Motilal Oswal · Arbitrage

Motilal Oswal Arbitrage Fund

Hybrid Scheme - Arbitrage Fund Direct plan, growth riskometer: Low launched 16 Dec 2024 open-ended

At a glance

the fund as it stands today, from public disclosures

NAV, 21 Sep 2026

₹11.29

−0.18% since 18 Sep 2026, the previous NAV

1 year

7.0%

return

3 years

not enough history

5 years

not enough history

Since launch

7.2%

a year, over 1.7 years

Assets (AUM)

₹3,082 Cr

Aug 2026 factsheet

Expense ratio, Direct / Regular

1.02% / 2.06%

a year, as of Aug 2026

Holdings

265

top ten are 111% of the fund · Aug 2026

Disclosed history

1.8 yrs

Dec 2024 – Aug 2026 · 4 of 11 checks could run

Fund managers

Atul Mehra · since Dec 2024 · equity portionRakesh Shetty · since Dec 2024 · debt portionVishal Ashar · since Dec 2024 · equity portionRakesh She�y · since May 2026 · debt portion

All managers →

As the Aug 2026 factsheet printed it: portfolio turnover 0.11×. 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 0.98% a year more than Direct

₹17,471 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 Atul Mehra for 1.8 yrs

with Rakesh Shetty, Vishal Ashar, Rakesh She�y. 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.

Atul Mehra'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 Dec 2024

22 month-ends · ₹10.01 → ₹11.29, 1.1× since Dec 2024

Deepest fall (max drawdown)

−0.4%

3 Aug 2026 → 6 Aug 2026

Worst month

0.1%

Sep 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 · 265 lines · when each was first held and the change over the last three disclosures

