53	295.9	1.21%	0.00%	2.5% (Jan 2025)	1.34% (Aug 2025)	7.61 L	-0.90 L	Mid Cap	19.08
# Steel Authority Of India Ltd.	Iron & steel products	2.95	292	1.20%	0.00%	1.87% (Sep 2024)	0% (Sep 2024)	21.71 L	2.44 L	Mid Cap	19.08
# NMDC LTD	Industrial minerals	1.17	284.5	1.17%	0.00%	0.99% (Aug 2025)	0.26% (Jun 2025)	37.26 L	3.24 L	Mid Cap	19.08
# Bandhan Bank Ltd.	Private sector bank	23.28	284.4	1.17%	0.00%	2.84% (Sep 2024)	1.08% (Jul 2025)	17.53 L	-0.58 L	Large Cap	36.03
# Laurus Labs Ltd.	Pharmaceuticals	1.55	279.1	1.14%	0.00%	3.18% (Nov 2024)	1.33% (Aug 2025)	3.32 L	-0.36 L	Other	16.97
# Rural Electrification Corporation Limited	Financial institution	1.47	262.9	1.08%	0.00%	1.76% (Mar 2025)	1.07% (Oct 2024)	7.05 L	-1.66 L	Mid Cap	19.08
# Crompton Greaves Consumer Electricals Ltd.	Household appliances	1.04	254.3	1.04%	0.00%	1.45% (Nov 2024)	1.02% (Jul 2025)	8.73 L	36.00 k	Mid Cap	19.08
# Info Edge (India) Ltd.	Internet & catalogue retail	1.04	252.9	1.04%	0.00%	1.3% (Aug 2025)	0.02% (May 2025)	1.93 L	-0.35 L	Other	16.97
# ITC Limited	Diversified fmcg	0.99	236.4	0.97%	0.00%	1.3% (Jun 2025)	0% (Sep 2024)	5.89 L	35.20 k	Large Cap	36.03
# J S W Energy Ltd.	Power generation	1.71	211.8	0.87%	0.00%	0.99% (Jul 2025)	0% (Sep 2024)	3.99 L	19.00 k	Mid Cap	19.08
# One 97 Communications Ltd.	Financial technology (fintech)	0.74	180.9	0.74%	0.00%	0.96% (Jul 2025)	0% (Sep 2024)	1.61 L	-3.63 k	Other	16.97
# Tata Consumer Products Ltd.	Tea & coffee	0.74	180.7	0.74%	0.00%	1.97% (Mar 2025)	0% (Sep 2024)	1.60 L	-0.87 L	Mid Cap	19.08
# Federal Bank Ltd.	Private sector bank	23.28	180.4	0.74%	0.00%	0.56% (Aug 2025)	0% (Sep 2024)	9.35 L	2.40 L	Mid Cap	19.08
# National Thermal Power Corporation Ltd.	Power generation	1.71	180.3	0.74%	0.74%	0.74% (Jan 2025)	0% (Sep 2024)	5.30 L	5.30 L	Large Cap	36.03
# Kotak Mahindra Bank Ltd.	Private sector bank	23.28	178.6	0.73%	0.00%	3.08% (Feb 2025)	0% (Sep 2024)	89.60 k	-0.43 L	Large Cap	36.03
# Canara Bank	Public sector bank	10.78	167	0.68%	0.00%	1.61% (Nov 2024)	0.48% (Jun 2025)	13.50 L	40.50 k	Other	16.97
# Indus Towers Ltd.	Telecom - infrastructure	1.07	160.3	0.66%	0.00%	1.07% (Sep 2024)	0% (Sep 2024)	4.68 L	3.21 L	Large Cap	36.03
# Shriram Finance Ltd.	Non banking financial company (nbfc)	1.21	145.4	0.60%	0.00%	1.04% (Apr 2025)	0% (Sep 2024)	2.36 L	-0.36 L	Other	16.97
# Hindustan Aeronautics Ltd.	Aerospace & defense	0.68	137.4	0.56%	0.00%	1.86% (Sep 2024)	0% (Sep 2024)	28.95 k	-8.70 k	Other	16.97
# Aditya Birla Capital Ltd.	Life insurance	0.72	136.9	0.56%	0.00%	0.99% (Sep 2024)	0.5% (May 2025)	4.68 L	21.70 k	Mid Cap	19.08
# Exide Industries Ltd.	Auto components & equipments	1.02	134.3	0.55%	0.00%	0.56% (Aug 2025)	0.13% (Jul 2025)	3.44 L	10.80 k	Mid Cap	19.08
# Indusind Bank Ltd.	Private sector bank	23.28	118.9	0.49%	0.00%	4.65% (Jan 2025)	0.06% (Jul 2025)	1.62 L	1.20 L	Large Cap	36.03
# HFCL Ltd.	Telecom - infrastructure	1.07	99.2	0.41%	0.00%	0.2% (Aug 2025)	0% (Sep 2024)	13.61 L	6.84 L	Small Cap	1.69
# Power Finance Corporation Ltd.	Financial institution	1.47	96	0.39%	0.00%	0.4% (Mar 2025)	0% (Sep 2024)	2.34 L	1.30 k	Mid Cap	19.08
# Coforge Ltd.	Computers - software & consulting	0.4	94.3	0.39%	0.39%	0.87% (Apr 2025)	0% (Sep 2024)	59.25 k	59.25 k	Other	16.97
# Au Small Finance Bank Ltd.	