HSBC Arbitrage Fund

HSBC Mutual FundHybridPortfolio as of 30 June 2026

HSBC Arbitrage Fund holds 143 instruments (68% equity), led by HDFC Bank Limited (5.37%), ICICI Bank Limited (4.33%) and Bandhan Bank Limited (3.61%), as of its 30 June 2026 SEBI-mandated monthly disclosure.

Holdings

143

Equity Allocation

68%

AMC

HSBC Mutual Fund

Portfolio Analysis

HSBC Arbitrage Fund's top 10 holdings account for 29.45% of its portfolio, in line with the Hybrid category average of 28.9%. Financial Services is its largest sector exposure at 30.16% of net assets, spread across 12 sectors in total. Since its 31 May 2026 disclosure, the fund added 25 new positions and exited 15 positions, with RBL Bank Limited seeing the largest move (-2.23pp to 1.09%).

Top 10 Equity Holdings

HDFC Bank Limited · 5.37%ICICI Bank Limited · 4.33%Bandhan Bank Limited · 3.61%Adani Energy Solutions Limited · 3%Steel Authority of India Limited · 2.76%Yes Bank Limited · 2.7%NMDC Limited · 2.14%Godrej Properties Limited · 2.14%Adani Power Limited · 1.71%Reliance Industries Limited · 1.69%

What Changed: May 2026 → June 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.

25 new entries15 exits10 increased10 reduced

New Entries

Bajaj Finance Limited · 0.72%National Aluminium Company Limited · 0.52%Computer Age Management Services Limited · 0.24%Ashok Leyland Limited · 0.24%Kalyan Jewellers India Limited · 0.13%Oil & Natural Gas Corporation Limited · 0.13%Aditya Birla Capital Limited · 0.12%Indian Bank · 0.11%Coal India Limited · 0.09%SBI Life Insurance Company Limited · 0.08%GE Vernova T&D India Limited · 0.06%NTPC Limited · 0.05%Hindustan Aeronautics Limited · 0.04%Suzlon Energy Limited · 0.04%Nestle India Limited · 0.03%Marico Limited · 0.03%JSW Energy Limited · 0.03%Hindustan Unilever Limited · 0.03%The Federal Bank Limited · 0.03%Maruti Suzuki India Limited · 0.03%ICICI Prudential Life Insurance Company Limited · 0.03%Motilal Oswal Financial Services Limited · 0.01%Torrent Pharmaceuticals Limited · 0.01%InterGlobe Aviation Limited · 0.01%Oberoi Realty Limited · 0.01%

Complete Exits

LIC Housing Finance Limited · was 0.9%Sammaan Capital Limited · was 0.51%REC Limited · was 0.26%Colgate Palmolive (India) Limited · was 0.21%Hero MotoCorp Limited · was 0.09%Grasim Industries Limited · was 0.02%FSN E-Commerce Ventures Limited · was 0.02%Life Insurance Corporation Of India · was 0.01%Power Grid Corporation of India Limited · was 0.01%Avenue Supermarts Limited · was 0.01%Tube Investments of India Limited · was 0%Nippon Life India Asset Management Limited · was 0%Britannia Industries Limited · was 0%Bharti Airtel Limited · was 0%Nuvama Wealth Management Limited · was 0%

Biggest Weight Increases

Stock	Weight	Change
Crompton Greaves Consumer Electricals Limited	0.83% → 1.56%	▲ +0.73
Adani Power Limited	1.21% → 1.71%	▲ +0.5
Havells India Limited	0.01% → 0.5%	▲ +0.49
Hindalco Industries Limited	0.01% → 0.47%	▲ +0.46
Yes Bank Limited	2.25% → 2.7%	▲ +0.45
Adani Enterprises Limited	0.95% → 1.38%	▲ +0.43
Indian Energy Exchange Limited	0.26% → 0.67%	▲ +0.41
Tata Motors Passenger Vehicles Limited	0.1% → 0.47%	▲ +0.37
Canara Bank	0.3% → 0.66%	▲ +0.36
IDFC First Bank Limited	0.73% → 1.07%	▲ +0.34

Biggest Weight Reductions

Stock	Weight	Change
RBL Bank Limited	3.32% → 1.09%	▼ -2.23
ICICI Bank Limited	6.08% → 4.33%	▼ -1.75
Axis Bank Limited	2.16% → 0.47%	▼ -1.69
Steel Authority of India Limited	3.86% → 2.76%	▼ -1.1
State Bank of India	1.5% → 0.75%	▼ -0.75
NMDC Limited	2.72% → 2.14%	▼ -0.58
ITC Limited	1.57% → 1.03%	▼ -0.54
Bandhan Bank Limited	4.07% → 3.61%	▼ -0.46
Bharat Heavy Electricals Limited	0.62% → 0.22%	▼ -0.4
HDFC Asset Management Company Limited	1.33% → 0.94%	▼ -0.39

Top Holdings — Weight Trend

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

HDFC Bank Limited

5.37%

ICICI Bank Limited

4.33%

Bandhan Bank Limited

3.61%

Adani Energy Solutions Limited

Steel Authority of India Limited

2.76%

Full Portfolio (143 holdings)

