HybridArbitrage FundRegularGrowthModerately High

Nippon India Arbitrage Fund

Q: What is the NAV of Nippon India Arbitrage Fund?

As of 01 Oct 2026, the NAV of Nippon India Arbitrage Fund is ₹28.49 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

Q: What returns has Nippon India Arbitrage Fund delivered?

Nippon India Arbitrage Fund has returned +5.99% over 1 year, +6.56% per year over 3 years, +6.03% per year over 5 years and +6.78% per year since inception. Figures beyond one year are annualised (CAGR) and are computed from AMFI NAV history, so they may differ slightly from other portals.

Q: What is the expense ratio of Nippon India Arbitrage Fund?

Nippon India Arbitrage Fund charges an expense ratio of 2.03% per year. This annual fee is already deducted from the NAV, so the returns you see are net of it.

Q: What are the top holdings of Nippon India Arbitrage Fund?

Nippon India Arbitrage Fund's largest holdings are Nippon India Money Market Fund Dir Pl-Growth-Gr Op (15.1%), Nippon India Ultra Short Term Fund- Dr Gr Op (7.4%), HDFC Bank Limited (4.5%), Reliance Industries Limited (4.2%) and Axis Bank Limited (3.0%). Holdings are disclosed monthly and change over time.

Q: How risky is Nippon India Arbitrage Fund?

Nippon India Arbitrage Fund is rated moderately high on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 1.1% and its worst peak-to-trough fall in our sample was -0.6%. Higher volatility means the NAV swings more; the drawdown shows how far it has fallen from a peak historically.

Q: What does the Sharpe ratio of 0.06 mean?

The Sharpe ratio is return earned per unit of total risk, above a 6.5% risk-free rate. Nippon India Arbitrage Fund's 0.06 means it has rewarded its volatility with excess return. Higher is better.

Q: What is the benchmark of Nippon India Arbitrage Fund?

Nippon India Arbitrage Fund is benchmarked against the NIFTY 50 Arbitrage Index. Its alpha and beta on this page are measured against that index.

Q: Who manages Nippon India Arbitrage Fund?

Nippon India Arbitrage Fund is managed by Vikash Agarwal, Rohit Hashmukh Shah and Nemish Sheth at Nippon India.

Q: How is Nippon India Arbitrage Fund taxed?

Nippon India Arbitrage Fund is an equity-oriented fund, so its capital gains get concessional rates: short-term gains (units held under 1 year) are taxed at 20%, and long-term gains (held 1 year or more) at 12.5% above a ₹1.25 lakh per-year exemption. These rates apply on redemption and don't add to your income-tax slab.

Nippon India Mutual Fund · Best Arbitrage Mutual Funds

NAV

₹28.49

0.00% 1D

as of 01 Oct 2026

This is the Regular plan of Nippon India Arbitrage Fund — bought through a distributor, whose commission is paid out of its expense ratio. Income is retained in the fund, so it shows up as NAV rather than as a payout.

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NAV history

+6.02%CAGR

52-week rangePrev NAV ₹28.49

Latest ₹28.49

Low ₹26.88100th percentile of its 52-week rangeHigh ₹28.49

Scorecard

★★★★☆4/5 vs 26 of 38 Arbitrage Fund peers

Performance 60%
Risk 15%
Cost 10%
Downside 15%

How this is computed

Each verdict is computed from this fund's own metrics against its sub-category — the number behind it is shown, not a black-box rating. The stars weight the same ground 60/15/10/15 (performance/risk/cost/downside) across every fund in the peer group. Ranked within Arbitrage Fund (same plan and option). 26 of the 38 Arbitrage Funds in this cohort carry the full record the stars need, so they are the ones ranked against.

PerformanceAverage

3Y CAGR +6.56% · ranks 11 of 26 Arbitrage Funds

RiskLow

Volatility 1.1% vs 1.3% category avg

CostAverage

2.0% expense vs 2.2% category avg

ConsistencyHigh

100% of rolling 3Y windows were positive

Strengths & concerns

Generated from this fund's own numbers against its sub-category — each point names the figure behind it.