Other bank	0.37	90.7	0.37%	0.00%	0.05% (Jul 2025)	0% (Sep 2024)	1.24 L	1.20 L	Mid Cap	19.08
# Hindustan Zinc Ltd.	Zinc	0.37	89.8	0.37%	0.00%	0.45% (Jun 2025)	0% (Sep 2024)	1.86 L	24.50 k	Large Cap	36.03
# Lodha Developers Ltd.	Residential, commercial projects	0.48	88.9	0.36%	0.00%	0.43% (Jul 2025)	0% (Sep 2024)	78.30 k	-5.40 k	Other	16.97
# Torrent Power Ltd.	Integrated power utilities	1.53	77.7	0.32%	0.00%	0% (Aug 2025)	0% (Sep 2024)	63.75 k	63.00 k	Mid Cap	19.08
# National Aluminium Co. Ltd.	Aluminium	0.32	77	0.32%	0.00%	0.21% (Aug 2025)	0% (Sep 2024)	3.60 L	97.50 k	Small Cap	1.69
# Bajaj Finserv Ltd	Holding company	0.29	70.2	0.29%	0.00%	0.38% (Jun 2025)	0% (Sep 2024)	35.00 k	-1.00 k	Other	16.97
# Yes Bank	Private sector bank	23.28	64.1	0.26%	0.00%	0.11% (Jul 2025)	0% (Sep 2024)	30.17 L	18.04 L	Other	16.97
# Inox Wind Ltd.	Heavy electrical equipment	0.31	62	0.25%	0.00%	0.06% (Aug 2025)	0% (Sep 2024)	4.42 L	3.37 L	Small Cap	1.69
# Sona BLW Precision Forgings Ltd.	Auto components & equipments	1.02	59.2	0.24%	0.00%	0.03% (Aug 2025)	0% (Sep 2024)	1.44 L	1.30 L	Other	16.97
# Indian Oil Corporation Ltd.	Refineries & marketing	4.9	58.4	0.24%	0.00%	0.37% (Sep 2024)	0% (Sep 2024)	3.90 L	3.71 L	Large Cap	36.03
# Manappuram Finance Ltd.	Non banking financial company (nbfc)	1.21	58.1	0.24%	0.00%	1.31% (May 2025)	0.09% (Jan 2025)	2.07 L	9.00 k	Mid Cap	19.08
# Coal India Ltd.	Coal	0.23	55.8	0.23%	0.00%	0.4% (Aug 2025)	0% (Sep 2024)	1.43 L	-1.08 L	Large Cap	36.03
# IIFL Finance Ltd.	Non banking financial company (nbfc)	1.21	54.4	0.22%	0.00%	0.34% (Jul 2025)	0% (Sep 2024)	1.20 L	3.30 k	Small Cap	1.69
# Motherson Sumi Systems Ltd.	Auto components & equipments	1.02	53.9	0.22%	0.00%	0.31% (Aug 2025)	0% (Sep 2024)	5.10 L	-2.77 L	Large Cap	36.03
# NBCC (India) Ltd.	Civil construction	0.34	47.3	0.19%	0.00%	0.2% (Jun 2025)	0% (Sep 2024)	4.42 L	-0.33 L	Mid Cap	19.08
# Petronet LNG Ltd.	Lpg/cng/png/lng supplier	0.19	47.2	0.19%	0.00%	0.62% (Sep 2024)	0% (Sep 2024)	1.69 L	0.00	Large Cap	36.03
# Kalyan Jewellers India Ltd.	Gems, jewellery and watches	0.19	44.3	0.18%	0.00%	0.67% (Jul 2025)	0% (Sep 2024)	97.53 k	88.13 k	Other	16.97
# TVS Motor Company Ltd.	2/3 wheelers	0.17	40.9	0.17%	0.17%	0.41% (Jan 2025)	0% (Sep 2024)	11.90 k	11.90 k	Mid Cap	19.08
# Power Grid Corporation of India Ltd.	Power - transmission	0.16	38.9	0.16%	0.00%	0.92% (Mar 2025)	0.02% (Jan 2025)	1.39 L	13.30 k	Large Cap	36.03
# Jio Financial Services Ltd.	Non banking financial company (nbfc)	1.21	36.5	0.15%	0.00%	1.42% (Jan 2025)	0% (Sep 2024)	1.25 L	-0.33 L	Other	16.97
# NCC Ltd.	Civil construction	0.34	36.4	0.15%	0.00%	0.34% (May 2025)	0% (Sep 2024)	1.76 L	18.90 k	Small Cap	1.69
# Aurobindo Pharma Ltd.	Pharmaceuticals	1.55	34.6	0.14%	0.00%	0.39% (Jul 2025)	0.04% (Sep 2024)	31.90 k	7.15 k	Large Cap	36.03
# Max Financial Services Ltd.	Life insurance	0.72	32.8	0.13%	0.00%	0.41% (Oct 2024)	0% (Sep 2024)	20.80 k	800.00	Mid Cap	19.08
# Grasim Industries Limited	Cement & cement products	0.26	30.3	0.12%	0.00%	1.45% (Mar 2025)	0.27% (Jun 2025)	11.00 k	-0.13 L	Large Cap	36.03
# Jubilant Foodworks Ltd.	Restaurants	0.12	30.1	0.12%	0.00%	0.32% (Mar 2025)	0% (Sep 2024)	48.75 k	-0.40 L	Other	16.97
# Bharat Electronics Ltd.	Aerospace & defense	0.68	29.9	0.12%	0.00%	0.32% (Dec 2024)	0% (Sep 2024)	74.10 k	-0.11 L	Mid Cap	19.08
# Biocon Ltd.	