LIC MF Arbitrage Fund - Growth

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 : 67.57% | F&O Holdings : 0.00%| Foreign Equity Holdings : 0.00%| Total : 67.57%

No of Stocks : 51 (Category Avg - 142.18) | Large Cap Investments : 40.81%| Mid Cap Investments : 5.76% | Small Cap Investments : 5.58% | Other : 15.42%

Portfolio Summary (as on 31st Oct,2025)

Particulars	This Scheme	Category
No. of Stocks	51	111.68
Top 5 Stock Weight	24.94%	22.04%
Top 10 Stock Weight	41.04%	34.22%
Top 3 Sector Weight	29.01%	27.34%

Category - Arbitrage Fund

Particulars	This Scheme	Category
Average mcap (Cr)	136144.69	92200.06
Holdings in large cap stocks	40.81%	39.91%
Holdings in mid cap stocks	5.76%	16.24%
Holdings in small cap stocks	5.58%	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
ICICI Bank Ltd.	Private sector bank	173.3	6.01%	-3.65%	9.66% (Sep 2025)	0% (Nov 2024)	1.29 L	-0.32 L
Reliance Industries Ltd.	Refineries & marketing	160.5	5.56%	-0.99%	8.7% (Mar 2025)	0% (Nov 2024)	1.08 L	0.00
Tata Consultancy Services Ltd.	Computers - software & consulting	131.1	4.54%	0.79%	7.12% (Jul 2025)	0% (Nov 2024)	42.88 k	13.65 k
GMR Airports Ltd.	Airport & airport services	129.1	4.47%	1.17%	5.99% (Jun 2025)	2.11% (Feb 2025)	13.74 L	5.23 L
State Bank Of India	Public sector bank	125.8	4.36%	-0.85%	7.42% (May 2025)	1.37% (Feb 2025)	1.34 L	0.00
Bharti Airtel Ltd.	Telecom - cellular & fixed line services	111.3	3.86%	-0.67%	4.53% (Sep 2025)	0% (Nov 2024)	54.15 k	0.00
HDFC Bank Ltd.	Private sector bank	105.3	3.65%	-0.86%	4.82% (Aug 2025)	0% (Nov 2024)	1.07 L	0.00
Canara Bank	Public sector bank	91.5	3.17%	-0.51%	6.31% (Jun 2025)	2.03% (Nov 2024)	6.68 L	0.00
Tata Steel Ltd.	Iron & steel products	84.5	2.93%	1.61%	2.93% (Oct 2025)	1.24% (Nov 2024)	4.62 L	2.86 L
ITC Limited	Diversified fmcg	72	2.49%	1.26%	2.49% (Oct 2025)	0% (Nov 2024)	1.71 L	1.02 L

