Tata · Arbitrage

Tata Arbitrage Fund

Hybrid Scheme - Arbitrage Fund Direct plan, growth launched 10 Dec 2018 open-ended

At a glance

the fund as it stands today, from public disclosures

NAV, 21 Sep 2026

₹16.35

−0.01% since 18 Sep 2026, the previous NAV

1 year

6.8%

return

3 years

7.5%

a year

5 years

6.9%

a year

Since launch

6.6%

a year, over 7.7 years

Assets (AUM)

₹24,426 Cr

Jul 2026 factsheet

Expense ratio, Direct / Regular

0.26% / 0.91%

a year, as of Jul 2026

Holdings

212

top ten are 52% of the fund · Jul 2020

Disclosed history

1.3 yrs

Dec 2018 – Jul 2020 · 4 of 11 checks could run

Fund managers

Sailesh Jain · since at least May 2025

All managers →

As the Jul 2026 factsheet printed it: standard deviation 0.5% · portfolio turnover 2.84×. Exit load and minimum investment are not yet extracted from the scheme documents.

What only Anveshan can tell you

measured from the disclosures, not quoted from a brochure — each links to how it was done

P5Cost, measured

Regular plan costs 0.82% a year more than Direct

₹13,987 on ₹1 lakh over ten years. Same portfolio, two prices — the difference is what the Regular plan's distribution costs you, read from the two NAVs.

See how it is measured →

P7Whose record

Run by Sailesh Jain for at least 1.3 yrs

the factsheet archive starts May 2025, so this is a floor. A return earned before they arrived is the house's record, not theirs — the tenure table shows the fund against its category over exactly their months.

Sailesh Jain's other funds →

NAVTracking gap

Not replicated: the portfolio cannot be priced line by line in this build.

Each day, the NAV the fund published against the NAV its last disclosed portfolio would have produced at that day's prices. A gap that opens and stays is a change the fund has made and not disclosed yet.

See the daily gap →

P4Consistency

Beat its category in 100% of three-year stretches, and averaged +0.3 points a year across all of them

58 rolling windows since 2018 · ahead by 0.3 points a year when it won — and never lost one. A single five-year figure depends on the day you look; the share of stretches won does not — and the average margin says whether winning often was worth anything.

See every window →

headline and record disagree One check found the headline number and the underlying record pointing different ways — marked on the cards below.

NAV and drawdown

Direct plan, growth class · as of 21 Sep 2026

Month-end NAV, indexed to 100 at Dec 2018

94 month-ends · ₹10.01 → ₹16.35, 1.6× since Dec 2018

Deepest fall (max drawdown)

−0.4%

3 Aug 2026 → 6 Aug 2026

Worst month

0.1%

May 2026

Days to recover

from the deepest trough back to the old high

Drawdown is measured on the last year of daily NAV; trailing returns are CAGR of the direct growth class. A single end date decides them — the consistency card (P4) below is the record that does not, and it reports both how often the fund beat its category and by how much, because the first without the second can point the wrong way.

Holdings

Jul 2020 disclosure · 212 lines · when each was first held and the change over the last three disclosures

