MIRAE ASSET
ARBITRAGE FUND - (MAAF)

(Arbitrage Fund - An open ended scheme investing in arbitrage opportunities)
Details as on March 31, 2022
Type of Scheme Arbitrage Fund - An open ended scheme investing in arbitrage opportunities
Investment Objective The investment objective of the scheme is to generate capital appreciation and income by predominantly investing in arbitrage opportunities in the cash and derivative segments of the equity markets and the arbitrage opportunities available within the derivative segment and by investing the balance in debt and money market instruments. There is no assurance or guarantee that the investment objective of the scheme will be realized.
Fund Manager**
Mr. Jignesh Rao (Equity portion) (since June 19, 2020),
Mr. Jigar Sethia
(Equity portion) (since June 19, 2020) &
Mr. Mahendra Jajoo
(Debt portion) (since June 19, 2020)
Allotment Date 19th June, 2020
Benchmark Index NIFTY 50 Arbitrage Index
Minimum Investment
Amount
₹ 5,000/- and inmultiples of ₹ 1/- thereafter Minimum Additional Application Amount: ₹ 1,000/- per application and inmultiples of ₹ 1/- thereafter.
Systematic Investment
Plan (SIP)
(Any Date SIP is available from 1st July, 2019)
Monthly and Quarterly: ₹ 1,000/- (multiples of ₹ 1/- thereafter), minimum 5 in case of Monthly or 3 in case of Quarterly option.
Load Structure Entry load: NA
Exit Load: 0.25% if redeemed or switched out within 30 days from the date of allotment Nil after 30 days
Plans Available Regular Plan and Direct Plan
Options Available Growth Option and IDCW^ Option (Payout & Re-investment)
Monthly Average AUM (₹ Cr.) as on March 31, 2022 398.71
Net AUM
(₹ Cr.)
380.44
Monthly Avg. Expense Ratio
(Including Statutory Levies)
as on March 31, 2022
Regular Plan: 1.09%
Direct Plan: 0.37%
**For experience of Fund Managers Click Here
^Pursuant to Notice cum addendum dated March 27, 2021 the nomenclature of dividend option has been changed w.e.f. April 01, 2021.
NAV: Direct Regular
Growth ₹ 10.752 ₹ 10.622
IDCW ₹ 10.749 ₹ 10.621
Portfolio Turnover Ratio 17.31 times

@The Volatility, Beta, R Squared, Sharpe Ratio & Information Ratio are calculated on returns from last three years Monthly data points. # Risk free rate: FBIL OVERNIGHT MIBOR as on 31st March, 2022. ^Basis last rolling 12 months.
Since the fund has not completed 3 Years other ratio are not applicable.

Weighted Average Maturity 
0.94 Years
Modified Duration 
0.87 Years
Macaulay Duration
0.91 Years
Yield to Maturity 
4.44%
New Position Bought
Stock
Aerospace & Defense
Bharat Electronics Limited
Auto
Hero MotoCorp Limited
Banks
Kotak Mahindra Bank Limited
Cement & Cement Products
Dalmia Bharat Limited
Chemicals
Deepak Nitrite Limited
Tata Chemicals Limited
Construction
Oberoi Realty Limited
Construction Project
Larsen & Toubro Limited
Consumer Durables
Whirlpool of India Limited
Consumer Non Durables
Dabur India Limited
Hindustan Unilever Limited
United Breweries Limited
Finance
Bajaj Finance Limited
Power Finance Corporation Limited
Insurance
HDFC Life Insurance Company Limited
Leisure Services
The Indian Hotels Company Limited
Non - Ferrous Metals
Vedanta Limited
Pharmaceuticals
Abbott India Limited
Biocon Limited
Zydus Lifesciences Limited
Software
Coforge Limited
Infosys Limited
L&T Technology Services Limited
Larsen & Toubro Infotech Limited
Wipro Limited
Positions Exited
Stock
Aerospace & Defense
Hindustan Aeronautics Limited
Auto
Ashok Leyland Limited
TVS Motor Company Limited
Banks
IndusInd Bank Limited
Cement & Cement Products
Ambuja Cements Limited
UltraTech Cement Limited
Chemicals
Gujarat Narmada Valley Fertilizers and Chemicals Limited
Pidilite Industries Limited
Consumer Non Durables
Colgate Palmolive (India) Limited
Entertainment
PVR Limited
Ferrous Metals
Tata Steel Limited
Finance
L&T Finance Holdings Limited
Mahindra & Mahindra Financial Services Limited
SBI Cards and Payment Services Limited
Industrial Products
Astral Limited
Non - Ferrous Metals
Hindalco Industries Limited
National Aluminium Company Limited
Pesticides
PI Industries Limited
Pharmaceuticals
Alkem Laboratories Limited
Cadila Healthcare Limited
Retailing
Info Edge (India) Limited
Software
MphasiS Limited
Tata Consultancy Services Limited
Tech Mahindra Limited

