JM Arbitrage Fund - IDCW

Regular

Regular and Direct options of the funds are exactly same except commission to your mutual fund broker/distributor. As an investor you do not need to pay any additional fees to purchase any of these options. However both have different expense ratios. Regular funds have higher expense ratio and direct funds have lower expense ratio. This difference is because of commission paid to broker/distributor. Lower expense ratio leads to higher returns for investors.
Direct

Regular and Direct options of the funds are exactly same except commission to your mutual fund broker/distributor. As an investor you do not need to pay any additional fees to purchase any of these options. However both have different expense ratios. Regular funds have higher expense ratio and direct funds have lower expense ratio. This difference is because of commission paid to broker/distributor. Lower expense ratio leads to higher returns for investors.

Category : Arbitrage Fund

Equity Holding : 77.99% | F&O Holdings : 0.00%| Foreign Equity Holdings : 0.00%| Total : 77.99%

No of Stocks : 100 (Category Avg - 142.18) | Large Cap Investments : 41.15%| Mid Cap Investments : 16.18% | Small Cap Investments : 3.09% | Other : 17.61%

Portfolio Summary (as on 31st Oct,2025)

Particulars	This Scheme	Category
No. of Stocks	100	111.68
Top 5 Stock Weight	17.39%	22.04%
Top 10 Stock Weight	29.87%	34.22%
Top 3 Sector Weight	30.98%	27.34%

Category - Arbitrage Fund

Particulars	This Scheme	Category
Average mcap (Cr)	88924.40	92200.06
Holdings in large cap stocks	41.15%	39.91%
Holdings in mid cap stocks	16.18%	16.24%
Holdings in small cap stocks	3.09%	4.17%

Category - Arbitrage Fund

Top 10 Stocks holding in Portfolio (as on 31st Oct,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty
Axis Bank Ltd.	Private sector bank	155.6	3.99%	-0.02%	4.01% (Sep 2025)	0.37% (Mar 2025)	1.26 L	0.00
ICICI Bank Ltd.	Private sector bank	155.4	3.98%	1.46%	4.89% (Feb 2025)	0% (Nov 2024)	1.16 L	49.00 k
Reliance Industries Ltd.	Refineries & marketing	133.8	3.43%	0.27%	4.24% (Mar 2025)	1.55% (Jul 2025)	90.00 k	7.50 k
HDFC Bank Ltd.	Private sector bank	126	3.23%	0.44%	3.44% (Aug 2025)	0% (Nov 2024)	1.28 L	23.10 k
Sammaan Capital Ltd.	Housing finance company	107.9	2.76%	0.53%	2.76% (Oct 2025)	0% (Nov 2024)	5.72 L	77.40 k
Bharti Airtel Ltd.	Telecom - cellular & fixed line services	107.4	2.75%	-0.56%	3.3% (Sep 2025)	0.65% (Nov 2024)	52.25 k	-0.10 L
Kotak Mahindra Bank Ltd.	Private sector bank	98.4	2.52%	-0.10%	2.62% (Sep 2025)	0% (Nov 2024)	46.80 k	0.00
Eternal Ltd.	E-retail/ e-commerce	95.6	2.45%	1.49%	2.45% (Oct 2025)	0% (Nov 2024)	3.01 L	1.96 L
- State Bank Of India	Public sector bank	93.5	2.39%	0.01%	3.12% (Dec 2024)	0% (Nov 2024)	99.75 k	2.25 k
Larsen & Toubro Ltd.	Civil construction	92.4	2.37%	0.01%	2.37% (Oct 2025)	0.2% (Jun 2025)	22.93 k	0.00

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

View complete holding

Complete equity Portfolio (as on 31st Oct,2025)