#	Holding	Sector	Weight	First held	Held for	3-mo change
1	TREPS / cash equivalents Margin Money Deposits Total $$ · money market	—	22.68%	Jul 2020	1 mo	+22.68%
2	FEDERAL BANK LTD money market	—	7.79%	Feb 2019	1.5 yrs	+0.03%
3	HDFC BANK LTD money market	—	7.10%	Feb 2019	1.5 yrs	+0.19%
4	AU SMALL FINANCE BANK LTD money market	—	2.49%	May 2020	3 mo	-2.79%
5	D) REPO money market	—	2.20%	Apr 2020	4 mo	+2.20%
6	ICICI BANK LTD equity	BANKS	2.03%	Apr 2020	4 mo	+2.03%
7	UNION BANK OF INDIA money market	—	2.02%	Jul 2020	1 mo	+2.02%
8	TATA CONSUMER PRODUCTS LTD equity	CONSUMER NON DURABLES	1.79%	Jul 2020	1 mo	+1.79%
9	TREPS / cash equivalents CASH / NET CURRENT ASSET · money market	—	1.75%	Jul 2020	1 mo	+1.75%
10	TORRENT PHARMACEUTICALS LTD equity	PHARMACEUTICALS	1.73%	Jul 2020	1 mo	+1.73%
11	HINDUSTAN UNILEVER LTD equity	CONSUMER NON DURABLES	1.68%	Oct 2019	10 mo	+2.81%
12	AUROBINDO PHARMA LTD equity	PHARMACEUTICALS	1.65%	May 2020	3 mo	+1.76%
13	SBI LIFE INSURANCE COMPANY LTD equity	FINANCE	1.63%	May 2020	3 mo	+1.63%
14	HCL TECHNOLOGIES LTD equity	SOFTWARE	1.63%	May 2019	1.3 yrs	+2.44%
15	VEDANTA LTD equity	NON - FERROUS METALS	1.60%	Jun 2019	1.2 yrs	+3.01%
16	ADANI PORTS AND SPECIAL ECONOMIC ZONE LTD equity	TRANSPORTATION	1.55%	Aug 2019	1.0 yrs	+1.72%
17	DIVI LABORATORIES LTD equity	PHARMACEUTICALS	1.54%	Dec 2019	8 mo	+2.34%
18	COLGATE-PALMOLIVE INDIA LTD equity	CONSUMER NON DURABLES	1.49%	Apr 2020	4 mo	+1.49%
19	INFOSYS LTD equity	SOFTWARE	1.43%	Jun 2019	1.2 yrs	+2.60%
20	TATA MOTORS LTD equity	AUTO	1.42%	Feb 2020	6 mo	+1.49%
21	BHARTI AIRTEL LTD equity	TELECOM - SERVICES	1.41%	Dec 2019	8 mo	+3.55%
22	UNITED SPIRITS LTD equity	CONSUMER NON DURABLES	1.36%	Aug 2019	1.0 yrs	+1.60%
23	DR REDDYs LABORATORIES LTD equity	PHARMACEUTICALS	1.30%	Nov 2019	9 mo	+2.23%
24	PUNJAB NATIONAL BANK money market	—	1.28%	Jul 2020	1 mo	+1.28%
25	ULTRATECH CEMENT LTD equity	CEMENT	1.27%	Aug 2019	1.0 yrs	+2.07%
26	JSW STEEL LTD equity	FERROUS METALS	1.18%	Feb 2020	6 mo	+2.16%
27	LUPIN LTD equity	PHARMACEUTICALS	1.18%	Oct 2019	10 mo	+1.90%
28	CADILA HEALTHCARE LTD equity	PHARMACEUTICALS	1.13%	Mar 2020	5 mo	+1.15%
29	STATE BANK OF INDIA equity	BANKS	1.13%	Dec 2019	8 mo	+3.12%
30	RELIANCE INDUSTRIES LTD equity	PETROLEUM PRODUCTS	1.12%	Jan 2019	1.6 yrs	+4.22%
31	CORPORATION BANK money market	—	1.10%	Jul 2020	1 mo	+1.10%
32	TATA CONSULTANCY SERVICES LTD equity	SOFTWARE	1.06%	Mar 2020	5 mo	+2.80%
33	NESTLE INDIA LTD equity	CONSUMER NON DURABLES	1.06%	Feb 2020	6 mo	+2.00%
34	BRITANNIA INDUSTRIES LTD equity	CONSUMER NON DURABLES	1.02%	May 2020	3 mo	+1.02%
35	ITC LTD equity	CONSUMER NON DURABLES	1.01%	Jun 2019	1.2 yrs	+2.11%
36	WIPRO LTD equity	SOFTWARE	1.01%	Feb 2020	6 mo	+1.13%
37	ACC LTD equity	CEMENT	1.01%	Oct 2019	10 mo	+2.33%
38	HINDUSTAN PETROLEUM CORPORATION LTD equity	PETROLEUM PRODUCTS	1.01%	Mar 2020	5 mo	+1.49%
39	INDRAPRASTHA GAS LTD equity	GAS	0.98%	Jul 2020	1 mo	+1.25%
40	** 07.00 % HDFC LTD - 19/05/2022 corporate bond	—	0.97%	May 2020	3 mo	+0.97%
41	PIDILITE INDUSTRIES LTD equity	CHEMICALS	0.97%	Feb 2020	6 mo	+1.03%
42	HOUSING DEVELOPMENT FINANCE CORPORATION LTD equity	FINANCE	0.95%	Jun 2019	1.2 yrs	+2.26%
43	INFO EDGE (INDIA) LTD equity	SOFTWARE	0.95%	Mar 2020	5 mo	+2.44%
44	ASIAN PAINTS (INDIA) LTD equity	CONSUMER NON DURABLES	0.93%	Jul 2020	1 mo	+2.42%
45	DABUR INDIA LTD equity	CONSUMER NON DURABLES	0.92%	May 2020	3 mo	+2.02%
46	LARSEN & TOUBRO LTD equity	CONSTRUCTION PROJECT	0.89%	Jul 2020	1 mo	+1.89%
47	CIPLA LTD equity	PHARMACEUTICALS	0.88%	Apr 2020	4 mo	+0.88%
48	MARICO LTD equity	CONSUMER NON DURABLES	0.86%	Mar 2020	5 mo	+1.47%
49	NMDC LTD equity	MINERALS/MINING	0.83%	Mar 2020	5 mo	+1.96%
50	PETRONET LNG LTD equity	GAS	0.82%	Mar 2020	5 mo	+1.50%
51	BATA INDIA LTD equity	CONSUMER DURABLES	0.80%	Jul 2020	1 mo	+0.80%
