Parag Parikh Arbitrage Fund - Regular Plan - 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 : 72.58% | F&O Holdings : 0.00%| Foreign Equity Holdings : 0.00%| Total : 72.58%

No of Stocks : 99 (Category Avg - 142.18) | Large Cap Investments : 37.82%| Mid Cap Investments : 17.76% | Small Cap Investments : 1.58% | Other : 15.42%

Portfolio Summary (as on 31st Oct,2025)

Particulars	This Scheme	Category
No. of Stocks	99	111.68
Top 5 Stock Weight	17.53%	22.04%
Top 10 Stock Weight	30.45%	34.22%
Top 3 Sector Weight	29.8%	27.34%

Category - Arbitrage Fund

Particulars	This Scheme	Category
Average mcap (Cr)	93353.81	92200.06
Holdings in large cap stocks	37.82%	39.91%
Holdings in mid cap stocks	17.76%	16.24%
Holdings in small cap stocks	1.58%	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
Reliance Industries Ltd.	Refineries & marketing	757.3	3.92%	0.25%	7.39% (Dec 2024)	2.58% (Jun 2025)	5.10 L	0.00
Axis Bank Ltd.	Private sector bank	705.8	3.66%	0.24%	3.66% (Oct 2025)	0.94% (Jun 2025)	5.73 L	0.00
HDFC Bank Ltd.	Private sector bank	701.6	3.63%	0.06%	4.45% (Mar 2025)	0% (Nov 2024)	7.11 L	0.00
Bharti Airtel Ltd.	Telecom - cellular & fixed line services	625.5	3.24%	0.22%	3.24% (Oct 2025)	0.46% (Feb 2025)	3.04 L	0.00
State Bank Of India	Public sector bank	594.5	3.08%	0.16%	3.08% (Oct 2025)	0% (Nov 2024)	6.35 L	0.00
IDFC First Bank Ltd.	Private sector bank	550.6	2.85%	0.37%	3.06% (Apr 2025)	0% (Nov 2024)	67.34 L	0.00
Bharat Heavy Electricals Ltd.	Heavy electrical equipment	526.9	2.73%	0.23%	2.73% (Oct 2025)	0.01% (Jul 2025)	19.85 L	0.00
ICICI Bank Ltd.	Private sector bank	521.7	2.70%	0.21%	3.17% (Jul 2025)	0.21% (Nov 2024)	3.88 L	37.80 k
Mahindra & Mahindra Ltd.	Passenger cars & utility vehicles	452.6	2.34%	-0.01%	2.35% (Sep 2025)	0.69% (Nov 2024)	1.30 L	0.00
Kotak Mahindra Bank Ltd.	Private sector bank	444	2.30%	0.12%	2.3% (Oct 2025)	0.59% (Jun 2025)	2.11 L	4.40 k

- 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
Reliance Industries Ltd.	Refineries & marketing	3.96	757.3	3.92%	0.25%	7.39% (Dec 2024)	2.58% (Jun 2025)	5.10 L	0.00	Large Cap	37.82
Axis Bank Ltd.	Private sector bank	17.16	705.8	3.66%	0.24%	3.66% (Oct 2025)	0.94% (Jun 2025)	5.73 L	0.00	Large Cap	37.82
HDFC Bank Ltd.	Private sector bank	17.16	701.6	3.63%	0.06%	4.45% (Mar 2025)	0% (Nov 2024)	7.11 L	0.00	Other	15.42
Bharti Airtel Ltd.	Telecom - cellular & fixed line services	3.62	625.5	3.24%	0.22%	3.24% (Oct 2025)	0.46% (Feb 2025)	3.04 L	0.00	Large Cap	37.82