#	Holding	Sector	% to NAV
1	HSBC Money Market Fund - Direct Growthmf	—	17.41%
2	HDFC Bank Limited	Financial Services	5.37%
3	ICICI Bank Limited	Financial Services	4.33%
4	Bandhan Bank Limited	Financial Services	3.61%
5	Adani Energy Solutions Limited	Utilities	3%
6	Steel Authority of India Limited	Materials	2.76%
7	Yes Bank Limited	Financial Services	2.7%
8	Indian Bank^bond	—	2.46%
9	National Bank for Agriculture and Rural Developmentbond	—	2.43%
10	NMDC Limited	Materials	2.14%
11	Godrej Properties Limited	Real Estate	2.14%
12	HSBC Ultra Short Duration Fund - Direct Growthmf	—	2.13%
13	TREPStreps	—	1.72%
14	Adani Power Limited	Utilities	1.71%
15	Reliance Industries Limited	Energy	1.69%
16	CD - AXIS BANK LTDbond	—	1.64%
17	ETERNAL LIMITED	Consumer Discretionary	1.63%
18	Bank of Barodabond	—	1.63%
19	Crompton Greaves Consumer Electricals Limited	Consumer Discretionary	1.56%
20	NBCC (India) Limited	Industrials	1.49%
21	Jio Financial Services Limited	Financial Services	1.47%
22	Punjab National Bank	Financial Services	1.47%
23	JSW Steel Limited	Materials	1.39%
24	Adani Enterprises Limited	Materials	1.38%
25	Glenmark Pharmaceuticals Limited	Healthcare	1.29%
26	RBL Bank Limited	Financial Services	1.09%
27	IDFC First Bank Limited	Financial Services	1.07%
28	ITC Limited	Consumer Staples	1.03%
29	AU Small Finance Bank Limited	Financial Services	0.99%
30	Container Corporation of India Limited	Services	0.97%
31	HDFC Asset Management Company Limited	Financial Services	0.94%
32	Small Industries Development Bank of Indiabond	—	0.83%
33	Axis Bank Limited 2026bond	—	0.83%
34	CD - Axis Bank Ltdbond	—	0.82%
35	Small Industries Dev Bank of Indiabond	—	0.82%
36	Biocon Limited	Healthcare	0.81%
37	Indus Towers Limited	Telecommunication	0.76%
38	State Bank of India	Financial Services	0.75%
39	Laurus Labs Limited	Healthcare	0.72%
40	Bajaj Finance Limited	Financial Services	0.72%
41	Indian Energy Exchange Limited	Financial Services	0.67%
42	Manappuram Finance Limited	Financial Services	0.66%
43	Canara Bank	Financial Services	0.66%
44	Ambuja Cements Limited	Materials	0.58%
45	National Aluminium Company Limited	Materials	0.52%
46	Bank of India	Financial Services	0.52%
47	Aurobindo Pharma Limited	Healthcare	0.52%
48	Havells India Limited	Consumer Discretionary	0.5%
49	Zydus Lifesciences Limited	Healthcare	0.5%
50	Kotak Mahindra Bank Limited	Financial Services	0.48%
51	Axis Bank Limited	Financial Services	0.47%
52	Tata Motors Passenger Vehicles Limited	Consumer Discretionary	0.47%
53	Hindalco Industries Limited	Materials	0.47%
54	CG Power and Industrial Solutions Limited	Industrials	0.43%
55	Inox Wind Limited	Industrials	0.41%
56	Hindustan Zinc Limited	Materials	0.39%
57	Varun Beverages Limited	Consumer Staples	0.38%
58	Vodafone Idea Limited	Telecommunication	0.35%
59	Max Financial Services Limited	Financial Services	0.34%
60	The Indian Hotels Company Limited	Consumer Discretionary	0.32%
61	Tata Power Company Limited	Utilities	0.29%
62	Apollo Hospitals Enterprise Limited	Healthcare	0.28%
63	Adani Green Energy Limited	Utilities	0.27%
64	HDFC Life Insurance Company Limited	Financial Services	0.26%
65	DLF Limited	Real Estate	0.25%
66	Cummins India Limited	Industrials	0.25%
67	Computer Age Management Services Limited	Financial Services	0.24%
68	Ashok Leyland Limited	Industrials	0.24%
69	Bharat Heavy Electricals Limited	Industrials	0.22%
70	PNB Housing Finance Limited	Financial Services	0.22%
71	Bharat Electronics Limited	Industrials	0.21%
72	TATA CONSUMER PRODUCTS LIMITED	Consumer Staples	0.21%
73	The Phoenix Mills Limited	Real Estate	0.21%
74	Bank of Baroda	Financial Services	0.2%
75	Info Edge (India) Limited	Consumer Discretionary	0.19%
76	Adani Ports and Special Economic Zone Limited	Services	0.17%
77	Dabur India Limited	Consumer Staples	0.16%
78	Cholamandalam Investment and Finance Company Limited	Financial Services	0.15%
79	TVS Motor Company Limited	Consumer Discretionary	0.15%
80	Divi's Laboratories Limited	Healthcare	0.15%
81	Exide Industries Limited	Consumer Discretionary	0.15%