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Sector
M-Cap

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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
Axis Bank Ltd.	Private sector bank	20.7	155.6	3.99%	-0.02%	4.01% (Sep 2025)	0.37% (Mar 2025)	1.26 L	0.00	Large Cap	41.15
ICICI Bank Ltd.	Private sector bank	20.7	155.4	3.98%	1.46%	4.89% (Feb 2025)	0% (Nov 2024)	1.16 L	49.00 k	Large Cap	41.15
Reliance Industries Ltd.	Refineries & marketing	3.99	133.8	3.43%	0.27%	4.24% (Mar 2025)	1.55% (Jul 2025)	90.00 k	7.50 k	Large Cap	41.15
HDFC Bank Ltd.	Private sector bank	20.7	126	3.23%	0.44%	3.44% (Aug 2025)	0% (Nov 2024)	1.28 L	23.10 k	Other	17.61
Sammaan Capital Ltd.	Housing finance company	4.31	107.9	2.76%	0.53%	2.76% (Oct 2025)	0% (Nov 2024)	5.72 L	77.40 k	Mid Cap	16.18
Bharti Airtel Ltd.	Telecom - cellular & fixed line services	3.66	107.4	2.75%	-0.56%	3.3% (Sep 2025)	0.65% (Nov 2024)	52.25 k	-0.10 L	Large Cap	41.15
Kotak Mahindra Bank Ltd.	Private sector bank	20.7	98.4	2.52%	-0.10%	2.62% (Sep 2025)	0% (Nov 2024)	46.80 k	0.00	Large Cap	41.15
Eternal Ltd.	E-retail/ e-commerce	2.45	95.6	2.45%	1.49%	2.45% (Oct 2025)	0% (Nov 2024)	3.01 L	1.96 L	Other	17.61
- State Bank Of India	Public sector bank	5.97	93.5	2.39%	0.01%	3.12% (Dec 2024)	0% (Nov 2024)	99.75 k	2.25 k	Large Cap	41.15
Larsen & Toubro Ltd.	Civil construction	2.9	92.4	2.37%	0.01%	2.37% (Oct 2025)	0.2% (Jun 2025)	22.93 k	0.00	Large Cap	41.15
Yes Bank	Private sector bank	20.7	89.1	2.28%	-0.06%	2.34% (Sep 2025)	0% (Nov 2024)	39.19 L	0.00	Other	17.61
Adani Ports And Special Economic Zone Ltd.	Port & port services	2.28	88.9	2.28%	0.89%	2.28% (Oct 2025)	0% (Nov 2024)	61.28 k	26.13 k	Large Cap	41.15
RBL Bank Ltd.	Private sector bank	20.7	88.1	2.26%	1.39%	2.26% (Oct 2025)	0% (Nov 2024)	2.70 L	1.59 L	Mid Cap	16.18
Marico Ltd.	Personal care	2.17	84.7	2.17%	-0.13%	2.34% (Aug 2025)	0% (Nov 2024)	1.18 L	0.00	Large Cap	41.15
Tata Steel Ltd.	Iron & steel products	2.48	76.4	1.96%	0.52%	1.96% (Oct 2025)	0.27% (Nov 2024)	4.18 L	1.16 L	Other	17.61
ITC Limited	Diversified fmcg	1.78	67.9	1.74%	0.91%	1.89% (Nov 2024)	0% (Nov 2024)	1.62 L	88.00 k	Large Cap	41.15
Multi Commodity Exchange Of India Ltd.	Exchange and data platform	2.16	67	1.72%	0.13%	2.23% (Jul 2025)	0% (Nov 2024)	7.25 k	0.00	Small Cap	3.09
J S W Energy Ltd.	Power generation	1.47	55.9	1.43%	-0.15%	1.68% (Jul 2025)	0% (Nov 2024)	1.06 L	0.00	Mid Cap	16.18
Hindalco Industries Ltd.	Aluminium	1.43	55.8	1.43%	1.19%	1.43% (Oct 2025)	0% (Nov 2024)	65.80 k	54.60 k	Large Cap	41.15
Bank Of Baroda	Public sector bank	5.97	54.6	1.40%	0.23%	2.72% (Nov 2024)	0.74% (Jul 2025)	1.96 L	35.10 k	Large Cap	41.15
Patanjali Foods Ltd.	Edible oil	1.37	53.7	1.37%	-0.07%	1.44% (Sep 2025)	0% (Nov 2024)	89.10 k	0.00	Other	17.61
