JM Arbitrage Fund

JM Financial Mutual FundHybridPortfolio as of 31 May 2026

JM Arbitrage Fund holds 117 instruments (78.18% equity), led by HDFC Bank Limited (4.8%), Kotak Mahindra Bank Limited (3.96%) and ICICI Bank Limited (3.72%), as of its 31 May 2026 SEBI-mandated monthly disclosure.

Holdings

117

Equity Allocation

78.18%

AMC

JM Financial Mutual Fund

Portfolio Analysis

JM Arbitrage Fund's top 10 holdings account for 32.45% of its portfolio, more concentrated than the Hybrid category average of 28.9%. Financial Services is its largest sector exposure at 30.98% of net assets, spread across 12 sectors in total. Since its 30 April 2026 disclosure, the fund added 10 new positions and exited 20 positions, with Multi Commodity Exchange of India Limited seeing the largest move (-1.4pp to 2.8%).

Top 10 Equity Holdings

HDFC Bank Limited · 4.8%Kotak Mahindra Bank Limited · 3.96%ICICI Bank Limited · 3.72%Bharti Airtel Limited · 3.51%Vodafone Idea Limited · 3.47%Tata Steel Limited · 3.1%Multi Commodity Exchange of India Limited · 2.8%ETERNAL LIMITED · 2.52%Reliance Industries Limited · 2.38%Bharat Heavy Electricals Limited · 2.19%

What Changed: April 2026 → May 2026

Equity holdings compared between the fund's two latest monthly disclosures. Weights are % to NAV; weight moves can also reflect price changes, not only buying or selling.

10 new entries20 exits10 increased10 reduced

New Entries

Nuvama Wealth Management Limited · 0.29%Hitachi Energy India Limited · 0.26%TVS Motor Company Limited · 0.25%Swiggy Limited · 0.15%Rail Vikas Nigam Limited · 0.1%Coforge Limited · 0.09%Amber Enterprises India Limited · 0.08%Union Bank of India · 0.06%Indian Energy Exchange Limited · 0.03%Bank of India · 0.02%

Complete Exits

Biggest Weight Increases

Stock	Weight	Change
Varun Beverages Limited	0.13% → 1.27%	▲ +1.14
Vodafone Idea Limited	2.59% → 3.47%	▲ +0.88
United Spirits Limited	0.04% → 0.78%	▲ +0.74
Steel Authority of India Limited	0.4% → 1.07%	▲ +0.67
NMDC Limited	1% → 1.51%	▲ +0.51
Eicher Motors Limited	0.12% → 0.6%	▲ +0.48
Bandhan Bank Limited	0.37% → 0.81%	▲ +0.44
Bharat Heavy Electricals Limited	1.87% → 2.19%	▲ +0.32
Yes Bank Limited	1.72% → 1.99%	▲ +0.27
Sammaan Capital Limited	1.03% → 1.26%	▲ +0.23

Biggest Weight Reductions

Stock	Weight	Change
Multi Commodity Exchange of India Limited	4.2% → 2.8%	▼ -1.4
State Bank of India	1.68% → 0.73%	▼ -0.95
Adani Ports and Special Economic Zone Limited	2.6% → 1.95%	▼ -0.65
Reliance Industries Limited	2.75% → 2.38%	▼ -0.37
Maruti Suzuki India Limited	0.94% → 0.6%	▼ -0.34
Kalyan Jewellers India Limited	0.45% → 0.17%	▼ -0.28
Titan Company Limited	1.32% → 1.04%	▼ -0.28
Mahindra & Mahindra Limited	1.18% → 0.91%	▼ -0.27
Asian Paints Limited	0.45% → 0.2%	▼ -0.25
Hindalco Industries Limited	0.52% → 0.3%	▼ -0.22

Top Holdings — Weight Trend

% to NAV of the fund's current top holdings over its last 5 monthly disclosures (Jan – May 2026).