Pharmaceuticals	1.55	29.8	0.12%	0.00%	1.81% (Nov 2024)	0.04% (Apr 2025)	87.50 k	-0.55 L	Mid Cap	19.08
# United Spirits Ltd.	Breweries & distilleries	0.12	29.7	0.12%	0.00%	0.2% (Sep 2024)	0% (Sep 2024)	22.40 k	4.40 k	Large Cap	36.03
# APL Apollo Tubes Ltd.	Iron & steel products	2.95	29.5	0.12%	0.00%	0.07% (Feb 2025)	0% (Sep 2024)	17.50 k	14.35 k	Other	16.97
# Syngene International Ltd.	Healthcare research, analytics & technology	0.11	27.4	0.11%	0.00%	0.41% (Jun 2025)	0% (Sep 2024)	44.00 k	-0.47 L	Mid Cap	19.08
# Bank Of India	Public sector bank	10.78	26.3	0.11%	0.00%	0.15% (Mar 2025)	0% (Sep 2024)	2.13 L	15.60 k	Mid Cap	19.08
# Adani Green Energy Ltd.	Power generation	1.71	25.3	0.10%	0.00%	0.19% (Jul 2025)	0% (Sep 2024)	24.60 k	-0.16 L	Small Cap	1.69
# Vedanta Ltd.	Diversified metals	0.09	22.5	0.09%	0.09%	2.97% (Sep 2024)	0% (Sep 2024)	48.30 k	48.30 k	Large Cap	36.03
# Varun Beverages Ltd.	Other beverages	0.09	21.4	0.09%	0.00%	0.37% (Feb 2025)	0% (Sep 2024)	48.18 k	47.15 k	Other	16.97
# Lupin Ltd.	Pharmaceuticals	1.55	20.3	0.08%	0.00%	0.34% (Sep 2024)	0% (Sep 2024)	10.63 k	-7.65 k	Large Cap	36.03
# Titagarh Rail Systems Ltd.	Railway wagons	0.08	19.6	0.08%	0.08%	0.01% (Jul 2025)	0% (Sep 2024)	22.48 k	22.48 k	Small Cap	1.69
# DLF Ltd.	Residential, commercial projects	0.48	19.4	0.08%	0.00%	0.98% (Nov 2024)	0.05% (Aug 2025)	27.23 k	11.55 k	Large Cap	36.03
# Adani Ports And Special Economic Zone Ltd.	Port & port services	0.08	18.7	0.08%	0.08%	0.16% (Sep 2024)	0% (Sep 2024)	13.30 k	13.30 k	Large Cap	36.03
# Cyient Ltd.	It enabled services	0.07	18	0.07%	0.00%	0.26% (Mar 2025)	0% (Sep 2024)	15.73 k	14.03 k	Small Cap	1.69
# IDFC First Bank Ltd.	Private sector bank	23.28	17.5	0.07%	0.00%	3.79% (May 2025)	0% (Sep 2024)	2.50 L	-0.95 Cr	Mid Cap	19.08
# Indian Hotels Company Limited	Hotels & resorts	0.06	15.9	0.06%	0.00%	0.27% (Nov 2024)	0% (Sep 2024)	22.00 k	12.00 k	Mid Cap	19.08
# Polycab India Limited	Cables - electricals	0.09	15.5	0.06%	0.00%	0.48% (Jul 2025)	0% (Sep 2024)	2.13 k	-1.13 k	Other	16.97
# Container Corporation Of India Ltd.	Logistics solution provider	0.06	15.1	0.06%	0.06%	0.42% (Sep 2024)	0% (Sep 2024)	28.75 k	28.75 k	Large Cap	36.03
# LIC Housing Finance Ltd.	Housing finance company	4.74	14.1	0.06%	0.00%	0.33% (Jun 2025)	0% (Sep 2024)	25.00 k	2.00 k	Mid Cap	19.08
# Trent Limited	Speciality retail	0.06	14	0.06%	0.00%	0.08% (Nov 2024)	0% (Sep 2024)	3.00 k	2.80 k	Mid Cap	19.08
# Patanjali Foods Ltd.	Edible oil	0.05	13	0.05%	0.00%	0.69% (Jun 2025)	0% (Sep 2024)	22.50 k	-0.24 L	Other	16.97
# Ultratech Cement Ltd.	Cement & cement products	0.26	12.8	0.05%	0.00%	0.18% (Feb 2025)	0% (Sep 2024)	1.05 k	1.00 k	Large Cap	36.03
# Suzlon Energy Ltd.	Heavy electrical equipment	0.31	12.3	0.05%	0.00%	0% (Aug 2025)	0% (Sep 2024)	2.24 L	2.16 L	Small Cap	1.69
# Ambuja Cements Ltd.	Cement & cement products	0.26	12	0.05%	0.05%	0% (Sep 2024)	0% (Sep 2024)	21.00 k	21.00 k	Large Cap	36.03
# Union Bank Of India	Public sector bank	10.78	11.6	0.05%	0.00%	0.14% (Aug 2025)	0% (Sep 2024)	84.08 k	-1.77 L	Mid Cap	19.08
# Shree Cement Ltd.	Cement & cement products	0.26	9.5	0.04%	0.00%	0.03% (Aug 2025)	0% (Sep 2024)	325.00	50.00	Large Cap	36.03
# Supreme Industries Ltd.	Plastic products - industrial	0.04	8.9	0.04%	0.00%	0.22% (Dec 2024)	0% (Sep 2024)	2.10 k	0.00	Mid Cap	19.08
# Glenmark Pharmaceuticals Ltd.	