State Bank Of India	Public sector bank	8.57	594.5	3.08%	0.16%	3.08% (Oct 2025)	0% (Nov 2024)	6.35 L	0.00	Large Cap	37.82
IDFC First Bank Ltd.	Private sector bank	17.16	550.6	2.85%	0.37%	3.06% (Apr 2025)	0% (Nov 2024)	67.34 L	0.00	Mid Cap	17.76
Bharat Heavy Electricals Ltd.	Heavy electrical equipment	2.73	526.9	2.73%	0.23%	2.73% (Oct 2025)	0.01% (Jul 2025)	19.85 L	0.00	Mid Cap	17.76
ICICI Bank Ltd.	Private sector bank	17.16	521.7	2.70%	0.21%	3.17% (Jul 2025)	0.21% (Nov 2024)	3.88 L	37.80 k	Large Cap	37.82
Mahindra & Mahindra Ltd.	Passenger cars & utility vehicles	2.34	452.6	2.34%	-0.01%	2.35% (Sep 2025)	0.69% (Nov 2024)	1.30 L	0.00	Large Cap	37.82
Kotak Mahindra Bank Ltd.	Private sector bank	17.16	444	2.30%	0.12%	2.3% (Oct 2025)	0.59% (Jun 2025)	2.11 L	4.40 k	Large Cap	37.82
NMDC LTD	Industrial minerals	2.22	427.7	2.22%	-0.06%	2.54% (May 2025)	0% (Nov 2024)	56.43 L	0.00	Mid Cap	17.76
Canara Bank	Public sector bank	8.57	424.4	2.20%	0.18%	2.3% (May 2025)	1.49% (Jan 2025)	30.98 L	0.00	Other	15.42
Tata Steel Ltd.	Iron & steel products	4.07	420.4	2.18%	0.13%	2.37% (Mar 2025)	1.64% (Feb 2025)	22.99 L	0.00	Other	15.42
Hindustan Aeronautics Ltd.	Aerospace & defense	3.87	377	1.95%	-0.07%	2.02% (Sep 2025)	0.9% (May 2025)	80.55 k	0.00	Other	15.42
Bharat Electronics Ltd.	Aerospace & defense	3.87	370.4	1.92%	0.07%	2.4% (Nov 2024)	1.61% (Feb 2025)	8.69 L	0.00	Mid Cap	17.76
Punjab National Bank	Public sector bank	8.57	338.2	1.75%	0.11%	2.62% (Nov 2024)	1.5% (Aug 2025)	27.52 L	0.00	Large Cap	37.82
DLF Ltd.	Residential, commercial projects	1.82	326.9	1.69%	0.07%	1.89% (Jun 2025)	1.03% (Jan 2025)	4.32 L	825.00	Large Cap	37.82
Steel Authority Of India Ltd.	Iron & steel products	4.07	315.2	1.63%	-0.01%	2.16% (May 2025)	0.4% (Feb 2025)	23.03 L	0.00	Mid Cap	17.76
Shriram Finance Ltd.	Non banking financial company (nbfc)	2.64	302.1	1.57%	0.26%	1.57% (Oct 2025)	0.13% (Jan 2025)	4.03 L	0.00	Other	15.42
Bank Of Baroda	Public sector bank	8.57	298	1.54%	0.08%	2.89% (Nov 2024)	1.19% (Aug 2025)	10.71 L	0.00	Large Cap	37.82
Ultratech Cement Ltd.	Cement & cement products	1.94	293.3	1.52%	-0.06%	2.03% (Apr 2025)	0% (Nov 2024)	24.55 k	0.00	Large Cap	37.82
Tata Power Co. Ltd.	Integrated power utilities	1.5	290	1.50%	0.03%	2.46% (Nov 2024)	1.45% (Aug 2025)	7.16 L	0.00	Mid Cap	17.76
GMR Airports Ltd.	Airport & airport services	1.44	277.9	1.44%	0.08%	2.33% (Nov 2024)	1.36% (Sep 2025)	29.57 L	0.00	Small Cap	1.58