52	AXIS BANK LTD equity	BANKS	0.77%	May 2020	3 mo	+0.79%
53	POWER FINANCE CORPORATION LTD equity	FINANCE	0.76%	Feb 2020	6 mo	+2.15%
54	UPL LTD equity	PESTICIDES	0.75%	Dec 2019	8 mo	+1.65%
55	RBL BANK LTD money market	—	0.75%	Jan 2019	1.6 yrs	-1.89%
56	SHREE CEMENT LTD equity	CEMENT	0.75%	Jul 2020	1 mo	+0.95%
57	EXIDE INDUSTRIES LTD equity	AUTO ANCILLARIES	0.75%	Mar 2020	5 mo	+0.90%
58	** 07.61 % HOUSING & URBAN DEVELOPMENT CORPORATION LTD - 22/06/2022 corporate bond	—	0.74%	May 2020	3 mo	+0.74%
59	BALKRISHNA INDUSTRIES LTD equity	AUTO ANCILLARIES	0.74%	Jul 2020	1 mo	+0.74%
60	** 08.60 % LIC HOUSING FINANCE LTD - 14/01/2022 corporate bond	—	0.74%	May 2020	3 mo	+0.74%
61	** 08.20 % HDFC LTD - 29/07/2021 corporate bond	—	0.73%	Apr 2020	4 mo	+0.73%
62	** 06.99 % REC LTD - 31/12/2020 corporate bond	—	0.71%	Feb 2020	6 mo	-1.77%
63	BIOCON LTD equity	PHARMACEUTICALS	0.69%	Jul 2020	1 mo	+0.69%
64	SRF LTD equity	INDUSTRIAL PRODUCTS	0.67%	Feb 2020	6 mo	+1.27%
65	DLF LTD equity	CONSTRUCTION	0.64%	May 2019	1.3 yrs	+0.67%
66	NTPC LTD equity	POWER	0.60%	Mar 2020	5 mo	+1.06%
67	GRASIM INDUSTRIES LTD equity	CEMENT	0.57%	Aug 2019	1.0 yrs	+1.91%
68	SUN TV NETWORK LTD equity	MEDIA & ENTERTAINMENT	0.57%	Nov 2019	9 mo	+1.08%
69	TATA CHEMICALS LTD equity	CHEMICALS	0.57%	Jul 2020	1 mo	+0.70%
70	BAJAJ FINSERV LTD equity	FINANCE	0.56%	May 2020	3 mo	+0.84%
71	COAL INDIA LTD equity	MINERALS/MINING	0.51%	Mar 2020	5 mo	+1.20%
72	GODREJ CONSUMER PRODUCTS LTD equity	CONSUMER NON DURABLES	0.51%	Nov 2019	9 mo	+1.58%
73	** 07.62 % HOUSING & URBAN DEVELOPMENT CORPORATION LTD - 15/07/2022 corporate bond	—	0.50%	May 2020	3 mo	+0.50%
74	** 07.40 % POWER FINANCE CORPORATION - 30/09/2021 corporate bond	—	0.49%	Apr 2020	4 mo	+0.49%
75	** 06.32 % REC LTD - 31/12/2021 corporate bond	—	0.48%	May 2020	3 mo	+0.48%
76	** - ICICI BANK LTD - CD - 14/09/2020 money market	—	0.47%	Oct 2019	10 mo	-1.14%
77	TATA POWER COMPANY LTD equity	POWER	0.45%	Jul 2020	1 mo	+1.00%
78	MRF LTD equity	AUTO ANCILLARIES	0.41%	May 2020	3 mo	+0.41%
79	HINDALCO INDUSTRIES LTD equity	NON - FERROUS METALS	0.31%	Oct 2019	10 mo	+1.34%
80	TITAN COMPANY LTD equity	CONSUMER DURABLES	0.31%	Apr 2020	4 mo	+0.31%
81	REC LTD equity	FINANCE	0.31%	Feb 2020	6 mo	+1.15%
82	SUN PHARMACEUTICAL INDUSTRIES LTD equity	PHARMACEUTICALS	0.29%	Oct 2019	10 mo	+2.19%
83	APOLLO TYRES LTD equity	AUTO ANCILLARIES	0.29%	Mar 2020	5 mo	+0.30%
84	** 08.75 % LIC HOUSING FINANCE LTD - 21/12/2020 corporate bond	—	0.29%	Nov 2019	9 mo	-0.71%
85	BERGER PAINTS INDIA LTD equity	CONSUMER NON DURABLES	0.27%	Mar 2020	5 mo	+0.96%
86	** 08.45 % SIKKA PORTS AND TERMINALS LTD - 12/06/2023 corporate bond	—	0.25%	May 2020	3 mo	+0.25%
87	** 08.50 % REC LTD - 20/12/2021 corporate bond	—	0.25%	Feb 2020	6 mo	-0.60%
88	** 07.90 % INDIA INFRADEBT LTD - 31/10/2022 corporate bond	—	0.24%	May 2020	3 mo	+0.24%
89	** 07.24 % LIC HOUSING FINANCE LTD - 23/08/2021 corporate bond	—	0.24%	May 2020	3 mo	+0.24%
90	AMBUJA CEMENTS LTD equity	CEMENT	0.23%	Dec 2019	8 mo	+0.42%
91	FEDERAL BANK LTD equity	BANKS	0.21%	Feb 2020	6 mo	+1.12%
92	INDUSIND BANK LTD equity	BANKS	0.19%	Jul 2020	1 mo	+0.90%
93	MUTHOOT FINANCE LTD equity	FINANCE	0.19%	May 2020	3 mo	+0.19%
94	CENTURY TEXTILES & INDUSTRIES LTD equity	PAPER	0.18%	Oct 2019	10 mo	+2.56%
95	HERO MOTOCORP LTD equity	AUTO	0.17%	Jul 2020	1 mo	+0.26%
96	INDIAN OIL CORPORATION LTD equity	PETROLEUM PRODUCTS	0.15%	Mar 2020	5 mo	+0.53%
97	AXIS BANK money market	—	0.14%	Feb 2020	6 mo	-0.35%
98	MANAPPURAM FINANCE LTD equity	FINANCE	0.13%	May 2020	3 mo	+0.15%
99	MOTHERSON SUMI SYSTEMS LTD equity	AUTO ANCILLARIES	0.13%	Jul 2020	1 mo	+0.13%
100	ADANI ENTERPRISES LTD equity	TRADING	0.13%	May 2020	3 mo	+0.13%
101	TORRENT POWER LTD equity	POWER	0.12%	Jul 2020	1 mo	+0.41%