Canara Bank	Public sector bank	5.97	50.9	1.30%	-1.11%	2.41% (Sep 2025)	0% (Nov 2024)	3.71 L	-3.24 L	Other	17.61
Laurus Labs Ltd.	Pharmaceuticals	2.8	38.9	1.00%	-0.05%	1.21% (Jul 2025)	0.21% (Apr 2025)	40.80 k	-3.40 k	Other	17.61
Tata Power Co. Ltd.	Integrated power utilities	0.95	37	0.95%	0.46%	2.96% (Nov 2024)	0.49% (Sep 2025)	91.35 k	46.40 k	Mid Cap	16.18
Vodafone Idea Ltd.	Telecom - cellular & fixed line services	3.66	35.6	0.91%	-0.02%	2.36% (Jan 2025)	0% (Nov 2024)	40.74 L	0.00	Large Cap	41.15
Dixon Technologies (India) Ltd.	Consumer electronics	0.89	34.9	0.89%	-0.05%	1.72% (Jun 2025)	0% (Nov 2024)	2.25 k	200.00	Other	17.61
DLF Ltd.	Residential, commercial projects	1.34	33.1	0.85%	-0.21%	2.78% (Jun 2025)	0.85% (Oct 2025)	43.73 k	-9.08 k	Large Cap	41.15
Adani Energy Solutions Ltd.	Power - transmission	0.8	31.3	0.80%	0.02%	1.3% (Jun 2025)	0% (Nov 2024)	31.73 k	0.00	Mid Cap	16.18
LIC Housing Finance Ltd.	Housing finance company	4.31	30.8	0.79%	-0.07%	1.48% (Jun 2025)	0% (Nov 2024)	54.00 k	0.00	Mid Cap	16.18
NMDC LTD	Industrial minerals	0.79	30.7	0.79%	-0.08%	0.87% (Sep 2025)	0% (Nov 2024)	4.05 L	0.00	Mid Cap	16.18
Kalyan Jewellers India Ltd.	Gems, jewellery and watches	1.04	29.9	0.77%	0.38%	0.77% (Oct 2025)	0% (Nov 2024)	58.75 k	28.20 k	Other	17.61
Varun Beverages Ltd.	Other beverages	0.76	29.9	0.76%	0.75%	0.76% (Oct 2025)	0% (Nov 2024)	63.55 k	62.53 k	Other	17.61
PNB Housing Finance Ltd.	Housing finance company	4.31	29.6	0.76%	-0.01%	0.82% (Aug 2025)	0% (Nov 2024)	31.85 k	0.00	Mid Cap	16.18
- Punjab National Bank	Public sector bank	5.97	28.5	0.73%	0.00%	2.27% (Nov 2024)	0.09% (May 2025)	2.32 L	0.00	Large Cap	41.15
Biocon Ltd.	Pharmaceuticals	2.8	27	0.69%	0.02%	3.23% (Nov 2024)	0.18% (Mar 2025)	72.50 k	2.50 k	Mid Cap	16.18
Indus Towers Ltd.	Telecom - infrastructure	0.85	26.6	0.68%	0.29%	3.54% (Nov 2024)	0.11% (Aug 2025)	73.10 k	32.30 k	Large Cap	41.15
Federal Bank Ltd.	Private sector bank	20.7	26	0.67%	0.07%	0.67% (Oct 2025)	0% (Nov 2024)	1.10 L	0.00	Mid Cap	16.18
Divis Laboratories Ltd.	Pharmaceuticals	2.8	25.6	0.66%	-0.14%	1.6% (Jun 2025)	0% (Nov 2024)	3.80 k	-1.20 k	Large Cap	41.15
Indusind Bank Ltd.	Private sector bank	20.7	23.9	0.61%	0.03%	2.74% (Dec 2024)	0% (Nov 2024)	30.10 k	2.10 k	Large Cap	41.15
Crompton Greaves Consumer Electricals Ltd.	Household appliances	0.61	23.9	0.61%	0.17%	0.61% (Oct 2025)	0.13% (Jul 2025)	84.60 k	30.60 k	Mid Cap	16.18
Vedanta Ltd.	Diversified metals	0.61	23.8	0.61%	-0.02%	0.63% (Sep 2025)	0% (Nov 2024)	48.30 k	0.00	Large Cap	41.15
IDFC First Bank Ltd.	Private sector bank	20.7	23.5	0.60%	0.31%	2.33% (May 2025)	0% (Nov 2024)	2.88 L	1.39 L	Mid Cap	16.18
Motherson Sumi Systems Ltd.	Auto components & equipments	0.89	22.7	0.58%	0.25%	0.58% (Oct 2025)	0% (Nov 2024)	2.15 L	1.05 L	Large Cap	41.15
Bandhan Bank Ltd.	Private sector bank	20.7	22	0.56%	0.04%	1.97% (Nov 2024)	0% (Nov 2024)	1.40 L	25.20 k	Large Cap	41.15