Sammaan Capital Ltd.	Housing finance company	1.49	243.3	1.26%	0.16%	1.26% (Oct 2025)	0% (Nov 2024)	12.90 L	0.00	Mid Cap	17.76
Eternal Ltd.	E-retail/ e-commerce	1.23	237.3	1.23%	-0.05%	1.28% (Sep 2025)	0% (Nov 2024)	7.47 L	0.00	Other	15.42
Oil & Natural Gas Corporation Ltd.	Oil exploration & production	1.19	229.3	1.19%	0.05%	1.37% (Nov 2024)	0.88% (Jul 2025)	8.98 L	0.00	Large Cap	37.82
Tata Consultancy Services Ltd.	Computers - software & consulting	1.73	205.5	1.06%	0.03%	1.86% (Mar 2025)	0% (Nov 2024)	67.20 k	0.00	Large Cap	37.82
Bandhan Bank Ltd.	Private sector bank	17.16	175.3	0.91%	-0.06%	1.63% (Apr 2025)	0.91% (Oct 2025)	11.20 L	-0.14 L	Large Cap	37.82
Jio Financial Services Ltd.	Non banking financial company (nbfc)	2.64	139.9	0.72%	0.01%	0.8% (Jan 2025)	0% (Nov 2024)	4.56 L	0.00	Other	15.42
Titan Company Ltd.	Gems, jewellery and watches	0.75	129.2	0.67%	0.06%	1.5% (Apr 2025)	0.45% (Dec 2024)	34.48 k	0.00	Large Cap	37.82
Aditya Birla Capital Ltd.	Life insurance	0.67	127.6	0.66%	0.05%	0.66% (Oct 2025)	0.08% (Dec 2024)	3.94 L	0.00	Mid Cap	17.76
HCL Technologies Limited	Computers - software & consulting	1.73	120.3	0.62%	0.05%	0.89% (Jul 2025)	0% (Nov 2024)	78.05 k	0.00	Large Cap	37.82
Indusind Bank Ltd.	Private sector bank	17.16	118	0.61%	0.03%	2.74% (Dec 2024)	0% (Nov 2024)	1.48 L	0.00	Large Cap	37.82
Larsen & Toubro Ltd.	Civil construction	0.62	113.6	0.59%	0.05%	2% (Nov 2024)	0.54% (Sep 2025)	28.18 k	0.00	Large Cap	37.82
GAIL (India) Ltd.	Gas transmission/marketing	0.53	102.5	0.53%	0.01%	0.91% (Mar 2025)	0.09% (Dec 2024)	5.61 L	0.00	Large Cap	37.82
J S W Energy Ltd.	Power generation	0.77	97.6	0.51%	-0.01%	0.53% (Jul 2025)	0% (Nov 2024)	1.85 L	0.00	Mid Cap	17.76
Power Finance Corporation Ltd.	Financial institution	0.7	84.9	0.44%	-0.02%	0.55% (Jun 2025)	0% (Nov 2024)	2.11 L	0.00	Mid Cap	17.76
One 97 Communications Ltd.	Financial technology (fintech)	0.5	83.1	0.43%	0.05%	0.43% (Oct 2025)	0% (Nov 2024)	63.80 k	0.00	Other	15.42
Grasim Industries Limited	Cement & cement products	1.94	81.7	0.42%	0.01%	0.56% (Apr 2025)	0.41% (Nov 2024)	28.25 k	0.00	Large Cap	37.82
Power Grid Corporation of India Ltd.	Power - transmission	0.42	80.5	0.42%	0.01%	0.64% (Apr 2025)	0% (Nov 2024)	2.79 L	0.00	Large Cap	37.82
RBL Bank Ltd.	Private sector bank	17.16	80.8	0.42%	0.06%	2.75% (Jun 2025)	0% (Nov 2024)	2.48 L	0.00	Mid Cap	17.76
