ITI Arbitrage Fund
Arbitrage Fund · ITI Asset Management Limited
Among the 180 similar arbitrage funds we track, this one has grown money faster than most. ₹1 lakh invested 5 years ago would be about ₹1.3 lakh today. Investing ₹10,000 every month for the last 5 years would have put in ₹6.1 lakh and grown it to about ₹7.2 lakh. Be warned: in its worst stretch, ₹1 lakh briefly shrank to about ₹99,420. Its ride has historically been comparatively steady.
New to fund research? Start with the 5-minute guide. The detailed numbers below back all of this up.ITI Arbitrage Fund is a arbitrage fund from ITI Asset Management Limited. It has a track record of about 7.0 years. As of the latest data it carries an RS rating of 65/99 (its recent momentum versus category peers) and a King Score of 74/100 (a long-term quality composite). The current NAV is ₹14.58 (as of 2026-09-16).
Growth of ₹100 - last 5 years
ITI Arbitrage Fund returns: last 1, 3, 5 and 10 years
| Period | This fund | Category average |
|---|---|---|
| 1 month | 0.49% | 0.49% |
| 3 months | 1.41% | 1.59% |
| 6 months | 2.72% | 3.04% |
| 1 year | 6.45% | 6.58% |
| 3 years (CAGR) | 7.29% | 7.24% |
| 5 years (CAGR) | 6.14% | 6.59% |
The last 5 years return is 6.14% a year (₹1 lakh → ₹1.3 lakh), and the last 3 years return is 7.29% - ahead of its category's 7.24% average by 0.0 points. Its trailing one-year return is 6.45%. Trailing returns flatter or disappoint depending on the end date you pick - the year-by-year and rolling-return sections below are a fairer read.
Year-by-year returns
| Year | ITI Arbitrage Fund | Benchmark |
|---|---|---|
| 2020 | +3.9% | +16.7% |
| 2021 | +3.2% | +30.2% |
| 2022 | +3.2% | +3.0% |
| 2023 | +7.2% | +25.8% |
| 2024 | +8.0% | +15.2% |
| 2025 | +7.3% | +6.7% |
| 2026 | +4.3% | -5.8% |
ITI Arbitrage Fund beat its benchmark in 3 of the last 7 calendar years. A below-par hit-rate versus its own index is worth weighing against its other strengths. Consistency against the benchmark matters more than any single great year.
Calendar-year returns show how bumpy the ride really was - an average hides the good years and the ugly ones.
What a monthly SIP in ITI Arbitrage Fund would have made
A ₹10,000-a-month SIP, using this fund's actual NAV history. SIP returns (XIRR) differ from lumpsum CAGR because your money goes in gradually, averaging your entry price.
| SIP duration | You invested | It became | XIRR |
|---|---|---|---|
| 3 years | ₹370,000 | ₹410,505 | 6.86% |
| 5 years | ₹610,000 | ₹724,482 | 6.81% |
Over 5 years, ₹610,000 invested in monthly instalments would have grown to about ₹724,482 - an XIRR of 6.81%. Figures are pre-tax and assume you stayed invested throughout.
Risk & drawdowns
| Measure | This fund | Category average |
|---|---|---|
| Worst drawdown (lifetime) | -0.58% | -2.69% |
| Worst drawdown (3Y) | -0.28% | -0.27% |
| Volatility (1Y) | 1.24% | 1.2% |
| Sharpe (3Y) | 0.71 | 0.63 |
| Sortino (3Y) | 1.91 | 1.85 |
| Beta (3Y) | -0.01 | -0.01 |
| Alpha (3Y) | 0.79% | 0.7% |
| Up capture | 8.9% | 9.08% |
| Down capture | -9.7% | -9.17% |
| Bull-market return | 5.8% | 6.98% |
| Bear-market return | 7.0% | 8.09% |
Timing matters more than people admit: the best possible 1-year stretch in ITI Arbitrage Fund (starting 2023-06-05) gained 8.6%, while the worst (starting 2020-03-16) still made 2.5%. The worst peak-to-bottom fall ITI Arbitrage Fund has ever put investors through is -0.58% - the real test of whether you'd have stayed invested. In falling markets (Nifty below its 200-day average) it has returned about 7.0% annualised, versus 5.8% in rising markets. It has captured roughly 8.9% of its benchmark's up-moves and -9.7% of its down-moves.
How ITI Arbitrage Fund behaves when markets fall
When the market is falling (the Nifty below its 200-day average), ITI Arbitrage Fund has historically returned about 7.0% annualised, versus roughly 5.8% when the market is rising. Its deepest fall on record is -0.58%. Right now it sits about 0.0% at or above its all-time high (last hit 2026-09-16). The real question isn't the average year - it's whether you could hold on through the worst one.
How ITI Arbitrage Fund ranks in its category
Percentile versus its ~180 category peers - 100th is best-in-class, 50th is average. This is the fairest apples-to-apples read.