Pharmaceuticals	1.55	8.8	0.04%	0.04%	0.45% (Jun 2025)	0% (Sep 2024)	4.50 k	4.50 k	Mid Cap	19.08
# Dabur India Ltd.	Personal care	1.8	8.6	0.04%	0.04%	0.64% (Sep 2024)	0% (Sep 2024)	17.50 k	17.50 k	Large Cap	36.03
# Mankind Pharma Ltd.	Pharmaceuticals	1.55	8.2	0.03%	0.03%	0% (Oct 2025)	0% (Oct 2025)	3.38 k	3.38 k	Other	16.97
# Oberoi Realty Ltd.	Residential, commercial projects	0.48	7.8	0.03%	0.00%	0.83% (Sep 2024)	0% (Sep 2024)	4.90 k	3.85 k	Mid Cap	19.08
# KEI Industries Ltd.	Cables - electricals	0.09	6.4	0.03%	0.00%	0.02% (Dec 2024)	0% (Sep 2024)	1.58 k	175.00	Small Cap	1.69
# Kaynes Technology India Private Ltd.	Industrial products	0.03	6.4	0.03%	0.00%	0.02% (Aug 2025)	0% (Sep 2024)	900.00	0.00	Other	16.97
# Apollo Hospitals Enterprises Ltd.	Hospital	0.02	5.6	0.02%	0.00%	0.22% (Dec 2024)	0% (Sep 2024)	750.00	0.00	Mid Cap	19.08
# Bharti Airtel Ltd.	Telecom - cellular & fixed line services	0.02	4.5	0.02%	0.00%	0.31% (Feb 2025)	0% (Sep 2024)	2.38 k	1.90 k	Large Cap	36.03
# ICICI Prudential Life Insurance Co Ltd.	Life insurance	0.72	4.4	0.02%	0.00%	0.3% (Oct 2024)	0% (Sep 2024)	7.40 k	2.78 k	Large Cap	36.03
# Mahindra & Mahindra Ltd.	Passenger cars & utility vehicles	0.02	4.1	0.02%	0.02%	0.49% (Jul 2025)	0% (Sep 2024)	1.20 k	1.20 k	Large Cap	36.03
# Hindustan Unilever Ltd.	Diversified fmcg	0.99	3.8	0.02%	0.02%	0.38% (Jun 2025)	0% (Sep 2024)	1.50 k	1.50 k	Large Cap	36.03
# Life Insurance Corporation Of India	Life insurance	0.72	3.2	0.01%	0.01%	0.26% (Jun 2025)	0% (Sep 2024)	3.50 k	3.50 k	Other	16.97
# Bharat Heavy Electricals Ltd.	Heavy electrical equipment	0.31	3.1	0.01%	0.01%	2.1% (Sep 2024)	0% (Sep 2024)	13.13 k	13.13 k	Mid Cap	19.08
# Titan Company Ltd.	Gems, jewellery and watches	0.19	3	0.01%	0.01%	0.11% (Mar 2025)	0% (Sep 2024)	875.00	875.00	Large Cap	36.03
# Computer Age Management Services Pvt Ltd.	Depositories, clearing houses and other intermediaries	0.01	2.8	0.01%	0.00%	0.21% (Jul 2025)	0% (Sep 2024)	750.00	-7.95 k	Other	16.97
# Bharat Petroleum Corporation Ltd.	Refineries & marketing	4.9	2.7	0.01%	0.00%	0.46% (Mar 2025)	0% (Sep 2024)	7.90 k	3.95 k	Large Cap	36.03
# Godrej Properties Ltd.	Residential, commercial projects	0.48	2.2	0.01%	0.00%	0.33% (Dec 2024)	0% (Sep 2024)	1.10 k	275.00	Mid Cap	19.08
# HDFC Asset Management Co. Ltd.	Asset management company	0.01	1.7	0.01%	0.01%	0.39% (Nov 2024)	0% (Sep 2024)	300.00	300.00	Large Cap	36.03
# Oil & Natural Gas Corporation Ltd.	Oil exploration & production	0.01	1.6	0.01%	0.01%	0.24% (Mar 2025)	0% (Sep 2024)	6.75 k	6.75 k	Large Cap	36.03
# Mphasis Ltd.	Computers - software & consulting	0.4	1.5	0.01%	0.01%	0.44% (Oct 2024)	0% (Sep 2024)	550.00	550.00	Mid Cap	19.08
# Tube Investments Of India Ltd.	Auto components & equipments	1.02	1.2	0.01%	0.01%	0.05% (Dec 2024)	0% (Sep 2024)	400.00	400.00	Small Cap	1.69
- Nestle India Ltd.	Packaged foods	0	1.2	0.00%	0.00%	0.44% (Sep 2024)	0% (Sep 2024)	1.00 k	-2.00 k	Other	16.97
- GAIL (India) Ltd.	Gas transmission/marketing	0	1.1	0.00%	0.00%	0.16% (Jan 2025)	0% (Sep 2024)	6.30 k	6.30 k	Large Cap	36.03
- Hindustan Petroleum Corporation Ltd.	Refineries & marketing	4.9	0.9	0.00%	0.00%	0.26% (Sep 2024)	0% (Sep 2024)	2.03 k	0.00	Large Cap	36.03
- Zydus Lifesciences Ltd.	Pharmaceuticals	1.55	0.9	0.00%	0.00%	0.45% (Sep 2024)	0% (Sep 2024)	900.00	900.00	Mid Cap	19.08
