MIRAE ASSET
ARBITRAGE FUND - (MAAF)

(Arbitrage Fund - An open ended scheme investing in arbitrage opportunities)
Details as on November 30, 2022
Type of Scheme Arbitrage Fund - An open ended scheme investing in arbitrage opportunities
Investment Objective The investment objective of the scheme is to generate capital appreciation and income by predominantly investing in arbitrage opportunities in the cash and derivative segments of the equity markets and the arbitrage opportunities available within the derivative segment and by investing the balance in debt and money market instruments. There is no assurance or guarantee that the investment objective of the scheme will be realized.
Fund Manager**
Mr. Jignesh Rao (Equity portion) (since June 19, 2020),
Mr. Jigar Sethia
(Equity portion) (since June 19, 2020) &
Mr. Mahendra Jajoo
(Debt portion) (since June 19, 2020)
Allotment Date 19th June, 2020
Benchmark Index NIFTY 50 Arbitrage Index
Minimum Investment
Amount
₹ 5,000/- and inmultiples of ₹ 1/- thereafter Minimum Additional Application Amount: ₹ 1,000/- per application and inmultiples of ₹ 1/- thereafter.
Systematic Investment
Plan (SIP)
(Any Date SIP is available from 1st July, 2019)
Monthly and Quarterly: ₹ 1,000/- (multiples of ₹ 1/- thereafter), minimum 5 in case of Monthly or 3 in case of Quarterly option.
Load Structure Entry load: NA
Exit Load: 0.25% if redeemed or switched out within 30 days from the date of allotment Nil after 30 days
Plans Available Regular Plan and Direct Plan
Options Available Growth Option and IDCW^ Option (Payout & Re-investment)
Monthly Average AUM (₹ Cr.) as on November 30, 2022 371.44
Net AUM
(₹ Cr.)
367.98
Monthly Avg. Expense Ratio
(Including Statutory Levies)
as on November 30, 2022
Regular Plan: 1.09%
Direct Plan: 0.36%
**For experience of Fund Managers Click Here
^Pursuant to Notice cum addendum dated March 27, 2021 the nomenclature of dividend option has been changed w.e.f. April 01, 2021.
NAV: Direct Regular
Growth ₹ 11.078 ₹ 10.891
IDCW^ ₹ 11.070 ₹ 10.890
Portfolio Turnover Ratio 12.08 times

@The Volatility, Beta, R Squared, Sharpe Ratio & Information Ratio are calculated on returns from last three years Monthly data points. # Risk free rate: FBIL OVERNIGHT MIBOR as on 30th November, 2022. ^Basis last rolling 12 months.
Since the fund has not completed 3 Years other ratio are not applicable.