Strengths

Less volatile than its Arbitrage Fund peers (1.1% vs 1.3%)
Consistent — positive in 100% of rolling 3-year windows

Concerns

No significant concerns identified.

Key Metrics

Annual fee charged by the fund, already deducted from NAV

2.03%

Category 2.20%▼0.17%

Portfolio-weighted harmonic mean P/E across the fund's equity holdings

16.21

Category —

Excess return per unit of total volatility (rf = 6.5%)

0.06

Category -0.02▲0.08

Scheme Info

Definitions

Plan

Regular · Growth

Period before units can be redeemed — 3 years for ELSS, none for most open-ended funds

None

0.25% if redeemed or switched out on or before completion of 15 days from the date of allotment of units. Nil, thereafter.

0.25%

Statutory levy on every mutual-fund purchase since 1 Jul 2020 (SEBI / Govt of India) — the same for every scheme

0.005%

SIP Inv.

Allowed

Smallest recurring SIP instalment the scheme accepts

₹100

Smallest one-time (lumpsum) investment the scheme accepts

₹5,000

NIFTY 50 Arbitrage Index

Start of our NAV history for this plan. Direct plans begin 1 Jan 2013, so this is the plan's inception — not necessarily the scheme's original launch date.

20 Oct 2010

Period returns (<1Y, absolute — not annualized)

Definitions

Absolute return over the last 1 month (not annualized)

+0.20%

Absolute return over the last 3 months (not annualized)

+1.31%

Absolute return over the last 6 months (not annualized)

+2.90%

Absolute return since 1 Jan of this year (not annualized)

+4.38%

Annualized returns (≥1Y — CAGR)

Definitions

1-year point-to-point return, annualized (CAGR)

+5.99%

3-year annualized return (CAGR)

+6.56%

5-year annualized return (CAGR)

+6.03%

10-year annualized return (CAGR)

+5.74%

Annualized return (CAGR) since the first NAV we hold for this plan — the Inception date under Key metrics. AMFI's history starts in April 2006, so an older scheme is measured from there.

+6.78%

Advanced metrics — risk

Risk (trailing 3Y)

Definitions

Annualized standard deviation of daily returns

1.05%

Excess return per unit of total volatility (rf = 6.5%)

0.06

Excess return per unit of downside deviation — upside swings aren't penalized (rf = 6.5%)

0.08

Largest peak-to-trough decline over full history

-0.65%

Benchmark ratios

Not shown for Arbitrage Fund — a debt, arbitrage or cash-like fund isn't measured against an equity index, so alpha/beta vs one would be noise rather than signal.

Fund vs category average (Arbitrage Fund)

Period	Fund	Category avg.	Diff
1M abs	+0.20%	+0.19%	+0.01%
3M abs	+1.31%	+1.31%	0.00%
6M abs	+2.90%	+2.78%	+0.12%
1Y CAGR	+5.99%	+5.85%	+0.14%
3Y CAGR	+6.56%	+6.47%	+0.09%
5Y CAGR	+6.03%	+5.93%	+0.10%

Category average across peers in Arbitrage Fund (up to 38 funds with data), same plan and option, excluding this fund. Under-1-year figures are absolute; 1Y and beyond are annualised (CAGR).

Not sure what a figure means? The glossary explains every metric, and the methodology shows the formulas.

Category rank

Vs 38 peers in Arbitrage Fund

1Y return

+5.99%

Beats 66.7% · rank #12

3Y return

+6.56%

Beats 60% · rank #11

5Y return

+6.03%

Beats 55% · rank #10

Sharpe

0.06

Beats 60% · rank #11

Sortino

0.08

Beats 60% · rank #11

Backtest this fund

What a SIP or one-time investment would have grown to over this fund’s real NAV history.

Monthly investment (₹)

Period

Invested

₹6.00L

Current value

₹7.01L

Absolute

+16.88%

XIRR

+6.37%

Value vs. invested

ValueInvested

60 monthly installments of ₹10,000 into Nippon India Arbitrage Fund, valued at the latest NAV. XIRR annualizes for each installment’s timing.