HDFC Bank Limited

4.8%

Kotak Mahindra Bank Limited

3.96%

ICICI Bank Limited

3.72%

Bharti Airtel Limited

3.51%

Vodafone Idea Limited

3.47%

Full Portfolio (117 holdings)

#	Holding	Sector	% to NAV
1	CCILother	—	5.79%
2	JM Liquid Fund (Direct) - Growth Optionmf	—	5.3%
3	HDFC Bank Limited	Financial Services	4.8%
4	Kotak Mahindra Bank Limited	Financial Services	3.96%
5	ICICI Bank Limited	Financial Services	3.72%
6	Bharti Airtel Limited	Telecommunication	3.51%
7	Vodafone Idea Limited	Telecommunication	3.47%
8	Tata Steel Limited	Materials	3.1%
9	Multi Commodity Exchange of India Limited	Financial Services	2.8%
10	ETERNAL LIMITED	Consumer Discretionary	2.52%
11	Reliance Industries Limited	Energy	2.38%
12	Bharat Heavy Electricals Limited	Industrials	2.19%
13	Yes Bank Limited	Financial Services	1.99%
14	Adani Ports and Special Economic Zone Limited	Services	1.95%
15	Adani Enterprises Limited	Materials	1.8%
16	LIC Housing Finance Limited	Financial Services	1.52%
17	NMDC Limited	Materials	1.51%
18	Lodha Developers Limited	Real Estate	1.49%
19	9.1% Shriram Finance Limitedbond	—	1.36%
20	182 DAYS T-BILL - 11JUN2026tbill	—	1.35%
21	182 Days Treasury Billstbill	—	1.35%
22	182 Days Treasury Billtbill	—	1.34%
23	364 Days Treasury Bills 13- Aug- 2026tbill	—	1.34%
24	182 Days Treasury Billstbill	—	1.34%
25	JSW Steel Limited	Materials	1.33%
26	364 Days Treasury Billtbill	—	1.32%
27	Varun Beverages Limited	Consumer Staples	1.27%
28	Sammaan Capital Limited	Financial Services	1.26%
29	Adani Energy Solutions Limited	Utilities	1.19%
30	Bank of Baroda	Financial Services	1.09%
31	Steel Authority of India Limited	Materials	1.07%
32	Larsen & Toubro Limited	Industrials	1.04%
33	Titan Company Limited	Consumer Discretionary	1.04%
34	Max Financial Services Limited	Financial Services	0.93%
35	Jio Financial Services Limited	Financial Services	0.91%
36	Mahindra & Mahindra Limited	Consumer Discretionary	0.91%
37	Indus Towers Limited	Telecommunication	0.86%
38	Punjab National Bank	Financial Services	0.85%
39	Net Receivable/Payableother	—	0.82%
40	Bandhan Bank Limited	Financial Services	0.81%
41	IDFC First Bank Limited	Financial Services	0.79%
42	United Spirits Limited	Consumer Staples	0.78%
43	Axis Bank Limited	Financial Services	0.74%
44	Bharat Electronics Limited	Industrials	0.73%
45	State Bank of India	Financial Services	0.73%
46	Grasim Industries Limited	Materials	0.66%
47	Maruti Suzuki India Limited	Consumer Discretionary	0.6%
48	Eicher Motors Limited	Consumer Discretionary	0.6%
49	The Indian Hotels Company Limited	Consumer Discretionary	0.58%
50	182 Days Treasury Billstbill	—	0.54%
51	RBL Bank Limited	Financial Services	0.53%
52	Adani Green Energy Limited	Utilities	0.53%
53	Canara Bank	Financial Services	0.53%
54	Biocon Limited	Healthcare	0.52%
55	Info Edge (India) Limited	Consumer Discretionary	0.51%
56	HDFC Life Insurance Company Limited	Financial Services	0.5%
57	Adani Power Limited	Utilities	0.49%
58	Shriram Finance Limited	Financial Services	0.49%
59	Ambuja Cements Limited	Materials	0.43%
60	Crompton Greaves Consumer Electricals Limited	Consumer Discretionary	0.43%
61	Cipla Limited	Healthcare	0.4%
62	DLF Limited	Real Estate	0.4%
63	Sun Pharmaceutical Industries Limited	Healthcare	0.38%
64	AU Small Finance Bank Limited	Financial Services	0.37%
65	Glenmark Pharmaceuticals Limited	Healthcare	0.37%
66	Laurus Labs Limited	Healthcare	0.34%
67	Patanjali Foods Limited	Consumer Staples	0.34%
68	Manappuram Finance Limited	Financial Services	0.32%
