HDFC Arbitrage Fund

HDFC Mutual FundHybridPortfolio as of 31 July 2026

HDFC Arbitrage Fund holds 196 instruments (68.82% equity), led by HDFC Bank Limited (4.32%), ICICI Bank Limited (4.14%) and Reliance Industries Limited (3.97%), as of its 31 July 2026 SEBI-mandated monthly disclosure.

Holdings

196

Equity Allocation

68.82%

AMC

HDFC Mutual Fund

Portfolio Analysis

HDFC Arbitrage Fund's top 10 holdings account for 26.03% of its portfolio, more diversified than the Hybrid category average of 28.9%. Financial Services is its largest sector exposure at 26.35% of net assets, spread across 12 sectors in total. Since its 30 June 2026 disclosure, the fund added 24 new positions and exited 12 positions, with Axis Bank Limited seeing the largest move (+1.12pp to 2.07%).

Top 10 Equity Holdings

HDFC Bank Limited · 4.32%ICICI Bank Limited · 4.14%Reliance Industries Limited · 3.97%JSW Steel Limited · 2.39%Bharti Airtel Limited · 2.22%Axis Bank Limited · 2.07%State Bank of India · 1.86%Canara Bank · 1.77%Grasim Industries Limited · 1.7%Bajaj Finance Limited · 1.59%

What Changed: June 2026 → July 2026

Equity holdings compared between the fund's two latest monthly disclosures. Weights are % to NAV; weight moves can also reflect price changes, not only buying or selling.

24 new entries12 exits10 increased10 reduced

New Entries

Complete Exits

Swiggy Limited · was 0.15%Exide Industries Limited · was 0.1%Avenue Supermarts Limited · was 0.07%Jubilant Foodworks Limited · was 0.07%Lodha Developers Limited · was 0.05%Computer Age Management Services Limited · was 0.05%Dixon Technologies (India) Limited · was 0.02%Waaree Energies Limited · was 0.01%MphasiS Limited · was 0.01%Mankind Pharma Limited · was 0%Kfin Technologies Limited · was 0%Godrej Consumer Products Limited · was 0%

Biggest Weight Increases

Stock	Weight	Change
Axis Bank Limited	0.95% → 2.07%	▲ +1.12
State Bank of India	0.99% → 1.86%	▲ +0.87
Bajaj Finance Limited	0.75% → 1.59%	▲ +0.84
Hindalco Industries Limited	0.54% → 1.09%	▲ +0.55
Hindustan Unilever Limited	0.87% → 1.34%	▲ +0.47
Muthoot Finance Limited	0.04% → 0.42%	▲ +0.38
Punjab National Bank	0.89% → 1.25%	▲ +0.36
Kotak Mahindra Bank Limited	1.01% → 1.37%	▲ +0.36
Hitachi Energy India Limited	0.29% → 0.63%	▲ +0.34
Bharti Airtel Limited	1.89% → 2.22%	▲ +0.33

Biggest Weight Reductions

Stock	Weight	Change
Maruti Suzuki India Limited	1.1% → 0.12%	▼ -0.98
Mahindra & Mahindra Limited	1.46% → 0.65%	▼ -0.81
InterGlobe Aviation Limited	1.42% → 0.62%	▼ -0.8
HDFC Bank Limited	5.07% → 4.32%	▼ -0.75
ETERNAL LIMITED	0.91% → 0.24%	▼ -0.67
Sun Pharmaceutical Industries Limited	0.6% → 0.13%	▼ -0.47
Shriram Finance Limited	1.09% → 0.64%	▼ -0.45
APL Apollo Tubes Limited	0.47% → 0.06%	▼ -0.41
Grasim Industries Limited	2.08% → 1.7%	▼ -0.38
NTPC Limited	1.83% → 1.52%	▼ -0.31

Top Holdings — Weight Trend

% to NAV of the fund's current top holdings over its last 6 monthly disclosures (Feb – Jul 2026).