- 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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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
ICICI Bank Ltd.	Private sector bank	13.14	173.3	6.01%	-3.65%	9.66% (Sep 2025)	0% (Nov 2024)	1.29 L	-0.32 L	Large Cap	40.81
Reliance Industries Ltd.	Refineries & marketing	6.4	160.5	5.56%	-0.99%	8.7% (Mar 2025)	0% (Nov 2024)	1.08 L	0.00	Large Cap	40.81
Tata Consultancy Services Ltd.	Computers - software & consulting	6.18	131.1	4.54%	0.79%	7.12% (Jul 2025)	0% (Nov 2024)	42.88 k	13.65 k	Large Cap	40.81
GMR Airports Ltd.	Airport & airport services	4.47	129.1	4.47%	1.17%	5.99% (Jun 2025)	2.11% (Feb 2025)	13.74 L	5.23 L	Small Cap	5.58
State Bank Of India	Public sector bank	9.47	125.8	4.36%	-0.85%	7.42% (May 2025)	1.37% (Feb 2025)	1.34 L	0.00	Large Cap	40.81
Bharti Airtel Ltd.	Telecom - cellular & fixed line services	3.86	111.3	3.86%	-0.67%	4.53% (Sep 2025)	0% (Nov 2024)	54.15 k	0.00	Large Cap	40.81
HDFC Bank Ltd.	Private sector bank	13.14	105.3	3.65%	-0.86%	4.82% (Aug 2025)	0% (Nov 2024)	1.07 L	0.00	Other	15.42
Canara Bank	Public sector bank	9.47	91.5	3.17%	-0.51%	6.31% (Jun 2025)	2.03% (Nov 2024)	6.68 L	0.00	Other	15.42
Tata Steel Ltd.	Iron & steel products	3.99	84.5	2.93%	1.61%	2.93% (Oct 2025)	1.24% (Nov 2024)	4.62 L	2.86 L	Other	15.42
ITC Limited	Diversified fmcg	2.54	72	2.49%	1.26%	2.49% (Oct 2025)	0% (Nov 2024)	1.71 L	1.02 L	Large Cap	40.81
Axis Bank Ltd.	Private sector bank	13.14	56.3	1.95%	0.47%	4.99% (Aug 2025)	0% (Nov 2024)	45.63 k	16.25 k	Large Cap	40.81
Bharat Electronics Ltd.	Aerospace & defense	1.85	53.4	1.85%	-0.40%	3.47% (Jun 2025)	1.31% (Feb 2025)	1.25 L	0.00	Mid Cap	5.76
Trent Limited	Speciality retail	1.81	52.1	1.81%	1.66%	1.81% (Oct 2025)	0.15% (Sep 2025)	11.10 k	10.40 k	Mid Cap	5.76
Aurobindo Pharma Ltd.	Pharmaceuticals	2.09	50.1	1.74%	-0.04%	1.78% (Sep 2025)	0% (Nov 2024)	44.00 k	7.15 k	Large Cap	40.81
Indusind Bank Ltd.	Private sector bank	13.14	43.4	1.50%	-0.10%	3.21% (Dec 2024)	0% (Nov 2024)	54.60 k	5.60 k	Large Cap	40.81
# Indus Towers Ltd.	Telecom - infrastructure	1.33	38.3	1.33%	1.33%	1.33% (Oct 2025)	0% (Nov 2024)	1.05 L	1.05 L	Large Cap	40.81
Jio Financial Services Ltd.	Non banking financial company (nbfc)	1.32	38.2	1.32%	-0.30%	2.14% (Jul 2025)	0% (Nov 2024)	1.25 L	0.00	Other	15.42
Multi Commodity Exchange Of India Ltd.	Exchange and data platform	1.04	30	1.04%	0.04%	1.38% (May 2025)	0% (Nov 2024)	3.25 k	375.00	Small Cap	5.58
Bank Of Baroda	Public sector bank	9.47	29.3	1.02%	-0.20%	2.3% (Apr 2025)	0% (Nov 2024)	1.05 L	0.00	Large Cap	40.81
Steel Authority Of India Ltd.	Iron & steel products	3.99	28.3	0.98%	0.42%	1.7% (May 2025)	0.07% (Feb 2025)	2.07 L	1.13 L	Mid Cap	5.76
Eternal Ltd.	E-retail/ e-commerce	0.96	27.7	0.96%	-0.30%	1.26% (Sep 2025)	0% (Nov 2024)	87.30 k	0.00	Other	15.42
Coforge Ltd.	Computers - software & consulting	6.18	27.3	0.95%	-0.14%	1.3% (Jul 2025)	0% (Nov 2024)	15.38 k	0.00	Other	15.42
Punjab National Bank	Public sector bank	9.47	26.5	0.92%	-0.16%	3.48% (Dec 2024)	0.64% (Feb 2025)	2.16 L	0.00	Large Cap	40.81
DLF Ltd.	Residential, commercial projects	1.36	21.8	0.76%	-0.26%	2.42% (Apr 2025)	0.7% (Dec 2024)	28.88 k	-3.30 k	Large Cap	40.81
Varun Beverages Ltd.	Other beverages	0.72	20.7	0.72%	0.66%	0.72% (Oct 2025)	0% (Nov 2024)	44.08 k	41.00 k	Other	15.42
