Mirae Asset Income plus Arbitrage Active FOF Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 16, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
Mirae Asset Income plus Arbitrage Active FOF Direct Growth Plan sits at ₹10.644 NAV as of 15 September 2026, with scheme AUM of ₹22 Cr. Its 1-year, 3-year and 5-year returns are 5.31%, 0% and 0%, and it carries a Medium Risk label. Our view is that this is a conservative-leaning fund of fund structure with modest recent gains, but the limited track record means the case rests more on portfolio mix and benchmark behaviour than on a long performance history.
We see the fund as suitable for investors who want a relatively steady allocation rather than a return-chasing one. The holdings are concentrated in three Mirae Asset underlying funds plus cash-like TREPS, which may help explain the restrained movement in recent periods.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹10.644 as of 15 Sep 2026 |
| AUM | ₹22 Cr |
| Expense Ratio | 0.06% |
| Launch Date | 04 Jul 2025 |
| Min SIP | ₹99 |
| Risk Category | Medium Risk |
| Benchmark | Nifty 50 |
| Fund Category | Fund of Fund |
| Exit Load | 0.25% on or before 15D, Nil after 15D |
| Fund Managers | Basant Bafna |
The fund is managed by Basant Bafna.
Source data date: as of 15 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -0.2% | -4.81% |
| 3M | 0.96% | -3.63% |
| 1Y | 5.31% | -8.27% |
| 3Y | Data not available | Data not available |
| 5Y | Data not available | Data not available |
The recent pattern is stable rather than exciting. Over 1 month, the fund slipped only slightly, while the benchmark fell much more sharply; that tells us the fund has been carrying a far smoother short-term path than the index. The 3-month figure is also positive, which reinforces the view that the structure has been more defensive than the benchmark in the near term.
The 1-year return is the clearest usable longer-window figure, and it remains ahead of the benchmark by a wide margin. That gap matters because the benchmark itself has been weak over the same period, so the fund’s edge reflects both its defensive mix and its ability to avoid the full drawdown seen in equities.
At the same time, we would not over-read the 1-year result. The fund was launched only in July 2025, so there is no genuine 3-year or 5-year record yet. For that reason, the current behaviour is more useful as a guide to how the fund has behaved in a mixed market than as proof of long-cycle consistency.
On the available evidence, the fund has been less volatile than the benchmark and has preserved capital better in weaker phases. That is the main analytical takeaway from the return pattern so far.
Source data date: as of 15 Sep 2026
Should you BUY or HOLD Mirae Asset Income plus Arbitrage Active FOF?
A fund’s past returns alone don’t tell you whether you should buy it today or continue holding it.
The right decision depends on factors such as your current allocation, purchase price, risk profile, investment horizon and the role this fund plays in your overall portfolio.
Already holding Mirae Asset Income plus Arbitrage Active FOF? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| Mirae Asset Income plus Arbitrage Active FOF Direct Growth Plan | 5.31% | Data not available | Data not available |
| SBI Silver ETF FOF Direct Growth Plan | 75.06% | Data not available | Data not available |
| Kotak Silver ETF FoF Direct Growth Plan | 74.67% | 44.26% | Data not available |
| Axis Silver FoF Direct Growth Plan | 73.7% | 44.39% | Data not available |
| Zerodha Silver ETF FoF Direct Growth Plan | 73.46% | Data not available | Data not available |
| Nippon India Silver ETF FOF Direct Growth Plan | 72.65% | 43.94% | Data not available |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
The fund’s 1-year return is far below the silver-focused peer set shown here, but that comparison is not fully like-for-like because the peer group is built around a different underlying theme. Within the limited data available, the fund’s 3-year and 5-year figures cannot be compared on equal footing because the scheme has not yet built those histories.
So the short-term picture and the longer-term picture tell different stories. The short-term result shows a steady, low-volatility profile, while the peer set’s recent returns are much higher because those funds are tied to a very different market driver. For readers assessing only this fund’s behaviour, the key point is that its return profile looks defensive rather than momentum-led.
