PPFAS · Arbitrage

Parag Parikh Arbitrage Fund

Hybrid Scheme - Arbitrage Fund Direct plan, growth riskometer: Low benchmark: Nifty 50 Arbitrage (TRI) launched 23 Oct 2023 open-ended

At a glance

the fund as it stands today, from public disclosures

NAV, 21 Sep 2026

₹12.15

−0.06% since 18 Sep 2026, the previous NAV

1 year

6.5%

return

3 years

not enough history

5 years

not enough history

Since launch

7.0%

a year, over 2.9 years

Assets (AUM)

₹2,699 Cr

Jul 2026 factsheet

Expense ratio, Direct / Regular

0.19% / 0.53%

a year, as of Jul 2026

Holdings

top ten are 52% of the fund · Aug 2026

Disclosed history

2.8 yrs

Nov 2023 – Aug 2026 · 4 of 11 checks could run

Fund managers

Raj Mehta · since Oct 2023 · debt portionRajeev Thakkar · since Oct 2023 · equity portionRaunak Onkar · since Oct 2023 · equity portionRukun Tarachandani · since Oct 2023 · equity portionAishwarya Dhar · since Aug 2025Tejas Soman · since Aug 2025

All managers →

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 0.38% a year more than Direct

₹6,793 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 Raj Mehta for 2.8 yrs

with Rajeev Thakkar, Raunak Onkar, Rukun Tarachandani, Aishwarya Dhar, Tejas Soman. 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.

Raj Mehta'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

Not measurable yet: needs three years of NAV and a category median.

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.

See every window →

headline and record disagree 2 checks 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 Nov 2023

35 month-ends · ₹10.05 → ₹12.15, 1.2× since Nov 2023

Deepest fall (max drawdown)

