Zerodha Arbitrage Fund holds 102 instruments (68.47% equity), led by HDFC Bank Limited (8.18%), ICICI Bank Limited (4.36%) and The Federal Bank Limited (3.91%), as of its 30 September 2026 SEBI-mandated monthly disclosure.
This page shows the complete disclosed portfolio of Zerodha Arbitrage Fund, managed by Zerodha Mutual Fund, based on its monthly portfolio disclosure dated 30 September 2026. The fund holds 102 instruments with an equity allocation of 68.47%. Percentages are of net assets (% to NAV). Click any stock to see every other mutual fund that also holds it.
Zerodha Arbitrage Fund's top 10 holdings account for 33.72% of its portfolio, more concentrated than the Hybrid category average of 27.4%. Financial Services is its largest sector exposure at 34.31% of net assets, spread across 12 sectors in total. Since its 31 August 2026 disclosure, the fund added 25 new positions and exited 4 positions, with HDFC Asset Management Company Limited seeing the largest move (-2.65pp to 0.29%).
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 |
|---|---|---|
| HDFC Bank Limited | 5.97% → 8.18% | ▲ +2.21 |
| ICICI Bank Limited | 3.22% → 4.36% | ▲ +1.14 |
| The Federal Bank Limited | 2.82% → 3.91% | ▲ +1.09 |
| Reliance Industries Limited | 1.47% → 2.16% | ▲ +0.69 |
| Bharti Airtel Limited | 1.98% → 2.5% | ▲ +0.52 |
| Stock | Weight | Change |
|---|---|---|
| HDFC Asset Management Company Limited | 2.94% → 0.29% | ▼ -2.65 |
| State Bank of India | 2.98% → 0.92% | ▼ -2.06 |
| Bajaj Finance Limited | 2.97% → 1.08% | ▼ -1.89 |
| Crompton Greaves Consumer Electricals Limited | 4.23% → 2.78% | ▼ -1.45 |
| AU Small Finance Bank Limited | 3.13% → 1.95% | ▼ -1.18 |
| IDFC First Bank Limited | 3.67% → 2.59% | ▼ -1.08 |
| Godrej Properties Limited | 2.64% → 1.59% | ▼ -1.05 |
| Tata Steel Limited | 3.06% → 2.06% | ▼ -1 |
| Cummins India Limited | 1.18% → 0.2% | ▼ -0.98 |
| Axis Bank Limited | 3.27% → 2.3% | ▼ -0.97 |
% to NAV of the fund's current top holdings over its last 2 monthly disclosures (Aug – Sept 2026).
| # | Holding | Sector | % to NAV |
|---|---|---|---|
| 1 | Clearing Corporation of India Limitedother | — | 15.41% |
| 2 | HSBC Liquid Fund - Growth Directmf | — | 12.88% |
| 3 | 364 Days Treasury Billtbill | — | 10.17% |
| 4 | HDFC Bank Limited | Financial Services | 8.18% |
| 5 | ICICI Bank Limited | Financial Services | 4.36% |
| 6 | The Federal Bank Limited | Financial Services | 3.91% |
| 7 | Crompton Greaves Consumer Electricals Limited | Consumer Discretionary | 2.78% |
| 8 | IDFC First Bank Limited | Financial Services | 2.59% |
| 9 | Bharti Airtel Limited | Telecommunication | 2.5% |
| 10 | Bank of Baroda | Financial Services | 2.45% |
| 11 | PNB Housing Finance Limited | Financial Services | 2.34% |
| 12 | Indus Towers Limited | Telecommunication | 2.31% |
| 13 | Axis Bank Limited | Financial Services | 2.3% |
| 14 | Coal India Limited | Energy | 2.21% |
| 15 | Reliance Industries Limited | Energy | 2.16% |
| 16 | Tata Steel Limited | Materials | 2.06% |
| 17 | ITC Limited | Consumer Staples | 2.04% |
| 18 | Trent Limited | Consumer Discretionary | 2.02% |
| 19 | Infosys Limited | Information Technology | 1.96% |
| 20 | AU Small Finance Bank Limited | Financial Services | 1.95% |
| 21 | Tata Motors Passenger Vehicles Limited | Consumer Discretionary | 1.94% |
| 22 | Life Insurance Corporation Of India | Financial Services | 1.89% |
| 23 | Godrej Properties Limited | Real Estate | 1.59% |
| 24 | GAIL (India) Limited | Utilities | 1.3% |
| 25 | Astral Limited | Industrials | 1.12% |
| 26 | IndusInd Bank Limited | Financial Services | 1.08% |
| 27 | Bajaj Finance Limited | Financial Services | 1.08% |
| 28 | Coforge Limited | Information Technology | 1.07% |
| 29 | HCL Technologies Limited | Information Technology | 1.05% |
| 30 | Swiggy Limited | Consumer Discretionary | 0.98% |
| 31 | State Bank of India | Financial Services | 0.92% |