#	Holding	Sector	Weight	First held	Held for	3-mo change
201	Crompton Greaves Consumer Electricals Limited September 2026 Future derivative	—	-0.17%	Aug 2026	1 mo	-0.17%
202	Divi's Laboratories Limited September 2026 Future derivative	—	-0.17%	Aug 2026	1 mo	-0.17%
203	Vedanta Limited September 2026 Future derivative	—	-0.17%	Aug 2026	1 mo	-0.17%
204	Apollo Hospitals Enterprise Limited September 2026 Future derivative	—	-0.18%	Aug 2026	1 mo	-0.18%
205	Suzlon Energy Limited September 2026 Future derivative	—	-0.19%	Aug 2026	1 mo	-0.19%
206	Bank of Baroda September 2026 Future derivative	—	-0.20%	Aug 2026	1 mo	-0.20%
207	Godrej Properties Limited September 2026 Future derivative	—	-0.21%	Aug 2026	1 mo	-0.21%
208	Tata Consultancy Services Limited September 2026 Future derivative	—	-0.22%	Aug 2026	1 mo	-0.22%
209	Eicher Motors Limited September 2026 Future derivative	—	-0.23%	Aug 2026	1 mo	-0.23%
210	Jindal Steel Limited September 2026 Future derivative	—	-0.23%	Aug 2026	1 mo	-0.23%
211	Patanjali Foods Limited September 2026 Future derivative	—	-0.27%	Aug 2026	1 mo	-0.27%
212	Adani Green Energy Limited September 2026 Future derivative	—	-0.28%	Aug 2026	1 mo	-0.28%
213	Cummins India Limited September 2026 Future derivative	—	-0.28%	Aug 2026	1 mo	-0.28%
214	JSW Steel Limited September 2026 Future derivative	—	-0.28%	Aug 2026	1 mo	-0.28%
215	Muthoot Finance Limited September 2026 Future derivative	—	-0.29%	Aug 2026	1 mo	-0.29%
216	NMDC Limited September 2026 Future derivative	—	-0.29%	Aug 2026	1 mo	-0.29%
217	SBI Cards and Payment Services Limited September 2026 Future derivative	—	-0.30%	Aug 2026	1 mo	-0.30%
218	Infosys Limited September 2026 Future derivative	—	-0.30%	Aug 2026	1 mo	-0.30%
219	DLF Limited September 2026 Future derivative	—	-0.30%	Aug 2026	1 mo	-0.30%
220	Tata Steel Limited September 2026 Future derivative	—	-0.33%	Aug 2026	1 mo	-0.33%
221	Cipla Limited September 2026 Future derivative	—	-0.34%	Aug 2026	1 mo	-0.34%
222	PNB Housing Finance Limited September 2026 Future derivative	—	-0.34%	Aug 2026	1 mo	-0.34%
223	Indus Towers Limited September 2026 Future derivative	—	-0.35%	Aug 2026	1 mo	-0.35%
224	Supreme Industries Limited September 2026 Future derivative	—	-0.35%	Aug 2026	1 mo	-0.35%
225	Yes Bank Limited September 2026 Future derivative	—	-0.35%	Aug 2026	1 mo	-0.35%
226	Bajaj Finserv Limited September 2026 Future derivative	—	-0.37%	Aug 2026	1 mo	-0.37%
227	Eternal Limited September 2026 Future derivative	—	-0.39%	Aug 2026	1 mo	-0.39%
228	Kalyan Jewellers India Limited September 2026 Future derivative	—	-0.43%	Aug 2026	1 mo	-0.43%
229	Central Depository Services (India) Limited September 2026 Future derivative	—	-0.44%	Aug 2026	1 mo	-0.44%
230	Bharti Airtel Limited October 2026 Future derivative	—	-0.48%	Aug 2026	1 mo	-0.48%
231	ITC Limited September 2026 Future derivative	—	-0.48%	Aug 2026	1 mo	-0.48%
232	PG Electroplast Limited September 2026 Future derivative	—	-0.52%	Aug 2026	1 mo	-0.52%
233	Bharat Heavy Electricals Limited September 2026 Future derivative	—	-0.53%	Aug 2026	1 mo	-0.53%
234	HDFC Life Insurance Company Limited September 2026 Future derivative	—	-0.59%	Aug 2026	1 mo	-0.59%
235	Jio Financial Services Limited September 2026 Future derivative	—	-0.66%	Aug 2026	1 mo	-0.66%
236	RBL Bank Limited September 2026 Future derivative	—	-0.72%	Aug 2026	1 mo	-0.72%
237	Bharat Electronics Limited September 2026 Future derivative	—	-0.74%	Jul 2026	2 mo	-0.74%
238	Shriram Finance Limited September 2026 Future derivative	—	-0.76%	Aug 2026	1 mo	-0.76%
239	Sun Pharmaceutical Industries Limited September 2026 Future derivative	—	-0.78%	Aug 2026	1 mo	-0.78%
240	Larsen & Toubro Limited September 2026 Future derivative	—	-0.82%	Aug 2026	1 mo	-0.82%
241	Samvardhana Motherson International Limited September 2026 Future derivative	—	-0.89%	Aug 2026	1 mo	-0.89%
242	Inox Wind Limited September 2026 Future derivative	—	-0.91%	Aug 2026	1 mo	-0.91%
243	HDFC Bank Limited October 2026 Future derivative	—	-0.91%	Aug 2026	1 mo	-0.91%
244	State Bank of India September 2026 Future derivative	—	-1.01%	Aug 2026	1 mo	-1.01%
245	Ashok Leyland Limited September 2026 Future derivative	—	-1.10%	Aug 2026	1 mo	-1.10%
246	Adani Enterprises Limited September 2026 Future derivative	—	-1.18%	Aug 2026	1 mo	-1.18%
247	Grasim Industries Limited September 2026 Future derivative	—	-1.22%	Aug 2026	1 mo	-1.22%
248	InterGlobe Aviation Limited September 2026 Future derivative	—	-1.23%	Aug 2026	1 mo	-1.23%
249	ICICI Bank Limited September 2026 Future derivative	—	-1.27%	Aug 2026	1 mo	-1.27%
250	Steel Authority of India Limited September 2026 Future derivative	—	-1.40%	Aug 2026	1 mo	-1.40%

Showing 201–250 of 265 · page 5 of 6 rows per page10 2550all

Largest sectors, Aug 2026 · grey: a year ago

Banks17.2% · 13.0%

Finance11.0% · 5.4%

Automobiles7.8% · 2.6%

Telecom - Services5.6% · 2.9%

Electrical Equipment4.9%

Petroleum Products4.4% · 4.3%

Financial Technology (Fintech)2.3% · 5.0%

Ferrous Metals2.2%

share of the book05%10%15%20%

By market cap, Aug 2026

Large cap48.7%

Mid cap19.1%

Small / micro cap4.9%

Cash & equivalents90.1%

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 49%
Mid cap 19%
Small / micro 5%
Cash & other 90%

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 0.98% a year more than Direct

₹17,471 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.