82	Hitachi Energy India Limited	Industrials	0.15%
83	Lodha Developers Limited	Real Estate	0.13%
84	Oil & Natural Gas Corporation Limited	Energy	0.13%
85	Kalyan Jewellers India Limited	Consumer Discretionary	0.13%
86	Aditya Birla Capital Limited	Financial Services	0.12%
87	Hindustan Petroleum Corporation Limited	Energy	0.11%
88	Indian Bank	Financial Services	0.11%
89	Amber Enterprises India Limited	Consumer Discretionary	0.09%
90	Coal India Limited	Energy	0.09%
91	Union Bank of India	Financial Services	0.09%
92	Shriram Finance Limited	Financial Services	0.09%
93	Swiggy Limited	Consumer Discretionary	0.09%
94	SBI Life Insurance Company Limited	Financial Services	0.08%
95	Mahindra & Mahindra Limited	Consumer Discretionary	0.08%
96	Bajaj Finserv Limited	Financial Services	0.07%
97	Bajaj Holdings & Investment Limited	Financial Services	0.07%
98	United Spirits Limited	Consumer Staples	0.07%
99	Godrej Consumer Products Limited	Consumer Staples	0.06%
100	GE Vernova T&D India Limited	Industrials	0.06%
101	Hyundai Motor India Limited	Consumer Discretionary	0.06%
102	Eicher Motors Limited	Consumer Discretionary	0.06%
103	Radico Khaitan Limited	Consumer Staples	0.05%
104	Pidilite Industries Limited	Materials	0.05%
105	Indian Oil Corporation Limited	Energy	0.05%
106	Supreme Industries Limited	Industrials	0.05%
107	UltraTech Cement Limited	Materials	0.05%
108	NTPC Limited	Utilities	0.05%
109	Hindustan Aeronautics Limited	Industrials	0.04%
110	Suzlon Energy Limited	Industrials	0.04%
111	JINDAL STEEL LIMITED	Materials	0.03%
112	The Federal Bank Limited	Financial Services	0.03%
113	Tata Steel Limited	Materials	0.03%
114	APL Apollo Tubes Limited	Industrials	0.03%
115	Prestige Estates Projects Limited	Real Estate	0.03%
116	Hindustan Unilever Limited	Consumer Staples	0.03%
117	UPL Limited	Materials	0.03%
118	Maruti Suzuki India Limited	Consumer Discretionary	0.03%
119	ICICI Prudential Life Insurance Company Limited	Financial Services	0.03%
120	360 ONE WAM LIMITED	Financial Services	0.03%
121	Marico Limited	Consumer Staples	0.03%
122	Bosch Limited	Consumer Discretionary	0.03%
123	UNO Minda Limited	Consumer Discretionary	0.03%
124	Nestle India Limited	Consumer Staples	0.03%
125	JSW Energy Limited	Utilities	0.03%
126	One 97 Communications Limited	Financial Services	0.03%
127	Petronet LNG Limited	Utilities	0.02%
128	Oberoi Realty Limited	Real Estate	0.01%
129	ICICI Lombard General Insurance Company Limited	Financial Services	0.01%
130	Angel One Limited	Financial Services	0.01%
131	MphasiS Limited	Information Technology	0.01%
132	Motilal Oswal Financial Services Limited	Financial Services	0.01%
133	Cipla Limited	Healthcare	0.01%
134	InterGlobe Aviation Limited	Services	0.01%
135	Dalmia Bharat Limited	Materials	0.01%
136	Torrent Pharmaceuticals Limited	Healthcare	0.01%
137	Fortis Healthcare Limited	Healthcare	0%
138	Sun Pharmaceutical Industries Limited	Healthcare	0%
139	IndusInd Bank Limited	Financial Services	0%
140	GAIL (India) Limited	Utilities	0%
141	Bharat Petroleum Corporation Limited	Energy	0%
142	Vishal Mega Mart Limited	Consumer Discretionary	0%
143	Net Current Assets (including cash & bank balances)other	—	-0.72%

Frequently Asked Questions

Yes. As of its 30 June 2026 disclosure, HDFC Bank Limited is 5.37% of HSBC Arbitrage Fund's net assets — its number 1 holding.

Yes. As of its 30 June 2026 disclosure, ICICI Bank Limited is 4.33% of HSBC Arbitrage Fund's net assets — its number 2 holding.

Yes. As of its 30 June 2026 disclosure, Bandhan Bank Limited is 3.61% of HSBC Arbitrage Fund's net assets — its number 3 holding.

Yes. As of its 30 June 2026 disclosure, Adani Energy Solutions Limited is 3% of HSBC Arbitrage Fund's net assets — its number 4 holding.

Yes. As of its 30 June 2026 disclosure, Steel Authority of India Limited is 2.76% of HSBC 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: HSBC Mutual Fund's SEBI-mandated monthly portfolio disclosure, dated 30 June 2026. Data is for information only, not investment advice. Holdings may have changed since the disclosure date.