Vedanta Ltd.	Diversified metals	0.4	77.8	0.40%	0.01%	1.8% (Mar 2025)	0.32% (Jul 2025)	1.58 L	0.00	Large Cap	37.82
Vodafone Idea Ltd.	Telecom - cellular & fixed line services	3.62	73	0.38%	0.02%	1.83% (Nov 2024)	0.29% (Aug 2025)	83.63 L	0.00	Large Cap	37.82
Hindalco Industries Ltd.	Aluminium	0.37	70	0.36%	0.03%	1.35% (Jan 2025)	0.33% (Sep 2025)	82.60 k	0.00	Large Cap	37.82
Bajaj Finance Ltd.	Non banking financial company (nbfc)	2.64	68	0.35%	-0.49%	2.28% (Dec 2024)	0% (Nov 2024)	65.25 k	-0.94 L	Other	15.42
Varun Beverages Ltd.	Other beverages	0.35	67.9	0.35%	0.01%	0.41% (Jul 2025)	0% (Nov 2024)	1.45 L	0.00	Other	15.42
Rural Electrification Corporation Limited	Financial institution	0.7	51.1	0.26%	-0.01%	0.54% (Nov 2024)	0.26% (Aug 2025)	1.36 L	0.00	Mid Cap	17.76
National Thermal Power Corporation Ltd.	Power generation	0.77	50	0.26%	-0.01%	1.19% (Nov 2024)	0% (Nov 2024)	1.49 L	0.00	Large Cap	37.82
Hindustan Zinc Ltd.	Zinc	0.24	46.7	0.24%	-0.01%	0.27% (Jun 2025)	0% (Nov 2024)	98.00 k	0.00	Large Cap	37.82
Crompton Greaves Consumer Electricals Ltd.	Household appliances	0.21	40.7	0.21%	-0.01%	0.29% (Aug 2025)	0.06% (Jul 2025)	1.44 L	0.00	Mid Cap	17.76
- Lupin Ltd.	Pharmaceuticals	0.64	37.6	0.19%	0.00%	0.19% (Sep 2025)	0% (Nov 2024)	19.13 k	0.00	Large Cap	37.82
- Cipla Ltd.	Pharmaceuticals	0.64	32.1	0.17%	0.00%	0.37% (Jan 2025)	0.17% (Sep 2025)	21.38 k	0.00	Large Cap	37.82
Indian Hotels Company Limited	Hotels & resorts	0.17	31.9	0.17%	0.01%	0.96% (Nov 2024)	0% (Nov 2024)	43.00 k	0.00	Mid Cap	17.76
- Tata Consumer Products Ltd.	Tea & coffee	0.16	31.4	0.16%	0.00%	0.16% (Aug 2025)	0% (Nov 2024)	26.95 k	0.00	Mid Cap	17.76
Dixon Technologies (India) Ltd.	Consumer electronics	0.16	30.2	0.16%	-0.01%	0.18% (Aug 2025)	0% (Nov 2024)	1.95 k	0.00	Other	15.42
Jubilant Foodworks Ltd.	Restaurants	0.15	29.9	0.15%	-0.01%	0.23% (Jun 2025)	0% (Nov 2024)	50.00 k	0.00	Other	15.42
- Petronet LNG Ltd.	Lpg/cng/png/lng supplier	0.14	27.3	0.14%	0.00%	0.21% (Mar 2025)	0% (Nov 2024)	97.20 k	0.00	Large Cap	37.82
- Apollo Hospitals Enterprises Ltd.	Hospital	0.14	26.9	0.14%	0.00%	0.22% (Aug 2025)	0.03% (May 2025)	3.50 k	0.00	Mid Cap	17.76
PNB Housing Finance Ltd.	Housing finance company	1.49	26.6	0.14%	0.01%	0.16% (Jun 2025)	0% (Nov 2024)	28.60 k	0.00	Mid Cap	17.76
APL Apollo Tubes Ltd.	Iron & steel products	4.07	25.7	0.13%	0.03%	0.13% (Oct 2025)	0% (Nov 2024)	14.35 k	3.50 k	Other	15.42
- Exide Industries Ltd.	Auto components & equipments	0.23	24.8	0.13%	0.00%	0.21% (Jan 2025)	0.13% (Sep 2025)	64.80 k	0.00	Mid Cap	17.76