Trent Limited	Speciality retail	0.54	21.1	0.54%	0.27%	0.54% (Oct 2025)	0% (Nov 2024)	4.50 k	2.40 k	Mid Cap	16.18
Indian Oil Corporation Ltd.	Refineries & marketing	3.99	21	0.54%	0.01%	2.2% (Nov 2024)	0% (Nov 2024)	1.27 L	0.00	Large Cap	41.15
Mahindra & Mahindra Ltd.	Passenger cars & utility vehicles	0.52	20.2	0.52%	-0.33%	2.6% (Jun 2025)	0.45% (Feb 2025)	5.80 k	-3.00 k	Large Cap	41.15
Apollo Hospitals Enterprises Ltd.	Hospital	0.69	20.2	0.52%	-0.24%	2.02% (Nov 2024)	0% (Nov 2024)	2.63 k	-1.00 k	Mid Cap	16.18
J S W Steel Ltd.	Iron & steel products	2.48	19.5	0.50%	-0.02%	0.52% (Sep 2025)	0.15% (Nov 2024)	16.20 k	0.00	Large Cap	41.15
Bharat Electronics Ltd.	Aerospace & defense	0.84	19.4	0.50%	0.47%	3.55% (Nov 2024)	0% (Nov 2024)	45.60 k	42.75 k	Mid Cap	16.18
Indian Energy Exchange Ltd.	Exchange and data platform	2.16	17.2	0.44%	0.37%	3.23% (Nov 2024)	0% (Nov 2024)	1.24 L	1.05 L	Small Cap	3.09
GMR Airports Ltd.	Airport & airport services	0.42	16.4	0.42%	0.06%	0.89% (Nov 2024)	0.29% (May 2025)	1.74 L	27.90 k	Small Cap	3.09
Lodha Developers Ltd.	Residential, commercial projects	1.34	15.1	0.39%	-0.02%	0.4% (Sep 2025)	0% (Nov 2024)	12.60 k	0.00	Other	17.61
Hindustan Aeronautics Ltd.	Aerospace & defense	0.84	13.3	0.34%	-0.42%	3.73% (Mar 2025)	0.11% (Jul 2025)	2.85 k	-2.85 k	Other	17.61
- Grasim Industries Limited	Cement & cement products	0.74	13	0.33%	0.00%	0.76% (Jun 2025)	0% (Nov 2024)	4.50 k	250.00	Large Cap	41.15
NCC Ltd.	Civil construction	2.9	12.6	0.32%	0.17%	0.92% (Jun 2025)	0% (Nov 2024)	59.40 k	32.40 k	Small Cap	3.09
Petronet LNG Ltd.	Lpg/cng/png/lng supplier	0.31	12.2	0.31%	-0.01%	1.29% (Nov 2024)	0.31% (Oct 2025)	43.20 k	1.80 k	Large Cap	41.15
Bosch Ltd.	Auto components & equipments	0.89	12.1	0.31%	-0.04%	0.54% (Jun 2025)	0% (Nov 2024)	325.00	0.00	Large Cap	41.15
# Ambuja Cements Ltd.	Cement & cement products	0.74	11.3	0.29%	0.29%	0.29% (Oct 2025)	0% (Nov 2024)	19.95 k	19.95 k	Large Cap	41.15
# Titan Company Ltd.	Gems, jewellery and watches	1.04	10.5	0.27%	0.27%	2.27% (Nov 2024)	0% (Nov 2024)	2.80 k	2.80 k	Large Cap	41.15
Indian Hotels Company Limited	Hotels & resorts	0.27	10.4	0.27%	0.08%	0.77% (Dec 2024)	0% (Nov 2024)	14.00 k	5.00 k	Mid Cap	16.18
Jio Financial Services Ltd.	Non banking financial company (nbfc)	0.3	10.1	0.26%	0.22%	1.7% (May 2025)	0% (Nov 2024)	32.90 k	28.20 k	Other	17.61
Rural Electrification Corporation Limited	Financial institution	0.23	9.1	0.23%	-0.43%	1.49% (Jul 2025)	0% (Nov 2024)	24.23 k	-0.40 L	Mid Cap	16.18
- Aditya Birla Capital Ltd.	Life insurance	0.36	9.1	0.23%	0.00%	0.23% (Oct 2025)	0% (Nov 2024)	27.90 k	0.00	Mid Cap	16.18
NBCC (India) Ltd.	Civil construction	2.9	8.4	0.21%	-0.21%	0.73% (Jun 2025)	0% (Nov 2024)	71.50 k	-0.72 L	Mid Cap	16.18
Lupin Ltd.	Pharmaceuticals	2.8	7.5	0.19%	-0.01%	1.15% (May 2025)	0% (Nov 2024)	3.83 k	0.00	Large Cap	41.15
