quant Money Managers Limited · Arbitrage

quant Arbitrage Fund

Hybrid Scheme - Arbitrage Fund Direct plan, growth benchmark: NIFTY 50 Arbitrage launched 18 Mar 2025 open-ended

At a glance

the fund as it stands today, from public disclosures

NAV, 21 Sep 2026

₹11.09

+0.07% since 18 Sep 2026, the previous NAV

1 year

7.6%

return

3 years

not enough history

5 years

not enough history

Since launch

7.3%

a year, over 1.5 years

Assets (AUM)

₹748 Cr

Aug 2026 factsheet

Expense ratio, Direct / Regular

1.69% / 2.34%

a year, as of Aug 2026

Holdings

top ten are 30% of the fund · Aug 2026

Disclosed history

1.1 yrs

May 2025 – Aug 2026 · 4 of 11 checks could run

Fund managers

Sameer Kate · since at least Aug 2025Sanjeev Sharma · since at least Aug 2025Yug Tibrewal · since at least Aug 2025Harshvardhan Bharatia · since Mar 2026

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 0.64 percentage points a year more than Direct

₹11,494 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 Sameer Kate for at least 1.0 yrs

with Sanjeev Sharma, Yug Tibrewal, Harshvardhan Bharatia · the factsheet archive starts Aug 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.

Sameer Kate'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 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 Apr 2025

18 month-ends · ₹10.06 → ₹11.09, 1.1× since Apr 2025

Deepest fall (max drawdown)

