DSP Income Plus Arbitrage Omni FoF Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

DSP Income Plus Arbitrage Omni FoF Direct Growth Plan has a NAV of ₹23.9241 as of 09 Sep 2026 and scheme assets of ₹1,593 Cr. Its 1-year, 3-year and 5-year returns are 5.44%, 9.84% and 5.86% respectively, and the fund sits in the Medium Risk category. Our view is that this is a steadier hybrid-style option rather than a return-chasing one: the longer track record is modest but resilient, while the portfolio design points to a relatively narrow, underlying fixed-income and arbitrage blend.

The current return profile looks more balanced than aggressive. The fund’s five-year result is close to the benchmark, but the shorter periods have been more stable than the index, which makes it relevant for investors who want measured participation with less dependence on equity-like swings.

Quick facts

Particular	Details
NAV	₹23.9241 as of 09 Sep 2026
AUM	₹1,593 Cr
Expense Ratio	0.43%
Launch Date	21 Aug 2014
Min SIP	₹100
Risk Category	Medium Risk
Benchmark	Nifty 50
Fund Category	Hybrid
Exit Load	No exit load
Fund Managers	Kaivalya Nadkarni, Shantanu Godambe

The fund is managed by Kaivalya Nadkarni and Shantanu Godambe.

Source data date: as of 09 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	0.06%	-4.06%
3M	1.56%	1.37%
1Y	5.44%	-7.31%
3Y	9.84%	6.07%
5Y	5.86%	5.91%

In the near term, the fund has been notably steadier than the benchmark. Over 1 month, it stayed almost flat while the index was weaker, and over 3 months it held a slight edge. That tells us the strategy has not needed a sharp market rebound to maintain progress, which is consistent with a hybrid structure built around income-oriented and arbitrage-style components.

Over 1 year, the gap is even clearer: the fund delivered a positive result while the benchmark was negative. That is an important sign for investors who care about drawdown control as much as return. The 1-year pattern also suggests the portfolio absorbed a difficult market phase better than the index.

The 3-year return is stronger than the benchmark, which shows the fund has still been able to compound through a longer window. But the 5-year comparison is close, with the benchmark slightly ahead. In our view, that means the fund has delivered a smoother ride over shorter periods, while the longer-run outcome has been broadly in line with the market rather than decisively ahead of it.

Its recent behaviour does not look disconnected from the broader 3-year path. Instead, the last year appears to be a continuation of a relatively controlled compounding pattern, with less volatility than a pure equity benchmark.

Source data date: as of 09 Sep 2026

Should you BUY or HOLD DSP Income Plus Arbitrage Omni 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.

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Peer comparison

Fund	1Y return	3Y return	5Y return
DSP Income Plus Arbitrage Omni FoF Direct Growth Plan	5.44%	9.84%	5.86%
Quant Arbitrage Fund Direct Growth Plan	7.82%	Data not available	Data not available
Franklin India Arbitrage Fund Direct Growth Plan	7.23%	Data not available	Data not available
Motilal Oswal Arbitrage Fund Direct Growth Plan	7.19%	Data not available	Data not available
WOC Arbitrage Fund Direct Growth Plan	7.10%	Data not available	Data not available
Invesco India Arbitrage Fund Direct Growth Plan	7.02%	7.54%	7.05%

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.

The fund trails the stronger 1-year peer returns shown by the arbitrage funds in this set, where several peers are above 7%. That makes the recent one-year result look more moderate than standout. At the same time, the fund’s 3-year return is clearly ahead of the only peer in this list with a published 3-year figure, while the 5-year figure is behind that same peer but still close enough to suggest a competitive longer-run profile.

So the short-term and longer-term comparisons tell different stories. Recent returns look less forceful than the better peer outcomes, but the multi-year path remains credible. For us, that supports reading the fund as a steadier, lower-tilt option within this peer set rather than a product that is trying to lead on every time frame.

Source data date: as of 09 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
DSP Banking and PSU Debt Fund	Domestic Mutual Funds Units	51.05%
DSP Arbitrage Fund	Domestic Mutual Funds Units	36.26%
DSP Short Term Fund	Domestic Mutual Funds Units	12.38%

The largest holding is DSP Banking and PSU Debt Fund at 51.05%, which means more than half of the portfolio is tied to a single underlying fund. That size may make the overall outcome more sensitive to how that sleeve behaves, even though the structure is still housed inside a diversified fund-of-funds format.

The weight drops sharply after the top position, from 51.05% to 36.26% and then to 12.38%. With only three disclosed holdings, the portfolio looks compact rather than broad, and the top two positions together already account for most of the disclosed allocation.

Because the disclosed holdings are limited and their combined weight is 99.69%, the portfolio appears highly concentrated within a small set of underlying funds. That concentration could support a more controlled return pattern, but it also means each underlying sleeve is likely to have greater influence on the fund’s path than in a more widely spread portfolio.

Source data date: as of 09 Sep 2026

Who should invest

This fund may suit investors who are comfortable with Medium Risk and want a return pattern that has been steadier than a pure equity benchmark over recent periods. The 1-year outcome is materially better than the benchmark’s negative reading, while the 3-year and 5-year results show that the fund has still been able to compound over time without behaving like a high-volatility equity product.

The main trade-off is that the longer-run return profile is not dramatically ahead of the market, and the 5-year result is very close to the benchmark. That makes it more suitable for investors who value measured progress, relatively contained swings and a hybrid structure rather than those looking for strong equity-style upside. A medium-term horizon is more appropriate than a very short holding period.

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: No exit load.

Source data date: as of 09 Sep 2026

Frequently asked questions

What is the current NAV of DSP Income Plus Arbitrage Omni FoF Direct Growth Plan?

The current NAV is ₹23.9241 as of 09 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?

The fund’s 1-year return is 5.44%, the 3-year return is 9.84% and the 5-year return is 5.86%.

How does the fund compare with the benchmark?

It has outperformed the benchmark over 1 year and 3 years, while the 5-year return is very close to the benchmark. Over 1 month and 3 months, the fund has also held up better than the index.

How does it compare with peer funds on available return data?

Several peer arbitrage funds show higher 1-year returns, but the fund’s only available 3-year peer comparison is stronger and its 5-year figure is close to that peer’s figure. The short and long horizons do not tell the same story.

Is there a minimum SIP amount?

Yes. The minimum SIP amount is ₹100.

Who manages the fund and what is the exit load?

The fund is managed by Kaivalya Nadkarni and Shantanu Godambe. The exit load is nil, so no exit load applies on redemption.

Bottom line

DSP Income Plus Arbitrage Omni FoF Direct Growth Plan looks like a controlled, medium-risk hybrid option with steadier shorter-term behaviour than its benchmark. Its 1-year result is stronger than the index, its 3-year outcome is also ahead, and its 5-year result stays close to the benchmark rather than pulling far away from it. The portfolio is concentrated in just three disclosed underlying funds, with one sleeve carrying more than half the weight. That makes it better suited to investors who want measured compounding and can accept that the long-run edge may be limited.

Published on 11 September 2026 at 3:17 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.