Hindustan Zinc Ltd.	Zinc	0.18	7	0.18%	-0.12%	0.79% (Jun 2025)	0% (Nov 2024)	14.70 k	-7.35 k	Large Cap	41.15
HFCL Ltd.	Telecom - infrastructure	0.85	6.6	0.17%	0.01%	0.48% (Jun 2025)	0% (Nov 2024)	90.30 k	12.90 k	Small Cap	3.09
Max Healthcare Institute Ltd.	Hospital	0.69	6.6	0.17%	-0.01%	0.58% (Jun 2025)	0% (Nov 2024)	5.78 k	0.00	Other	17.61
# Tata Consultancy Services Ltd.	Computers - software & consulting	0.25	6.4	0.16%	0.16%	3.11% (Mar 2025)	0% (Nov 2024)	2.10 k	2.10 k	Large Cap	41.15
Bajaj Finserv Ltd	Holding company	0.13	5.2	0.13%	-0.01%	1.13% (Mar 2025)	0% (Nov 2024)	2.50 k	0.00	Other	17.61
- United Spirits Ltd.	Breweries & distilleries	0.13	5.2	0.13%	0.00%	0.13% (Sep 2025)	0% (Nov 2024)	3.60 k	0.00	Large Cap	41.15
- Bank Of India	Public sector bank	5.97	5.1	0.13%	0.00%	0.13% (Oct 2025)	0% (Nov 2024)	36.40 k	0.00	Mid Cap	16.18
ICICI Prudential Life Insurance Co Ltd.	Life insurance	0.36	4.9	0.13%	-0.01%	0.43% (May 2025)	0.04% (Jan 2025)	8.33 k	0.00	Large Cap	41.15
Ultratech Cement Ltd.	Cement & cement products	0.74	4.8	0.12%	-0.01%	1.59% (Apr 2025)	0% (Nov 2024)	400.00	0.00	Large Cap	41.15
# Adani Enterprises Ltd.	Trading - minerals	0.11	4.5	0.11%	0.11%	1.16% (Nov 2024)	0% (Nov 2024)	1.80 k	1.80 k	Mid Cap	16.18
# UPL Ltd.	Pesticides & agrochemicals	0.1	3.9	0.10%	0.10%	0.74% (Mar 2025)	0% (Nov 2024)	5.42 k	5.42 k	Large Cap	41.15
Mazagon Dock Shipbuilders Ltd.	Ship building & allied services	0.1	3.8	0.10%	-0.02%	0.12% (Sep 2025)	0% (Nov 2024)	1.40 k	-0.18 k	Other	17.61
- Aurobindo Pharma Ltd.	Pharmaceuticals	2.8	3.8	0.10%	0.00%	0.86% (Jun 2025)	0% (Nov 2024)	3.30 k	0.00	Large Cap	41.15
Britannia Industries Ltd.	Packaged foods	0.17	3.7	0.09%	-0.01%	0.11% (Nov 2024)	0% (Nov 2024)	625.00	0.00	Large Cap	41.15
Alkem Laboratories Ltd.	Pharmaceuticals	2.8	3.4	0.09%	-0.01%	0.16% (Jun 2025)	0% (Nov 2024)	625.00	0.00	Mid Cap	16.18
Nestle India Ltd.	Packaged foods	0.17	3.2	0.08%	0.05%	0.1% (Mar 2025)	0% (Nov 2024)	2.50 k	1.50 k	Other	17.61
- Prestige Estates Projects Ltd.	Residential, commercial projects	1.34	3.1	0.08%	0.00%	0.08% (Oct 2025)	0% (Nov 2024)	1.80 k	0.00	Mid Cap	16.18
Cipla Ltd.	Pharmaceuticals	2.8	2.8	0.07%	-0.09%	1.66% (Apr 2025)	0.07% (Oct 2025)	1.88 k	-1.88 k	Large Cap	41.15
TVS Motor Company Ltd.	2/3 wheelers	0.06	2.5	0.06%	0.00%	1.15% (Jun 2025)	0% (Nov 2024)	700.00	0.00	Mid Cap	16.18
- Pidilite Industries Ltd.	Specialty chemicals	0.06	2.2	0.06%	-0.01%	0.09% (Nov 2024)	0% (Nov 2024)	1.50 k	0.00	Large Cap	41.15
Persistent Systems Ltd.	Computers - software & consulting	0.25	1.8	0.05%	0.02%	0.05% (Oct 2025)	0% (Nov 2024)	300.00	100.00	Other	17.61
# NHPC Ltd.	Power generation	1.47	1.6	0.04%	0.04%	0.09% (May 2025)	0% (Nov 2024)	19.20 k	19.20 k	Mid Cap	16.18
Hindustan Unilever Ltd.	Diversified fmcg	1.78	1.5	0.04%	-0.53%	1.66% (Jul 2025)	0% (Nov 2024)	600.00	-7.50 k	Large Cap	41.15
