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

Union Income Plus Arbitrage Active FOF Direct Growth Plan is at a NAV of ₹10.5003 as of 15 September 2026, with AUM of ₹58 Cr. Its 1-year, 3-year and 5-year returns are 4.59%, 0% and 0% respectively, and it sits in the Medium Risk category. Our view is that the fund may suit conservative investors who want a relatively steady, low-volatility structure, but its shorter track record means the return picture is still developing.

The scheme is built around debt, arbitrage and gilt fund exposures rather than a single direct equity allocation, so the return pattern has been modest rather than aggressive. That makes it more relevant for investors who can accept limited upside in exchange for a more measured profile.

Quick facts

Particular	Details
NAV	₹10.5003 as of 15 Sep 2026
AUM	₹58 Cr
Expense Ratio	0.12%
Launch Date	12 Jun 2025
Min SIP	₹500
Risk Category	Medium Risk
Benchmark	Nifty 50
Fund Category	Fund of Fund
Exit Load	No exit load
Fund Managers	Vishal Thakker, Anindya Sarkar, Shrenuj Parekh

The fund is managed by Vishal Thakker, Anindya Sarkar and Shrenuj Parekh.

Source data date: as of 15 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-0.25%	-4.81%
3M	1.16%	-3.63%
1Y	4.59%	-8.27%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

Near-term behaviour has been mild but positive, which is consistent with a portfolio that leans on income and arbitrage exposure rather than a pure growth engine. The 1-month return was slightly negative, but it still held up far better than the benchmark’s sharper drop over the same period.

Over 3 months, the fund stayed positive while the benchmark remained negative. That tells us the fund has been more resilient in the recent window, even if the gains themselves are small.

The 1-year return of 4.59% is also ahead of the benchmark’s -8.27%, which is a meaningful gap. At the same time, the 3-year and 5-year figures are not available because the fund has a short history, so we do not yet have a full longer-run compounding record to judge its consistency.

The pattern in the return path suggests controlled movement rather than sharp swings. For investors, that usually points to a fund where capital stability and smoother behaviour matter more than strong market-style upside.

Source data date: as of 15 Sep 2026

Should you BUY or HOLD Union 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
Union Income Plus Arbitrage Active FOF Direct Growth Plan	4.59%	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. On the available 1-year figures, the fund trails the peer group by a very wide margin, even though its own 1-year result is positive. That gap is mainly because the peers here are silver-focused FoFs, which have had a much stronger one-year run.

For the longer windows where peer data is available, the comparison still favours the peer set on 3-year numbers, with the silver FoFs posting materially higher returns. The current fund does not yet have 3-year or 5-year history, so the short-term comparison is useful, but it does not yet establish a longer compounding pattern against peers.

Source data date: as of 15 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Union Corporate Bond Fund-Direct-Growth	Domestic Mutual Funds Units	39.80%
Union Arbitrage Fund – Direct-Growth	Domestic Mutual Funds Units	37.74%
Union Gilt Fund – Direct Plan – Growth	Domestic Mutual Funds Units	9.68%
Union Short Duration Fund – Direct Plan-	Domestic Mutual Funds Units	6.80%
Net Receivable / Payable	Cash & Cash Equivalents and Net Assets	3.14%
TREPS	Cash & Cash Equivalents and Net Assets	2.84%

The largest disclosed holding is Union Corporate Bond Fund-Direct-Growth at 39.80%, which is substantial on its own and is likely to have a meaningful influence on the portfolio’s behaviour. The next holding is also large at 37.74%, so the core of the portfolio is concentrated in two major sleeves rather than spread evenly across many small positions.

The weight then falls to 9.68% and 6.80%, which is a steep drop from the first two positions. After that, the remaining disclosed cash-related and cash-equivalent items are relatively small, so the visible structure looks layered rather than balanced across many similar exposures.

All six disclosed holdings together account for 100% of the disclosed portfolio, and the table covers every holding row shown here. That means the fund’s visible structure is compact, with the largest positions doing most of the work and the tail contributing a much smaller share.

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 exposure to a compact, income-oriented FoF structure. Its Medium Risk tag, short history and modest positive return profile suggest it is better aligned with investors who value steadier behaviour more than aggressive growth.

The main trade-off is that the fund has been more resilient than the benchmark in recent windows, but it has not produced the kind of high returns seen in the peer set used here. Investors considering it should have an investment horizon long enough to absorb periods where the return pattern stays muted.

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 Union Income Plus Arbitrage Active FOF Direct Growth Plan?
The current NAV is ₹10.5003 as of 15 September 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The 1-year return is 4.59%, while the 3-year and 5-year returns are not available because the fund does not yet have those longer histories.

How has the fund performed against its benchmark?
It has done better than the benchmark in each available period. Over 1 month, 3 months and 1 year, the fund is ahead while the benchmark is negative in all three windows.

How does it compare with the peer funds listed here?
Its 1-year return is far lower than the peer funds shown here, and the available 3-year peer figures are also much stronger. The comparison points to a very different return profile.

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

Who manages the fund and what is the exit load?
The fund is managed by Vishal Thakker, Anindya Sarkar and Shrenuj Parekh. There is no exit load.

Bottom line

This fund’s recent numbers are steadier than the benchmark, but its longer-term evidence is still limited because the scheme was launched in June 2025. Against the peer funds shown here, its return profile is much more subdued, which makes the comparison more about strategy than about direct performance parity. The portfolio is also concentrated, with two large holdings carrying most of the visible weight. That combination points to a fund that may appeal more to cautious investors than to those seeking strong return momentum.

Published on 16 September 2026 at 5:21 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.