Consistency (rolling returns)
| Measure | Value |
|---|---|
| Median 3Y rolling CAGR | 5.51% |
| 3Y windows positive | 100.0% |
| Worst 3Y window | 3.22% |
| 3Y windows beating Nifty 500 | 0.0% |
| Median 5Y rolling CAGR | 5.5% |
Instead of one lucky start date, rolling returns test every start date. Across all 3-year windows in its history, ITI Arbitrage Fund returned a median of 5.51% a year, and 100.0% of those windows were positive.
What ITI Arbitrage Fund holds
Its latest monthly portfolio disclosure. This is what your money actually owns.
Top holdings
Sector allocation
The top 10 holdings make up 34.1% of the portfolio, across 44 stocks. A higher concentration means the fund's fortunes ride on fewer names.
Portfolio overlap with similar funds
ITI Arbitrage Fund shares Invesco India Arbitrage Fund (19%), Mirae Asset Arbitrage Fund (1%), Tata Arbitrage Fund (0%) of its portfolio with these category peers (overlap = the slice of the two portfolios invested in the same stocks). The lower the overlap, the more genuinely different the portfolios are.
Who manages ITI Arbitrage Fund - and how good are they?
ITI Arbitrage Fund is managed by Laukik Bagwe, Vikas Nathani and Animesh Singh. Below is each manager's complete track record - every fund they currently run, judged on the same numbers as everything else on this page - so you can see whether this fund is in strong hands or is the outlier in a weak book.
Laukik Bagwe's full record
Laukik Bagwe currently runs 6 funds, across Arbitrage Fund, Banking and PSU Fund, Dynamic Asset Allocation or Balanced Advantage, Liquid Fund and more, with about ₹578 Cr under management. The book's average King Score is 74.2/100. Their strongest fund by King Score is ITI Banking & PSU Debt Fund (84/100); ITI Arbitrage Fund ranks #4 of 6 in their book.
Tap any column heading to sort.
| # | Fund | RS | King | 3M | 6M | 1Y | 3Y CAGR | 5Y CAGR | 10Y CAGR | Sharpe | Roll 3Y | Worst fall |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | ITI Banking & PSU Debt Fund | 83 | 84 | 1.3% | 2.6% | 5.1% | 7.0% | 6.3% | n/a | 0.59 | 6.8% | -1.1% |
| 2 | ITI Liquid Fund | 72 | 81 | 1.6% | 3.2% | 6.2% | 6.7% | 6.1% | n/a | 0.62 | 5.5% | -0.0% |
| 3 | ITI Ultra Short Term Fund | 76 | 80 | 1.7% | 3.5% | 6.6% | 7.1% | 6.4% | n/a | 1.21 | 7.0% | -0.2% |
| 4 | ITI Arbitrage Fund (this page) | 65 | 74 | 1.4% | 2.7% | 6.5% | 7.3% | 6.1% | n/a | 0.71 | 5.5% | -0.6% |
| 5 | ITI Overnight Fund | 59 | 67 | 1.2% | 2.4% | 5.0% | 5.8% | 5.5% | n/a | -2.64 | 5.5% | 0.0% |
| 6 | ITI Balanced Advantage Fund | 71 | 59 | 1.0% | 3.5% | -0.6% | 8.9% | 8.0% | n/a | 0.25 | 12.5% | -33.6% |
Vikas Nathani's full record
Vikas Nathani currently runs 1 fund, across Arbitrage Fund, with about ₹88 Cr under management. The book's average King Score is 74.0/100. This fund is the highest-scored fund they run (King 74/100).
Animesh Singh's full record
Animesh Singh currently runs 5 funds, across Arbitrage Fund, Dynamic Asset Allocation or Balanced Advantage, Sectoral/ Thematic, with about ₹1,383 Cr under management. The book's average King Score is 69.5/100. Their strongest fund by King Score is ITI Pharma and Healthcare Fund (76/100); ITI Arbitrage Fund ranks #2 of 5 in their book.
Tap any column heading to sort.
| # | Fund | RS | King | 3M | 6M | 1Y | 3Y CAGR | 5Y CAGR | 10Y CAGR | Sharpe | Roll 3Y | Worst fall |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | ITI Pharma and Healthcare Fund | 85 | 76 | 7.5% | 19.3% | 10.1% | 18.9% | n/a | n/a | 0.84 | 21.5% | -17.7% |
| 2 | ITI Arbitrage Fund (this page) | 65 | 74 | 1.4% | 2.7% | 6.5% | 7.3% | 6.1% | n/a | 0.71 | 5.5% | -0.6% |
| 3 | ITI Banking and Financial Services Fund | 48 | 69 | -1.1% | 4.8% | 7.0% | 10.9% | n/a | n/a | 0.26 | 15.3% | -16.6% |
| 4 | ITI Balanced Advantage Fund | 71 | 59 | 1.0% | 3.5% | -0.6% | 8.9% | 8.0% | n/a | 0.25 | 12.5% | -33.6% |
| 5 | ITI Bharat Consumption Fund | 67 | n/a | 4.7% | 13.0% | 0.2% | n/a | n/a | n/a | 0.36 | n/a | -16.4% |
A caveat worth keeping: funds often have co-managers, and results belong to the whole team and process rather than one person. A manager's book tells you about their range and consistency, not a guarantee of skill.