Source data date: as of 15 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| Mirae Asset Short Term Fund-Direct Plan-Growth | Domestic Mutual Funds Units | 44.5% |
| Mirae Asset Arbitrage Fund-Direct Plan-Growth | Domestic Mutual Funds Units | 37.69% |
| Mirae Asset Long Term Fund-Direct Plan-Growth | Domestic Mutual Funds Units | 16.82% |
| TREPS | Cash & Cash Equivalents and Net Assets | 1.06% |
The largest holding is Mirae Asset Short Term Fund-Direct Plan-Growth at 44.5%, so almost half the portfolio is tied to a single underlying scheme. The next two positions are also substantial, at 37.69% and 16.82%, which means the structure is dominated by three fund exposures rather than a broad spread of unrelated holdings.
The drop from the largest holding to TREPS is steep, and the whole disclosed book contains only four positions. That tells us the fund is not built around a long tail of small holdings; instead, it relies on a compact set of allocations that may give the portfolio a cleaner shape but also make each underlying sleeve more important to the outcome.
Because the top four holdings account for 100% of the portfolio, the disclosed allocation is fully concentrated within those positions. That does not automatically make the fund aggressive, but it does mean the return path is likely to be influenced mainly by the behaviour of those underlying Mirae Asset funds and by the limited cash-like buffer.
Source data date: as of 15 Sep 2026
Who should invest
This fund may suit investors with moderate risk tolerance who want a calmer return profile than a plain equity fund. The Medium Risk label, along with the short-term stability against a weak benchmark, points to a structure that may appeal to those who are comfortable with some fluctuation but still value downside control.
The better fit is usually a medium- to longer-horizon allocation where the investor can allow the fund’s underlying sleeves to play out across market cycles. The main trade-off is that this kind of structure may protect better in weaker phases, but it is unlikely to deliver the kind of upside seen in stronger equity-led peer themes.
Tax and exit load
| Holding period | Tax rate | Description |
|---|---|---|
| Units held less than 1 year | 20% | Short-term capital gains tax |
| Units held more than 1 year | 12.5% | Long-term capital gains tax |
Exit load applies at 0.25% on or before 15 days, and it is nil after 15 days.
Source data date: as of 15 Sep 2026
Frequently asked questions
What is the current NAV of Mirae Asset Income plus Arbitrage Active FOF Direct Growth Plan?
The current NAV is ₹10.644 as of 15 September 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
Its 1-year return is 5.31%, while the 3-year and 5-year returns are not available yet because the scheme is too new for those full horizons.
How has the fund done against its benchmark?
It has held up better than the benchmark over the available periods. The 1-month, 3-month and 1-year figures all show a much steadier path than Nifty 50.
How does it compare with the peer funds listed here?
Its 1-year return is much lower than the silver ETF FoF peers shown here, but those funds follow a different theme. The comparison is useful for context, but not as a direct like-for-like return contest.
What is the minimum SIP amount?
The minimum SIP amount is ₹99.
Who manages the fund, and what is the exit load?
Basant Bafna manages the fund. The exit load is 0.25% on or before 15 days, and nil after 15 days.
Bottom line
The fund’s near-term pattern is steadier than the benchmark, but its longer-horizon record is still not available because the scheme is recent. Against the peer funds shown here, its 1-year return looks far lower, although those peers are tied to a different market theme. The portfolio is highly compact, with four disclosed holdings accounting for the full allocation, so the underlying sleeves matter a lot. That makes the fund more suitable for investors who value a controlled profile and can accept limited upside compared with stronger equity-linked themes.
Published on 16 September 2026 at 6:04 PM IST
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RIA disclosure
Mutual fund investments are subject to market risks. Read all scheme-related documents carefully before investing. This review is prepared by Uniapps Investment Adviser Pvt. Ltd. (earlier known as Uniapps Global Research Pvt. Ltd.) under SEBI Registered Investment Adviser registration INA000017639 for general informational purposes and is not personalized investment advice.