GAIL (India) Ltd.	Gas transmission/marketing	0.03	1.2	0.03%	-0.22%	1.23% (Nov 2024)	0% (Nov 2024)	6.30 k	-0.44 L	Large Cap	41.15
Delhivery Ltd.	Logistics solution provider	0.02	1	0.02%	0.00%	0.03% (Sep 2025)	0% (Nov 2024)	2.08 k	0.00	Other	17.61
Hindustan Petroleum Corporation Ltd.	Refineries & marketing	3.99	1	0.02%	0.00%	0.13% (Dec 2024)	0% (Nov 2024)	2.03 k	0.00	Large Cap	41.15
- IIFL Finance Ltd.	Non banking financial company (nbfc)	0.3	0.9	0.02%	0.00%	0.06% (Apr 2025)	0% (Nov 2024)	1.65 k	0.00	Small Cap	3.09
- Tech Mahindra Ltd.	Computers - software & consulting	0.25	0.9	0.02%	0.00%	1.07% (Apr 2025)	0% (Nov 2024)	600.00	0.00	Large Cap	41.15
Bajaj Finance Ltd.	Non banking financial company (nbfc)	0.3	0.8	0.02%	-2.00%	3.48% (Jan 2025)	0% (Nov 2024)	750.00	-0.71 L	Other	17.61
- Jubilant Foodworks Ltd.	Restaurants	0.02	0.8	0.02%	0.00%	0.14% (Apr 2025)	0% (Nov 2024)	1.25 k	0.00	Other	17.61
- Coforge Ltd.	Computers - software & consulting	0.25	0.7	0.02%	0.00%	0.03% (Feb 2025)	0% (Nov 2024)	375.00	0.00	Other	17.61
- Union Bank Of India	Public sector bank	5.97	0.7	0.02%	0.00%	0.02% (Sep 2025)	0% (Nov 2024)	4.43 k	0.00	Mid Cap	16.18
- Steel Authority Of India Ltd.	Iron & steel products	2.48	0.6	0.02%	0.00%	1.06% (May 2025)	0% (Nov 2024)	4.70 k	0.00	Mid Cap	16.18
Godrej Properties Ltd.	Residential, commercial projects	1.34	0.6	0.02%	-0.06%	0.16% (Jun 2025)	0% (Nov 2024)	275.00	-1.10 k	Mid Cap	16.18
Coal India Ltd.	Coal		1.6	0.00%	-0.04%	-	-	-	-	Large Cap	41.15
Dabur India Ltd.	Personal care	2.17	3.7	0.00%	-0.10%	-	-	-	-	Large Cap	41.15
Power Grid Corporation of India Ltd.	Power - transmission	0.8	1.6	0.00%	-0.04%	-	-	-	-	Large Cap	41.15
Oil & Natural Gas Corporation Ltd.	Oil exploration & production		0.5	0.00%	-0.02%	-	-	-	-	Large Cap	41.15
L&T Finance Holdings Ltd.	Investment company		10	0.00%	-0.28%	-	-	-	-	Mid Cap	16.18
Bharat Dynamics Ltd.	Aerospace & defense	0.84	1.5	0.00%	-0.04%	-	-	-	-	Other	17.61
One 97 Communications Ltd.	Financial technology (fintech)		9.8	0.00%	-0.27%	-	-	-	-	Other	17.61
Sun Pharmaceutical Industries Ltd.	Pharmaceuticals	2.8	8.9	0.00%	-0.25%	-	-	-	-	Large Cap	41.15
KEI Industries Ltd.	Cables - electricals		2.8	0.00%	-0.08%	-	-	-	-	Small Cap	3.09
Bond - Kotak Securities Ltd.	Stockbroking & allied		249	0.00%	-6.99%	-	-	-	-	Other	17.61
SBI Life Insurance Co Ltd.	Life insurance	0.36	20.1	0.00%	-0.57%	-	-	-	-	Large Cap	41.15
Fortis Healthcare Ltd.	Hospital	0.69	1.5	0.00%	-0.04%	-	-	-	-	Other	17.61
Info Edge (India) Ltd.	Internet & catalogue retail		14.2	0.00%	-0.40%	-	-	-	-	Other	17.61
National Thermal Power Corporation Ltd.	Power generation	1.47	7.7	0.00%	-0.21%	-	-	-	-	Large Cap	41.15
Asian Paints (india) Ltd.	Paints		2.4	0.00%	-0.07%	-	-	-	-	Large Cap	41.15

