SBI Income Plus Arbitrage Active FOF Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

SBI Income Plus Arbitrage Active FOF Direct Growth Plan currently has an NAV of ₹10.7639 as of 15 Sep 2026 and a scheme AUM of ₹1,813 Cr. Its 1-year, 3-year and 5-year returns are 5.73%, 0% and 0%, and the fund sits in the Medium Risk category.

Our view is that this is a conservative-style income-oriented fund of fund with a mix of arbitrage, debt and cash-like underlying exposures. The near-term return profile is positive, but the lack of a multi-year track record means the fund is still building history, so it may suit investors who want moderate movement rather than equity-like growth.

Quick facts

Particular	Details
NAV	₹10.7639 as of 15 Sep 2026
AUM	₹1,813 Cr
Expense Ratio	0.1%
Launch Date	02 May 2025
Min SIP	₹500
Risk Category	Medium Risk
Benchmark	Nifty 50
Fund Category	Fund of Fund
Exit Load	No exit load
Fund Managers	Ardhendu Bhattacharya

The fund is managed by Ardhendu Bhattacharya.

Source data date: as of 15 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	0.16%	-4.81%
3M	1.36%	-3.63%
1Y	5.73%	-8.27%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The shorter-term picture is steady rather than exciting. Over 1 month, 3 months and 1 year, the fund has stayed positive while the benchmark has remained weak over the same horizons. That gap matters, because it shows the strategy has preserved a more stable return path than the benchmark during a soft market phase.

The 1-year return of 5.73% stands out against the benchmark’s -8.27%. Our view is that this points to a defensive return pattern rather than a high-growth one. The fund’s own path across the recent periods has been gradual, with no sharp swings in the visible series, which fits an income-plus-arbitrage structure.

The longer-term view is limited because there is no 3-year or 5-year performance history yet. That means investors should read the 1-year result as an early indication of behaviour, not as a complete record of how the strategy performs across different cycles. For now, the evidence supports steadier short-term outcomes than the benchmark, but not a full cycle assessment.

Because the fund launched only in May 2025, the visible track record is still short. In our view, that lowers the weight we can place on the 1-year number alone. The more useful takeaway is that the fund has protected value better than the benchmark in the recent periods shown, while still remaining within a medium-risk profile.

Source data date: as of 15 Sep 2026

Should you BUY or HOLD SBI 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.

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Peer comparison

Fund	1Y return	3Y return	5Y return
SBI Income Plus Arbitrage Active FOF Direct Growth Plan	5.73%	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 current fund’s 1-year return is much lower than the silver-focused peer funds shown here, but the comparison is not an apples-to-apples test because the peer set includes a different strategy mix. What matters more for this fund is that its 1-year return remains positive while the benchmark was negative. On the longer horizon, the current fund has no 3-year or 5-year record yet, so the peer table mostly shows that some peers with available multi-year figures have a longer visible history, not that the current fund has underperformed on an equal basis.

That creates two different stories. The short-term story is about stability and positive returns in a weak market phase. The longer-term story is simply not formed yet for this fund, so investors should treat the peer table as context rather than a full comparison of cycle performance.

Source data date: as of 15 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
SBI Arbitrage Fund – Direct Plan – Growth Option	Domestic Mutual Funds Units	37.19%
SBI Banking & PSU Debt Fund – Direct Plan – Growth Option	Domestic Mutual Funds Units	26.49%
SBI Corporate Bond Fund – Direct Plan – Growth Option	Domestic Mutual Funds Units	17.16%
SBI Short Term Fund – Direct Plan -Growth Option	Domestic Mutual Funds Units	14.62%
SBI Money Market Fund – Direct Plan – Growth Option	Domestic Mutual Funds Units	3.59%
TREPS	Cash & Cash Equivalents and Net Assets	1.07%

The largest holding is SBI Arbitrage Fund – Direct Plan – Growth Option at 37.19%, which is a meaningful single-position weight for a fund of fund. After that, the weights step down fairly quickly into the mid-20s, high-teens and mid-teens, so the structure is not dominated by one holding alone.

The visible portfolio is built entirely from six disclosed positions, and those six account for 100% of the holdings shown. That means the fund is tightly packaged around a small set of underlying SBI debt, arbitrage and money-market vehicles, with TREPS adding a small liquidity buffer.

From an investor’s point of view, this may make the portfolio easier to read, but it also means each underlying sleeve is likely to have greater influence on the overall outcome than in a more widely spread fund. The combination of a large first holding and several sizable follow-on holdings suggests moderate concentration rather than a long tail of minor positions.

Source data date: as of 15 Sep 2026

Who should invest

This fund may suit investors with a conservative to moderate risk tolerance who want a smoother return pattern than equity funds typically deliver. The Medium Risk label fits the portfolio construction, which leans on arbitrage, debt and money-market instruments rather than direct equity exposure.

The more relevant horizon is medium term, not very short term. The fund has shown positive 1-year behaviour, but it does not yet have a 3-year or 5-year record, so investors need to accept that the longer-cycle evidence is still developing. The main trade-off is that the fund may offer steadier movement and benchmark resilience, but not the upside profile associated with higher-growth categories.

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 15 Sep 2026

Frequently asked questions

What is the current NAV of SBI Income Plus Arbitrage Active FOF Direct Growth Plan?
Its NAV is ₹10.7639 as of 15 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The 1-year return is 5.73%, while the 3-year and 5-year returns are Data not available.

How has it done against the benchmark?
It has stayed ahead of the benchmark in the recent periods shown. The fund returned 0.16% over 1 month, 1.36% over 3 months and 5.73% over 1 year, while the benchmark was negative in each of those periods.

How does it compare with the peer funds listed here?
Its 1-year return is far below the silver ETF FOF peers shown, but those funds follow a different strategy. On the available 3-year figures, some peers have longer histories, while this fund does not yet have 3-year or 5-year returns.

What is the minimum SIP amount?
The minimum SIP amount is ₹500.

What is the exit load and who manages the fund?
There is no exit load. The fund is managed by Ardhendu Bhattacharya.

Bottom line

SBI Income Plus Arbitrage Active FOF Direct Growth Plan has shown a steadier short-term return pattern than its benchmark, but it is still a young fund with no 3-year or 5-year history. The available peer comparisons show much stronger 1-year numbers elsewhere, although those peers follow a different strategy mix, so the comparison should be read with care. With a Medium Risk profile and a portfolio concentrated in a small set of underlying SBI funds, this looks more suitable for investors seeking calmer, income-oriented behaviour than for those chasing aggressive growth.

Published on 16 September 2026 at 4:24 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.