−0.4%

24 Aug 2026 → 26 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 · 94 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	HDFC Life Insurance Co Ltd equity	Insurance	3.80%	Jun 2026	3 mo	+3.80% points
2	Reliance Industries Limited equity	Petroleum Products	3.77%	May 2025	1.3 yrs	−0.45% points
3	Info Edge (India) Ltd equity	Retailing	3.73%	Aug 2026	1 mo	+3.73% points
4	Oracle Financial Services Software Ltd equity	IT - Software	3.70%	Jul 2026	2 mo	+3.70% points
5	Oil and Natural Gas Corporation Ltd. equity	Oil	2.79%	Feb 2026	7 mo	+1.70% points
6	SIDBI CD 25-Mar-2027 money market	—	2.73%	Aug 2026	1 mo	+2.73% points
7	National Building Construction Corp equity	Construction	2.66%	May 2026	4 mo	+0.87% points
8	TREPS 01-Sep-2026 DEPO 10 money market	—	2.64%	Aug 2026	1 mo	+2.64% points
9	State Bank of India equity	Banks	2.28%	Dec 2025	9 mo	+1.80% points
10	One 97 Communications Limited equity	Financial Technology (Fintech)	2.20%	Apr 2026	5 mo	+0.85% points
11	364 Days Treasury Bill 01-Jul-2027 government security	—	2.17%	Jul 2026	2 mo	+2.17% points
12	364 Days Treasury Bill 29-Jul-2027 government security	—	2.16%	Jul 2026	2 mo	+2.16% points
13	364 Days Treasury Bill 05-Aug-2027 government security	—	2.15%	Aug 2026	1 mo	+2.15% points
14	Cholamandalam Investment & Finance Co equity	Finance	2.11%	Jul 2026	2 mo	+2.11% points
15	Zydus Lifesciences Limited equity	Pharmaceuticals & Biotechnology	2.10%	Mar 2026	6 mo	+1.79% points
16	Indus Towers Limited equity	Telecom - Services	2.05%	May 2026	4 mo	−1.75% points
17	NTPC Limited equity	Power	1.87%	Jun 2026	3 mo	+1.87% points
18	Punjab National Bank equity	Banks	1.85%	Jan 2026	8 mo	+1.66% points
19	LIC Housing Finance Ltd equity	Finance	1.67%	Oct 2025	11 mo	−0.19% points
20	Varun Beverages Limited equity	Beverages	1.66%	Jun 2026	3 mo	+1.66% points
21	HDFC Bank Limited equity	Banks	1.65%	May 2025	1.3 yrs	−2.08% points
22	364 Days Treasury Bill 20-May-2027 government security	—	1.64%	May 2026	4 mo	−0.68% points
23	364 Days Treasury Bill 28-May-2027 government security	—	1.63%	Jun 2026	3 mo	+1.63% points
24	Vodafone Idea Ltd. equity	Telecom - Services	1.63%	May 2025	1.3 yrs	−0.63% points
25	Samvardhana Motherson International Ltd equity	Auto Components	1.49%	Jun 2026	3 mo	+1.49% points
26	Adani Ports & Special Economic Zone Ltd equity	Transport Infrastructure	1.48%	Aug 2025	1.1 yrs	−2.14% points
27	YES Bank Ltd. equity	Banks	1.47%	Jun 2026	3 mo	+1.47% points
28	Bharat Heavy Electricals Ltd equity	Electrical Equipment	1.44%	Jan 2026	8 mo	−3.68% points
29	ITC Limited equity	Diversified FMCG	1.41%	Dec 2025	9 mo	−1.16% points
30	Union Bank of India equity	Banks	1.26%	May 2026	4 mo	+0.37% points
31	Amber Enterprises India Ltd equity	Consumer Durables	1.19%	Jul 2026	2 mo	+1.19% points
32	Maruti Suzuki India Limited equity	Automobiles	1.12%	Aug 2026	1 mo	+1.12% points
33	364 Days Treasury Bill 08-Apr-2027 government security	—	1.10%	Apr 2026	5 mo	−1.23% points
34	364 Days Treasury Bill 29-Apr-2027 government security	—	1.09%	Jul 2026	2 mo	+1.09% points
35	364 Days Treasury Bill 15-Jul-2027 government security	—	1.08%	Jul 2026	2 mo	+1.08% points
36	364 Days Treasury Bill 22-Jul-2027 government security	—	1.08%	Jul 2026	2 mo	+1.08% points
37	Bharti Airtel Limited equity	Telecom - Services	1.02%	Feb 2026	7 mo	−0.26% points
38	Hindustan Aeronautics Limited equity	Aerospace & Defense	1.01%	Jun 2026	3 mo	+1.01% points
39	Hindustan Unilever Limited equity	Diversified FMCG	1.00%	Jul 2026	2 mo	+1.00% points
40	Aurobindo Pharma Limited equity	Pharmaceuticals & Biotechnology	0.96%	May 2025	1.3 yrs	−0.77% points
41	Hindustan Petroleum Corporation Ltd equity	Petroleum Products	0.96%	Apr 2026	5 mo	−1.27% points
42	Manappuram Finance Ltd equity	Finance	0.95%	Apr 2026	5 mo	−0.27% points
43	Godrej Consumer Products Limited equity	Personal Products	0.95%	Feb 2026	7 mo	−2.34% points
44	Canara Bank equity	Banks	0.94%	May 2026	4 mo	+0.40% points
45	Adani Power Limited equity	Power	0.94%	Jun 2026	3 mo	+0.94% points
46	Bajaj Finance Limited equity	Finance	0.86%	Aug 2025	1.1 yrs	+0.15% points