102	TECH MAHINDRA LTD equity	SOFTWARE	0.11%	Mar 2020	5 mo	+2.06%
103	BAJAJ AUTO LTD equity	AUTO	0.10%	Feb 2020	6 mo	+0.14%
104	BHARAT FORGE LTD equity	INDUSTRIAL PRODUCTS	0.10%	Mar 2020	5 mo	+0.78%
105	POWER GRID CORPORATION OF INDIA LTD equity	POWER	0.10%	Apr 2020	4 mo	+0.10%
106	AMARA RAJA BATTERIES LTD equity	AUTO ANCILLARIES	0.10%	Mar 2020	5 mo	+0.27%
107	BOSCH LTD equity	AUTO ANCILLARIES	0.10%	Apr 2020	4 mo	+0.10%
108	UNITED BREWERIES LTD equity	CONSUMER NON DURABLES	0.08%	Apr 2020	4 mo	+0.08%
109	MARUTI SUZUKI INDIA LTD equity	AUTO	0.08%	Nov 2019	9 mo	+1.26%
110	GLENMARK PHARMACEUTICALS LTD equity	PHARMACEUTICALS	0.07%	May 2020	3 mo	+0.25%
111	SIEMENS LTD equity	INDUSTRIAL CAPITAL GOODS	0.07%	Feb 2020	6 mo	+0.38%
112	NATIONAL ALUMINIUM CO. LTD equity	NON - FERROUS METALS	0.07%	May 2020	3 mo	+0.07%
113	LIC HOUSING FINANCE LTD equity	FINANCE	0.05%	Jul 2020	1 mo	+0.33%
114	L&T FINANCE HOLDINGS LTD equity	FINANCE	0.03%	Jul 2020	1 mo	+0.05%
115	INTERGLOBE AVIATION LTD equity	TRANSPORTATION	0.03%	Jul 2020	1 mo	+0.03%
116	GMR INFRASTUCTURE LTD equity	CONSTRUCTION PROJECT	0.03%	May 2019	1.3 yrs	+1.45%
117	MAHINDRA & MAHINDRA LTD equity	AUTO	0.03%	Jun 2019	1.2 yrs	+1.07%
118	VOLTAS LTD equity	CONSUMER DURABLES	0.02%	Feb 2020	6 mo	+0.30%
119	BANK OF BARODA money market	—	0.01%	Jul 2020	1 mo	+0.01%
120	VOLTAS LTD^ derivative	—	-0.02%	Feb 2020	6 mo	+0.27%
121	MAHINDRA & MAHINDRA LTD^ derivative	—	-0.03%	Jun 2019	1.2 yrs	+1.01%
122	INTERGLOBE AVIATION LTD^ derivative	—	-0.03%	Jul 2020	1 mo	-0.03%
123	GMR INFRASTUCTURE LTD^ derivative	—	-0.03%	May 2019	1.3 yrs	+1.39%
124	L&T FINANCE HOLDINGS LTD^ derivative	—	-0.03%	Jul 2020	1 mo	-0.02%
125	LIC HOUSING FINANCE LTD^ derivative	—	-0.05%	Jul 2020	1 mo	+0.23%
126	NATIONAL ALUMINIUM CO. LTD^ derivative	—	-0.07%	May 2020	3 mo	-0.07%
127	SIEMENS LTD^ derivative	—	-0.07%	Feb 2020	6 mo	+0.23%
128	GLENMARK PHARMACEUTICALS LTD^ derivative	—	-0.07%	May 2020	3 mo	+0.11%
129	MARUTI SUZUKI INDIA LTD^ derivative	—	-0.08%	Nov 2019	9 mo	+1.11%
130	UNITED BREWERIES LTD^ derivative	—	-0.08%	Apr 2020	4 mo	-0.08%
131	BOSCH LTD^ derivative	—	-0.10%	Apr 2020	4 mo	-0.10%
132	POWER GRID CORPORATION OF INDIA LTD^ derivative	—	-0.10%	Apr 2020	4 mo	-0.10%
133	AMARA RAJA BATTERIES LTD^ derivative	—	-0.10%	Mar 2020	5 mo	+0.07%
134	BHARAT FORGE LTD^ derivative	—	-0.10%	Mar 2020	5 mo	+0.58%
135	BAJAJ AUTO LTD^ derivative	—	-0.10%	Feb 2020	6 mo	-0.07%
136	TECH MAHINDRA LTD^ derivative	—	-0.11%	Mar 2020	5 mo	+1.83%
137	TORRENT POWER LTD^ derivative	—	-0.12%	Jul 2020	1 mo	+0.17%
138	ADANI ENTERPRISES LTD^ derivative	—	-0.13%	May 2020	3 mo	-0.13%
139	MOTHERSON SUMI SYSTEMS LTD^ derivative	—	-0.13%	Jul 2020	1 mo	-0.12%
140	MANAPPURAM FINANCE LTD^ derivative	—	-0.14%	May 2020	3 mo	-0.12%
141	INDIAN OIL CORPORATION LTD^ derivative	—	-0.15%	Mar 2020	5 mo	+0.22%
142	HERO MOTOCORP LTD^ derivative	—	-0.17%	Jul 2020	1 mo	-0.09%
143	CENTURY TEXTILES & INDUSTRIES LTD^ derivative	—	-0.18%	Oct 2019	10 mo	+2.20%
144	MUTHOOT FINANCE LTD^ derivative	—	-0.19%	May 2020	3 mo	-0.19%
145	INDUSIND BANK LTD^ derivative	—	-0.19%	Jul 2020	1 mo	+0.52%
146	FEDERAL BANK LTD^ derivative	—	-0.21%	Feb 2020	6 mo	+0.69%
147	AMBUJA CEMENTS LTD^ derivative	—	-0.23%	Dec 2019	8 mo	-0.03%
148	BERGER PAINTS INDIA LTD^ derivative	—	-0.27%	Mar 2020	5 mo	+0.41%
149	APOLLO TYRES LTD^ derivative	—	-0.29%	Mar 2020	5 mo	-0.28%
150	SUN PHARMACEUTICAL INDUSTRIES LTD^ derivative	—	-0.29%	Oct 2019	10 mo	+1.60%
151	TITAN COMPANY LTD^ derivative	—	-0.31%	Apr 2020	4 mo	-0.31%
152	REC LTD^ derivative	—	-0.31%	Feb 2020	6 mo	+0.53%
153	HINDALCO INDUSTRIES LTD^ derivative	—	-0.31%	Oct 2019	10 mo	+0.71%
154	MRF LTD^ derivative	—	-0.41%	May 2020	3 mo	-0.41%
155	TATA POWER COMPANY LTD^ derivative	—	-0.45%	Jul 2020	1 mo	+0.10%