# HCL Technologies Limited	Computers - software & consulting	6.18	20	0.69%	0.69%	0.86% (Jul 2025)	0% (Nov 2024)	12.95 k	12.95 k	Large Cap	40.81
# Hindustan Petroleum Corporation Ltd.	Refineries & marketing	6.4	19.3	0.67%	0.67%	0.67% (Oct 2025)	0% (Nov 2024)	40.50 k	40.50 k	Large Cap	40.81
# Lodha Developers Ltd.	Residential, commercial projects	1.36	17.3	0.60%	0.60%	0.6% (Oct 2025)	0% (Nov 2024)	14.40 k	14.40 k	Other	15.42
Info Edge (India) Ltd.	Internet & catalogue retail	0.59	17.1	0.59%	-0.13%	1.52% (Jun 2025)	0% (Nov 2024)	12.38 k	0.00	Other	15.42
Titan Company Ltd.	Gems, jewellery and watches	0.57	16.4	0.57%	0.44%	0.78% (Mar 2025)	0% (Nov 2024)	4.38 k	3.50 k	Large Cap	40.81
Nestle India Ltd.	Packaged foods	0.53	15.3	0.53%	-0.11%	0.64% (Sep 2025)	0% (Nov 2024)	12.00 k	-0.50 k	Other	15.42
Vedanta Ltd.	Diversified metals	0.51	14.8	0.51%	0.46%	0.51% (Oct 2025)	0% (Nov 2024)	29.90 k	27.60 k	Large Cap	40.81
# Grasim Industries Limited	Cement & cement products	0.89	14.5	0.50%	0.50%	0.5% (Oct 2025)	0% (Nov 2024)	5.00 k	5.00 k	Large Cap	40.81
Ultratech Cement Ltd.	Cement & cement products	0.89	11.4	0.39%	0.20%	0.39% (Oct 2025)	0% (Nov 2024)	950.00	600.00	Large Cap	40.81
# Divis Laboratories Ltd.	Pharmaceuticals	2.09	10.1	0.35%	0.35%	0.35% (Oct 2025)	0% (Nov 2024)	1.50 k	1.50 k	Large Cap	40.81
Motherson Sumi Systems Ltd.	Auto components & equipments	0.61	8.4	0.29%	-0.08%	1.4% (Apr 2025)	0% (Nov 2024)	79.95 k	0.00	Large Cap	40.81
Exide Industries Ltd.	Auto components & equipments	0.61	8.3	0.29%	-0.09%	0.87% (Jun 2025)	0.29% (Oct 2025)	21.60 k	0.00	Mid Cap	5.76
Tata Power Co. Ltd.	Integrated power utilities	0.26	7.6	0.26%	-0.86%	6.55% (May 2025)	0.26% (Oct 2025)	18.85 k	-0.46 L	Mid Cap	5.76
United Spirits Ltd.	Breweries & distilleries	0.26	7.4	0.26%	0.14%	1.26% (Apr 2025)	0% (Nov 2024)	5.20 k	3.20 k	Large Cap	40.81
J S W Energy Ltd.	Power generation	0.24	6.9	0.24%	-0.07%	0.56% (Jun 2025)	0% (Nov 2024)	13.00 k	0.00	Mid Cap	5.76
Indian Oil Corporation Ltd.	Refineries & marketing	6.4	4.9	0.17%	-0.03%	0.19% (Sep 2025)	0% (Nov 2024)	29.25 k	0.00	Large Cap	40.81
Crompton Greaves Consumer Electricals Ltd.	Household appliances	0.14	4.1	0.14%	0.05%	0.21% (Jun 2025)	0% (Nov 2024)	14.40 k	7.20 k	Mid Cap	5.76
Bharat Heavy Electricals Ltd.	Heavy electrical equipment	0.12	3.5	0.12%	-0.02%	3.19% (Nov 2024)	0% (Nov 2024)	13.13 k	0.00	Mid Cap	5.76
Dabur India Ltd.	Personal care	0.11	3.1	0.11%	-0.03%	0.42% (Apr 2025)	0.02% (Dec 2024)	6.25 k	0.00	Large Cap	40.81
J S W Steel Ltd.	Iron & steel products	3.99	2.4	0.08%	-0.02%	0.17% (Jun 2025)	0% (Nov 2024)	2.03 k	0.00	Large Cap	40.81
Power Finance Corporation Ltd.	Financial institution	0.14	2.1	0.07%	-0.05%	0.23% (Jun 2025)	0.07% (Feb 2025)	5.20 k	-1.30 k	Mid Cap	5.76
Container Corporation Of India Ltd.	Logistics solution provider	0.07	2	0.07%	-0.02%	0.09% (Sep 2025)	0% (Nov 2024)	3.75 k	0.00	Large Cap	40.81
# Housing & Urban Development Corporation Ltd.	Financial institution	0.14	2	0.07%	0.07%	0.07% (Oct 2025)	0% (Nov 2024)	8.33 k	8.33 k	Small Cap	5.58
# Hindustan Unilever Ltd.	Diversified fmcg	2.54	1.5	0.05%	0.05%	0.71% (Feb 2025)	0% (Nov 2024)	600.00	600.00	Large Cap	40.81
Bosch Ltd.	Auto components & equipments	0.61	0.9	0.03%	-0.01%	0.07% (Jun 2025)	0% (Nov 2024)	25.00	0.00	Large Cap	40.81
Kotak Mahindra Bank Ltd.	Private sector bank	13.14	0.8	0.03%	-0.01%	2.77% (Feb 2025)	0% (Nov 2024)	400.00	0.00	Large Cap	40.81
Bajaj Finance Ltd.	Non banking financial company (nbfc)	1.32	0.8	0.00%	-0.03%	-	-	-	-	Other	15.42
National Thermal Power Corporation Ltd.	Power generation	0.24	9.2	0.00%	-0.41%	-	-	-	-	Large Cap	40.81
Rural Electrification Corporation Limited	Financial institution	0.14	15.2	0.00%	-0.68%	-	-	-	-	Mid Cap	5.76