47	Cochin Shipyard Limited equity	Industrial Manufacturing	0.86%	Aug 2026	1 mo	+0.86% points
48	Glenmark Pharmaceuticals Ltd equity	Pharmaceuticals & Biotechnology	0.82%	Aug 2026	1 mo	+0.82% points
49	KPIT Technologies Limited equity	IT - Software	0.77%	Jul 2026	2 mo	+0.77% points
50	Shriram Finance Limited equity	Finance	0.76%	Apr 2026	5 mo	−0.35% points
51	Biocon Ltd equity	Pharmaceuticals & Biotechnology	0.70%	Jan 2026	8 mo	+0.18% points
52	GE Vernova T&D India Limited equity	Electrical Equipment	0.70%	Aug 2026	1 mo	+0.70% points
53	ICICI Prudential Life Insurance Co Ltd equity	Insurance	0.68%	Apr 2026	5 mo	−0.76% points
54	Bharat Petroleum Corp Ltd equity	Petroleum Products	0.61%	Jun 2026	3 mo	+0.61% points
55	NMDC Ltd equity	Minerals & Mining	0.59%	Oct 2025	11 mo	−0.69% points
56	SRF Limited equity	Chemicals & Petrochemicals	0.58%	Aug 2026	1 mo	+0.58% points
57	JSW Steel Limited equity	Ferrous Metals	0.57%	Aug 2025	1.1 yrs	−0.63% points
58	PG Electroplast Limited equity	Consumer Durables	0.57%	Aug 2026	1 mo	+0.57% points
59	Adani Green Energy Limited equity	Power	0.56%	Jun 2026	3 mo	+0.56% points
60	364 Days Treasury Bill 04-Mar-2027 government security	—	0.55%	Mar 2026	6 mo	−0.62% points
61	364 Days Treasury Bill 15-Apr-2027 government security	—	0.55%	Apr 2026	5 mo	−0.62% points
62	Bajaj Finserv Ltd. equity	Finance	0.54%	Jan 2026	8 mo	−0.48% points
63	Dabur India Limited equity	Personal Products	0.52%	Apr 2026	5 mo	−0.79% points
64	ICICI Bank Limited equity	Banks	0.52%	Oct 2025	11 mo	−0.45% points
65	Divi's Laboratories Limited equity	Pharmaceuticals & Biotechnology	0.50%	Oct 2025	11 mo	−0.41% points
66	UPL Limited equity	Fertilizers & Agrochemicals	0.50%	Feb 2026	7 mo	+0.22% points
67	Eicher Motors Ltd equity	Automobiles	0.50%	Jul 2026	2 mo	+0.50% points
68	Adani Enterprises Limited equity	Metals & Minerals Trading	0.49%	Mar 2026	6 mo	+0.02% points
69	Life Insurance Corporation Of India equity	Insurance	0.48%	Aug 2026	1 mo	−0.65% points
70	Tata Power Company Limited equity	Power	0.47%	Nov 2025	10 mo	−0.77% points
71	Jio Financial Services Limited equity	Finance	0.44%	Feb 2026	7 mo	−3.63% points
72	Axis Bank Limited equity	Banks	0.40%	Jul 2026	2 mo	+0.40% points
73	364 Days Treasury Bill 19-Mar-2027 government security	—	0.33%	Mar 2026	6 mo	−0.37% points
74	Tata Consumer Products Ltd equity	Agricultural Food & other Products	0.31%	Jun 2026	3 mo	+0.31% points
75	Asian Paints Limited equity	Consumer Durables	0.30%	Apr 2026	5 mo	−1.07% points
76	Kotak Mahindra Bank Limited equity	Banks	0.30%	Jul 2026	2 mo	−0.78% points
77	HDFC Asset Management Company Ltd equity	Capital Markets	0.29%	Feb 2026	7 mo	−0.85% points
78	Hitachi Energy India Limited equity	Electrical Equipment	0.27%	Aug 2026	1 mo	+0.27% points
79	Nippon Life India Asset Management Ltd equity	Capital Markets	0.27%	Aug 2026	1 mo	+0.27% points
80	Steel Authority of India Ltd equity	Ferrous Metals	0.25%	May 2026	4 mo	−0.62% points
81	Ashok Leyland Limited equity	Agricultural, Commercial & Construction Vehicles	0.25%	Jul 2026	2 mo	+0.25% points
82	APL Apollo Tubes Limited equity	Industrial Products	0.25%	Aug 2026	1 mo	+0.25% points
83	Godrej Properties Limited equity	Realty	0.25%	Jan 2026	8 mo	−0.41% points
84	Power Grid Corporation of India Limited equity	Power	0.24%	Jan 2026	8 mo	−0.34% points
85	Bank of India equity	Banks	0.24%	Apr 2026	5 mo	−0.27% points
86	Bharat Electronics Ltd equity	Aerospace & Defense	0.21%	Jul 2026	2 mo	+0.21% points
87	Bandhan Bank Ltd. equity	Banks	0.19%	Jun 2026	3 mo	+0.19% points
88	Max Healthcare Institute Limited equity	Healthcare Services	0.16%	Apr 2026	5 mo	−1.32% points
89	Oil India Limited equity	Oil	0.15%	Jul 2026	2 mo	+0.15% points
90	Larsen & Toubro Limited equity	Construction	0.14%	Jul 2026	2 mo	+0.14% points
91	Computer Age Management Services Ltd equity	Capital Markets	0.14%	Jun 2026	3 mo	+0.14% points
92	GMR Airports Limited equity	Transport Infrastructure	0.13%	Dec 2025	9 mo	−1.19% points
93	Sona BLW Precision Forgings Limited equity	Auto Components	0.01%	Jul 2026	2 mo	+0.01% points
94	NCA-NET CURRENT ASSETS money market	—	-1.35%	May 2025	1.3 yrs	−1.03% points