Calendar-year returns

What the fund actually returned in each year, not the smoothed average.

Year	Fund
2026part	+4.38%
2025	+6.21%
2024	+7.48%
2023	+7.01%
2022	+4.16%
2021	+3.84%
2020	+4.31%
2019	+6.16%
2018	+6.77%
2017	+5.46%

January–December, from this fund's NAV history. Absolute return, not annualised. “part” marks a year the fund didn't run end to end — its first year, the current year so far, or one it stopped reporting in.

History points

3,926

Expense ratio

2.03%

AUM

₹16,381Cr

Portfolio turnover

1121%

Exit load

0.25% if redeemed or switched out on or before completion of 15 days from the date of allotment of units. Nil, thereafter.

Portfolio, AUM & scheme details shown from another plan of this scheme (same underlying portfolio).

P/E ratio

16.2

P/B ratio

3.3

Avg market cap

₹3,99,129Cr

P/E & P/B are portfolio-weighted harmonic means across 152 of 165 equity holdings (66% of the portfolio); loss-making companies are excluded.

Taxation

Taxed as equity

This is an equity-oriented fund (≥65% in Indian equities), so gains get the concessional capital-gains rates below — they do not add to your income-tax slab.

Short-term (STCG)

20%

Held under 1 year

Flat, on the whole gain

Long-term (LTCG)

12.5%

Held 1 year or more

On gains above ₹1.25 L per financial year

Applies to capital gains on redemption. Excludes IDCW/dividend tax, STT, surcharge and cess, and pre-2018 equity grandfathering. For research only — consult a tax advisor before filing.

Peer comparison · Arbitrage Fund

Compare all


Nippon India Arbitrage FundThis fund Nippon India · Regular · Growth	★★★★☆	+5.99%	+6.56%	+6.03%	—	2.03%	₹16,381Cr
Kotak Arbitrage Fund Kotak Mahindra · Regular · Growth	★★★★☆	+6.10%	+6.81%	+6.32%	—	2.91%	₹70,783Cr
UTI - Arbitrage Fund UTI · Regular · Growth	★★★★★	+6.04%	+6.76%	+6.14%	—	1.81%	₹10,939Cr
Invesco India Arbitrage Fund Invesco · Regular · Growth	★★★★☆	+6.17%	+6.75%	+6.37%	—	2.87%	₹27,818Cr
HDFC Arbitrage Fund HDFC · Regular · Growth	★★★☆☆	+6.06%	+6.72%	+6.12%	—	2.04%	₹24,544Cr
ICICI Prudential Arbitrage Fund ICICI Prudential · Regular · Growth	★★★★★	+6.08%	+6.70%	+6.15%	—	2.16%	₹32,407Cr

Market-cap allocation · AMFI bands, Jul 2026

Equity holdings by company size — 100% of the equity sleeve priced.

Large cap72.4%
Mid cap24.3%
Small cap3.3%

Asset allocation

As on 31 Aug 2026 · AMC disclosure

Equity69.06%
Other22.48%
Debt5.50%
Cash & Equivalents2.96%

Cash & cash-like: 15.10% — the 2.96% above plus treasury bills, certificates of deposit, commercial paper and TREPS, which the allocation files under Debt but the market counts as cash-equivalent.

Holds the same stocks as (by portfolio overlap, not by category)

Compare the top 3 →

Fund	Overlap	Rating	TER	3Y
SBI Arbitrage Fund SBI · Arbitrage Fund	73.5% of 77% equity	★★★☆☆	1.48%	+7.25%
Aditya Birla Sun Life Arbitrage Fund Aditya Birla Sun Life · Arbitrage Fund	71.6% of 71% equity	★★★☆☆	1.24%	+7.41%
DSP Arbitrage fund DSP · Arbitrage Fund	71.3% of 69% equity	★★★☆☆	1.17%	+7.20%
Bandhan Arbitrage Fund Bandhan · Arbitrage Fund	71.0% of 73% equity	★★★☆☆	1.63%	+7.29%
HDFC Arbitrage Fund HDFC · Arbitrage Fund	70.7% of 75% equity	★★☆☆☆	1.50%	+7.28%
ICICI Prudential Arbitrage Fund ICICI Prudential · Arbitrage Fund	70.4% of 73% equity	★★★☆☆	1.63%	+7.29%
Edelweiss Arbitrage Fund Edelweiss · Arbitrage Fund	70.3% of 70% equity	★★★★☆	1.58%	+7.39%
Axis Arbitrage Fund Axis · Arbitrage Fund	67.7% of 68% equity	★★★☆☆	1.40%	+7.35%