−0.6%

3 Aug 2026 → 6 Aug 2026

Worst month

0.2%

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

Aug 2026 disclosure · 85 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	Parag Parikh Liquid Fund- Direct Plan- Growth mutual fund unit	—	10.47%	Nov 2023	2.8 yrs	-4.78%
2	ICICI Bank Limited equity	Banks	5.97%	Nov 2024	1.8 yrs	+0.24%
3	HDFC Bank Limited equity	Banks	5.85%	Nov 2023	2.8 yrs	+0.29%
4	Canara Bank equity	Banks	5.51%	Mar 2026	6 mo	+4.33%
5	Axis Bank Limited equity	Banks	4.70%	Feb 2024	2.6 yrs	-0.27%
6	Reliance Industries Limited equity	Petroleum Products	4.41%	Nov 2023	2.8 yrs	-0.33%
7	Bharti Airtel Limited equity	Telecom - Services	4.33%	Oct 2024	1.9 yrs	-0.10%
8	Kotak Mahindra Bank Limited equity	Banks	4.00%	Jan 2026	8 mo	+0.10%
9	Small Industries Dev Bank of India (11/06/2027) money market	—	3.38%	Jul 2026	2 mo	+3.38%
10	Bharat Heavy Electricals Limited equity	Electrical Equipment	3.15%	Apr 2024	2.4 yrs	-0.13%
11	TREPS / cash equivalents money market	—	2.99%	Aug 2026	1 mo	+2.99%
12	State Bank of India equity	Banks	2.55%	Jun 2025	1.3 yrs	+0.48%
13	IDFC First Bank Limited equity	Banks	2.16%	Mar 2025	1.5 yrs	+0.82%
14	Tata Steel Limited equity	Ferrous Metals	2.00%	Feb 2024	2.6 yrs	-0.38%
15	Bharat Electronics Limited equity	Aerospace & Defense	2.00%	Nov 2023	2.8 yrs	+0.16%
16	Canara Bank (08/12/2026) # money market	—	1.76%	Jul 2026	2 mo	+1.76%
17	HDFC Bank Limited (21/12/2026) money market	—	1.75%	Jun 2026	3 mo	+1.75%
18	NMDC Limited equity	Minerals & Mining	1.74%	May 2025	1.3 yrs	-0.20%
19	UltraTech Cement Limited equity	Cement & Cement Products	1.74%	Feb 2025	1.6 yrs	+0.99%
20	Canara Bank (08/01/2027) money market	—	1.74%	Jan 2026	8 mo	-0.16%
21	Indian Bank (12/01/2027) money market	—	1.74%	Jan 2026	8 mo	-0.16%
22	National Bank For Agriculture and Rural Development (27/01/2027) money market	—	1.74%	May 2026	4 mo	-0.15%
23	Small Industries Dev Bank of India (26/02/2027) money market	—	1.73%	May 2026	4 mo	-0.15%
24	Eicher Motors Limited equity	Automobiles	1.54%	Mar 2026	6 mo	+0.49%
25	Mahindra & Mahindra Limited equity	Automobiles	1.47%	Sep 2024	2.0 yrs	-1.29%
26	Sun Pharmaceutical Industries Limited equity	Pharmaceuticals & Biotechnology	1.11%	Dec 2025	9 mo	+0.18%
27	Punjab National Bank equity	Banks	1.09%	May 2024	2.3 yrs	-0.02%
28	Hindustan Aeronautics Limited equity	Aerospace & Defense	1.00%	May 2024	2.3 yrs	+0.10%
29	HDFC Bank Limited (11/09/2026) money market	—	0.89%	Sep 2025	1.0 yrs	-0.09%
30	Bank of Baroda (25/11/2026) # money market	—	0.88%	Dec 2025	9 mo	-0.08%
31	GMR Airports Limited equity	Transport Infrastructure	0.87%	Mar 2024	2.5 yrs	-0.37%
32	DLF Limited equity	Realty	0.85%	Apr 2024	2.4 yrs	-0.01%
33	Grasim Industries Limited equity	Cement & Cement Products	0.82%	Jul 2024	2.2 yrs	-0.04%
34	Bank of Baroda equity	Banks	0.79%	Nov 2023	2.8 yrs	-0.21%
35	Life Insurance Corporation Of India equity	Insurance	0.79%	Aug 2026	1 mo	+0.79%
36	Bajaj Finance Limited equity	Finance	0.72%	Jun 2025	1.3 yrs	+0.61%
37	Bandhan Bank Limited equity	Banks	0.68%	Dec 2023	2.8 yrs	-0.25%
38	NBCC (India) Limited equity	Construction	0.62%	May 2026	4 mo	+0.54%
39	Cipla Limited equity	Pharmaceuticals & Biotechnology	0.59%	Apr 2026	5 mo	+0.45%
40	The Indian Hotels Company Limited equity	Leisure Services	0.58%	Jun 2025	1.3 yrs	+0.10%
41	NTPC Limited equity	Power	0.57%	May 2026	4 mo	+0.08%
42	Glenmark Pharmaceuticals Limited equity	Pharmaceuticals & Biotechnology	0.49%	May 2026	4 mo	+0.42%
43	Biocon Limited equity	Pharmaceuticals & Biotechnology	0.48%	Nov 2025	10 mo	+0.13%
44	Steel Authority of India Limited equity	Ferrous Metals	0.43%	Apr 2024	2.4 yrs	+0.02%
45	Jio Financial Services Limited equity	Finance	0.40%	Jan 2025	1.7 yrs	-0.06%
46	Indus Towers Limited equity	Telecom - Services	0.39%	Jun 2026	3 mo	+0.39%
47	Coal India Limited equity	Consumable Fuels	0.39%	Jun 2026	3 mo	+0.39%
48	364 Days Tbill (MD 15/01/2027) government security	—	0.35%	Jan 2026	8 mo	-0.03%
49	Aditya Birla Capital Limited equity	Finance	0.34%	Feb 2024	2.6 yrs	0.00%
50	LIC Housing Finance Limited equity	Finance	0.33%	Nov 2023	2.8 yrs	-0.04%
51	ITC Limited equity	Diversified FMCG	0.32%	Aug 2025	1.1 yrs	-0.08%
52	Hindalco Industries Limited equity	Non - Ferrous Metals	0.30%	May 2026	4 mo	+0.02%
53	Varun Beverages Limited equity	Beverages	0.28%	Jun 2025	1.3 yrs	+0.01%
54	JSW Steel Limited equity	Ferrous Metals	0.27%	Oct 2024	1.9 yrs	-0.03%
55	One 97 Communications Limited equity	Financial Technology (Fintech)	0.25%	Aug 2025	1.1 yrs	+0.14%
56	Oil & Natural Gas Corporation Limited equity	Oil	0.21%	May 2026	4 mo	-0.04%
57	Tata Power Company Limited equity	Power	0.20%	Nov 2023	2.8 yrs	-0.50%
58	Dabur India Limited equity	Personal Products	0.17%	Jan 2025	1.7 yrs	+0.15%
59	Crompton Greaves Consumer Electricals Limited equity	Consumer Durables	0.17%	Nov 2023	2.8 yrs	+0.01%
60	Aurobindo Pharma Limited equity	Pharmaceuticals & Biotechnology	0.14%	Aug 2026	1 mo	+0.14%
61	PNB Housing Finance Limited equity	Finance	0.10%	Jun 2025	1.3 yrs	0.00%
62	Inox Wind Limited equity	Electrical Equipment	0.09%	Mar 2026	6 mo	-0.02%
63	Divi's Laboratories Limited equity	Pharmaceuticals & Biotechnology	0.08%	Mar 2025	1.5 yrs	-0.01%
64	Larsen & Toubro Limited equity	Construction	0.08%	Mar 2026	6 mo	-0.63%
65	The Federal Bank Limited equity	Banks	0.08%	Jul 2026	2 mo	+0.08%
66	Godrej Properties Limited equity	Realty	0.08%	Jul 2024	2.2 yrs	+0.03%
67	ICICI Lombard General Insurance Company Limited equity	Insurance	0.08%	Aug 2026	1 mo	+0.08%
68	Tata Motors Passenger Vehicles Limited equity	Automobiles	0.06%	Jun 2026	3 mo	+0.06%
69	Tata Consumer Products Limited equity	Agricultural Food & other Products	0.06%	Mar 2025	1.5 yrs	0.00%
70	Yes Bank Limited equity	Banks	0.06%	Feb 2025	1.6 yrs	0.00%
71	Hindustan Unilever Limited equity	Diversified FMCG	0.05%	Jun 2026	3 mo	+0.05%
72	Indian Oil Corporation Limited equity	Petroleum Products	0.05%	Jun 2026	3 mo	+0.05%
73	Solar Industries India Limited equity	Chemicals & Petrochemicals	0.04%	Aug 2026	1 mo	+0.04%
74	Asian Paints Limited equity	Consumer Durables	0.04%	Jul 2026	2 mo	+0.04%
75	Power Grid Corporation of India Limited equity	Power	0.02%	May 2026	4 mo	+0.01%
76	AU Small Finance Bank Limited equity	Banks	0.02%	Jul 2026	2 mo	+0.02%
77	SBI Life Insurance Company Limited equity	Insurance	0.01%	Dec 2025	9 mo	-0.01%
78	TVS Motor Company Limited equity	Automobiles	0.01%	Jun 2026	3 mo	+0.01%
79	Fortis Healthcare Limited equity	Healthcare Services	0.01%	Aug 2026	1 mo	+0.01%
80	Zydus Lifesciences Limited equity	Pharmaceuticals & Biotechnology	0.01%	Mar 2026	6 mo	-0.24%
81	Torrent Pharmaceuticals Limited equity	Pharmaceuticals & Biotechnology	0.01%	Aug 2026	1 mo	+0.01%
82	Bajaj Finserv Limited equity	Finance	0.01%	Nov 2025	10 mo	-0.31%
83	TREPS / cash equivalents Net Receivables / (Payables) · cash equivalent	—	-0.23%	Nov 2023	2.8 yrs	-0.61%
84	HDFC Life Insurance Company Limited equity	Insurance	—	Jul 2026	2 mo	—
85	Cholamandalam Investment and Finance Company Ltd equity	Finance	—	Jan 2026	8 mo	—