- Indian Railway Catering and Tourism Corporation Ltd.	Tour, travel related services	0.12	23.9	0.12%	0.00%	0.48% (Nov 2024)	0.12% (Sep 2025)	33.25 k	0.00	Other	15.42
# Aurobindo Pharma Ltd.	Pharmaceuticals	0.64	22.6	0.12%	0.12%	0.27% (Mar 2025)	0% (Nov 2024)	19.80 k	19.80 k	Large Cap	37.82
ITC Limited	Diversified fmcg	0.21	22.2	0.11%	0.05%	0.78% (Mar 2025)	0% (Nov 2024)	52.80 k	24.00 k	Large Cap	37.82
Hindustan Unilever Ltd.	Diversified fmcg	0.21	20	0.10%	-0.08%	0.35% (Mar 2025)	0% (Nov 2024)	8.10 k	-5.40 k	Large Cap	37.82
Divis Laboratories Ltd.	Pharmaceuticals	0.64	19.5	0.10%	0.01%	0.12% (Jun 2025)	0% (Nov 2024)	2.90 k	0.00	Large Cap	37.82
- Motherson Sumi Systems Ltd.	Auto components & equipments	0.23	19.4	0.10%	0.00%	0.9% (Apr 2025)	0.1% (Oct 2025)	1.85 L	0.00	Large Cap	37.82
- United Spirits Ltd.	Breweries & distilleries	0.09	18.3	0.09%	0.00%	0.25% (Nov 2024)	0.09% (Aug 2025)	12.80 k	0.00	Large Cap	37.82
LIC Housing Finance Ltd.	Housing finance company	1.49	18.3	0.09%	-0.01%	0.15% (Nov 2024)	0.09% (Oct 2025)	32.00 k	0.00	Mid Cap	17.76
- J S W Steel Ltd.	Iron & steel products	4.07	17.9	0.09%	0.00%	0.09% (Mar 2025)	0.01% (Nov 2024)	14.85 k	0.00	Large Cap	37.82
Godrej Properties Ltd.	Residential, commercial projects	1.82	17.6	0.09%	0.01%	0.13% (Dec 2024)	0.08% (May 2025)	7.70 k	0.00	Mid Cap	17.76
- HFCL Ltd.	Telecom - infrastructure	0.09	16.6	0.09%	0.00%	0.09% (Sep 2025)	0% (Nov 2024)	2.26 L	-0.13 L	Small Cap	1.58
- Yes Bank	Private sector bank	17.16	15.6	0.08%	0.00%	0.09% (Feb 2025)	0% (Nov 2024)	6.84 L	0.00	Other	15.42
Kalyan Jewellers India Ltd.	Gems, jewellery and watches	0.75	15	0.08%	0.01%	0.08% (Oct 2025)	0% (Nov 2024)	29.38 k	0.00	Other	15.42
- PB Fintech Ltd.	Financial technology (fintech)	0.5	13.1	0.07%	0.00%	0.07% (Oct 2025)	0% (Nov 2024)	7.35 k	0.00	Other	15.42
- Syngene International Ltd.	Healthcare research, analytics & technology	0.05	9.8	0.05%	0.00%	0.08% (Mar 2025)	0% (Nov 2024)	15.00 k	0.00	Mid Cap	17.76
- Britannia Industries Ltd.	Packaged foods	0.05	8.8	0.05%	0.00%	0.12% (Nov 2024)	0% (Nov 2024)	1.50 k	0.00	Large Cap	37.82
Pidilite Industries Ltd.	Specialty chemicals	0.04	8.7	0.04%	-0.01%	0.07% (Mar 2025)	0% (Nov 2024)	6.00 k	0.00	Large Cap	37.82
- Indian Oil Corporation Ltd.	Refineries & marketing	3.96	8.1	0.04%	0.00%	0.38% (Nov 2024)	0% (Nov 2024)	48.75 k	0.00	Large Cap	37.82