156	GODREJ CONSUMER PRODUCTS LTD^ derivative	—	-0.51%	Nov 2019	9 mo	+0.56%
157	COAL INDIA LTD^ derivative	—	-0.51%	Mar 2020	5 mo	+0.18%
158	BAJAJ FINSERV LTD^ derivative	—	-0.56%	May 2020	3 mo	-0.28%
159	GRASIM INDUSTRIES LTD^ derivative	—	-0.57%	Aug 2019	1.0 yrs	+0.77%
160	TATA CHEMICALS LTD^ derivative	—	-0.57%	Jul 2020	1 mo	-0.44%
161	SUN TV NETWORK LTD^ derivative	—	-0.57%	Nov 2019	9 mo	-0.06%
162	NTPC LTD^ derivative	—	-0.58%	Mar 2020	5 mo	-0.12%
163	DLF LTD^ derivative	—	-0.65%	May 2019	1.3 yrs	-0.62%
164	SRF LTD^ derivative	—	-0.67%	Feb 2020	6 mo	-0.07%
165	BIOCON LTD^ derivative	—	-0.69%	Jul 2020	1 mo	-0.69%
166	BALKRISHNA INDUSTRIES LTD^ derivative	—	-0.74%	Jul 2020	1 mo	-0.74%
167	EXIDE INDUSTRIES LTD^ derivative	—	-0.75%	Mar 2020	5 mo	-0.60%
168	SHREE CEMENT LTD^ derivative	—	-0.75%	Jul 2020	1 mo	-0.55%
169	UPL LTD^ derivative	—	-0.76%	Dec 2019	8 mo	+0.14%
170	POWER FINANCE CORPORATION LTD^ derivative	—	-0.76%	Feb 2020	6 mo	+0.63%
171	AXIS BANK LTD^ derivative	—	-0.77%	May 2020	3 mo	-0.75%
172	BATA INDIA LTD^ derivative	—	-0.81%	Jul 2020	1 mo	-0.81%
173	PETRONET LNG LTD^ derivative	—	-0.82%	Mar 2020	5 mo	-0.13%
174	NMDC LTD^ derivative	—	-0.83%	Mar 2020	5 mo	+0.30%
175	MARICO LTD^ derivative	—	-0.87%	Mar 2020	5 mo	-0.26%
176	CIPLA LTD^ derivative	—	-0.88%	Apr 2020	4 mo	-0.88%
177	LARSEN & TOUBRO LTD^ derivative	—	-0.89%	Jul 2020	1 mo	+0.12%
178	DABUR INDIA LTD^ derivative	—	-0.92%	May 2020	3 mo	+0.18%
179	ASIAN PAINTS (INDIA) LTD^ derivative	—	-0.93%	Jul 2020	1 mo	+0.56%
180	INFO EDGE (INDIA) LTD^ derivative	—	-0.96%	Mar 2020	5 mo	+0.54%
181	HOUSING DEVELOPMENT FINANCE CORPORATION LTD^ derivative	—	-0.96%	Jun 2019	1.2 yrs	+0.35%
182	PIDILITE INDUSTRIES LTD^ derivative	—	-0.97%	Feb 2020	6 mo	-0.92%
183	INDRAPRASTHA GAS LTD^ derivative	—	-0.99%	Jul 2020	1 mo	-0.72%
184	ACC LTD^ derivative	—	-1.01%	Oct 2019	10 mo	+0.31%
185	HINDUSTAN PETROLEUM CORPORATION LTD^ derivative	—	-1.01%	Mar 2020	5 mo	-0.53%
186	ITC LTD^ derivative	—	-1.01%	Jun 2019	1.2 yrs	+0.08%
187	WIPRO LTD^ derivative	—	-1.01%	Feb 2020	6 mo	-0.90%
188	BRITANNIA INDUSTRIES LTD^ derivative	—	-1.02%	May 2020	3 mo	-1.02%
189	NESTLE INDIA LTD^ derivative	—	-1.06%	Feb 2020	6 mo	-0.12%
190	TATA CONSULTANCY SERVICES LTD^ derivative	—	-1.07%	Mar 2020	5 mo	+0.66%
191	RELIANCE INDUSTRIES LTD^ derivative	—	-1.13%	Jan 2019	1.6 yrs	+1.97%
192	STATE BANK OF INDIA^ derivative	—	-1.13%	Dec 2019	8 mo	+0.86%
193	CADILA HEALTHCARE LTD^ derivative	—	-1.14%	Mar 2020	5 mo	-1.12%
194	LUPIN LTD^ derivative	—	-1.17%	Oct 2019	10 mo	-0.44%
195	JSW STEEL LTD^ derivative	—	-1.18%	Feb 2020	6 mo	-0.20%
196	ULTRATECH CEMENT LTD^ derivative	—	-1.27%	Aug 2019	1.0 yrs	-0.47%
197	DR REDDYs LABORATORIES LTD^ derivative	—	-1.31%	Nov 2019	9 mo	-0.38%
198	UNITED SPIRITS LTD^ derivative	—	-1.37%	Aug 2019	1.0 yrs	-1.13%
199	BHARTI AIRTEL LTD^ derivative	—	-1.40%	Dec 2019	8 mo	+0.74%
200	TATA MOTORS LTD^ derivative	—	-1.42%	Feb 2020	6 mo	-1.36%
201	INFOSYS LTD^ derivative	—	-1.44%	Jun 2019	1.2 yrs	-0.27%
202	COLGATE-PALMOLIVE INDIA LTD^ derivative	—	-1.49%	Apr 2020	4 mo	-1.49%
203	DIVI LABORATORIES LTD^ derivative	—	-1.54%	Dec 2019	8 mo	-0.74%
204	ADANI PORTS AND SPECIAL ECONOMIC ZONE LTD^ derivative	—	-1.56%	Aug 2019	1.0 yrs	-1.40%
205	VEDANTA LTD^ derivative	—	-1.61%	Jun 2019	1.2 yrs	-0.20%
206	HCL TECHNOLOGIES LTD^ derivative	—	-1.64%	May 2019	1.3 yrs	-0.83%
207	SBI LIFE INSURANCE COMPANY LTD^ derivative	—	-1.64%	May 2020	3 mo	-1.64%
208	AUROBINDO PHARMA LTD^ derivative	—	-1.66%	May 2020	3 mo	-1.55%
209	HINDUSTAN UNILEVER LTD^ derivative	—	-1.69%	Oct 2019	10 mo	-0.57%
210	TORRENT PHARMACEUTICALS LTD^ derivative	—	-1.74%	Jul 2020	1 mo	-1.74%
211	TATA CONSUMER PRODUCTS LTD^ derivative	—	-1.79%	Jul 2020	1 mo	-1.79%
212	ICICI BANK LTD^ derivative	—	-2.04%	Apr 2020	4 mo	-2.04%