Overlap is the share of each fund's equity book invested in the same stocks, by weight, across the Direct-plan universe — so a fund that is only part equity is labelled as such. ! marks a pair holding more in common than nine pairs in ten of its type, where that type has a measured distribution.

🚩Holdings under NSE surveillance (ASM)

1 holding — 0.07% of the portfolio — sit in stocks NSE currently lists under its Additional Surveillance Measure. ASM is an exchange response to unusual price or volume activity (higher margins, and trade-for-trade settlement at stage II), not a view on the company or on this fund.

PB Fintech LimitedShort-term · Stage I0.07%

Source: NSE ASM list, matched to holdings by company name — a holding whose name differs from NSE's spelling may not be matched. BSE's separate list is not covered.

Fund size over time

Quarterly average AUM · AMFI

₹16,381Cr

April - June 2026

since January - March 2026

−₹249.31Cr

est. net flow, last quarter

At or near its largest, ₹16,396Cr in January - March 2026. Size matters most where the mandate is narrow — a large small-cap or a very large flexi-cap book is harder to move without moving the price.

Net flow is an estimate: AMFI publishes a quarterly average AUM, not a closing balance, and it covers every plan and option of this scheme together, so it is a read on direction and rough size rather than a cash-flow statement.

AMC Profile

Nippon India Mutual Fund is managed by Nippon Life India Asset Management, which took control of the former Reliance Mutual Fund in 2019 when Nippon Life of Japan bought out the Reliance Capital stake. It is among India's largest fund houses by assets and is best known for its small- and mid-cap franchise.

Launched

29 Jun 1995

Total AUM

₹7,87,053Cr+4.7% QoQ

Avg AUM · July - September 2026

Website

mf.nipponindiaim.com

Fund Managers

VAVikash AgarwalManaging since 01 Sep 2024

Role

Senior Fund Manger

Education

Chartered Accountant, MS Finance (ICFAI). BCOM HONS

Experience

Over 18.5 years of experience in capital markets From September 05, 2024 onwards Nippon Life India Asset Management – Senior Fund Manager – Fixed Income From September 2007 to August 2024 HDFC Asset Management - Fund Manager Debt From April 2006 to September 2007 Larsen and Toubro - Forex Trading and economic research

Funds managed (12)

All schemes Vikash Agarwal runs →

RSRohit Hashmukh ShahManaging since 01 Apr 2024

Education

Chartered Accountant (CA) FRM – GARP US

Experience

Over 13 years of experience - From April 08, 2024 onwards NAM India - dealer - equity & Co - Fund Manager September 25, 2014 - April 07, 2024 NAM India - as Dealer - Equity, responsible for Execution of Equity, Derivative and ETF trades at NAM India. December 2012 – September 2014 Previously worked as Manager – Risk Management at NAM India, responsible for ensuring strict adherence to all Regulatory Investment Restrictions and Valuation requirements of Mutual Fund. June 2011 to December 2012 Worked as an Assistant Manager – Risk Management at Mirae Asset Global Investments (India) Pvt. Ltd., responsible for quantitative risk analysis pertaining to Equity Schemes. June 2007 to August 2010 Worked as an Article Trainee with S.R. Batliboi & Chokshi and Chokshi, for Conducting Statutory as well as Concurrent audit of various Mutual Funds.