Weighted Average Maturity 
0.71 Years
Modified Duration 
0.66 Years
Macaulay Duration
0.70 Years
Yield to Maturity 
6.50%
Portfolio Holdings % Allocation
Pharmaceuticals & Biotechnology
Sun Pharmaceutical Industries Ltd
3.06%
Biocon Ltd
1.41%
Cipla Ltd
1.15%
Laurus Labs Ltd
0.06%
IT - Software
Infosys Ltd
1.68%
HCL Technologies Ltd
1.39%
Tata Consultancy Services Ltd
1.22%
Tech Mahindra Ltd
1.12%
Insurance
SBI Life Insurance Company Ltd
2.33%
Max Financial Services Ltd
1.61%
ICICI Prudential Life Insurance Company Ltd
1.26%
Entertainment
Sun TV Network Ltd
3.93%
Zee Entertainment Enterprises Ltd
1.16%
Banks
HDFC Bank Ltd
2.64%
Bandhan Bank Ltd
1.88%
Kotak Mahindra Bank Ltd
0.44%
IndusInd Bank Ltd
0.07%
Telecom - Services
Bharti Airtel Ltd
2.72%
Tata Communications Ltd
1.55%
Cement & Cement Products
Ambuja Cements Ltd
1.59%
UltraTech Cement Ltd
1.44%
Dalmia Bharat Ltd
0.84%
Transport Infrastructure
Adani Ports and Special Economic Zone Ltd
3.53%
Automobiles
Bajaj Auto Ltd
1.45%
Maruti Suzuki India Ltd
1.39%
Tata Motors Ltd
0.10%
Petroleum Products
Reliance Industries Ltd
1.48%
Indian Oil Corporation Ltd
1.38%
Chemicals & Petrochemicals
SRF Ltd
1.40%
Tata Chemicals Ltd
1.27%
Oil
Oil & Natural Gas Corporation Ltd
2.52%
Capital Markets
Multi Commodity Exchange of India Ltd
1.27%
Indian Energy Exchange Ltd
0.96%
Non - Ferrous Metals
Hindalco Industries Ltd
1.36%
National Aluminium Company Ltd
0.61%
Hindustan Copper Ltd
0.07%
Industrial Products
Polycab India Ltd
1.40%
Astral Ltd
0.49%
Electrical Equipment
Siemens Ltd
1.87%
Consumer Durables
Titan Company Ltd
1.84%
Fertilizers & Agrochemicals
PI Industries Ltd
1.00%
UPL Ltd
0.84%
Power
Tata Power Company Ltd
1.65%
Beverages
United Spirits Ltd
1.09%
United Breweries Ltd
0.42%
Ferrous Metals
Tata Steel Ltd
1.49%
Personal Products
Marico Ltd
1.39%
Diversified FMCG
ITC Ltd
1.37%
Food Products
Nestle India Ltd
1.14%
Aerospace & Defense
Hindustan Aeronautics Ltd
0.57%
Bharat Electronics Ltd
0.50%
Finance
Piramal Enterprises Ltd
0.78%
REC Ltd
0.26%
Realty
Godrej Properties Ltd
0.58%
Agricultural, Commercial & Construction Vehicles
Ashok Leyland Ltd
0.51%
Equity Holding Total
72.57%
Equity Futures
Laurus Labs Ltd December 2022 Future
-0.06%
Hindustan Copper Ltd December 2022 Future
-0.07%
IndusInd Bank Ltd December 2022 Future
-0.07%
Tata Motors Ltd December 2022 Future
-0.10%
REC Ltd December 2022 Future
-0.27%
United Breweries Ltd December 2022 Future
-0.43%
Kotak Mahindra Bank Ltd December 2022 Future
-0.45%
Astral Ltd December 2022 Future
-0.50%
Bharat Electronics Ltd December 2022 Future
-0.51%
Ashok Leyland Ltd December 2022 Future
-0.51%
Hindustan Aeronautics Ltd December 2022 Future
-0.57%
Godrej Properties Ltd December 2022 Future
-0.58%
National Aluminium Company Ltd December 2022 Future
-0.62%
Piramal Enterprises Ltd December 2022 Future
-0.79%
UPL Ltd December 2022 Future
-0.84%
Dalmia Bharat Ltd December 2022 Future
-0.85%
Indian Energy Exchange Ltd December 2022 Future
-0.97%
PI Industries Ltd December 2022 Future
-1.00%
United Spirits Ltd December 2022 Future
-1.10%
Tech Mahindra Ltd December 2022 Future
-1.13%
Nestle India Ltd December 2022 Future
-1.15%
Cipla Ltd December 2022 Future
-1.15%
Zee Entertainment Enterprises Ltd December 2022 Future
-1.18%
Tata Consultancy Services Ltd December 2022 Future
-1.23%
ICICI Prudential Life Insurance Company Ltd December 2022 Future
-1.27%
Tata Chemicals Ltd December 2022 Future
-1.28%
Multi Commodity Exchange of India Ltd December 2022 Future
-1.28%
Hindalco Industries Ltd December 2022 Future
-1.36%
ITC Ltd December 2022 Future
-1.39%
Indian Oil Corporation Ltd December 2022 Future
-1.39%
Marico Ltd December 2022 Future
-1.40%
HCL Technologies Ltd December 2022 Future
-1.40%
Maruti Suzuki India Ltd December 2022 Future
-1.40%
SRF Ltd December 2022 Future
-1.40%
Polycab India Ltd December 2022 Future
-1.41%
Biocon Ltd December 2022 Future
-1.43%
UltraTech Cement Ltd December 2022 Future
-1.45%
Bajaj Auto Ltd December 2022 Future
-1.46%
Reliance Industries Ltd December 2022 Future
-1.49%
Tata Steel Ltd December 2022 Future
-1.50%
Tata Communications Ltd December 2022 Future
-1.57%
Ambuja Cements Ltd December 2022 Future
-1.61%
Max Financial Services Ltd December 2022 Future
-1.62%
Tata Power Company Ltd December 2022 Future
-1.66%
Infosys Ltd December 2022 Future
-1.69%
Titan Company Ltd December 2022 Future
-1.85%
Siemens Ltd December 2022 Future
-1.88%
Bandhan Bank Ltd December 2022 Future
-1.89%
SBI Life Insurance Company Ltd December 2022 Future
-2.34%
Oil & Natural Gas Corporation Ltd December 2022 Future
-2.54%
HDFC Bank Ltd December 2022 Future
-2.67%
Bharti Airtel Ltd December 2022 Future
-2.73%
Sun Pharmaceutical Industries Ltd December 2022 Future
-3.08%
Adani Ports and Special Economic Zone Ltd December 2022 Future
-3.56%
Sun TV Network Ltd December 2022 Future
-3.96%
Equity Futures Total
-73.08%
Government Bond
6.84% GOI (19/12/2022)
8.15%
6.18% GOI (04/11/2024)
4.03%
Government Bond Total
12.18%
Treasury Bill
364 Days Tbill (17/08/2023)
1.30%
364 Days Tbill (28/09/2023)
1.29%
364 Days Tbill (12/10/2023)
1.28%
Treasury Bill Total
3.87%
Cash & Other Receivables Total
84.46%
Total
100.00%