Showing 1–212 of 212 rows per page10 25 50all

Largest sectors, Jul 2020 · grey: a year ago

CONSUMER NON DURABLES13.0% · 5.3%

PHARMACEUTICALS10.5%

SOFTWARE6.2% · 8.2%

FINANCE4.6%

BANKS4.3% · 11.8%

CEMENT3.8% · 3.2%

AUTO ANCILLARIES2.5% · 2.0%

PETROLEUM PRODUCTS2.3% · 4.8%

share of the book05%10%15%

By market cap, Jul 2020

Large cap40.9%

Mid cap18.2%

Small / micro cap2.4%

Cash & equivalents49.8%

Not classified4.8%

share of the book025%50%75%100%

"Not classified" is what no cap tier could be inferred for — newly listed names, or lines without an ISIN.

Composition by market cap, month by month — what the fund actually held against what its label says

Large cap 41%
Mid cap 18%
Small / micro 2%
Cash & other 50%

The seven checks, in full

each: the plain claim, where it sits in the category, and — folded — how it is measured and the case against. A flag fires only where headline and record disagree.

P4 Consistency, not a single end date headline and record disagree

Beat its category in 100% of three-year stretches, and averaged +0.3 points a year across all of them

58 rolling windows since 2018 · ahead by 0.3 points a year when it won — and never lost one

What this means. Take every three-year stretch since the fund had a NAV, one starting each month, and ask two things of each: did it beat the typical fund in its category, and by how much. Counting the wins tells you the record does not depend on when you happen to look; averaging the margin tells you whether winning often was worth anything, because four small wins do not pay for one large loss.

How often, and by how much. The count and the average agree. It did not lose one of the 58, so the average across all of them is the average win, +0.3 points.

100%

lowest in categoryhighest in category

95th percentile · top decile of 24 funds · category median 33%

windows measured58windows won58average across every window+0.31 pts a year · median +0.24when ahead, by how much+0.31 pts a year over 58 windowsworst window+0.17 pts a year, ended May 2024best window+0.67 pts a year, ended Dec 2021non-overlapping windows in that span2 — the rolling count overlaps, this does not

Fund minus category, each rolling three-year window

ahead of categorybehind

Each bar is one window's margin in percentage points a year. The height of the bars, not the count of green ones, is what the average across every window measures.