Showing 1–85 of 85 rows per page10 25 50all

Largest sectors, Aug 2026 · grey: a year ago

Banks33.5% · 23.1%

Telecom - Services4.7% · 2.5%

Petroleum Products4.5% · 4.0%

Electrical Equipment3.2%

Automobiles3.1% · 3.6%

Aerospace & Defense3.0% · 3.6%

Pharmaceuticals & Biotechnology2.9%

Ferrous Metals2.7% · 3.2%

share of the book05%10%15%20%25%30%35%

By market cap, Aug 2026

Large cap57.8%

Mid cap11.2%

Small / micro cap1.8%

Cash & equivalents18.4%

Other10.8%

share of the book025%50%75%100%

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

Large cap 58%
Mid cap 11%
Small / micro 2%
Cash & other 18%

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

Not measurable yet. Needs at least three years of month-end NAV and a category median; not computed for this fund yet.

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 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 — the card says how many non-overlapping windows the same span holds, and it is usually a handful. A fund that changed manager or mandate carries a record that is only partly its own. The average margin is only as meaningful as the category: where a category is a grab bag (“Other ETFs” holds gold beside equity), a large shortfall says the comparison is wrong, not that the fund is. And none of this forecasts: our own study found the share of windows won does not predict the next three years, and weighting it by payoff gives no reason to think otherwise.

P5 Cost, measured

Regular plan costs 0.38% a year more than Direct

₹6,793 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.

0.38 pp a year

costliest in categorycheapest in category

95th percentile · top decile of 30 funds · category median 0.71 pp

on ₹1,00,000 over ten years₹6,793Direct vs Regular, annualised6.9% vs 6.6%measured over2.83 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 69% 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.