- Prestige Estates Projects Ltd.	Residential, commercial projects	0.48	0.7	0.00%	0.00%	0.02% (Feb 2025)	0% (Sep 2024)	450.00	450.00	Mid Cap	19.08
- Alkem Laboratories Ltd.	Pharmaceuticals	1.55	0.7	0.00%	0.00%	0.5% (Sep 2024)	0% (Sep 2024)	125.00	-6.25 k	Mid Cap	19.08
- Jindal Steel Ltd.	Iron & steel products	2.95	0.7	0.00%	0.00%	0.31% (Jul 2025)	0% (Sep 2024)	625.00	0.00	Mid Cap	19.08
- CG Power and Industrial Solutions Ltd.	Heavy electrical equipment	0.31	0.6	0.00%	0.00%	1.01% (Jun 2025)	0% (Sep 2024)	850.00	-1.76 L	Small Cap	1.69
- Pi Industries Ltd.	Pesticides & agrochemicals	0	0.6	0.00%	0.00%	0.92% (Sep 2024)	0% (Sep 2024)	175.00	175.00	Mid Cap	19.08
- Divis Laboratories Ltd.	Pharmaceuticals	1.55	0.6	0.00%	0.00%	0.28% (Feb 2025)	0% (Sep 2024)	100.00	100.00	Large Cap	36.03
- Piramal Pharma Ltd.	Pharmaceuticals	1.55	0.5	0.00%	0.00%	0% (Jul 2025)	0% (Sep 2024)	2.50 k	2.50 k	Other	16.97
UNO Minda Ltd.	Auto components & equipments	1.02	3.5	0.00%	-0.01%	-	-	-	-	Small Cap	1.69
Britannia Industries Ltd.	Packaged foods	0	1.5	0.00%	-0.01%	-	-	-	-	Large Cap	36.03
Bharat Forge Ltd.	Castings & forgings		0.6	0.00%	0.00%	-	-	-	-	Mid Cap	19.08
Bosch Ltd.	Auto components & equipments	1.02	4	0.00%	-0.02%	-	-	-	-	Large Cap	36.03
Adani Enterprises Ltd.	Trading - minerals		1.4	0.00%	-0.01%	-	-	-	-	Mid Cap	19.08
Eicher Motors Ltd.	2/3 wheelers	0.17	75.8	0.00%	-0.32%	-	-	-	-	Other	16.97
PB Fintech Ltd.	Financial technology (fintech)	0.74	7.4	0.00%	-0.03%	-	-	-	-	Other	16.97
Muthoot Finance Pvt. Ltd.	Non banking financial company (nbfc)	1.21	4.4	0.00%	-0.02%	-	-	-	-	Mid Cap	19.08
Bajaj Finance Ltd.	Non banking financial company (nbfc)	1.21	28.3	0.00%	-0.12%	-	-	-	-	Other	16.97
Tata Motors Ltd.	Passenger cars & utility vehicles	0.02	289	0.00%	-1.22%	-	-	-	-	Large Cap	36.03
Persistent Systems Ltd.	Computers - software & consulting	0.4	9	0.00%	-0.04%	-	-	-	-	Other	16.97
Adani Energy Solutions Ltd.	Power - transmission	0.16	9.8	0.00%	-0.04%	-	-	-	-	Mid Cap	19.08
Ashok Leyland Ltd.	Commercial vehicles		33	0.00%	-0.14%	-	-	-	-	Mid Cap	19.08
KFIN Technologies Ltd.	Financial technology (fintech)	0.74	3.7	0.00%	-0.02%	-	-	-	-	Other	16.97
Tata Steel Ltd.	Iron & steel products	2.95	16.1	0.00%	-0.07%	-	-	-	-	Other	16.97
Tata Consultancy Services Ltd.	Computers - software & consulting	0.4	54	0.00%	-0.23%	-	-	-	-	Large Cap	36.03
Dalmia Bharat Ltd.	Cement & cement products	0.26	3.1	0.00%	-0.01%	-	-	-	-	Mid Cap	19.08
SRF Ltd.	Specialty chemicals		2.8	0.00%	-0.01%	-	-	-	-	Mid Cap	19.08
360 ONE WAM Ltd.	Other financial services		5.6	0.00%	-0.02%	-	-	-	-	Other	16.97
Amber Enterprises India Ltd.	Household appliances	1.04	2.2	0.00%	-0.01%	-	-	-	-	Small Cap	1.69
Indian Energy Exchange Ltd.	Exchange and data platform		2.1	0.00%	-0.01%	-	-	-	-	Small Cap	1.69
Tata Chemicals Ltd.	Commodity chemicals		29.9	0.00%	-0.13%	-	-	-	-	Mid Cap	19.08
Mazagon Dock Shipbuilders Ltd.	Ship building & allied services		0.5	0.00%	0.00%	-	-	-	-	Other	16.97
Torrent Pharmaceuticals Ltd.	Pharmaceuticals	1.55	42.7	0.00%	-0.18%	-	-	-	-	Mid Cap	19.08
Asian Paints (india) Ltd.	Paints		13.9	0.00%	-0.06%	-	-	-	-	Large Cap	36.03
Infosys Ltd.	Computers - software & consulting	0.4	0.6	0.00%	0.00%	-	-	-	-	Large Cap	36.03

- indicates change in weight in the portfolio. # indicates a new entry.