HDFC Bank Limited

4.32%

ICICI Bank Limited

4.14%

Reliance Industries Limited

3.97%

JSW Steel Limited

2.39%

Bharti Airtel Limited

2.22%

Full Portfolio (196 holdings)

#	Holding	Sector	% to NAV
1	HDFC Money Market Fund - Growth Option - Direct Planmf	—	8.39%
2	HDFC Bank Limited	Financial Services	4.32%
3	ICICI Bank Limited	Financial Services	4.14%
4	Reliance Industries Limited	Energy	3.97%
5	HDFC Liquid Fund - Growth Option - Direct Planmf	—	3.78%
6	TREPS - Tri-party Repotreps	—	3.37%
7	HDFC Ultra Short Term Fund - Direct Plan-Growth Optionmf	—	2.47%
8	JSW Steel Limited	Materials	2.39%
9	HDFC Low Duration Fund - Direct Plan - Growthmf	—	2.26%
10	Bharti Airtel Limited	Telecommunication	2.22%
11	Axis Bank Limited	Financial Services	2.07%
12	State Bank of India	Financial Services	1.86%
13	Canara Bank	Financial Services	1.77%
14	Grasim Industries Limited	Materials	1.7%
15	Bajaj Finance Limited	Financial Services	1.59%
16	NTPC Limited	Utilities	1.52%
17	Kotak Mahindra Bank Limited	Financial Services	1.37%
18	Bharat Electronics Limited	Industrials	1.36%
19	Hindustan Unilever Limited	Consumer Staples	1.34%
20	Tata Steel Limited	Materials	1.34%
21	Punjab National Bank	Financial Services	1.25%
22	ITC Limited	Consumer Staples	1.22%
23	Indian Overseas Bank^bond	—	1.15%
24	Hindalco Industries Limited	Materials	1.09%
25	CD - INDIAN BANK LTDbond	—	0.98%
26	TVS Motor Company Limited	Consumer Discretionary	0.97%
27	Bank of Baroda^bond	—	0.97%
28	Export - Import Bank of India^bond	—	0.97%
29	Small Industries Development Bank of Indiabond	—	0.97%
30	Union Bank of India (MD )bond	—	0.97%
31	Union Bank of India^bond	—	0.96%
32	Punjab National Bank^bond	—	0.77%
33	Adani Enterprises Limited	Materials	0.76%
34	Yes Bank Limited	Financial Services	0.76%
35	IDFC First Bank Limited	Financial Services	0.72%
36	Cholamandalam Investment and Finance Company Limited	Financial Services	0.66%
37	Titan Company Limited	Consumer Discretionary	0.66%
38	Mahindra & Mahindra Limited	Consumer Discretionary	0.65%
39	Shriram Finance Limited	Financial Services	0.64%
40	Hitachi Energy India Limited	Industrials	0.63%
41	InterGlobe Aviation Limited	Services	0.62%
42	Divi's Laboratories Limited	Healthcare	0.6%
43	Eicher Motors Limited	Consumer Discretionary	0.6%
44	Vodafone Idea Limited	Telecommunication	0.6%
45	NMDC Limited	Materials	0.59%
46	Indus Towers Limited	Telecommunication	0.58%
47	Kotak Mahindra Bank Limited 2027bond	—	0.58%
48	Indian Oil Corporation Limited	Energy	0.56%
49	Steel Authority of India Limited	Materials	0.53%
50	Apollo Hospitals Enterprise Limited	Healthcare	0.52%
51	HDFC Life Insurance Company Limited	Financial Services	0.52%
52	TATA CONSUMER PRODUCTS LIMITED	Consumer Staples	0.52%
53	Bajaj Finserv Limited	Financial Services	0.51%
54	Ambuja Cements Limited	Materials	0.48%
55	Bharat Heavy Electricals Limited	Industrials	0.48%
56	Glenmark Pharmaceuticals Limited	Healthcare	0.48%
57	Larsen & Toubro Limited	Industrials	0.47%
58	Tata Motors Passenger Vehicles Limited	Consumer Discretionary	0.47%
59	Marico Limited	Consumer Staples	0.45%
60	Coal India Limited	Energy	0.43%
61	CG Power and Industrial Solutions Limited	Industrials	0.42%
62	Muthoot Finance Limited	Financial Services	0.42%
63	Indian Energy Exchange Limited	Financial Services	0.4%
64	CD - CANARA BANKbond	—	0.39%
65	ICICI Bank Limitedbond	—	0.39%
66	ICICI Bank Limitedbond	—	0.39%
67	CD - INDIAN BANK LTDbond	—	0.39%
68	Indian Overseas Bank^bond	—	0.39%
69	Kotak Mahindra Bank Limited 2027bond	—	0.39%
70	National Bank For Agriculture and Rural Developmentbond	—	0.39%
71	Punjab National Bank^bond	—	0.39%
72	Punjab National Bank^bond	—	0.39%