Portfolio Holdings % Allocation
Banks
Bandhan Bank Ltd 3.35%
Kotak Mahindra Bank Ltd 2.69%
Axis Bank Ltd 1.68%
City Union Bank Ltd 1.53%
ICICI Bank Ltd 0.03%
Software
Infosys Ltd 2.78%
MindTree Ltd 1.36%
Coforge Ltd 1.18%
Wipro Ltd 0.92%
Larsen & Toubro Infotech Ltd 0.68%
L&T Technology Services Ltd 0.54%
Intellect Design Arena Ltd 0.47%
Firstsource Solutions Ltd 0.15%
HCL Technologies Ltd 0.13%
Entertainment
Sun TV Network Ltd 3.79%
Zee Entertainment Enterprises Ltd 2.07%
Finance
Power Finance Corporation Ltd 1.65%
Housing Development Finance Corporation Ltd 1.53%
IDFC Ltd 0.96%
Aditya Birla Capital Ltd 0.75%
Bajaj Finance Ltd 0.38%
Telecom - Services
Bharti Airtel Ltd 3.86%
Tata Communications Ltd 1.07%
Transportation
Adani Ports and Special Economic Zone Ltd 4.40%
Petroleum Products
Reliance Industries Ltd 3.98%
Consumer Non Durables
ITC Ltd 2.61%
Dabur India Ltd 0.33%
Nestle India Ltd 0.18%
Hindustan Unilever Ltd 0.16%
United Breweries Ltd 0.15%
Pharmaceuticals
Sun Pharmaceutical Industries Ltd 1.31%
Biocon Ltd 0.71%
Zydus Lifesciences Ltd 0.53%
Abbott India Ltd 0.38%
Divi's Laboratories Ltd 0.27%
Laurus Labs Ltd 0.18%
Leisure Services
Delta Corp Ltd 1.88%
The Indian Hotels Company Ltd 0.86%
Construction
Oberoi Realty Ltd 1.56%
DLF Ltd 0.96%
Non - Ferrous Metals
Vedanta Ltd 2.30%
Hindustan Copper Ltd 0.12%
Auto
Hero MotoCorp Ltd 2.33%
Aerospace & Defense
Bharat Electronics Ltd 2.15%
Chemicals
SRF Ltd 1.11%
Deepak Nitrite Ltd 0.47%
Rain Industries Ltd 0.36%
Tata Chemicals Ltd 0.10%
Healthcare Services
Metropolis Healthcare Ltd 1.73%
Apollo Hospitals Enterprise Ltd 0.25%
Retailing
Trent Ltd 1.58%
Insurance
HDFC Life Insurance Company Ltd 1.00%
Pesticides
UPL Ltd 0.97%
Industrial Capital Goods
Siemens Ltd 0.67%
Consumer Durables
Whirlpool of India Ltd 0.53%
Cement & Cement Products
Dalmia Bharat Ltd 0.36%
Auto Ancillaries
Balkrishna Industries Ltd 0.36%
Capital Markets
Multi Commodity Exchange of India Ltd 0.35%
Construction Project
Larsen & Toubro Ltd 0.21%
Equity Holding Total 70.96%
Equity Futures
ICICI Bank Ltd April 2022 Future -0.03%
Tata Chemicals Ltd April 2022 Future -0.10%
Hindustan Copper Ltd April 2022 Future -0.12%
HCL Technologies Ltd April 2022 Future -0.13%
United Breweries Ltd April 2022 Future -0.15%
Firstsource Solutions Ltd April 2022 Future -0.15%
Hindustan Unilever Ltd April 2022 Future -0.16%
Nestle India Ltd April 2022 Future -0.18%
Laurus Labs Ltd April 2022 Future -0.18%
Larsen & Toubro Ltd April 2022 Future -0.21%
Apollo Hospitals Enterprise Ltd April 2022 Future -0.25%
Divi's Laboratories Ltd April 2022 Future -0.27%
Dabur India Ltd April 2022 Future -0.34%
Multi Commodity Exchange of India Ltd April 2022 Future -0.35%
Rain Industries Ltd April 2022 Future -0.36%
Balkrishna Industries Ltd April 2022 Future -0.36%
Dalmia Bharat Ltd April 2022 Future -0.37%
Abbott India Ltd April 2022 Future -0.38%
Bajaj Finance Ltd April 2022 Future -0.38%
Intellect Design Arena Ltd April 2022 Future -0.47%
Deepak Nitrite Ltd April 2022 Future -0.47%
Whirlpool of India Ltd April 2022 Future -0.53%
Zydus Lifesciences Ltd April 2022 Future -0.54%
L&T Technology Services Ltd April 2022 Future -0.54%
Siemens Ltd April 2022 Future -0.67%
Larsen & Toubro Infotech Ltd April 2022 Future -0.68%
Biocon Ltd April 2022 Future -0.71%
Aditya Birla Capital Ltd April 2022 Future -0.75%
The Indian Hotels Company Ltd April 2022 Future -0.86%
Wipro Ltd April 2022 Future -0.92%
DLF Ltd April 2022 Future -0.96%
IDFC Ltd April 2022 Future -0.96%
UPL Ltd April 2022 Future -0.98%
HDFC Life Insurance Company Ltd April 2022 Future -1.00%
Tata Communications Ltd April 2022 Future -1.08%
SRF Ltd April 2022 Future -1.11%
Coforge Ltd April 2022 Future -1.19%
Sun Pharmaceutical Industries Ltd April 2022 Future -1.32%
MindTree Ltd April 2022 Future -1.36%
HDFC Ltd April 2022 Future -1.53%
City Union Bank Ltd April 2022 Future -1.54%
Oberoi Realty Ltd April 2022 Future -1.56%
Trent Ltd April 2022 Future -1.59%
Power Finance Corporation Ltd April 2022 Future -1.66%
Axis Bank Ltd April 2022 Future -1.69%
Metropolis Healthcare Ltd April 2022 Future -1.74%
Delta Corp Ltd April 2022 Future -1.89%
Zee Entertainment Enterprises Ltd April 2022 Future -2.08%
Bharat Electronics Ltd April 2022 Future -2.16%
Vedanta Ltd April 2022 Future -2.31%
Hero MotoCorp Ltd April 2022 Future -2.35%
ITC Ltd April 2022 Future -2.63%
Kotak Mahindra Bank Ltd April 2022 Future -2.70%
Infosys Ltd April 2022 Future -2.79%
Bandhan Bank Ltd April 2022 Future -3.37%
Sun TV Network Ltd April 2022 Future -3.81%
Bharti Airtel Ltd April 2022 Future -3.88%
Reliance Industries Ltd April 2022 Future -4.01%
Adani Ports and Special Economic Zone Ltd April 2022 Future -4.42%
Equity Futures Total -71.29%
Government Bond
6.84% GOI (19/12/2022) 8.02%
6.18% GOI (04/11/2024) 4.02%
3.96% GOI (09/11/2022) 3.94%
Government Bond Total 15.98%
Treasury Bill
364 Days Tbill (19/08/2022) 2.59%
364 Days Tbill (04/08/2022) 1.30%
364 Days Tbill (11/08/2022) 1.30%
364 Days Tbill (25/08/2022) 1.29%
Treasury Bill Total 6.47%
Cash & Other Receivables Total 77.89%
Total 100.00%