69% a year

costliest in categorycheapest in category

95th percentile · top 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 23 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.

23 months

lowest in categoryhighest in category

73th percentile · above median 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, yet averaged 1.0 points ahead of them

270 positions judged, one disclosure at a time · ahead by 13.6 points when it won, behind by 11.0 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. It lost more positions than it won, but the wins were bigger. Ahead by 13.6 points in the 132 positions it won and behind by 11.0 in the 138 it lost, so the average across all 270 is +1.0 points. The worst position was INE669E01016 at the Jun 2024 disclosure, 51.0 points behind. The typical position was −0.6 points, far from the average, so a few positions are carrying it. Counting positions makes this fund look worse than the arithmetic does.

49%

lowest in categoryhighest in category

26th percentile · below median of 23 funds

positions judged270beat the median stock132average across every position+1.00 pts · median −0.64when ahead, by how much+13.56 pts over 132 positionswhen behind, by how much−11.02 pts over 138 positionsworst position−50.96 pts, INE669E01016 at the Jun 2024 disclosurebest position+61.72 pts, INE263A01024 at the Nov 2023 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

₹2,699 Cr, 56th percentile in category; 99% of growth came from inflows

smaller than 44% of the funds in its category (24 funds) · AUM Nov 2023 → Jul 2026 · Regular plan expense ratio 1.39%

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.

56th percentile by AUM

largestsmallest

44th percentile · below median of 24 funds

median holding weight, trendrisingexpense ratio, Regular / Direct1.39% / 0.99% · category median 2.09%AUM, Nov 2023 → Jul 2026₹136 Cr → ₹2,699 Cr (+207% a year)of that change, from flows rather than returns99% net inflows · NAV +20% over the window

Assets under management, ₹ crore, Nov 2023 – Jul 2026

33 points · months without a factsheet figure use AMFI's quarterly average · Regular-plan expense ratio 0.71% in Nov 2023 → 1.39% 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 headline and record disagree

Run by Raj Mehta for 2.8 yrs

with Rajeev Thakkar, Raunak Onkar, Rukun Tarachandani, Aishwarya Dhar, Tejas Soman

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.

2.8 yrs · Raj Mehta

newest teamlongest-serving

54th percentile · above median of 16 funds · category median 2.2 yrs

running it nowRaj Mehta (since Oct 2023), Rajeev Thakkar (since Oct 2023), Raunak Onkar (since Oct 2023), Rukun Tarachandani (since Oct 2023), Aishwarya Dhar (since Sep 2025), Tejas Soman (since Sep 2025)share of the fund's life under the longest-serving current manager100%changes of hands in the archive2 — last Aug 2025

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
Raj Mehta	debt portion	Oct 2023	now	7.1% vs 7.4% p.a. (−0.28 pp)	—
Rajeev Thakkar	equity portion	Oct 2023	now	7.1% vs 7.4% p.a. (−0.28 pp)	—
Raunak Onkar	equity portion	Oct 2023	now	7.1% vs 7.4% p.a. (−0.28 pp)	—
Rukun Tarachandani	equity portion	Oct 2023	now	7.1% vs 7.4% p.a. (−0.28 pp)	—
Aishwarya Dhar	fund manager	Aug 2025	now	6.4% vs 6.5% p.a. (−0.14 pp)	—
Tejas Soman	—	Aug 2025	now	6.4% vs 6.5% p.a. (−0.14 pp)	—
Mansi Kariya	debt portion	Dec 2023	Jul 2025	7.5% vs 7.9% p.a. (−0.37 pp)	—

* dated by first appearance in the archive we hold, not by a date the factsheet printed. Co-managed months count for every manager named; a factsheet names the manager of record, not who made each call. All managers →

The 5-year record predates everyone currently running it. The longest-serving manager on this scheme has been in place about 2.9 years, against a 5-year figure on display. Aishwarya Dhar joined roughly 1.1 years ago. A record earned under different people is not evidence about these ones.

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. It does mean the displayed record is the house’s more than the person’s.

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 29% 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 Parag Parikh Arbitrage Fund - Direct Plan Growth	growth	₹12.15	21 Sep 2026
regular Parag Parikh Arbitrage Fund - Regular Plan Growth	growth	₹12.03	21 Sep 2026

The Direct / Regular gap, in rupees

Direct growth NAV: ₹12.15
Regular growth NAV: ₹12.03
NAV divergence to date: 1.0% — same portfolio, priced differently
Regular costs more by: 0.38% a year
On ₹1,00,000 over ten years: ₹6,793

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

Compare with

same category, by size

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