69	Waaree Energies Limited	Industrials	0.31%
70	ITC Limited	Consumer Staples	0.31%
71	NBCC (India) Limited	Industrials	0.3%
72	Hindalco Industries Limited	Materials	0.3%
73	Nuvama Wealth Management Limited	Financial Services	0.29%
74	UPL Limited	Materials	0.28%
75	Godrej Properties Limited	Real Estate	0.28%
76	Divi's Laboratories Limited	Healthcare	0.27%
77	FSN E-Commerce Ventures Limited	Consumer Discretionary	0.27%
78	ICICI Prudential Life Insurance Company Limited	Financial Services	0.27%
79	Hitachi Energy India Limited	Industrials	0.26%
80	TVS Motor Company Limited	Consumer Discretionary	0.25%
81	Bajaj Finserv Limited	Financial Services	0.25%
82	Asian Paints Limited	Consumer Discretionary	0.2%
83	GMR AIRPORTS LIMITED	Services	0.19%
84	Tata Power Company Limited	Utilities	0.18%
85	Max Healthcare Institute Limited	Healthcare	0.18%
86	Kalyan Jewellers India Limited	Consumer Discretionary	0.17%
87	SBI Life Insurance Company Limited	Financial Services	0.17%
88	Swiggy Limited	Consumer Discretionary	0.15%
89	APL Apollo Tubes Limited	Industrials	0.14%
90	NTPC Limited	Utilities	0.13%
91	InterGlobe Aviation Limited	Services	0.13%
92	UltraTech Cement Limited	Materials	0.11%
93	CG Power and Industrial Solutions Limited	Industrials	0.11%
94	Rail Vikas Nigam Limited	Industrials	0.1%
95	Dabur India Limited	Consumer Staples	0.09%
96	REC Limited	Financial Services	0.09%
97	Hindustan Aeronautics Limited	Industrials	0.09%
98	Coforge Limited	Information Technology	0.09%
99	Amber Enterprises India Limited	Consumer Discretionary	0.08%
100	UNO Minda Limited	Consumer Discretionary	0.08%
101	PNB Housing Finance Limited	Financial Services	0.07%
102	Hindustan Unilever Limited	Consumer Staples	0.07%
103	Aurobindo Pharma Limited	Healthcare	0.06%
104	Hindustan Zinc Limited	Materials	0.06%
105	Union Bank of India	Financial Services	0.06%
106	Prestige Estates Projects Limited	Real Estate	0.05%
107	HDFC Asset Management Company Limited	Financial Services	0.04%
108	Sona BLW Precision Forgings Limited	Consumer Discretionary	0.04%
109	Hero MotoCorp Limited	Consumer Discretionary	0.04%
110	Bharat Petroleum Corporation Limited	Energy	0.03%
111	Apollo Hospitals Enterprise Limited	Healthcare	0.03%
112	Indian Energy Exchange Limited	Financial Services	0.03%
113	Cholamandalam Investment and Finance Company Limited	Financial Services	0.03%
114	Delhivery Limited	Services	0.03%
115	Bank of India	Financial Services	0.02%
116	Bajaj Finance Limited	Financial Services	0.02%
117	Inox Wind Limited	Industrials	0.02%

Frequently Asked Questions

Yes. As of its 31 May 2026 disclosure, HDFC Bank Limited is 4.8% of JM Arbitrage Fund's net assets — its number 1 holding.

Yes. As of its 31 May 2026 disclosure, Kotak Mahindra Bank Limited is 3.96% of JM Arbitrage Fund's net assets — its number 2 holding.

Yes. As of its 31 May 2026 disclosure, ICICI Bank Limited is 3.72% of JM Arbitrage Fund's net assets — its number 3 holding.

Yes. As of its 31 May 2026 disclosure, Bharti Airtel Limited is 3.51% of JM Arbitrage Fund's net assets — its number 4 holding.

Yes. As of its 31 May 2026 disclosure, Vodafone Idea Limited is 3.47% of JM Arbitrage Fund's net assets — its number 5 holding.

New to reading these? See How to Read a Mutual Fund's Monthly Portfolio Disclosure, or check terms like % to NAV in the glossary.

Source: JM Financial Mutual Fund's SEBI-mandated monthly portfolio disclosure, dated 31 May 2026. Data is for information only, not investment advice. Holdings may have changed since the disclosure date.