Mirae Asset Arbitrage Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Mirae Asset Arbitrage Fund Direct Growth Plan has a NAV of ₹14.59 as of 15 Sep 2026 and an AUM of ₹3,838 Cr. Its 1-year, 3-year and 5-year returns are 6.79%, 7.43% and 6.74%, and the scheme is tagged Low Risk.

Our view is that this fund fits investors looking for a conservative arbitrage-style allocation with relatively steady outcomes rather than sharp upside. The return pattern is stable versus the benchmark, and the portfolio mix shows a meaningful spread across cash-like instruments and equity positions.

Quick facts

Particular	Details
NAV	₹14.59 as of 15 Sep 2026
AUM	₹3,838 Cr
Expense Ratio	0.15%
Launch Date	19 Jun 2020
Min SIP	₹99
Risk Category	Low Risk
Benchmark	Nifty 50
Fund Category	Hybrid
Exit Load	0.25% on or before 15D, Nil after 15D
Fund Managers	Jignesh Rao, Jigar Shethia, Pranavi Kulkarni

The fund is managed by Jignesh Rao, Jigar Shethia and Pranavi Kulkarni.

Source data date: as of 15 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	0.64%	-4.81%
3M	1.67%	-3.63%
1Y	6.79%	-8.27%
3Y	7.43%	5.59%
5Y	6.74%	5.58%

The short-term pattern is noticeably steadier than the benchmark. Over 1 month and 3 months, the fund stayed slightly positive while Nifty 50 was negative, which shows the kind of cushioning investors often expect from an arbitrage-oriented hybrid scheme.

The 1-year number is also much more resilient than the benchmark’s negative reading. That gap matters because it suggests the fund has held up well through a difficult period for the index, even if the fund itself is not designed to chase equity-style bursts of growth.

The longer view is more balanced. The 3-year and 5-year returns are both in the mid-to-high 6% to 7% range, while the benchmark is around the mid-5% area over those same horizons. So the fund has stayed ahead on these trailing periods, but the margin is not dramatic.

The daily pattern behind those returns looks calm rather than volatile, with the fund’s trend line moving gradually higher over time instead of swinging sharply. That supports a conservative investor’s case, but it also means return expectations should stay modest relative to pure equity funds.

Source data date: as of 15 Sep 2026

Should you BUY or HOLD Mirae Asset 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
Mirae Asset Arbitrage Fund Direct Growth Plan	6.79%	7.43%	6.74%
Quant Arbitrage Fund Direct Growth Plan	7.6%	Data not available	Data not available
WOC Arbitrage Fund Direct Growth Plan	7.08%	Data not available	Data not available
Motilal Oswal Arbitrage Fund Direct Growth Plan	7%	Data not available	Data not available
Franklin India Arbitrage Fund Direct Growth Plan	6.99%	Data not available	Data not available
Invesco India Arbitrage Fund Direct Growth Plan	6.85%	7.5%	7.04%

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

The fund trails the strongest 1-year peer return in this set, but it stays close to the rest of the group. That puts its recent performance in the same broad lane as comparable arbitrage funds rather than far ahead or far behind.

On the longer horizon, the fund compares well with the peer that has 3-year and 5-year figures available, because its 3-year return is lower and its 5-year return is also slightly lower than Invesco India Arbitrage Fund Direct Growth Plan. The short-term comparison and the longer-term comparison therefore point in different directions: the fund looks competitive on stability, but not clearly superior on trailing peer returns where full histories are available.

Source data date: as of 15 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Mirae Asset Liquid Fund-Direct Plan-Growth	Domestic Mutual Funds Units	9.16%
Mirae Asset Money Market Fund-Direct Plan-Growth	Domestic Mutual Funds Units	4.57%
TREPS	Cash & Cash Equivalents and Net Assets	3.95%
Net Receivables / (Payables)	Cash & Cash Equivalents and Net Assets	3.29%
BSE Ltd.	Finance	1.46%
Trent Ltd.	Retailing	1.37%
Vedanta Ltd.	Non – Ferrous Metals	1.35%
Larsen & Toubro Ltd.	Infrastructure	1.22%
Steel Authority of India Ltd.	Iron & Steel	1.11%
Kalyan Jewellers India Ltd.	Diamond & Jewellery	1.01%

The top 10 holdings account for approximately 28.49% of the portfolio.

To see all holdings, visit the Mirae Asset Arbitrage Fund Direct Growth Plan page

The largest holding is Mirae Asset Liquid Fund-Direct Plan-Growth at 9.16%, which is sizable for a single position inside the disclosed list but still not dominant enough to define the entire portfolio on its own. The next few holdings step down gradually rather than collapsing sharply, which points to a measured allocation across cash-like and equity-linked positions.

The fall from 9.16% to 1.01% by the tenth holding shows a clear tapering, yet the tail remains meaningful because several positions stay above 1%. That shape suggests that no single line item is carrying the whole return story, even though the first few names are likely to have greater influence than the smaller positions.

With 28.49% in the displayed top holdings and 59 disclosed holding rows overall, the portfolio appears to be spread across a fairly long tail. In our view, that mix may help keep single-position concentration from becoming excessive, while still allowing the arbitrage and cash-management components to remain important in day-to-day behaviour.

Source data date: as of 15 Sep 2026

Who should invest

This fund suits conservative investors who want a low-risk hybrid allocation and can accept that returns are meant to be steadier than aggressive. The 1-year, 3-year and 5-year numbers show a fairly consistent pattern, and the benchmark comparison suggests the fund has been more resilient than Nifty 50 over recent and trailing periods.

It is most appropriate for a short-to-medium holding horizon where stability matters more than upside. The main trade-off is straightforward: investors may get a smoother experience and a more defensive profile, but they should not expect equity-like acceleration from a portfolio built to stay measured.

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% on or before 15D, Nil after 15D.

There is no exit load after the holding period.

Source data date: as of 15 Sep 2026

Frequently asked questions

What is the current NAV of Mirae Asset Arbitrage Fund Direct Growth Plan?
The NAV is ₹14.59 as of 15 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The 1-year return is 6.79%, the 3-year return is 7.43% and the 5-year return is 6.74%.

How has the fund performed versus Nifty 50?
It has been ahead of Nifty 50 across 1 month, 3 months, 1 year, 3 years and 5 years on the figures available here. The gap is especially clear over the recent 1-month, 3-month and 1-year periods.

How does it compare with peer arbitrage funds on recent returns?
Its 1-year return of 6.79% sits below several peers in the comparison set, including Quant Arbitrage Fund Direct Growth Plan at 7.6% and WOC Arbitrage Fund Direct Growth Plan at 7.08%. The longer-horizon comparison is more mixed because only one peer in the set has 3-year and 5-year figures available.

What is the minimum SIP amount?
The minimum SIP amount is ₹99.

Who manages the fund and what is the exit load?
The fund is managed by Jignesh Rao, Jigar Shethia and Pranavi Kulkarni. The exit load is 0.25% on or before 15D, and nil after 15D; there is no exit load after the holding period.

Bottom line

Mirae Asset Arbitrage Fund Direct Growth Plan has been steadier than its benchmark in the short run and has also held up well over 3-year and 5-year windows. Relative to peers, its recent return is competitive but not the strongest in the set, while its longer-term numbers are solid rather than standout. The low-risk tag, the meaningful cash-and-liquid exposure, and the broad spread across 59 disclosed holding rows together make this a measured option for investors who value stability over speed.

Published on 16 September 2026 at 4:10 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.