Showing 1–94 of 94 rows per page10 25 50all

Largest sectors, Aug 2026 · grey: a year ago

Banks11.1%

Finance7.3%

Petroleum Products5.3%

Pharmaceuticals & Biotechnology5.1%

Insurance5.0%

Telecom - Services4.7%

IT - Software4.5%

Power4.1%

share of the book05%10%15%

By market cap, Aug 2026

Large cap42.6%

Mid cap28.1%

Small / micro cap9.8%

Cash & equivalents4.0%

Other15.5%

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 43%
Mid cap 28%
Small / micro 10%
Cash & other 4%

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.

Why this matters: Can a fund beat its category most of the time and still be behind? 7 min

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 0.64 percentage points a year more than Direct

₹11,494 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.

Why this matters: What does a Regular plan actually cost? 6 min

0.64% points a year

costliest in categorycheapest in category

76th percentile · top quartile of 30 funds · category median 0.71% points

on ₹1,00,000 over ten years₹11,494Direct vs Regular, annualised7.1% vs 6.5%measured over1.42 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 241% of the portfolio a year

0.00% points 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.

Why this matters: What does a monthly portfolio not tell you? 6 min

241% a year

costliest in categorycheapest in category

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

excess return per unit of turnover0.00% points

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 5 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.

5 months

lowest in categoryhighest in category

5th percentile · bottom decile 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 1.9 percentage points ahead of them

70 positions judged, one disclosure at a time · ahead by 20.2 percentage points when it won, behind by 17.4 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 20.2 percentage points in the 36 positions it won and behind by 17.4 in the 34 it lost, so the average across all 70 is +1.9 percentage points. The worst position was INE205A01025 at the Jan 2026 disclosure, 64.7 percentage points behind.

Why this matters: Can a fund beat its category most of the time and still be behind? 7 min

51%

lowest in categoryhighest in category

66th percentile · above median of 23 funds

positions judged70beat the median stock36average across every position+1.92% points · median +1.57when ahead, by how much+20.20% points over 36 positionswhen behind, by how much−17.42% points over 34 positionsworst position−64.73% points, INE205A01025 at the Jan 2026 disclosurebest position+57.07% points, INE669E01016 at the Aug 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

₹748 Cr, 35th percentile in category; 99% of growth came from inflows

smaller than 65% of the funds in its category (24 funds) · AUM Jun 2025 → Aug 2026 · Regular plan expense ratio 2.28%

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.

35th percentile by AUM

largestsmallest

65th percentile · above median of 24 funds

median holding weight, trendfallingexpense ratio, Regular / Direct2.28% / 1.63% · category median 2.09%AUM, Jun 2025 → Aug 2026₹85 Cr → ₹748 Cr (+548% a year)of that change, from flows rather than returns99% net inflows · NAV +9% over the window

Assets under management, ₹ crore, Jun 2025 – Aug 2026

14 points · months without a factsheet figure use AMFI's quarterly average · Regular-plan expense ratio 0.88% in Apr 2025 → 2.28% 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 Sameer Kate for at least 1.0 yrs

with Sanjeev Sharma, Yug Tibrewal, Harshvardhan Bharatia · the factsheet archive starts Aug 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.

Why this matters: Whose record is the three-year number? 5 min

No category distribution for this measure yet.

running it nowSameer Kate (since at least Aug 2025), Sanjeev Sharma (since at least Aug 2025), Yug Tibrewal (since at least Aug 2025), Harshvardhan Bharatia (since Mar 2026)share of the fund's life under the current teamnot knowable — the archive starts Aug 2025, so the tenure is a floorchanges of hands in the archive1 — last Mar 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
Sameer Kate	fund manager	by Aug 2025†	now	7.5% vs 6.5% p.a. (+0.99% points)	—
Sanjeev Sharma	fund manager	by Aug 2025†	now	7.5% vs 6.5% p.a. (+0.99% points)	—
Yug Tibrewal	fund manager	by Aug 2025†	now	7.5% vs 6.5% p.a. (+0.99% points)	—
Harshvardhan Bharatia	fund manager	Mar 2026*	now	3.1% vs 2.7% (+0.43% points)	—

* 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 →

The 5-year figure covers most of the fund's entire life. This scheme is about 1.5 years old and a 5-year return is being displayed for it. That is effectively a since-inception number — it measures the period the fund happened to be launched into, and separates nothing from the manager's contribution.

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 notEvery fund is young once, and a short record is not a bad one. This says the number cannot bear the weight usually placed on it, not that the fund is worse than a peer.

Tracking gap

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

No signal. Replication needs a fully disclosed domestic-equity portfolio and daily prices for every line; this fund has not been replicated in this build.

Share classes

latest NAV per AMFI code

Plan	Option	NAV	Date
direct quant Arbitrage Fund - Growth Option - Direct Plan	growth	₹11.09	21 Sep 2026
direct quant Arbitrage Fund - IDCW Option - Direct Plan	idcw	₹11.08	21 Sep 2026
regular quant Arbitrage Fund - Growth Option - Regular Plan	growth	₹11.00	21 Sep 2026
regular quant Arbitrage Fund - IDCW Option - Regular Plan	idcw	₹11.00	21 Sep 2026

The Direct / Regular gap, in money

Direct growth NAV: ₹11.09
Regular growth NAV: ₹11.00
NAV divergence to date: 0.9% — same portfolio, priced differently
Regular costs more by: 0.64% points a year
On ₹1,00,000 over ten years: ₹11,494

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

Kotak Arbitrage Fund SBI Arbitrage Fund ICICI Prudential Arbitrage Fund ADITYA BIRLA SUN LIFE ARBITRAGE FUND pick any fund…