Aditya Birla SL Arbitrage Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Aditya Birla SL Arbitrage Fund Direct Growth Plan is at ₹30.8856 as of 03 September 2026, with an AUM of ₹26,939 Cr. Its 1-year, 3-year and 5-year returns are 6.72%, 7.49% and 6.76%, and it sits in the Low Risk bucket.

Our view is that this fund suits conservative investors who want steadier behaviour than a typical equity scheme, while still accepting that returns can move around with market conditions. The portfolio is built around arbitrage-linked holdings and liquid instruments, so the return pattern is more measured than what investors usually expect from equity funds tied closely to market direction.

Quick facts

Particular	Details
NAV	₹30.8856 as of 03 Sep 2026
AUM	₹26,939 Cr
Expense Ratio	0.31%
Launch Date	01 Jan 2013
Min SIP	₹100
Risk Category	Low Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	0.25% on or before 15D, Nil after 15D
Fund Managers	Lovelish Solanki, Mohit Sharma, Krina Mehta

The fund is managed by Lovelish Solanki, Mohit Sharma and Krina Mehta.

Source data date: as of 03 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	0.24%	-3.01%
3M	1.94%	1.95%
1Y	6.72%	-4.4%
3Y	7.49%	5.74%
5Y	6.76%	6.27%

The recent picture is mixed but constructive. Over one month, the fund stayed slightly positive while the benchmark was negative, which tells us the strategy has held up better in a weak market patch. Over three months, both the fund and benchmark delivered similar gains, so the gap was narrow in the near term.

The longer record is stronger than the short-term drift suggests. The 1-year return is well ahead of the benchmark, and the 3-year and 5-year figures remain above it as well. That matters because arbitrage-style portfolios are usually judged less by sharp upside and more by whether they can deliver a steadier path with less dependence on a strong equity market. This fund has done that better than the benchmark across the stated horizons.

The time pattern also points to relatively modest compounding rather than a straight-line climb. There were periods where returns flattened or softened before recovering again, which is normal for a strategy that depends on spread capture and market conditions. Our read is that the fund has been more resilient than exciting, and that is consistent with its Low Risk profile.

For investors, the important point is not that the fund has beaten the benchmark in every short window, but that its medium-term record has stayed ahead while preserving a calmer return profile. That combination may appeal to someone who values stability over high-growth potential.

Source data date: as of 03 Sep 2026

Should you BUY or HOLD Aditya Birla SL Arbitrage?

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.

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Peer comparison

Fund	1Y return	3Y return	5Y return
Aditya Birla SL Arbitrage Fund Direct Growth Plan	6.72%	7.49%	6.76%
ICICI Pru Strategic Metal and Energy Equity FoF Direct Growth Plan	69.39%	36.34%	Data not available
SBI Automotive Opportunities Fund Direct Growth Plan	31.34%	Data not available	Data not available
Kotak Healthcare Fund Direct Growth Plan	28.01%	Data not available	Data not available
HDFC Pharma and Healthcare Fund Direct Growth Plan	27.49%	Data not available	Data not available
Aditya Birla SL Mfg. Equity Fund Direct Growth Plan	26.54%	22.36%	15.89%

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. On the available 1-year figures, the fund trails several of the listed peers, but those comparisons are not apples to apples because the peer set includes sector and thematic funds with very different return profiles. The more useful comparison is on the longer horizon: the fund’s 3-year and 5-year returns are below the stronger thematic peers, yet they remain steady and positive, which fits an arbitrage-style mandate better than a momentum-driven equity theme.

The short-term and longer-term stories do differ. In the latest year, the fund is much closer to conservative compounding than to the sharp swings seen in thematic peers, while over 3 and 5 years it has kept a modest but consistent edge over the benchmark. For an investor who is not chasing the highest return number, that steadiness is the more relevant comparison.