All schemes Rohit Hashmukh Shah runs →

NSNemish ShethManaging since 01 Mar 2025

Education

PGDM – Finance

Experience

Around 16 years of experience - From March 18, 2025 onwards Nippon Life India Asset Management Limited: Fund Manager and Dealer – Equity November 01, 2021 – March 07, 2025 Bandhan AMC Limited : Fund Manager – Arbitrage & Passive Funds and Equity Dealer. December 31, 2018 – August 27, 2021 Nippon Life India Asset Management Limited: Dealer – Equity, Managed dealing for ETF, Arbitrage and Equity Schemes. August 2011 – December 2018 ICICI Prudential Asset Management Company Limited: Dealer – Equity, Dealing in Equity, ETF & Arbitrage Schemes.

All schemes Nemish Sheth runs →

Fund managers from the AMC's filed Scheme Summary — its most recent filing for this scheme. Benchmark and dealing terms from it and this scheme's SEBI-filed Scheme Information Document on AMFI. Each manager's qualifications and role are reconciled across every filing this fund house makes for them, including its Statement of Additional Information. Total AUM via AMFI.

Explore from here

Fund managers

Vikash Agarwal

Top holdings

HDFC Bank Limited Reliance Industries Limited Axis Bank Limited State Bank of India JSW Steel Limited Kotak Mahindra Bank Limited ICICI Bank Limited Vodafone Idea Limited Adani Enterprises Limited Maruti Suzuki India Limited Tata Steel Limited Larsen & Toubro Limited

Nippon India in the news

Headlines about the fund house, not this scheme in particular — highlights only; tap through to read the full story at the source.

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Returns and risk are computed from NAV history and may differ slightly from other portals due to methodology (rolling vs point-to-point, dividend treatment). For research only — not investment advice.

About Arbitrage funds

Arbitrage funds profit from small price gaps between the cash and futures markets rather than from market direction. Returns are usually modest and cash-like, but they are taxed as equity.

Frequently asked questions

What is the NAV of Nippon India Arbitrage Fund?

As of 01 Oct 2026, the NAV of Nippon India Arbitrage Fund is ₹28.49 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

What returns has Nippon India Arbitrage Fund delivered?

Nippon India Arbitrage Fund has returned +5.99% over 1 year, +6.56% per year over 3 years, +6.03% per year over 5 years and +6.78% per year since inception. Figures beyond one year are annualised (CAGR) and are computed from AMFI NAV history, so they may differ slightly from other portals.

What is the expense ratio of Nippon India Arbitrage Fund?

Nippon India Arbitrage Fund charges an expense ratio of 2.03% per year. This annual fee is already deducted from the NAV, so the returns you see are net of it.

What are the top holdings of Nippon India Arbitrage Fund?

Nippon India Arbitrage Fund's largest holdings are Nippon India Money Market Fund Dir Pl-Growth-Gr Op (15.1%), Nippon India Ultra Short Term Fund- Dr Gr Op (7.4%), HDFC Bank Limited (4.5%), Reliance Industries Limited (4.2%) and Axis Bank Limited (3.0%). Holdings are disclosed monthly and change over time.

How risky is Nippon India Arbitrage Fund?

Nippon India Arbitrage Fund is rated moderately high on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 1.1% and its worst peak-to-trough fall in our sample was -0.6%. Higher volatility means the NAV swings more; the drawdown shows how far it has fallen from a peak historically.

What does the Sharpe ratio of 0.06 mean?

The Sharpe ratio is return earned per unit of total risk, above a 6.5% risk-free rate. Nippon India Arbitrage Fund's 0.06 means it has rewarded its volatility with excess return. Higher is better.

What is the benchmark of Nippon India Arbitrage Fund?

Nippon India Arbitrage Fund is benchmarked against the NIFTY 50 Arbitrage Index. Its alpha and beta on this page are measured against that index.

Who manages Nippon India Arbitrage Fund?

Nippon India Arbitrage Fund is managed by Vikash Agarwal, Rohit Hashmukh Shah and Nemish Sheth at Nippon India.

How is Nippon India Arbitrage Fund taxed?

Nippon India Arbitrage Fund is an equity-oriented fund, so its capital gains get concessional rates: short-term gains (units held under 1 year) are taxed at 20%, and long-term gains (held 1 year or more) at 12.5% above a ₹1.25 lakh per-year exemption. These rates apply on redemption and don't add to your income-tax slab.