0.98 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₹17,471Direct vs Regular, annualised7.1% vs 6.1%measured over1.75 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 132% 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.

132% a year

costliest in categorycheapest in category

60th percentile · above median 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 13 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.

13 months

lowest in categoryhighest in category

38th percentile · below 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, and averaged 1.6 points behind them

150 positions judged, one disclosure at a time · ahead by 11.6 points when it won, behind by 13.0 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. The count and the average agree. Ahead by 11.6 points in the 69 positions it won and behind by 13.0 in the 81 it lost, so the average across all 150 is −1.6 points. The worst position was INE935N01020 at the Aug 2025 disclosure, 40.7 points behind.

46%

lowest in categoryhighest in category

5th percentile · bottom decile of 23 funds

positions judged150beat the median stock69average across every position−1.63 pts · median −0.68when ahead, by how much+11.56 pts over 69 positionswhen behind, by how much−13.02 pts over 81 positionsworst position−40.66 pts, INE935N01020 at the Aug 2025 disclosurebest position+50.00 pts, INE982J01020 at the May 2025 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

₹3,082 Cr, 65th percentile in category; 100% of growth came from inflows

smaller than 35% of the funds in its category (24 funds) · AUM Dec 2024 → Aug 2026 · Regular plan expense ratio 1.99%

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.

65th percentile by AUM

largestsmallest

35th percentile · below median of 24 funds

median holding weight, trendfallingexpense ratio, Regular / Direct1.99% / 1.00% · category median 2.09%AUM, Dec 2024 → Aug 2026₹31 Cr → ₹3,082 Cr (+1479% a year)of that change, from flows rather than returns100% net inflows · NAV +13% over the window

Assets under management, ₹ crore, Dec 2024 – Aug 2026

21 points · months without a factsheet figure use AMFI's quarterly average · Regular-plan expense ratio 1.01% in Dec 2024 → 1.99% 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 Atul Mehra for 1.8 yrs

with Rakesh Shetty, Vishal Ashar, Rakesh She�y

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.

1.8 yrs · Atul Mehra

newest teamlongest-serving

43th percentile · below median of 16 funds · category median 2.2 yrs

running it nowAtul Mehra (since Dec 2024), Rakesh Shetty (since Dec 2024), Vishal Ashar (since Dec 2024), Rakesh She�y (since May 2026)share of the fund's life under the longest-serving current manager100%changes of hands in the archive2 — last May 2026

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
Atul Mehra	equity portion	Dec 2024*	now	7.3% vs 6.8% p.a. (+0.56 pp)	—
Rakesh Shetty	debt portion	Dec 2024*	now	7.3% vs 6.8% p.a. (+0.56 pp)	—
Vishal Ashar	equity portion	Dec 2024*	now	7.3% vs 6.8% p.a. (+0.56 pp)	—
Rakesh She�y	debt portion	May 2026*	now	2.4% vs 2.1% (+0.29 pp)	—
Niket Shah	equity portion	Dec 2024*	Dec 2025	7.5% vs 7.0% p.a. (+0.51 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 1.8 years, against a 5-year figure on display. Rakesh She�y joined roughly 0.4 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 27% 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 Motilal Oswal Arbitrage Fund-Direct Plan-Growth	growth	₹11.29	21 Sep 2026
direct Motilal Oswal Arbitrage Fund-Direct Plan-IDCW	idcw	₹11.12	21 Sep 2026
regular Motilal Oswal Arbitrage Fund-Regular Plan-Growth	growth	₹11.10	21 Sep 2026
regular Motilal Oswal Arbitrage Fund-Regular Plan-IDCW	idcw	₹10.94	21 Sep 2026

The Direct / Regular gap, in rupees

Direct growth NAV: ₹11.29
Regular growth NAV: ₹11.10
NAV divergence to date: 1.7% — same portfolio, priced differently
Regular costs more by: 0.98% a year
On ₹1,00,000 over ten years: ₹17,471

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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