A modest five-year number over a record that beat its category 100% of the time. Rolling every three-year window forward month by month gives hundreds of overlapping observations instead of one. This fund was ahead of its category median in 100% of them, which points the opposite way to the headline figure. A single end date decided that headline.

How it is measured, and the case against

A fund that beats its category in most rolling three-year windows has a record; one that beats it in a few has an end date. How often it won and by how much are different questions, and this card answers both, because a fund can win four windows in five and still be behind across all five.

How often has it beaten its category, across every window?

Why this might matterRolling every three-year window forward month by month gives hundreds of overlapping observations instead of one. A single end date decides a headline five-year figure; the share of windows won cannot be flattered by when you happen to look. The average margin across every window is that share and the payoff multiplied together — win share x average beat plus loss share x average shortfall is exactly the average — so a high share bought with a few ruinous windows cannot hide behind the count.

Why it might notRolling windows overlap heavily, so they are not independent observations and the true sample is far smaller than the count suggests.

P5 Cost, measured

Regular plan costs 0.82% a year more than Direct

₹13,987 on ₹1 lakh over ten years

What this means. The Regular and Direct plans hold the same portfolio; the Regular one pays a distributor out of your money every day. The gap between the two NAVs is that cost, measured from the NAVs rather than quoted from a document.

0.82 pp a year

costliest in categorycheapest in category

5th percentile · bottom decile of 30 funds · category median 0.71 pp

on ₹1,00,000 over ten years₹13,987Direct vs Regular, annualised6.5% vs 5.7%measured over7.75 years

How it is measured, and the case against

The Direct plan is the same portfolio, priced differently; the divergence of the two NAVs is the cost, measured rather than quoted.

What does the Regular plan actually cost against its Direct twin?

Why this might matterSame manager, same holdings, same day. The gap between the two NAV series is the one number on this page that is knowable today rather than hoped for, and it compounds for as long as the units are held.

Why it might notA Regular plan buys advice. If that advice stops someone selling in a drawdown it can be worth more than the fee — the cost is visible and the behavioural saving is not, which makes this comparison unfair in exactly one direction.

P1 Churn, and what it bought

Turns over 263% of the portfolio a year

+0.00 pts of excess return per unit of turnover

What this means. How much of the portfolio was bought and sold in a year, computed from what the fund disclosed each month. Trading costs something certain; the extra return it is meant to buy is not.

263% a year

costliest in categorycheapest in category

5th percentile · bottom decile of 24 funds · category median 142%

excess return per unit of turnover+0.00 pts

How it is measured, and the case against

Turnover measured from consecutive disclosures — Σ|Δweight|/2 — costs something certain; the excess return it is meant to buy is not.

Is the trading paying for itself?

Why this might matterAMCs define their own turnover figure inconsistently. This one is computed from what the fund disclosed month to month, so two funds are comparable on it. Read it beside the excess return per unit of turnover.

Why it might notTurnover computed from month-end snapshots misses everything bought and sold inside a month, and a fund forced to sell by redemptions is charged for churn it did not choose.

P2 Conviction or inertia

Typical top-10 holding kept 6 months

What this means. How long a typical top-10 position has been in the top ten. Long-held positions are a decision; a top ten that changes every quarter is a reaction.

6 months

lowest in categoryhighest in category

15th percentile · bottom quartile of 24 funds · category median 16 months

active sharenot yet computable — needs index constituent files

How it is measured, and the case against

The median months a top-10 position has been held separates a portfolio somebody chose from one that drifted.

How long does a top-10 position stay a top-10 position?

Why this might matterConcentration is how a manager expresses conviction, and persistence is how long they keep it. Long-held positions with a rising weight are a decision; a top ten that turns over every quarter is a reaction.

Why it might notPersistence without active share is inertia: a portfolio of 166 names that tracks its category closely has diversified away the reason to pay for it. Active share needs index constituent files, which are not loaded yet.

P3 Hit rate of the top ten

5 of 10 top picks beat their peers over the next 6 months, and averaged 2.2 points behind them

150 positions judged, one disclosure at a time · ahead by 17.9 points when it won, behind by 21.5 when it lost

What this means. Take each month's ten largest holdings and check whether each one beat the typical stock its category holds over the next six months, and by how much. A blended return can hide two wins and eight losses; a count of wins can hide one position that lost half its value.

How often, and by how much. The count and the average agree. Ahead by 17.9 points in the 73 positions it won and behind by 21.5 in the 77 it lost, so the average across all 150 is −2.2 points. The worst position was INE036A01016 at the Dec 2018 disclosure, 78.7 points behind.

49%

lowest in categoryhighest in category

24th percentile · bottom quartile of 23 funds

positions judged150beat the median stock73average across every position−2.17 pts · median −0.46when ahead, by how much+17.95 pts over 73 positionswhen behind, by how much−21.52 pts over 77 positionsworst position−78.72 pts, INE036A01016 at the Dec 2018 disclosurebest position+67.85 pts, INE155A01022 at the May 2020 disclosure

How it is measured, and the case against

A manager's largest bets, judged one by one over the following six months, say more than the fund's blended return — and how far each one beat or missed the median stock says more than counting how many did.

Of its top-10 positions, how often did they beat the category-median stock?

Why this might matterA fund can beat its category on two positions and lose on eight; the hit rate shows the pattern the aggregate hides. The average margin then shows what the hit rate hides in turn: six winners worth a point each do not pay for four losers worth ten, and only the margin says which happened.

