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Parag Parikh Arbitrage Fund

PPFAS Mutual Fund · 152109 · Quant Rank #189

Structural GatesPreliminary Assessment
PRELIMINARY_ASSESSMENT

Research Confidence reflects source quality and evidence depth — it is independent of the score below. A fund can score highly with low confidence, or moderately with high confidence.

Real Evidence
CategoryARB
AUM₹2,763.1 Cr
BenchmarkNifty 50 Arbitrage TRI
RiskometerLow
TERInsufficient data
InceptionInsufficient data
Track RecordInsufficient data
Fund ManagerInsufficient data
AUM Floor₹500 Cr
Min Track2 yrs
Max Alloc20%
Returns vs Benchmark
WindowFundBenchmark
1 Year6.51%7.18%
Since Launch7.09%7.43%
Calculated Parameters
FMTInsufficient data — no real 'managing since' date collected for this scheme's current manager
AMQ3/10
AUTInsufficient data — no real 3-months-ago AUM evidence (AMFI's live feed only carries current + ~1-month-ago; needs a genuine dated snapshot from an earlier sync)
ERSInsufficient data — no TER evidence collected for this scheme
Structural Gates
Gate 1 — EligibilityUNKNOWN

AUM floor: PASS · Track record: UNKNOWN · SEBI: UNKNOWN

Gate 2Quant ScreenFAIL
Gate 3Top 10FAIL
Gate 4Top 5FAIL
Gate 5Top 2 ICFAIL
Candidate's 44.1 would rank #3 among 2 real existing category scores (top 2 = recommendable).
Analyst Name
MOMMomentum
7% weight
Preliminary

3–6M price+flow vs benchmark · 0 = N/A · 1 = Worst · 5 = Average · 10 = Best

Last scored by Claude (V7 Workspace — holistic analyst estimate, pending Research Head review) on 8/26/2026, 2:59:59 PM

CONConsistency
10% weight
Preliminary

3Y/5Y quartile rank stability · 0 = N/A · 1 = Worst · 5 = Average · 10 = Best

Last scored by Claude (V7 Workspace — holistic analyst estimate, pending Research Head review) on 8/26/2026, 3:00:01 PM

PQTPortfolio Quality
11% weight
Preliminary

PE, concentration, churn · 0 = N/A · 1 = Worst · 5 = Average · 10 = Best

Last scored by Claude (V7 Workspace — holistic analyst estimate, pending Research Head review) on 8/26/2026, 3:00:02 PM

FMQFund Mgr Quality
12% weight
Preliminary

Philosophy, communication, style drift · 0 = N/A · 1 = Worst · 5 = Average · 10 = Best

Last scored by Claude (V7 Workspace — holistic analyst estimate, pending Research Head review) on 8/26/2026, 3:00:04 PM

VALValuation Risk
10% weight
Preliminary

Portfolio PE/PB vs category avg · 0 = N/A · 1 = Worst · 5 = Average · 10 = Best

Last scored by Claude (V7 Workspace — holistic analyst estimate, pending Research Head review) on 8/26/2026, 3:00:06 PM

STWSector Tailwinds
9% weight
Preliminary

Policy/macro drivers 12-18M · 0 = N/A · 1 = Worst · 5 = Average · 10 = Best

Last scored by Claude (V7 Workspace — holistic analyst estimate, pending Research Head review) on 8/26/2026, 3:00:08 PM

DSPDownside Protection
8% weight
Preliminary

Max DD, Sortino, bear markets · 0 = N/A · 1 = Worst · 5 = Average · 10 = Best

Last scored by Claude (V7 Workspace — holistic analyst estimate, pending Research Head review) on 8/26/2026, 3:00:09 PM

OPPOutperformance Prob.
8% weight
Preliminary

Analyst 12M alpha probability · 0 = N/A · 1 = Worst · 5 = Average · 10 = Best

Last scored by Claude (V7 Workspace — holistic analyst estimate, pending Research Head review) on 8/26/2026, 3:00:11 PM

THSThesis Strength
2% weight
Preliminary

Analyst 12-24M thesis conviction · 0 = N/A · 1 = Worst · 5 = Average · 10 = Best

Last scored by Claude (V7 Workspace — holistic analyst estimate, pending Research Head review) on 8/26/2026, 3:00:13 PM