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

New Stocks added in Portfolio (in 1 month period ending 31st Oct,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty
# UPL Ltd.	Pesticides & agrochemicals	3.9	0.10%	0.10%	0.74% (Mar 2025)	0% (Nov 2024)	5.42 k	5420
# Titan Company Ltd.	Gems, jewellery and watches	10.5	0.27%	0.27%	2.27% (Nov 2024)	0% (Nov 2024)	2.80 k	2800
# Adani Enterprises Ltd.	Trading - minerals	4.5	0.11%	0.11%	1.16% (Nov 2024)	0% (Nov 2024)	1.80 k	1800
# Tata Consultancy Services Ltd.	Computers - software & consulting	6.4	0.16%	0.16%	3.11% (Mar 2025)	0% (Nov 2024)	2.10 k	2100
# Ambuja Cements Ltd.	Cement & cement products	11.3	0.29%	0.29%	0.29% (Oct 2025)	0% (Nov 2024)	19.95 k	19950
# NHPC Ltd.	Power generation	1.6	0.04%	0.04%	0.09% (May 2025)	0% (Nov 2024)	19.20 k	19200

Stocks removed from Portfolio (in 1 month period ending 31st Oct,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	1M Change in Qty
Coal India Ltd.	Coal	1.6	0.00%	-0.04%	0.15% (May 2025)	0% (Nov 2024)	-4050
Dabur India Ltd.	Personal care	3.7	0.00%	-0.10%	0.14% (Mar 2025)	0% (Nov 2024)	-7500
Power Grid Corporation of India Ltd.	Power - transmission	1.6	0.00%	-0.04%	0.46% (Apr 2025)	0% (Nov 2024)	-5700
Oil & Natural Gas Corporation Ltd.	Oil exploration & production	0.5	0.00%	-0.02%	0.33% (Mar 2025)	0% (Nov 2024)	-2250
L&T Finance Holdings Ltd.	Investment company	10	0.00%	-0.28%	0.28% (Sep 2025)	0% (Nov 2024)	-40158
Bharat Dynamics Ltd.	Aerospace & defense	1.5	0.00%	-0.04%	0.04% (Sep 2025)	0% (Nov 2024)	-975
One 97 Communications Ltd.	Financial technology (fintech)	9.8	0.00%	-0.27%	0.27% (Sep 2025)	0% (Nov 2024)	-8700
Sun Pharmaceutical Industries Ltd.	Pharmaceuticals	8.9	0.00%	-0.25%	0.26% (Feb 2025)	0% (Nov 2024)	-5600
KEI Industries Ltd.	Cables - electricals	2.8	0.00%	-0.08%	0.08% (Sep 2025)	0% (Nov 2024)	-700
Bond - Kotak Securities Ltd.	Stockbroking & allied	249	0.00%	-6.99%	0% (Nov 2025)	0% (Nov 2025)	-2500000
SBI Life Insurance Co Ltd.	Life insurance	20.1	0.00%	-0.57%	0.6% (Jun 2025)	0% (Nov 2024)	-11250
Fortis Healthcare Ltd.	Hospital	1.5	0.00%	-0.04%	0.04% (Sep 2025)	0% (Nov 2024)	-1550
Info Edge (India) Ltd.	Internet & catalogue retail	14.2	0.00%	-0.40%	1.2% (Jun 2025)	0% (Nov 2024)	-10875
National Thermal Power Corporation Ltd.	Power generation	7.7	0.00%	-0.21%	2.7% (Nov 2024)	0% (Nov 2024)	-22500
Asian Paints (india) Ltd.	Paints	2.4	0.00%	-0.07%	0.73% (Mar 2025)	0% (Nov 2024)	-1000

Trend in stock holdings (Top 15 Holding)