Source data date: as of 03 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Aditya Birla Sun Life Money Manager Fund – Growth – Direct Plan	Domestic Mutual Funds Units	10.07%
ICICI Bank Ltd.	Bank	3.58%
Aditya Birla Sun Life Floating Rate Fund – Direct Plan – Growth	Domestic Mutual Funds Units	3.53%
HDFC Bank Ltd.	Bank	3.23%
Reliance Industries Ltd.	Crude Oil	3.15%
Vodafone Idea Ltd.	Telecom	2.39%
Bharti Airtel Ltd.	Telecom	2.33%
Axis Bank Ltd.	Bank	2.08%
Aditya Birla Sun Life Liquid Fund Direct Plan Growth	Domestic Mutual Funds Units	1.6%
Kotak Mahindra Bank Ltd.	Bank	1.46%

The top 10 holdings account for approximately 33.42% of the portfolio.

To see all holdings, visit the Aditya Birla SL Arbitrage Fund Direct Growth Plan page

The largest holding is the Aditya Birla Sun Life Money Manager Fund – Growth – Direct Plan at 10.07%, which is a meaningful position for a strategy built around cash-like and arbitrage-related instruments. The next holdings drop quickly into the 3% to 4% range, and the tenth holding is only 1.46%, so the visible book is not dominated by a single oversized allocation.

That said, the top 10 still account for about one-third of the portfolio, while the full disclosed list runs to 55 holdings. Our read is that this leaves the fund with a fairly broad tail beyond the largest positions, even though the first few names are likely to have greater influence on day-to-day behaviour.

The mix also suggests that the fund is not using concentration the way a thematic equity portfolio would. Instead, weight is spread across mutual fund units, banks, telecom names and other positions, which may help keep the strategy balanced across multiple return drivers.

Source data date: as of 03 Sep 2026

Who should invest

This fund may suit investors with a conservative to low-to-moderate risk tolerance who want equity-fund taxation and a steadier return pattern rather than aggressive capital growth. The Low Risk label, the close alignment with benchmark-style movements, and the relatively stable 1-year, 3-year and 5-year returns all point to a more measured profile.

A longer horizon can still help, but the better use case is often as a parking or allocation tool inside a broader portfolio rather than as a high-return core equity holding. The trade-off is straightforward: you give up the possibility of sharp upside in exchange for a more controlled path and a return pattern that has stayed ahead of the benchmark over the stated longer windows.

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: 0.25% if units are sold on or before 15 days; nil after 15 days.

Source data date: as of 03 Sep 2026

Frequently asked questions

What is the current NAV of Aditya Birla SL Arbitrage Fund Direct Growth Plan?
The current NAV is ₹30.8856 as of 03 September 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
Its 1-year return is 6.72%, its 3-year return is 7.49%, and its 5-year return is 6.76%.

How does it compare with the benchmark?
It has been ahead of the Nifty 50 over 1-year, 3-year and 5-year periods. The 3-month numbers are almost identical, while the fund was ahead over 1 month as well.

How does it compare with the listed peer funds?
Its return profile is far more measured than the sector and thematic peers listed alongside it. Those peers show much higher 1-year figures, while this fund’s longer-term returns stay steady and benchmark-aware.

What is the minimum SIP amount?
The minimum SIP amount is ₹100.

Who manages the fund and what is the exit load?
The fund is managed by Lovelish Solanki, Mohit Sharma and Krina Mehta. The exit load is 0.25% if units are sold on or before 15 days, and nil after 15 days.

Bottom line

Aditya Birla SL Arbitrage Fund Direct Growth Plan has shown a steadier return path than the benchmark, with the most recent year, 3-year and 5-year figures all staying positive and above Nifty 50. Compared with the listed peers, the fund’s returns are far more restrained, but that is consistent with its Low Risk profile rather than a theme-led equity style. The portfolio is spread across 55 holdings, with the top 10 contributing about one-third of assets, which supports a diversified, measured character.

Published on 4 September 2026 at 12:47 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.