New Stocks added in Portfolio (in 1 month period ending 30th Sep,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty
- Prestige Estates Projects Ltd.	Residential, commercial projects	0.7	0.00%	0.00%	0.02% (Feb 2025)	0% (Sep 2024)	450.00	450
# Hindustan Unilever Ltd.	Diversified fmcg	3.8	0.02%	0.02%	0.38% (Jun 2025)	0% (Sep 2024)	1.50 k	1500
# Dabur India Ltd.	Personal care	8.6	0.04%	0.04%	0.64% (Sep 2024)	0% (Sep 2024)	17.50 k	17500
# Titan Company Ltd.	Gems, jewellery and watches	3	0.01%	0.01%	0.11% (Mar 2025)	0% (Sep 2024)	875.00	875
# Oil & Natural Gas Corporation Ltd.	Oil exploration & production	1.6	0.01%	0.01%	0.24% (Mar 2025)	0% (Sep 2024)	6.75 k	6750
- Pi Industries Ltd.	Pesticides & agrochemicals	0.6	0.00%	0.00%	0.92% (Sep 2024)	0% (Sep 2024)	175.00	175
# Glenmark Pharmaceuticals Ltd.	Pharmaceuticals	8.8	0.04%	0.04%	0.45% (Jun 2025)	0% (Sep 2024)	4.50 k	4500
# Titagarh Rail Systems Ltd.	Railway wagons	19.6	0.08%	0.08%	0.01% (Jul 2025)	0% (Sep 2024)	22.48 k	22475
- GAIL (India) Ltd.	Gas transmission/marketing	1.1	0.00%	0.00%	0.16% (Jan 2025)	0% (Sep 2024)	6.30 k	6300
# Coforge Ltd.	Computers - software & consulting	94.3	0.39%	0.39%	0.87% (Apr 2025)	0% (Sep 2024)	59.25 k	59250
# Life Insurance Corporation Of India	Life insurance	3.2	0.01%	0.01%	0.26% (Jun 2025)	0% (Sep 2024)	3.50 k	3500
# HDFC Asset Management Co. Ltd.	Asset management company	1.7	0.01%	0.01%	0.39% (Nov 2024)	0% (Sep 2024)	300.00	300
# Container Corporation Of India Ltd.	Logistics solution provider	15.1	0.06%	0.06%	0.42% (Sep 2024)	0% (Sep 2024)	28.75 k	28750
- Zydus Lifesciences Ltd.	Pharmaceuticals	0.9	0.00%	0.00%	0.45% (Sep 2024)	0% (Sep 2024)	900.00	900
# Mahindra & Mahindra Ltd.	Passenger cars & utility vehicles	4.1	0.02%	0.02%	0.49% (Jul 2025)	0% (Sep 2024)	1.20 k	1200
# TVS Motor Company Ltd.	2/3 wheelers	40.9	0.17%	0.17%	0.41% (Jan 2025)	0% (Sep 2024)	11.90 k	11900
# Tube Investments Of India Ltd.	Auto components & equipments	1.2	0.01%	0.01%	0.05% (Dec 2024)	0% (Sep 2024)	400.00	400
# Ambuja Cements Ltd.	Cement & cement products	12	0.05%	0.05%	0% (Sep 2024)	0% (Sep 2024)	21.00 k	21000
# Bharat Heavy Electricals Ltd.	Heavy electrical equipment	3.1	0.01%	0.01%	2.1% (Sep 2024)	0% (Sep 2024)	13.13 k	13125
- Divis Laboratories Ltd.	Pharmaceuticals	0.6	0.00%	0.00%	0.28% (Feb 2025)	0% (Sep 2024)	100.00	100
# Adani Ports And Special Economic Zone Ltd.	Port & port services	18.7	0.08%	0.08%	0.16% (Sep 2024)	0% (Sep 2024)	13.30 k	13300
# Mankind Pharma Ltd.	Pharmaceuticals	8.2	0.03%	0.03%	0% (Oct 2025)	0% (Oct 2025)	3.38 k	3375
# Mphasis Ltd.	Computers - software & consulting	1.5	0.01%	0.01%	0.44% (Oct 2024)	0% (Sep 2024)	550.00	550
# National Thermal Power Corporation Ltd.	Power generation	180.3	0.74%	0.74%	0.74% (Jan 2025)	0% (Sep 2024)	5.30 L	529500
# Vedanta Ltd.	Diversified metals	22.5	0.09%	0.09%	2.97% (Sep 2024)	0% (Sep 2024)	48.30 k	48300
- Piramal Pharma Ltd.	Pharmaceuticals	0.5	0.00%	0.00%	0% (Jul 2025)	0% (Sep 2024)	2.50 k	2500