Growth of Rs. 10,000 invested at inception: 10,891

Returns (in%)
1 Yr SI
MAAF
3.54%
3.55%
Scheme Benchmark*
3.97%
3.62%
Additional Benchmark**
3.74%
3.66%
NAV as on 30th November, 2022 ₹ 10.891
Index Value (30th November, 2022) Index Value of Scheme benchmark is 2,076.59 and CRISIL 1 Year T-Bill is 6,479.76
Allotment Date 19th June, 2020
Scheme Benchmark *Nifty 50 Arbitrage Index
Additional Benchmark **CRISIL 1 Year T-Bill

Fund manager : Mr. Jignesh Rao (since June 19, 2020), Mr. Jigar Sethia (since June 19, 2020) and Mr. Mahendra Jajoo (Debt Portion) (since June 19, 2020)
Note: Returns below or for 1 year are absolute returns, returns above 1 year are CAGR- Compounded Annualized Growth returns.

Period Total Amount Invested Mkt Value as on
30-November-2022
SI
290,000
303,467
1 Yr
120,000
122,477

Returns (%)
Period
SI
1yr
Fund Return& (%)
3.68
3.86
Benchmark Return& (%)
3.94
4.01
Add. Benchmark Return& (%)
3.75
4.21

& The SIP returns are calculated by XIRR approach assuming investment of ₹ 10,000/- on the 1st working day of every month.

This product is suitable for investors who are seeking*
• Income over short term
• Investments predominantly in arbitrage opportunities in the cash and derivative segments and the arbitrage opportunities available within the derivative segment

*Investors should consult their financial advisers if they are not clear about the suitability of the product.


Past Performance may or may not be sustained in future.
Note : For computation of since inception returns (%) the allotment NAV has been taken as ₹ 10.00. The performance of other funds managed by the same fund manager is given in the respective page of the schemes and on
Different Plans under the scheme has different expense structure. The reference and details provided here in are of Regular Plan - Growth Option