JM Arbitrage Fund
JM Financial Mutual Fund · Arbitrage · Regular plan, growth option
NAV (₹), 1 Oct 2026
34.8628
1-day change
-0.06%
1Y return
5.6%
3Y CAGR
6.2%
5Y CAGR
5.7%
Max drawdown, 5Y
−0.5%
NAV history month-end NAV, ₹ · 20 Jul 2006 to 1 Oct 2026
Returns vs Arbitrage median (41 schemes)
| Period | Scheme | Category median |
|---|---|---|
| 1 month | 0.2% | 0.2% |
| 3 months | 1.3% | 1.3% |
| 6 months | 2.7% | 2.9% |
| Year to date | 4.1% | 4.4% |
| 1 year | 5.6% | 6.0% |
| 3 years (CAGR) | 6.2% | 6.6% |
| 5 years (CAGR) | 5.7% | 6.0% |
| 7 years (CAGR) | 4.9% | 5.5% |
| 10 years (CAGR) | 5.1% | 5.7% |
| Since first NAV (CAGR) | 6.4% | – |
Rolling returns every business-day start date
| Measure | Scheme | Category median |
|---|---|---|
| 1Y rolling median | 6.5% | 6.3% |
| 3Y rolling median | 6.3% | 6.3% |
| 3Y rolling worst | 2.9% | 3.9% |
| 3Y periods positive | 100% | 100% |
| 3Y periods ahead of benchmark | n/a | n/a |
| 5Y rolling median | 6.4% | 5.6% |
| 5Y rolling worst | 3.9% | 4.8% |
| 5Y periods ahead of benchmark | n/a | n/a |
Benchmark: none available in MFIC's free data for this category.
Risk 36 months, monthly returns, Rf 6.5%
| Measure | Scheme | Category median |
|---|---|---|
| Standard deviation (ann.) | 0.6% | 0.6% |
| Sharpe ratio | -0.77 | -0.26 |
| Sortino ratio | -0.87 | -0.32 |
| Beta | n/a | n/a |
| Alpha (ann.) | n/a | n/a |
| Upside capture | n/a | n/a |
| Downside capture | n/a | n/a |
Drawdowns peak-to-trough falls in NAV
| Measure | Scheme | Category median |
|---|---|---|
| Maximum drawdown, full history | −2.6% | −0.6% |
| Maximum drawdown, last 10Y | −0.6% | −0.6% |
| Maximum drawdown, last 5Y | −0.5% | −0.5% |
| Current drawdown | −0.1% | 0.0% |
| Recovery time of worst fall | 2 days | – |
Longer histories include more crises, so compare the 5Y and 10Y figures across schemes of different ages.
Direct or Regular for this scheme?
The Regular plan's expense ratio is 2.07% a year and the Direct plan's 1.41%, a gap of 0.66%; over the last 3 years the Direct plan returned 0.73 percentage points a year more. On a ₹25,000 monthly SIP for 20 years (illustration at 12% a year before costs) the gap adds up to about ₹14,65,048.
With the Regular plan, that cost pays a distributor to help you plan, choose and review funds, and stay invested when markets fall. Whether it is worth it depends on how much of that you will do yourself.
TER: AMFI TER disclosure. Returns: AMFI NAVs. Illustration, not a guaranteed saving or return.
Recent disclosure changes last 120 days, as disclosed via AMFI
- 1 Oct 2026: TER reduced from 2.10% to 2.07% (AMFI TER disclosure)
Fund managers and scheme facts Scheme Summary Document via AMFI
| Fund manager | Role | Managing since |
|---|---|---|
| Asit Bhandarkar | 18 Jul 2014 | |
| Satish Ramanathan | 1 Oct 2024 | |
| Deepak Gupta | 11 Apr 2025 | |
| Ruchi Fozdar | For Debt portion only | 4 Oct 2024 |
Objective: The investment objective of the Scheme is to generate income through arbitrage opportunities emerging out of mispricing between the cash market and the derivatives market and through deployment of surplus cash in fixed income instruments.There can be no assurance that the investment objective of the scheme will be realized. The scheme does not guarantee/ indicate any returns. Investors are required to read all the scheme related information set out in this document carefully
Stated asset allocation: Equity and Equity related instruments including Equity Derivatives including stock futures and stock options# - 65%-100%, Certificate of deposits (CDs) / Government securities with maturity upto 1 year (including Repo on G-sec/ TREPS) / Units of Liquid Fund (including Liquid ETFs) / Money Market Fund / Overnight Fund or Schemes having Macaulay Duration of less than 1 year - 0%-35%, ETCDs / Units of Mutual Fund (including Gold ETF & Silver ETF)^ - 0% to 35% #The notional value exposure in derivatives securities would be reckoned for the purposes of the specified limits. ^Any other such security as may be permitted by SEBI/ RBI from time to time.