Why it might notSix months is short, sizing matters more than counting, and a manager who is right on the biggest position and wrong on nine small ones has done their job — the margins here are unweighted, so they answer the counting question better, not the sizing one. Overlapping disclosures judge the same position again each month it is held, so one long-held winner is counted many times. And this is a description of six months already past, not a forecast of the next six.

P6 Size against edge

₹24,426 Cr; 91% of growth came from inflows

Regular plan expense ratio 2.29% a year

What this means. Where the fund sits by size in its category, and how much of its growth was money arriving rather than the portfolio compounding. A very large fund cannot buy what a small one can; size should buy a lower fee in return.

2.29% TER

costliestcheapest

32th percentile · below median of 38 funds · category median 2.09%

expense ratio, Regular / Direct2.29% / 1.61% · category median 2.09%AUM, Sep 2023 → Jul 2026₹7,093 Cr → ₹24,426 Cr (+55% a year)of that change, from flows rather than returns91% net inflows · NAV +23% over the window

Assets under management, ₹ crore, Dec 2018 – Jul 2026

39 points · months without a factsheet figure use AMFI's quarterly average · Regular-plan expense ratio 0.98% in Dec 2018 → 2.29% in Sep 2026

How it is measured, and the case against

Past a certain size the smaller end of a mandate becomes unreachable, and the fund starts to look like its index; what size should buy in return is a lower expense ratio.

Has the fund outgrown the universe it invests in — and did size buy a lower fee?

Why this might matterSize narrows what the manager can meaningfully hold and should lower what the investor pays. Read the AUM history beside the expense ratio: a fund that has tripled through inflows while its Regular-plan TER sits above the category median has kept the benefit of scale for the house. The flow decomposition says how much of the growth was money arriving rather than the portfolio compounding.

Why it might notScale funds research teams, and plenty of large funds have gone on compounding for decades. Inflows follow performance, so a fund growing fast is usually one that did well; the constraint is real but not automatically binding, and a TER is a ceiling the AMC can cut at any time.

P7 Whose record is this

Run by Sailesh Jain for at least 1.3 yrs

the factsheet archive starts May 2025, so this is a floor

What this means. How long the people running it now have been running it, read from the monthly factsheets. A five-year record earned under someone else is not evidence about these managers.

No category distribution for this measure yet.

running it nowSailesh Jain (since at least May 2025)share of the fund's life under the current teamnot knowable — the archive starts May 2025, so the tenure is a floorchanges of hands in the archivenone

Who ran it, month by month · factsheets through Sep 2026

running it nowearlier

Manager	Role	From	To	Fund vs category, those months	3-yr stretches won in tenure
Sailesh Jain	fund manager	by May 2025†	now	6.7% vs 6.5% p.a. (+0.21 pp)	—

* dated by first appearance in the archive we hold, not by a date the factsheet printed. † already named on the first factsheet we hold: the stint is at least this long, and its start is not known. Co-managed months count for every manager named; a factsheet names the manager of record, not who made each call. All managers →

How it is measured, and the case against

A record earned under different people is not evidence about these ones.

Does the displayed record predate the people running it?

Why this might matterA five-year figure on a fund whose longest-serving manager joined two years ago is the house's record more than the person's. The tenure here comes from what each monthly factsheet named, so a change of hands is dated to the month it was disclosed, and the fund's return against its category can be read over exactly those months.

Why it might notFund houses have processes, research desks and mandates that outlast individuals, so a manager change is not a reset. Co-managed funds attribute the same months to every named manager, and a factsheet names the manager of record, not necessarily the person making the calls. And the archive we hold starts in May 2025: Sailesh Jain was already named on its first sheet, so the tenure here is the floor of what is known, not the month anyone arrived — the record may well belong to the people running it now.

Tracking gap

the NAV the fund published, against the NAV its last disclosed portfolio would have produced at each day's prices

No signal. About 34% of this fund is outside listed Indian equity — a foreign or derivative sleeve, or debt — and there are no daily prices to replicate it with. A wrong signal would be worse than none.

Share classes

latest NAV per AMFI code

Plan	Option	NAV	Date
direct Tata Arbitrage Fund-Direct Plan-Growth	growth	₹16.35	21 Sep 2026
direct TATA Arbitrage Fund Direct Plan - Monthly Reinvestment of Income Distribution cum capital withdrawal option	idcw	₹15.71	21 Sep 2026
direct TATA Arbitrage Fund Direct Plan - Monthly Payout of Income Distribution cum capital withdrawal option	idcw	₹15.71	21 Sep 2026
regular Tata Arbitrage Fund-Regular Plan-Growth	growth	₹15.40	21 Sep 2026
regular TATA Arbitrage Fund Regular Plan - Monthly Reinvestment of Income Distribution cum capital withdrawal option	idcw	₹14.72	21 Sep 2026
regular TATA Arbitrage Fund Regular Plan - Monthly Payout of Income Distribution cum capital withdrawal option	idcw	₹14.72	21 Sep 2026

The Direct / Regular gap, in rupees

Direct growth NAV: ₹16.35
Regular growth NAV: ₹15.40
NAV divergence to date: 6.2% — same portfolio, priced differently
Regular costs more by: 0.82% a year
On ₹1,00,000 over ten years: ₹13,987

A Regular plan buys advice. The fee is visible and the behavioural saving is not; both are shown, neither is netted off.

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