| 32 | Tata Power Company Limited | Utilities | 0.89% |
| 33 | Tata Consultancy Services Limited | Information Technology | 0.79% |
| 34 | TVS Motor Company Limited | Consumer Discretionary | 0.62% |
| 35 | Persistent Systems Limited | Information Technology | 0.56% |
| 36 | Container Corporation of India Limited | Services | 0.48% |
| 37 | Divi's Laboratories Limited | Healthcare | 0.4% |
| 38 | HDFC Asset Management Company Limited | Financial Services | 0.29% |
| 39 | Aditya Birla Capital Limited | Financial Services | 0.25% |
| 40 | Cummins India Limited | Industrials | 0.2% |
| 41 | Marico Limited | Consumer Staples | 0.2% |
| 42 | Bajaj Auto Limited | Consumer Discretionary | 0.17% |
| 43 | Canara Bank | Financial Services | 0.17% |
| 44 | Hero MotoCorp Limited | Consumer Discretionary | 0.17% |
| 45 | Union Bank of India | Financial Services | 0.16% |
| 46 | Multi Commodity Exchange of India Limited | Financial Services | 0.16% |
| 47 | Pidilite Industries Limited | Materials | 0.16% |
| 48 | Adani Power Limited | Utilities | 0.16% |
| 49 | Bank of India | Financial Services | 0.14% |
| 50 | Nestle India Limited | Consumer Staples | 0.14% |
| 51 | Oberoi Realty Limited | Real Estate | 0.13% |
| 52 | Power Finance Corporation Limited | Financial Services | 0.09% |
| 53 | Power Finance Corporation Ltdother | — | -0.09% |
| 54 | Oberoi Realty Limitedother | — | -0.13% |
| 55 | Nestle India Limitedother | — | -0.14% |
| 56 | Bank of Indiaother | — | -0.15% |
| 57 | Pidilite Industries Ltdother | — | -0.16% |
| 58 | Adani Power Limitedother | — | -0.16% |
| 59 | Multi Commodity Exchange of India Ltdother | — | -0.16% |
| 60 | Union Bank of Indiaother | — | -0.16% |
| 61 | Hero MotoCorp Limitedother | — | -0.17% |
| 62 | Canara Bankother | — | -0.17% |
| 63 | Bajaj Auto Limitedother | — | -0.18% |
| 64 | Marico Limitedother | — | -0.2% |
| 65 | Cummins India Ltdother | — | -0.21% |
| 66 | Aditya Birla Capital Limitedother | — | -0.25% |
| 67 | HDFC Asset Management Company Ltdother | — | -0.3% |
| 68 | Divi's Laboratories Limitedother | — | -0.4% |
| 69 | Container Corporation of India Ltdother | — | -0.48% |
| 70 | Persistent Systems Limitedother | — | -0.56% |
| 71 | TVS Motor Company Ltdother | — | -0.62% |
| 72 | Tata Consultancy Services Limitedother | — | -0.79% |
| 73 | Tata Power Company Limitedother | — | -0.89% |
| 74 | State Bank of Indiaother | — | -0.93% |
| 75 | SWIGGY LIMITEDother | — | -0.98% |
| 76 | HCL Technologies Limitedother | — | -1.05% |
| 77 | Coforge Ltdother | — | -1.08% |
| 78 | IndusInd Bank Limitedother | — | -1.08% |
| 79 | Bajaj Finance Limitedother | — | -1.09% |
| 80 | Astral Limitedother | — | -1.12% |
| 81 | GAIL (India) Limitedother | — | -1.31% |
| 82 | Godrej Properties Limitedother | — | -1.6% |
| 83 | Life Insurance Corporation Of Indiaother | — | -1.92% |
| 84 | Tata Motors Passenger Vehicles Limitedother | — | -1.94% |
| 85 | AU Small Finance Bank Ltdother | — | -1.95% |
| 86 | Infosys Limitedother | — | -1.97% |
| 87 | Trent Ltdother | — | -2.04% |
| 88 | ITC Limitedother | — | -2.04% |
| 89 | Tata Steel Limitedother | — | -2.08% |
| 90 | Reliance Industries Limitedother | — | -2.17% |
| 91 | Coal India Ltdother | — | -2.22% |
| 92 | Axis Bank Limitedother | — | -2.3% |
| 93 | Indus Towers Limitedother | — | -2.31% |
| 94 | PNB Housing Finance Limitedother | — | -2.35% |
| 95 | Bank of Barodaother | — | -2.48% |
| 96 | Bharti Airtel Limitedother | — | -2.51% |
| 97 | IDFC First Bank Limitedother | — | -2.59% |
| 98 | Crompton Greaves Consumer Elec Ltdother | — | -2.81% |
| 99 | The Federal Bank Limitedother | — | -3.94% |
| 100 | ICICI Bank Limitedother | — | -4.38% |
| 101 | Net Receivable / Payableother | — | -6.93% |
| 102 | HDFC Bank Limitedother | — | -8.26% |
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: Zerodha 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.