Benchmark (tier 1): Nifty 50 Arbitrage Index
Exit load: 0.5% of NAV on all investment (including SIP/STP/SWP) transactions, if redeemed / switched - out within 30 days of transfer / allotment of units in normal transactions / allotment of units of respective installments in SIP/STP/SWP transactions.
Minimum application: ₹1,000
Allotment date: 18 Jul 2006
Documents: Scheme Information Document · Scheme Summary Document. Read the scheme documents before investing.
Cost, size and riskometer as disclosed to AMFI
| Measure | Scheme | Category median |
|---|---|---|
| Expense ratio (TER), Regular plan | 2.07% | 2.07% |
| AUM, whole scheme (₹ crore) | 339 | 1,648 |
| Riskometer | Low | – |
TER: AMFI, TER of MF Schemes. AUM and riskometer: AMFI, Fund Performance, 30 Sep 2026.
Official benchmark and category consistency
| Measure | Scheme | Benchmark / category |
|---|---|---|
| Return, 1 year (AMFI) | 5.8% | 7.3% TRI |
| Return, 3 years (AMFI) | 6.2% | 7.4% TRI |
| Return, 5 years (AMFI) | 5.7% | 6.7% TRI |
| Month-ends above category median (3Y CAGR) | 7% | 26% median |
| Month-ends in category top quartile (3Y) | 1% | 0% median |
| 7Y rolling CAGR, median (monthly windows) | 5.1% | 5.7% median |
Official benchmark: Nifty 50 Arbitrage Index (total return index, as published by AMFI). Category consistency: last 10 years of month-ends, Arbitrage Regular plans; how it is calculated.
Calendar-year returns NAV change from 31 Dec to 31 Dec
| Year | Scheme | Benchmark | Difference |
|---|---|---|---|
| 2026 YTD | 4.1% | n/a | – |
| 2025 | 5.9% | n/a | – |
| 2024 | 7.2% | n/a | – |
| 2023 | 6.6% | n/a | – |
| 2022 | 4.0% | n/a | – |
| 2021 | 2.8% | n/a | – |
| 2020 | 2.6% | n/a | – |
| 2019 | 5.3% | n/a | – |
| 2018 | 5.4% | n/a | – |
| 2017 | 5.1% | n/a | – |
No free benchmark proxy for this category. The first year starts from the first 31 December in the scheme's history.
Monthly SIP of ₹10,000 first business day of each month, ending 1 Oct 2026
| Period | Invested | Value | XIRR |
|---|---|---|---|
| 1 year | ₹1,20,000 | ₹1,23,466 | 5.4% |
| 3 years | ₹3,60,000 | ₹3,93,465 | 5.9% |
| 5 years | ₹6,00,000 | ₹6,98,678 | 6.0% |
| 10 years | ₹12,00,000 | ₹15,69,537 | 5.2% |
Uses this plan's NAVs; ignores stamp duty, exit loads and taxes. One historical path only — the interactive SIP analyzer shows outcomes across every start date.
Scheme facts
Category: Arbitrage
Plan / option: Regular · Growth
AMFI scheme code: 103780
ISIN: INF192K01510
First NAV in MFIC data: 20 Jul 2006
History: 20.2 years
Portfolio holdings: see the scheme's monthly portfolio disclosure on the fund house website
Schemes that behaved similarly correlation of monthly returns, last 5 years
| Scheme | Category | Correlation | 3Y CAGR |
|---|---|---|---|
| Tata Arbitrage Fund | Arbitrage | 0.97 | 6.6% |
| Edelweiss Arbitrage Fund | Arbitrage | 0.97 | 6.7% |
| HSBC Arbitrage Fund | Arbitrage | 0.97 | 6.5% |
| ADITYA BIRLA SUN LIFE ARBITRAGE FUND | Arbitrage | 0.97 | 6.7% |
| HDFC Arbitrage Fund | Arbitrage | 0.97 | 6.7% |
| UTI - Arbitrage Fund | Arbitrage | 0.96 | 6.8% |
Questions about JM Arbitrage Fund
- What is the latest NAV of JM Arbitrage Fund?
- The NAV of the Regular plan (growth option) was ₹34.8628 on 1 Oct 2026, as published by AMFI.
- Which category is JM Arbitrage Fund in?
- It is classified as Arbitrage in AMFI's daily NAV file; a Arbitrage scheme holds largely hedged equity arbitrage positions. MFIC compares it with 41 Arbitrage schemes (Regular plans).
- What returns has JM Arbitrage Fund delivered?