Stock	Oct 2025	Sep 2025	Aug 2025	Jul 2025	Jun 2025	May 2025	Apr 2025	Mar 2025	Feb 2025	Jan 2025	Dec 2024	Nov 2024	Oct 2024
Reliance Industries Ltd.	3.43%	3.16%	2.53%	1.55%	2.72%	2.59%	2.57%	4.24%	3.40%	3.62%	3.75%	1.85%	2.85%
ICICI Bank Ltd.	3.98%	2.52%	3.70%	3.51%	0.62%	0.68%	-	-	4.89%	0.88%	-	-	-
Sammaan Capital Ltd.	2.76%	2.23%	-	-	-	-	-	-	-	-	-	-	-
Tata Consultancy Services Ltd.	0.16%	-	1.91%	2.15%	-	2.87%	2.86%	3.11%	3.08%	2.30%	-	2.35%	2.11%
HDFC Bank Ltd.	3.23%	2.79%	3.44%	2.33%	1.91%	3.30%	2.23%	0.70%	0.09%	-	-	-	-
Axis Bank Ltd.	3.99%	4.01%	3.54%	2.89%	2.18%	1.49%	1.03%	0.37%	2.15%	1.41%	1.03%	1.20%	1.18%
Tata Power Co. Ltd.	0.95%	0.49%	1.04%	1.27%	2.10%	1.96%	2.43%	2.47%	2.03%	2.20%	2.56%	2.96%	3.03%
Indus Towers Ltd.	0.68%	0.39%	0.11%	0.12%	0.95%	1.51%	2.25%	3.26%	2.90%	3.15%	3.16%	3.54%	3.33%
Bharti Airtel Ltd.	2.75%	3.30%	2.97%	2.59%	1.51%	1.40%	0.91%	2.87%	2.95%	1.21%	1.28%	0.65%	0.62%
State Bank Of India	2.39%	2.39%	2.64%	3.00%	1.73%	0.69%	-	0.56%	0.05%	2.82%	3.12%	1.84%	1.74%
Bank Of Baroda	1.40%	1.17%	0.80%	0.74%	0.85%	1.80%	2.56%	2.58%	1.96%	2.14%	2.60%	2.72%	2.67%
Indian Energy Exchange Ltd.	0.44%	0.07%	-	-	0.89%	0.08%	-	2.44%	1.99%	2.71%	3.05%	3.23%	3.15%
Bajaj Finance Ltd.	0.02%	2.02%	2.47%	0.52%	-	0.18%	0.06%	-	0.75%	3.48%	3.24%	2.87%	2.90%
Tata Motors Ltd.	-	-	1.73%	1.74%	2.33%	2.44%	2.19%	2.27%	1.58%	0.43%	1.13%	1.29%	1.32%
DLF Ltd.	0.85%	1.06%	1.02%	1.18%	2.78%	1.59%	1.20%	1.02%	1.98%	1.93%	2.31%	2.33%	2.24%

No of Debt Holding 9 (Category Avg - 8.76) | Modified Duration 0.14 Years (Category Avg - 0.34)| Yield to Maturity 5.45% (Category Avg - 6.02%)

Portfolio Summary (as on 31st Oct,2025)

Security Type	% Weight	Category Average
GOI	0.00%	0.97%
CD	0.00%	1.57%
T-Bills	8.88%	1.83%
CP	0.00%	0.89%
NCD & Bonds	1.30%	2.20%
PTC	0.00%	0.02%

Category - Arbitrage Fund

Security Type	% Weight	Category Average
Government Backed	8.88%	2.79%
Low Risk	1.30%	4.67%
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 31st Oct,2025)

Instrument	Type	Sector	Rating	Rating Agency	Value (Mn)	% of Total Holding	Quantity
Bond - Shriram Finance Ltd.	NCD & Bonds	Non banking financial company (nbfc)	CARE AA+	CARE	50.96	1.30%	5.00 L
Bond - T-Bill	T-Bills	Other			49.85	1.28%	5.00 L
Bond - T-Bill	T-Bills	Other			49.70	1.27%	5.00 L
Bond - T-Bill	T-Bills	Other			49.65	1.27%	5.00 L
Bond - T-Bill	T-Bills	Other			49.45	1.27%	5.00 L
Bond - T-Bill	T-Bills	Other			49.39	1.26%	5.00 L
Bond - T-Bill	T-Bills	Other			49.35	1.26%	5.00 L
Bond - T-Bill	T-Bills	Other			29.85	0.76%	3.00 L
Bond - T-Bill	T-Bills	Other			19.96	0.51%	2.00 L