73	Union Bank of India^bond	—	0.38%
74	Varun Beverages Limited	Consumer Staples	0.36%
75	Biocon Limited	Healthcare	0.35%
76	Bank of Baroda	Financial Services	0.34%
77	Cipla Limited	Healthcare	0.34%
78	Jio Financial Services Limited	Financial Services	0.34%
79	Adani Energy Solutions Limited	Utilities	0.33%
80	Godrej Properties Limited	Real Estate	0.33%
81	Tata Power Company Limited	Utilities	0.33%
82	Laurus Labs Limited	Healthcare	0.32%
83	Aditya Birla Capital Limited	Financial Services	0.31%
84	BSE Limited	Financial Services	0.31%
85	Bank of India	Financial Services	0.3%
86	The Indian Hotels Company Limited	Consumer Discretionary	0.3%
87	GE Vernova T&D India Limited	Industrials	0.29%
88	BANK OF BARODA - CDbond	—	0.29%
89	One 97 Communications Limited	Financial Services	0.28%
90	GAIL (India) Limited	Utilities	0.26%
91	UPL Limited	Materials	0.26%
92	Pidilite Industries Limited	Materials	0.25%
93	Ashok Leyland Limited	Industrials	0.24%
94	Asian Paints Limited	Consumer Discretionary	0.24%
95	ETERNAL LIMITED	Consumer Discretionary	0.24%
96	Info Edge (India) Limited	Consumer Discretionary	0.24%
97	Solar Industries India Limited	Materials	0.23%
98	UltraTech Cement Limited	Materials	0.23%
99	Adani Green Energy Limited	Utilities	0.22%
100	Adani Power Limited	Utilities	0.22%
101	Hindustan Zinc Limited	Materials	0.22%
102	Oracle Financial Services Software Limited	Information Technology	0.22%
103	Max Financial Services Limited	Financial Services	0.21%
104	Union Bank of India	Financial Services	0.21%
105	Dabur India Limited	Consumer Staples	0.2%
106	LIC Housing Finance Limited	Financial Services	0.2%
107	Bank of Baroda (MD )bond	—	0.2%
108	Canara Bank^bond	—	0.19%
109	Canara Bank^bond	—	0.19%
110	Punjab National Bank 2027bond	—	0.19%
111	Adani Ports and Special Economic Zone Limited	Services	0.18%
112	Alkem Laboratories Limited	Healthcare	0.18%
113	Delhivery Limited	Services	0.18%
114	DLF Limited	Real Estate	0.18%
115	Cummins India Limited	Industrials	0.17%
116	Inox Wind Limited	Industrials	0.17%
117	Lupin Limited	Healthcare	0.16%
118	Havells India Limited	Consumer Discretionary	0.15%
119	Bharat Forge Limited	Consumer Discretionary	0.14%
120	GMR AIRPORTS LIMITED	Services	0.14%
121	360 ONE WAM LIMITED	Financial Services	0.13%
122	Bosch Limited	Consumer Discretionary	0.13%
123	Sun Pharmaceutical Industries Limited	Healthcare	0.13%
124	Tata Consultancy Services Limited	Information Technology	0.13%
125	Maruti Suzuki India Limited	Consumer Discretionary	0.12%
126	Nestle India Limited	Consumer Staples	0.12%
127	Polycab India Limited	Industrials	0.12%
128	Supreme Industries Limited	Industrials	0.12%
129	Bharat Petroleum Corporation Limited	Energy	0.11%
130	ICICI Prudential Life Insurance Company Limited	Financial Services	0.11%
131	National Aluminium Company Limited	Materials	0.11%
132	Central Depository Services (India) Limited	Financial Services	0.1%
133	Hero MotoCorp Limited	Consumer Discretionary	0.1%
134	PB Fintech Limited	Financial Services	0.1%
135	RBL Bank Limited	Financial Services	0.1%
136	UNO Minda Limited	Consumer Discretionary	0.1%
137	Union Bank of India 2027bond	—	0.1%
138	JSW Energy Limited	Utilities	0.09%
139	Kaynes Technology India Limited	Industrials	0.09%
140	NBCC (India) Limited	Industrials	0.09%
141	United Spirits Limited	Consumer Staples	0.09%
142	Zydus Lifesciences Limited	Healthcare	0.09%
143	Aurobindo Pharma Limited	Healthcare	0.08%
144	Coforge Limited	Information Technology	0.08%
145	Fortis Healthcare Limited	Healthcare	0.08%
146	FSN E-Commerce Ventures Limited	Consumer Discretionary	0.08%
147	Infosys Limited	Information Technology	0.08%