- 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
# Lodha Developers Ltd.	Residential, commercial projects	17.3	0.60%	0.60%	0.6% (Oct 2025)	0% (Nov 2024)	14.40 k	14400
# Hindustan Unilever Ltd.	Diversified fmcg	1.5	0.05%	0.05%	0.71% (Feb 2025)	0% (Nov 2024)	600.00	600
# HCL Technologies Limited	Computers - software & consulting	20	0.69%	0.69%	0.86% (Jul 2025)	0% (Nov 2024)	12.95 k	12950
# Housing & Urban Development Corporation Ltd.	Financial institution	2	0.07%	0.07%	0.07% (Oct 2025)	0% (Nov 2024)	8.33 k	8325
# Divis Laboratories Ltd.	Pharmaceuticals	10.1	0.35%	0.35%	0.35% (Oct 2025)	0% (Nov 2024)	1.50 k	1500
# Indus Towers Ltd.	Telecom - infrastructure	38.3	1.33%	1.33%	1.33% (Oct 2025)	0% (Nov 2024)	1.05 L	105400
# Hindustan Petroleum Corporation Ltd.	Refineries & marketing	19.3	0.67%	0.67%	0.67% (Oct 2025)	0% (Nov 2024)	40.50 k	40500
# Grasim Industries Limited	Cement & cement products	14.5	0.50%	0.50%	0.5% (Oct 2025)	0% (Nov 2024)	5.00 k	5000