- Over one year the NAV changed by 5.6%. The 3-year CAGR is 6.2% (category median 6.6%) and the 5-year CAGR is 5.7% (category median 6.0%). Returns are after expenses and before tax. Past performance may or may not be sustained in future.
- How consistent have its 3-year returns been?
- Measuring a 3-year CAGR from every business day in its history, the median was 6.3%, the lowest was 2.9%, and 100% of 3-year periods ended with a gain.
- What was the largest fall in JM Arbitrage Fund's NAV?
- The largest peak-to-trough fall in its available history was 2.6%; within the last five years it was 0.5% (category median 0.5%).
- How volatile is JM Arbitrage Fund?
- Its annualised standard deviation of monthly returns over the last 36 months is 0.6%, which is below the Arbitrage category median of 0.6%.
- What would a monthly SIP in JM Arbitrage Fund have grown to?
- A SIP of ₹10,000 on the first business day of each month for the last 5 years (60 instalments, ₹6,00,000 invested) would have been worth about ₹6,98,678 on 1 Oct 2026, an annualised return (XIRR) of 6.0%. This uses the Regular plan's NAVs, ignores taxes and exit loads, and past performance may or may not be sustained in future.
- What is the expense ratio (TER) of JM Arbitrage Fund?
- The total expense ratio of the Regular plan is 2.07% a year, as disclosed to AMFI (median of Arbitrage Regular plans: 2.07%). It is already deducted from the NAV, so every return shown is after expenses.
- How large is JM Arbitrage Fund?
- Assets under management of the whole scheme were ₹339 crore on 30 Sep 2026, as published by AMFI.
- What is the riskometer level of JM Arbitrage Fund?
- AMFI lists the scheme's riskometer as “Low”, and its benchmark's as “Low”. The riskometer is a label of potential risk set under SEBI rules, not a forecast.
- What is the benchmark of JM Arbitrage Fund and how has it compared?
- Its official benchmark is the Nifty 50 Arbitrage Index. Over 3 years AMFI reports a return of 6.2% for this plan against 7.4% for the benchmark total return index; over 5 years 5.7% against 6.7%. Past performance does not indicate future results.
- How often has JM Arbitrage Fund beaten its category?
- At 7% of the 120 month-ends compared over the last 10 years, its 3-year return was above the median of Arbitrage schemes (Regular plans); it was in the top quarter at 1% of them. A typical scheme would show about 50%.
- Who manages JM Arbitrage Fund?
- According to its Scheme Summary Document, JM Arbitrage Fund is managed by Asit Bhandarkar (since 18 Jul 2014), Satish Ramanathan (since 1 Oct 2024), Deepak Gupta (since 11 Apr 2025), Ruchi Fozdar (since 4 Oct 2024).
- What is the exit load of JM Arbitrage Fund?
- As stated in its scheme documents: 0.5% of NAV on all investment (including SIP/STP/SWP) transactions, if redeemed / switched - out within 30 days of transfer / allotment of units in normal transactions / allotment of units of respective installments in SIP/STP/SWP transactions. Check the latest Scheme Information Document before investing, as loads can change.
- What is the minimum investment in JM Arbitrage Fund?
- The minimum application amount is ₹1,000. SIP details: SIP - Daily, Weekly and Fortnightly - Rs. 500 - 6 Installments ; Monthly and Quarterly - Rs. 1000 - 6 Installments, STP- Daily 60 installments: 100 each. Further in multiples of Re 1/- Weekly/Fortnightly/Monthly : 12 installments for Rs. 500 or 6 installments for Rs. 1000 each. Further in multiple of Re 1/-. Quaterly : 3000 each 2 Instalments, SWP - Fixed Amount Withdrawal (FAW) - 5 instalments for Rs. 500/- each. Further in multiples of Re. 1/-; Capital Appreciation Withdrawal (CAW) - 5 instal….
- What is the difference between the Direct and Regular plans?
- Both plans hold the same portfolio; the Regular plan includes distribution costs in its expense ratio. Over one year the Direct plan's NAV changed by 6.3% and the Regular plan's by 5.6%. The Regular plan includes the services of a distributor.
Reviewing your own mutual fund portfolio?
Integrato's team can walk you through how your current schemes have behaved, using the same data shown here. Integrato is an AMFI-registered Mutual Fund Distributor.
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Data & disclosure. Source: AMFI daily NAV file and historical NAVs via mfapi.in; calculations by MFIC, as of 1 Oct 2026. Category medians use Regular plans in the same AMFI category. Mutual fund investments are subject to market risks; read all scheme-related documents carefully. Past performance may or may not be sustained in future. This page is for research and education only and is not investment advice or a recommendation to buy, sell or hold any scheme. Integrato Financial Services Pvt. Ltd. is an AMFI-registered Mutual Fund Distributor (ARN-173155). Methodology.