JM Arbitrage Fund holds 115 instruments (77.15% equity), led by ICICI Bank Limited (4.54%), Reliance Industries Limited (4.13%) and Axis Bank Limited (3.89%), as of its 30 September 2026 SEBI-mandated monthly disclosure.
This page shows the complete disclosed portfolio of JM Arbitrage Fund, managed by JM Financial Mutual Fund, based on its monthly portfolio disclosure dated 30 September 2026. The fund holds 115 instruments with an equity allocation of 77.15%. Percentages are of net assets (% to NAV). Click any stock to see every other mutual fund that also holds it.
JM Arbitrage Fund's top 10 holdings account for 30.56% of its portfolio, more concentrated than the Hybrid category average of 27.4%. Financial Services is its largest sector exposure at 31.96% of net assets, spread across 11 sectors in total. Since its 31 August 2026 disclosure, the fund added 1 new position and exited 13 positions, with HDFC Bank Limited seeing the largest move (-2.95pp to 0.7%).
Equity holdings grouped by sector, % to NAV. "Other" covers debt, cash and other non-equity instruments, plus any equity holding without a classified sector.
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.
| Stock | Weight | Change |
|---|---|---|
| ICICI Bank Limited | 3.38% → 4.54% | ▲ +1.16 |
| Reliance Industries Limited | 3.14% → 4.13% | ▲ +0.99 |
| Axis Bank Limited | 2.95% → 3.89% | ▲ +0.94 |
| Bandhan Bank Limited | 1.15% → 1.9% | ▲ +0.75 |
| Vodafone Idea Limited | 2.72% → 3.4% | ▲ +0.68 |
| State Bank of India | 2.01% → 2.6% | ▲ +0.59 |
| Adani Enterprises Limited | 1.34% → 1.92% | ▲ +0.58 |
| Varun Beverages Limited | 1.08% → 1.65% | ▲ +0.57 |
| Tata Steel Limited | 2.73% → 3.27% | ▲ +0.54 |
| Indus Towers Limited | 1.45% → 1.97% | ▲ +0.52 |
| Stock | Weight | Change |
|---|---|---|
| HDFC Bank Limited | 3.65% → 0.7% | ▼ -2.95 |
| Bharti Airtel Limited | 2.55% → 0.81% | ▼ -1.74 |
| Larsen & Toubro Limited | 1.82% → 0.77% | ▼ -1.05 |
| Kotak Mahindra Bank Limited | 3.65% → 2.94% | ▼ -0.71 |
| Adani Ports and Special Economic Zone Limited | 1.52% → 0.95% | ▼ -0.57 |
| Punjab National Bank | 0.76% → 0.27% | ▼ -0.49 |
| JSW Steel Limited | 1.12% → 0.67% | ▼ -0.45 |
| Hindustan Unilever Limited | 0.8% → 0.38% | ▼ -0.42 |
| Mahindra & Mahindra Limited | 1.2% → 0.8% | ▼ -0.4 |
| AU Small Finance Bank Limited | 0.41% → 0.03% | ▼ -0.38 |
% to NAV of the fund's current top holdings over its last 6 monthly disclosures (Feb – Sept 2026).
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: JM Financial Mutual Fund's SEBI-mandated monthly portfolio disclosure, dated 30 September 2026. Data is for information only, not investment advice. Holdings may have changed since the disclosure date.