Stocks removed from Portfolio (in 1 month period ending 30th Sep,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	1M Change in Qty
UNO Minda Ltd.	Auto components & equipments	3.5	0.00%	-0.01%	0.12% (Jun 2025)	0% (Sep 2024)	-2750
Britannia Industries Ltd.	Packaged foods	1.5	0.00%	-0.01%	0.05% (Apr 2025)	0% (Sep 2024)	-250
- Bharat Forge Ltd.	Castings & forgings	0.6	0.00%	0.00%	0.12% (Oct 2024)	0% (Sep 2024)	-500
Bosch Ltd.	Auto components & equipments	4	0.00%	-0.02%	0.2% (May 2025)	0% (Sep 2024)	-100
Adani Enterprises Ltd.	Trading - minerals	1.4	0.00%	-0.01%	0.17% (Jul 2025)	0% (Sep 2024)	-600
Eicher Motors Ltd.	2/3 wheelers	75.8	0.00%	-0.32%	0.32% (Aug 2025)	0% (Sep 2024)	-12425
PB Fintech Ltd.	Financial technology (fintech)	7.4	0.00%	-0.03%	0.21% (May 2025)	0% (Sep 2024)	-4200
Muthoot Finance Pvt. Ltd.	Non banking financial company (nbfc)	4.4	0.00%	-0.02%	0.79% (Nov 2024)	0% (Sep 2024)	-1650
Bajaj Finance Ltd.	Non banking financial company (nbfc)	28.3	0.00%	-0.12%	0.88% (Jun 2025)	0% (Sep 2024)	-32250
Tata Motors Ltd.	Passenger cars & utility vehicles	289	0.00%	-1.22%	2.5% (Mar 2025)	0.16% (Sep 2024)	-432000
Persistent Systems Ltd.	Computers - software & consulting	9	0.00%	-0.04%	0.54% (Jul 2025)	0% (Sep 2024)	-1700
Adani Energy Solutions Ltd.	Power - transmission	9.8	0.00%	-0.04%	0.04% (Aug 2025)	0% (Sep 2024)	-12825
Ashok Leyland Ltd.	Commercial vehicles	33	0.00%	-0.14%	0.14% (Aug 2025)	0% (Sep 2024)	-260000
KFIN Technologies Ltd.	Financial technology (fintech)	3.7	0.00%	-0.02%	0.27% (Jul 2025)	0% (Sep 2024)	-3600
Tata Steel Ltd.	Iron & steel products	16.1	0.00%	-0.07%	0.59% (Dec 2024)	0% (Sep 2024)	-104500
Tata Consultancy Services Ltd.	Computers - software & consulting	54	0.00%	-0.23%	1.07% (Jul 2025)	0% (Sep 2024)	-17500
Dalmia Bharat Ltd.	Cement & cement products	3.1	0.00%	-0.01%	0.22% (May 2025)	0% (Sep 2024)	-1300
SRF Ltd.	Specialty chemicals	2.8	0.00%	-0.01%	0.15% (May 2025)	0% (Sep 2024)	-1000
360 ONE WAM Ltd.	Other financial services	5.6	0.00%	-0.02%	0.02% (Aug 2025)	0% (Sep 2024)	-5500
Amber Enterprises India Ltd.	Household appliances	2.2	0.00%	-0.01%	0.01% (Aug 2025)	0% (Sep 2024)	-300
Indian Energy Exchange Ltd.	Exchange and data platform	2.1	0.00%	-0.01%	1.64% (Sep 2024)	0.01% (Aug 2025)	-15000
Tata Chemicals Ltd.	Commodity chemicals	29.9	0.00%	-0.13%	0.18% (Jul 2025)	0% (Sep 2024)	-32500
- Mazagon Dock Shipbuilders Ltd.	Ship building & allied services	0.5	0.00%	0.00%	0% (Aug 2025)	0% (Sep 2024)	-175
Torrent Pharmaceuticals Ltd.	Pharmaceuticals	42.7	0.00%	-0.18%	0.25% (Jul 2025)	0% (Sep 2024)	-12000
Asian Paints (india) Ltd.	Paints	13.9	0.00%	-0.06%	0.11% (Feb 2025)	0% (Sep 2024)	-5500
- Infosys Ltd.	Computers - software & consulting	0.6	0.00%	0.00%	1.39% (May 2025)	0% (Sep 2024)	-400

Trend in stock holdings (Top 15 Holding)

Stock	Sep 2025	Aug 2025	Jul 2025	Jun 2025	May 2025	Apr 2025	Mar 2025	Feb 2025	Jan 2025	Dec 2024	Nov 2024	Oct 2024	Sep 2024