- Jindal Steel Ltd.	Iron & steel products	4.07	8	0.04%	0.00%	0.08% (Nov 2024)	0% (Nov 2024)	7.50 k	0.00	Mid Cap	17.76
- Torrent Pharmaceuticals Ltd.	Pharmaceuticals	0.64	7.1	0.04%	0.00%	0.04% (Sep 2025)	0% (Nov 2024)	2.00 k	0.00	Mid Cap	17.76
- Prestige Estates Projects Ltd.	Residential, commercial projects	1.82	5.5	0.03%	0.00%	0.03% (Sep 2025)	0% (Nov 2024)	3.15 k	0.00	Mid Cap	17.76
- NBCC (India) Ltd.	Civil construction	0.62	5.3	0.03%	0.00%	0.04% (Jun 2025)	0% (Nov 2024)	45.50 k	0.00	Mid Cap	17.76
- Mphasis Ltd.	Computers - software & consulting	1.73	5.3	0.03%	0.00%	0.03% (Jun 2025)	0% (Nov 2024)	1.93 k	0.00	Mid Cap	17.76
- Dabur India Ltd.	Personal care	0.04	4.9	0.03%	0.00%	0.37% (Feb 2025)	0% (Nov 2024)	10.00 k	0.00	Large Cap	37.82
- Cyient Ltd.	It enabled services	0.02	4	0.02%	0.00%	0.02% (Sep 2025)	0% (Nov 2024)	3.40 k	0.00	Small Cap	1.58
# Central Depository Services (India) Ltd.	Depositories, clearing houses and other intermediaries	0.02	3.8	0.02%	0.02%	0.15% (Dec 2024)	0% (Nov 2024)	2.38 k	2.38 k	Small Cap	1.58
- Tech Mahindra Ltd.	Computers - software & consulting	1.73	3.4	0.02%	0.00%	0.18% (Nov 2024)	0% (Nov 2024)	2.40 k	0.00	Large Cap	37.82
- Container Corporation Of India Ltd.	Logistics solution provider	0.01	2.7	0.01%	0.00%	0.01% (Apr 2025)	0% (Nov 2024)	5.00 k	0.00	Large Cap	37.82
- National Aluminium Co. Ltd.	Aluminium	0.37	1.8	0.01%	0.00%	0.8% (Nov 2024)	0% (Nov 2024)	7.50 k	0.00	Small Cap	1.58
- Marico Ltd.	Personal care	0.04	1.7	0.01%	0.00%	0.02% (Dec 2024)	0% (Nov 2024)	2.40 k	0.00	Large Cap	37.82
- Laurus Labs Ltd.	Pharmaceuticals	0.64	1.6	0.01%	0.00%	0.01% (Sep 2025)	0% (Nov 2024)	1.70 k	0.00	Other	15.42
- Lodha Developers Ltd.	Residential, commercial projects	1.82	1.6	0.01%	0.00%	0.01% (Oct 2025)	0% (Nov 2024)	1.35 k	0.00	Other	15.42
- Glenmark Pharmaceuticals Ltd.	Pharmaceuticals	0.64	1.4	0.01%	0.00%	0.08% (Jul 2025)	0% (Nov 2024)	750.00	0.00	Mid Cap	17.76
- ICICI Prudential Life Insurance Co Ltd.	Life insurance	0.67	1.1	0.01%	0.00%	0.01% (Jun 2025)	0% (Nov 2024)	1.85 k	0.00	Large Cap	37.82
- Alkem Laboratories Ltd.	Pharmaceuticals	0.64	0.7	0.00%	0.00%	0% (Oct 2025)	0% (Nov 2024)	125.00	0.00	Mid Cap	17.76
- Nestle India Ltd.	Packaged foods	0.05	0.6	0.00%	0.00%	0.08% (Nov 2024)	0% (Nov 2024)	500.00	0.00	Other	15.42
- Persistent Systems Ltd.	Computers - software & consulting	1.73	0.6	0.00%	0.00%	0% (Oct 2025)	0% (Nov 2024)	100.00	0.00	Other	15.42