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
Bajaj Finance Ltd.	Non banking financial company (nbfc)	0.8	0.00%	-0.03%	3.83% (Dec 2024)	0% (Nov 2024)	-750
National Thermal Power Corporation Ltd.	Power generation	9.2	0.00%	-0.41%	0.75% (Jun 2025)	0% (Nov 2024)	-27000
Rural Electrification Corporation Limited	Financial institution	15.2	0.00%	-0.68%	1.78% (Jun 2025)	0% (Nov 2024)	-40800

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.	5.56%	6.55%	7.25%	6.63%	-	-	3.57%	8.70%	7.71%	5.30%	5.80%	6.31%	5.30%
ICICI Bank Ltd.	6.01%	9.66%	-	-	-	7.91%	8.26%	8.29%	6.70%	4.32%	3.36%	0.27%	-
State Bank Of India	4.36%	5.21%	5.68%	6.20%	6.76%	7.42%	2.54%	1.63%	1.37%	2.13%	2.23%	2.04%	2.30%
GMR Airports Ltd.	4.47%	3.30%	3.48%	-	-	-	-	-	-	-	-	-	-
GMR Airports Infrastructure Ltd.	-	-	-	4.00%	5.99%	4.94%	3.96%	2.45%	2.11%	2.20%	2.68%	2.34%	2.90%
Canara Bank	3.17%	3.68%	3.29%	3.74%	6.31%	6.01%	4.83%	2.90%	2.48%	2.83%	2.55%	2.03%	2.25%
Tata Power Co. Ltd.	0.26%	1.13%	2.27%	2.65%	4.28%	6.55%	4.96%	3.31%	3.93%	4.18%	3.30%	1.88%	2.30%
Axis Bank Ltd.	1.95%	1.48%	4.99%	4.74%	-	-	-	-	3.67%	2.69%	3.05%	2.39%	2.11%
Tata Consultancy Services Ltd.	4.54%	3.76%	6.58%	7.12%	0.70%	-	-	1.19%	0.99%	1.16%	-	0.47%	0.57%
Tata Motors Ltd.	-	-	1.68%	1.83%	3.00%	2.24%	1.55%	5.51%	4.61%	4.93%	1.43%	1.98%	1.02%
Infosys Ltd.	-	-	-	2.55%	4.29%	3.36%	7.15%	3.32%	1.97%	0.21%	0.46%	0.59%	0.65%
HDFC Bank Ltd.	3.65%	4.52%	4.82%	2.20%	3.46%	2.30%	0.68%	2.17%	1.80%	0.71%	0.31%	-	1.39%
Bharat Electronics Ltd.	1.85%	2.25%	2.20%	2.51%	3.47%	2.29%	1.45%	1.72%	1.31%	1.53%	2.16%	2.96%	3.15%
Bharti Airtel Ltd.	3.86%	4.53%	3.11%	1.33%	2.21%	1.47%	-	-	0.75%	1.27%	1.19%	2.83%	1.82%
Aurobindo Pharma Ltd.	1.74%	1.78%	-	-	-	-	-	-	-	-	-	-	-

No of Debt Holding 3 (Category Avg - 8.76) | Modified Duration 0.00 Years (Category Avg - 0.36)| Yield to Maturity - -- (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	0.00%	1.83%
CP	3.43%	0.89%
NCD & Bonds	7.47%	2.20%
PTC	0.00%	0.02%

Category - Arbitrage Fund

Security Type	% Weight	Category Average
Government Backed	0.00%	0.00%
Low Risk	10.90%	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 - National Bank for Agriculture & Rural Development	NCD & Bonds	Financial institution	AAA	CRISIL	215.64	7.47%	2.00 k
Bond - Angel One Ltd.	CP	Stockbroking & allied	P1+	CRISIL	49.76	1.72%	100.00
Bond - Angel One Ltd.	CP	Stockbroking & allied	P1+	CRISIL	49.30	1.71%	100.00