ICICI Bank Ltd.	6.30%	7.17%	7.24%	5.64%	6.34%	6.44%	5.82%	5.15%	3.40%	1.87%	1.76%	-	-
Bank Of Baroda	1.57%	1.21%	1.20%	1.21%	3.25%	5.54%	5.59%	5.40%	6.00%	6.99%	7.13%	7.34%	7.20%
Reliance Industries Ltd.	4.65%	3.76%	3.58%	1.96%	2.65%	5.38%	6.01%	4.85%	5.04%	5.43%	5.71%	5.90%	4.70%
State Bank Of India	7.10%	7.14%	7.30%	7.10%	6.03%	2.91%	4.37%	4.33%	3.24%	2.18%	1.72%	0.71%	0.23%
HDFC Bank Ltd.	6.50%	6.35%	5.32%	5.79%	5.10%	3.60%	3.78%	2.67%	1.42%	0.76%	3.39%	4.60%	4.10%
Axis Bank Ltd.	4.51%	5.26%	3.95%	3.59%	3.77%	3.69%	3.43%	3.88%	2.72%	1.71%	1.02%	0.23%	0.03%
Laurus Labs Ltd.	1.14%	1.33%	1.52%	2.35%	2.12%	1.96%	2.14%	1.86%	2.10%	2.44%	3.18%	2.96%	2.91%
IDFC First Bank Ltd.	0.07%	2.80%	2.80%	3.48%	3.79%	3.55%	1.47%	1.03%	0.35%	-	-	-	-
Tata Power Co. Ltd.	1.21%	1.34%	1.92%	2.17%	2.27%	2.27%	2.36%	2.23%	2.50%	2.31%	2.12%	2.25%	2.37%
Bandhan Bank Ltd.	1.17%	1.23%	1.08%	1.58%	1.74%	1.79%	1.72%	2.04%	2.18%	2.15%	2.29%	2.53%	2.84%
Punjab National Bank	1.27%	0.87%	0.99%	0.98%	0.63%	1.57%	1.92%	2.58%	3.09%	2.47%	2.01%	0.13%	-
Tata Motors Ltd.	-	1.22%	1.16%	1.78%	1.42%	1.66%	2.50%	2.35%	2.14%	2.03%	1.42%	0.58%	0.16%
Kotak Mahindra Bank Ltd.	0.73%	1.09%	0.06%	0.04%	-	0.27%	0.44%	3.08%	3.03%	2.52%	2.39%	1.95%	2.75%
Indusind Bank Ltd.	0.49%	0.13%	0.06%	0.08%	0.44%	0.23%	0.51%	2.65%	4.65%	4.48%	2.04%	1.77%	1.71%
Rural Electrification Corporation Limited	1.08%	1.28%	1.39%	1.45%	1.31%	1.59%	1.76%	1.45%	1.31%	1.23%	1.09%	1.07%	1.11%

No of Debt Holding 8 (Category Avg - 9.76) | Modified Duration 0.00 Years (Category Avg - 0.37)| Yield to Maturity - -- (Category Avg - 5.93%)

Portfolio Summary (as on 30th Sep,2025)

Security Type	% Weight	Category Average
GOI	0.00%	0.98%
CD	2.96%	1.86%
T-Bills	0.00%	1.28%
CP	0.00%	1.13%
NCD & Bonds	7.54%	2.59%
PTC	0.00%	0.02%

Category - Arbitrage Fund

Security Type	% Weight	Category Average
Government Backed	0.00%	0.00%
Low Risk	10.50%	5.59%
Moderate Risk	0.00%	0.00%
High Risk	0.00%	0.00%
Very High Risk	0.00%	0.00%
Others	0.00%	0.00%

Category - Arbitrage Fund

Debt holding in Portfolio (as on 30th Sep,2025)

Instrument	Type	Sector	Rating	Rating Agency	Value (Mn)	% of Total Holding	Quantity
Bond - LIC Housing Finance Ltd.	NCD & Bonds	Housing finance company	AAA	CRISIL	524.64	2.15%	500.00
Bond - National Bank for Agriculture & Rural Development	NCD & Bonds	Financial institution	AAA	CRISIL	509.62	2.09%	5.00 k
Bond - Sundaram Finance Limited	NCD & Bonds	Non banking financial company (nbfc)	AAA	CRISIL	271.43	1.11%	2.50 k
Bond - Kotak Mahindra Prime Ltd.	NCD & Bonds	Non banking financial company (nbfc)	AAA	CRISIL	270.87	1.11%	2.50 k
Bond - Small Industries Development Bank Of India	NCD & Bonds	Financial institution	AAA	CRISIL	264.37	1.08%	2.50 k
Bond - Indian Bank	CD	Public sector bank	P1+	CRISIL	241.04	0.99%	500.00
Bond - HDFC Bank Ltd.	CD	Private sector bank	PR1+	CARE	240.45	0.99%	500.00
Bond - Union Bank Of India	CD	Public sector bank	A1+	ICRA	238.96	0.98%	500.00