- Phoenix Mills Ltd.	Residential, commercial projects	1.82	0.6	0.00%	0.00%	0% (Jul 2025)	0% (Nov 2024)	350.00	0.00	Small Cap	1.58
Coal India Ltd.	Coal		44.2	0.00%	-0.23%	-	-	-	-	Large Cap	37.82
Sun Pharmaceutical Industries Ltd.	Pharmaceuticals	0.64	32.4	0.00%	-0.17%	-	-	-	-	Large Cap	37.82
KEI Industries Ltd.	Cables - electricals		1.4	0.00%	-0.01%	-	-	-	-	Small Cap	1.58
Bharat Petroleum Corporation Ltd.	Refineries & marketing	3.96	25.5	0.00%	-0.13%	-	-	-	-	Large Cap	37.82
Federal Bank Ltd.	Private sector bank	17.16	10.6	0.00%	-0.06%	-	-	-	-	Mid Cap	17.76
Reverse Repo	Other		158.5	0.00%	-0.84%	-	-	-	-	Other	15.42
Info Edge (India) Ltd.	Internet & catalogue retail		14.7	0.00%	-0.08%	-	-	-	-	Other	15.42
Tata Technologies Ltd.	Computers - software & consulting	1.73	0.5	0.00%	0.00%	-	-	-	-	Other	15.42

- 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
# Central Depository Services (India) Ltd.	Depositories, clearing houses and other intermediaries	3.8	0.02%	0.02%	0.15% (Dec 2024)	0% (Nov 2024)	2.38 k	2375
# Aurobindo Pharma Ltd.	Pharmaceuticals	22.6	0.12%	0.12%	0.27% (Mar 2025)	0% (Nov 2024)	19.80 k	19800

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	44.2	0.00%	-0.23%	0.27% (Jun 2025)	0% (Nov 2024)	-113400
Sun Pharmaceutical Industries Ltd.	Pharmaceuticals	32.4	0.00%	-0.17%	0.19% (Mar 2025)	0% (Nov 2024)	-20300
KEI Industries Ltd.	Cables - electricals	1.4	0.00%	-0.01%	0.01% (Jul 2025)	0% (Nov 2024)	-350
Bharat Petroleum Corporation Ltd.	Refineries & marketing	25.5	0.00%	-0.13%	0.6% (Nov 2024)	0% (Nov 2024)	-75050
Federal Bank Ltd.	Private sector bank	10.6	0.00%	-0.06%	0.07% (Jun 2025)	0% (Nov 2024)	-55000
Reverse Repo	Other	158.5	0.00%	-0.84%	0% (Nov 2025)	0% (Nov 2025)	0
Info Edge (India) Ltd.	Internet & catalogue retail	14.7	0.00%	-0.08%	0.09% (Jun 2025)	0% (Nov 2024)	-11250
- Tata Technologies Ltd.	Computers - software & consulting	0.5	0.00%	0.00%	0.08% (Jun 2025)	0% (Nov 2024)	-800

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.	3.92%	3.67%	3.74%	3.48%	2.58%	3.68%	4.09%	5.43%	5.24%	5.89%	7.39%	5.78%	4.14%
HDFC Bank Ltd.	3.63%	3.57%	3.65%	3.94%	4.00%	4.02%	4.40%	4.45%	4.28%	1.02%	-	0.95%	2.78%
Axis Bank Ltd.	3.66%	3.42%	3.24%	3.13%	0.94%	2.84%	3.13%	3.18%	2.98%	3.09%	2.27%	1.76%	1.58%
IDFC First Bank Ltd.	2.85%	2.48%	2.48%	2.56%	2.99%	2.89%	3.06%	0.15%	-	-	-	-	-
ICICI Bank Ltd.	2.70%	2.49%	3.02%	3.17%	2.92%	2.90%	2.62%	2.27%	2.03%	1.61%	1.39%	0.21%	-
State Bank Of India	3.08%	2.92%	2.74%	2.77%	0.94%	-	-	2.12%	1.79%	2.08%	2.22%	0.98%	1.59%