Growth of Rs. 10,000 invested at inception: 10,622

Returns (in%)
1 Yr SI
MAAF
3.67%
3.45%
Scheme Benchmark*
3.82%
3.45%
Additional Benchmark**
3.76%
3.72%
NAV as on 31st March, 2022 10.622
Index Value (31st March, 2022) Index Value of Scheme benchmark is 2,022.09 and CRISIL 1 Year T-Bill is 6,332.07
Allotment Date 19th June, 2020
Scheme Benchmark *Nifty 50 Arbitrage Index
Additional Benchmark **CRISIL 1 Year T-Bill

Fund manager : Mr. Jignesh Rao (since June 19, 2020), Mr. Jigar Sethia (since June 19, 2020) and Mr. Mahendra Jajoo (Debt Portion) (since June 19, 2020)
Note: Returns below or for 1 year are absolute returns, returns above 1 year are CAGR- Compounded Annualized Growth returns.

Period Total Amount Invested Mkt Value as on
31-March-2022
SI
210,000
216,779
1 Yr
120,000
122,177

Returns (%)
Period
SI
1yr
Fund Return& (%)
3.53
3.41
Benchmark Return& (%)
3.83
3.60
Add. Benchmark Return& (%)
3.79
3.88

& The SIP returns are calculated by XIRR approach assuming investment of ₹ 10,000/- on the 1st working day of every month.

This product is suitable for investors who are seeking*
• Income over short term
• Investments predominantly in arbitrage opportunities in the cash and derivative segments and the arbitrage opportunities available within the derivative segment

*Investors should consult their financial advisers if they are not clear about the suitability of the product.


Past Performance may or may not be sustained in future.
Note : For computation of since inception returns (%) the allotment NAV has been taken as ₹ 10.00. The performance of other funds managed by the same fund manager is given in the respective page of the schemes and on
Different Plans under the scheme has different expense structure. The reference and details provided here in are of Regular Plan - Growth Option