Cost & fund basics
| Detail | Value |
|---|---|
| Expense ratio (Direct) | 0.26% |
| Exit load | ≈1% if redeemed within 1 year (typical) |
| Minimum investment | ₹5000 |
| Fund size (AUM) | ₹88 Cr |
| Age | 7.0 years |
| Plan / Option | Direct · Growth |
| Benchmark | NIFTY500 |
How ITI Arbitrage Fund compares to peers
| Fund | RS | King | 3Y CAGR |
|---|---|---|---|
| Invesco India Arbitrage Fund | 94 | 83 | 7.5% |
| Mirae Asset Arbitrage Fund | 83 | 83 | 7.4% |
| Tata Arbitrage Fund | 93 | 83 | 7.5% |
| Invesco India Arbitrage Fund | 93 | 82 | 7.5% |
| Edelweiss Arbitrage Fund | 80 | 81 | 7.4% |
| Kotak Arbitrage Fund | 88 | 81 | 7.5% |
Overlap warning: funds in the same category often own many of the same stocks - holding several rarely adds the diversification people expect.
What these numbers mean
RS rating (1-99) ranks a fund's recent momentum against its category - higher is stronger right now. King Score (0-100) is a long-term quality composite (returns, consistency, drawdown, risk-adjusted return) versus peers. Max drawdown is the worst peak-to-bottom fall the fund has ever experienced. Rolling returns test every possible start date, so one lucky (or unlucky) entry point can't distort the picture. Every formula behind this page is public - see how we calculate every number.
ITI Arbitrage Fund review: the bottom line
Related
Frequently asked questions
Is ITI Arbitrage Fund a good mutual fund?
That depends on your goals and risk tolerance - this is descriptive research, not advice. On the numbers, ITI Arbitrage Fund scores 74/100 on our King Score and RS 65/99 within its category, has compounded 7.29% a year over three years, and its worst drawdown was -0.58%. Compare those against your needs and the peer table above.
What is the NAV of ITI Arbitrage Fund today?
The latest NAV is ₹14.58 (as of 2026-09-16). NAV (net asset value) is the per-unit price of the fund, published every business day by the AMC.
What is the expense ratio of ITI Arbitrage Fund?
The Direct-plan expense ratio is 0.26% a year. The Direct plan is cheaper than the Regular plan because it carries no distributor commission - over decades that gap compounds meaningfully.
Who is the fund manager of ITI Arbitrage Fund?
ITI Arbitrage Fund is managed by Laukik Bagwe; Vikas Nathani; Animesh Singh.
Is ITI Arbitrage Fund safe? How risky is it?
No market-linked fund is 'safe' in the fixed-deposit sense - the honest question is how deep its falls get. Its worst historical drawdown was -0.58% - ₹1 lakh briefly becoming about ₹99,420. As a hybrid fund, its risk profile is typical of that category. Look at the drawdown, volatility and bear-market figures above and ask whether you could stay invested through the bad stretches.
Is ITI Arbitrage Fund good for SIP?
We can't tell you what to do, but here is what actually happened: a ₹10,000 monthly SIP over the last 5 years grew ₹6.1 lakh into about ₹7.2 lakh (XIRR 6.81%). SIPs average your entry price, which helps most in funds that swing hard - check the crash-behaviour section above to see how it treats investors in bad markets.
What are the SIP returns of ITI Arbitrage Fund?
A ₹10,000/month SIP over 5 years would have grown to about ₹724,482 (an XIRR of 6.81%) on ₹610,000 invested, using the fund's actual NAV history. See the SIP table above for other durations.
How does ITI Arbitrage Fund rank among similar funds?
On 3-year returns it sits around the 83th percentile of its category, and its consistency ranks 61th percentile. 100th is best-in-class, 50th is average. See the category-ranking section above.
Is ITI Arbitrage Fund tax-efficient / what about capital gains?
As a hybrid fund, gains follow the rules for its asset class - equity-oriented funds are taxed differently from debt. All returns on this page are pre-tax; your actual post-tax return depends on your holding period and slab. This is descriptive information, not tax advice.
Direct or Regular plan - which is shown here?
All figures on this page are for the Direct-Growth plan (no distributor commission, lower cost). Returns are pre-tax; capital-gains tax depends on your own holding period and slab.
See ITI Arbitrage Fund live in the MF Terminal
Everything above is a static snapshot. The terminal is where you actually research it:
- Interactive price chart with EMAs & RSI
- The RS line plotted against its benchmark
- Full holdings, sector mix & portfolio overlap
- Point-in-time backtester & portfolio doctor
- Compare it side-by-side with any peer
- Screen 1,600+ funds on the same metrics
Data: AMFI NAV history, NSE indices, BSE StAR and monthly disclosures. All figures are pre-tax. Descriptive research and education only - nothing here is investment advice or a recommendation to buy, sell or hold any fund. Past performance does not guarantee future returns.