Bank Of Baroda	1.54%	1.46%	1.19%	1.23%	1.63%	2.05%	2.27%	2.28%	2.00%	2.31%	2.72%	2.89%	3.00%
Bharat Electronics Ltd.	1.92%	1.85%	1.74%	1.84%	2.15%	2.05%	1.85%	1.94%	1.61%	2.04%	2.13%	2.40%	2.26%
Canara Bank	2.20%	2.02%	1.80%	1.90%	2.16%	2.30%	2.16%	2.16%	1.99%	1.49%	1.67%	1.75%	1.80%
Punjab National Bank	1.75%	1.64%	1.50%	1.60%	1.88%	1.87%	1.96%	2.06%	1.90%	2.35%	2.48%	2.62%	1.46%
Tata Steel Ltd.	2.18%	2.05%	1.67%	1.75%	1.94%	2.04%	1.96%	2.37%	1.64%	1.72%	1.80%	1.92%	2.01%
Tata Power Co. Ltd.	1.50%	1.47%	1.45%	1.57%	1.77%	1.78%	1.93%	2.06%	1.89%	2.17%	2.31%	2.46%	2.65%
GMR Airports Ltd.	1.44%	1.36%	1.38%	-	-	-	-	-	-	-	-	-	-
GMR Airports Infrastructure Ltd.	-	-	-	1.47%	1.53%	1.57%	1.80%	1.82%	1.69%	1.89%	2.12%	2.33%	2.27%
Mahindra & Mahindra Ltd.	2.34%	2.35%	2.22%	2.11%	2.02%	1.96%	2.14%	1.95%	1.68%	2.03%	0.75%	0.69%	0.65%
Tata Motors Ltd.	-	-	1.42%	1.45%	1.67%	1.82%	1.74%	2.00%	1.72%	2.02%	1.89%	1.79%	1.58%

No of Debt Holding 11 (Category Avg - 8.76) | Modified Duration 0.39 Years (Category Avg - 0.36)| Yield to Maturity 6.11% (Category Avg - 6.02%)

Portfolio Summary (as on 31st Oct,2025)

Security Type	% Weight	Category Average
GOI	0.00%	0.97%
CD	11.92%	1.57%
T-Bills	0.51%	1.83%
CP	3.73%	0.89%
NCD & Bonds	0.00%	2.20%
PTC	0.00%	0.02%

Category - Arbitrage Fund

Security Type	% Weight	Category Average
Government Backed	0.51%	2.79%
Low Risk	15.65%	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 - Bank Of Baroda	CD	Public sector bank	F1+	FITCH	483.04	2.50%	1.00 k
Bond - Small Industries Development Bank Of India	CD	Financial institution	PR1+	CARE	478.97	2.48%	1.00 k
Bond - Axis Bank Ltd.	CD	Private sector bank	P1+	CRISIL	476.31	2.47%	1.00 k
Bond - Rural Electrification Corporation Limited	CP	Financial institution	P1+	CRISIL	240.91	1.25%	500.00
Bond - National Bank for Agriculture & Rural Development	CP	Financial institution	P1+	CRISIL	240.20	1.24%	500.00
Bond - Bajaj Finance Ltd.	CP	Non banking financial company (nbfc)	P1+	CRISIL	239.91	1.24%	500.00
Bond - HDFC Bank Ltd.	CD	Private sector bank	P1+	CRISIL	240.31	1.24%	500.00
Bond - Union Bank Of India	CD	Public sector bank	A1+	ICRA	240.28	1.24%	500.00
Bond - HDFC Bank Ltd.	CD	Private sector bank	P1+	CRISIL	236.94	1.23%	500.00
Bond - National Bank for Agriculture & Rural Development	CD	Financial institution	P1+	CRISIL	147.63	0.76%	300.00
Bond - T-Bill	T-Bills	Other			98.69	0.51%	10.00 L