148	JINDAL STEEL LIMITED	Materials	0.08%
149	Kalyan Jewellers India Limited	Consumer Discretionary	0.08%
150	Samvardhana Motherson International Limited	Consumer Discretionary	0.08%
151	Hindustan Petroleum Corporation Limited	Energy	0.07%
152	SRF Limited	Materials	0.07%
153	Suzlon Energy Limited	Industrials	0.07%
154	APL Apollo Tubes Limited	Industrials	0.06%
155	Britannia Industries Limited	Consumer Staples	0.06%
156	Oil & Natural Gas Corporation Limited	Energy	0.06%
157	Patanjali Foods Limited	Consumer Staples	0.06%
158	Rail Vikas Nigam Limited	Industrials	0.06%
159	Hindustan Aeronautics Limited	Industrials	0.05%
160	LTM Limited	Information Technology	0.05%
161	PG Electroplast Limited	Consumer Discretionary	0.05%
162	Tube Investments of India Limited	Consumer Discretionary	0.05%
163	Colgate Palmolive (India) Limited	Consumer Staples	0.04%
164	Container Corporation of India Limited	Services	0.04%
165	PNB Housing Finance Limited	Financial Services	0.04%
166	SBI Life Insurance Company Limited	Financial Services	0.04%
167	The Federal Bank Limited	Financial Services	0.04%
168	Bajaj Auto Limited	Consumer Discretionary	0.03%
169	Bajaj Holdings & Investment Limited	Financial Services	0.03%
170	IndusInd Bank Limited	Financial Services	0.03%
171	Oberoi Realty Limited	Real Estate	0.03%
172	Radico Khaitan Limited	Consumer Staples	0.03%
173	Voltas Limited	Consumer Discretionary	0.03%
174	Bandhan Bank Limited	Financial Services	0.02%
175	Dalmia Bharat Limited	Materials	0.02%
176	Hyundai Motor India Limited	Consumer Discretionary	0.02%
177	Manappuram Finance Limited	Financial Services	0.02%
178	Motilal Oswal Financial Services Limited	Financial Services	0.02%
179	Power Finance Corporation Limited	Financial Services	0.02%
180	REC Limited	Financial Services	0.02%
181	The Phoenix Mills Limited	Real Estate	0.02%
182	Amber Enterprises India Limited	Consumer Discretionary	0.01%
183	Angel One Limited	Financial Services	0.01%
184	AU Small Finance Bank Limited	Financial Services	0.01%
185	Indian Bank	Financial Services	0.01%
186	Petronet LNG Limited	Utilities	0.01%
187	Power Grid Corporation of India Limited	Utilities	0.01%
188	Sona BLW Precision Forgings Limited	Consumer Discretionary	0%
189	Godfrey Phillips India Limited	Consumer Staples	0%
190	Torrent Pharmaceuticals Limited	Healthcare	0%
191	Tata Elxsi Limited	Information Technology	0%
192	Cochin Shipyard Limited	Industrials	0%
193	Prestige Estates Projects Limited	Real Estate	0%
194	Max Healthcare Institute Limited	Healthcare	0%
195	Multi Commodity Exchange of India Limited	Financial Services	0%
196	Net Current Assetsother	—	-2.46%

Frequently Asked Questions

Yes. As of its 31 July 2026 disclosure, HDFC Bank Limited is 4.32% of HDFC Arbitrage Fund's net assets — its number 1 holding.

Yes. As of its 31 July 2026 disclosure, ICICI Bank Limited is 4.14% of HDFC Arbitrage Fund's net assets — its number 2 holding.

Yes. As of its 31 July 2026 disclosure, Reliance Industries Limited is 3.97% of HDFC Arbitrage Fund's net assets — its number 3 holding.

Yes. As of its 31 July 2026 disclosure, JSW Steel Limited is 2.39% of HDFC Arbitrage Fund's net assets — its number 4 holding.

Yes. As of its 31 July 2026 disclosure, Bharti Airtel Limited is 2.22% of HDFC Arbitrage Fund's net assets — its number 5 holding.

New to reading these? See How to Read a Mutual Fund's Monthly Portfolio Disclosure, or check terms like % to NAV in the glossary.

Source: HDFC Mutual Fund's SEBI-mandated monthly portfolio disclosure, dated 31 July 2026. Data is for information only, not investment advice. Holdings may have changed since the disclosure date.