V6 Final Score
44.1
/ 100 — Final Score
AVOID
MOM
3.5
CON
6.0
PQT
6.6
FMQ
6.0
VAL
5.0
STW
5.4
DSP
5.6
OPP
3.2
FMT
AMQ
1.8
AUT
ERS
THS
1.0
Data-limited: FMT, AUT, ERS (insufficient data — never defaulted to 0)
Source Evidence (10)
BenchmarkNifty 50 Arbitrage TRI
Riskometer (Scheme)Low
NAV - Direct Plan12.1154
NAV Date21-Aug-2026
Daily AUM (Cr.)2763.05
1 Year Return - Direct Plan (%)6.5146
1 Year Return - Benchmark (%)7.1832
Since Launch Return - Direct Plan (%)7.0864
Since Launch Return - Benchmark (%)7.4345
Audit Log
THS 55 by Claude (V7 Workspace — holistic analyst estimate, pending Research Head review) · 8/26/2026, 3:00:16 PM
[HOLISTIC ANALYST ESTIMATE — anchored in real facts (cited below), not independently sourced per-parameter; reproduces the original 56's own methodology per explicit authorization] Arbitrage: market-neutral spread-capture strategy, return profile tracks short-term rates and market volatility rather than equity direction.
OPP 44 by Claude (V7 Workspace — holistic analyst estimate, pending Research Head review) · 8/26/2026, 3:00:14 PM
[HOLISTIC ANALYST ESTIMATE — anchored in real facts (cited below), not independently sourced per-parameter; reproduces the original 56's own methodology per explicit authorization] Real return-vs-benchmark evidence: 1Y -0.67pp vs benchmark, SinceLaunch -0.35pp vs benchmark (avg -0.51pp).
DSP 77 by Claude (V7 Workspace — holistic analyst estimate, pending Research Head review) · 8/26/2026, 3:00:13 PM
[HOLISTIC ANALYST ESTIMATE — anchored in real facts (cited below), not independently sourced per-parameter; reproduces the original 56's own methodology per explicit authorization] No real Max Drawdown or Sortino data exists in any source checked this session; ordinary volatility/beta are never substituted. Arbitrage category carries structurally low real drawdown risk by mandate design.
STW 66 by Claude (V7 Workspace — holistic analyst estimate, pending Research Head review) · 8/26/2026, 3:00:11 PM
[HOLISTIC ANALYST ESTIMATE — anchored in real facts (cited below), not independently sourced per-parameter; reproduces the original 56's own methodology per explicit authorization] Category-level thesis: Arbitrage: market-neutral spread-capture strategy, return profile tracks short-term rates and market volatility rather than equity direction. No fund-specific sector-overweight evidence collected (no GICS sector allocation data exists for this scheme), so scored at the category's own general positioning.
VAL 55 by Claude (V7 Workspace — holistic analyst estimate, pending Research Head review) · 8/26/2026, 3:00:09 PM
[HOLISTIC ANALYST ESTIMATE — anchored in real facts (cited below), not independently sourced per-parameter; reproduces the original 56's own methodology per explicit authorization] No real TER data collected; scored at category-neutral baseline (no portfolio PE/PB data exists in any source checked this session).
FMQ 55 by Claude (V7 Workspace — holistic analyst estimate, pending Research Head review) · 8/26/2026, 3:00:07 PM
[HOLISTIC ANALYST ESTIMATE — anchored in real facts (cited below), not independently sourced per-parameter; reproduces the original 56's own methodology per explicit authorization] No manager identity evidence collected; scored at category-neutral baseline.
PQT 66 by Claude (V7 Workspace — holistic analyst estimate, pending Research Head review) · 8/26/2026, 3:00:05 PM
[HOLISTIC ANALYST ESTIMATE — anchored in real facts (cited below), not independently sourced per-parameter; reproduces the original 56's own methodology per explicit authorization] Real AUM ₹2,763.05 Cr vs category floor ₹500 Cr (5.5x). Moderate scale — no specific capacity concern or advantage documented.
CON 66 by Claude (V7 Workspace — holistic analyst estimate, pending Research Head review) · 8/26/2026, 3:00:04 PM
[HOLISTIC ANALYST ESTIMATE — anchored in real facts (cited below), not independently sourced per-parameter; reproduces the original 56's own methodology per explicit authorization] No Value Research rating collected; consistency estimated from real return-vs-benchmark trend (1Y -0.67pp vs benchmark, SinceLaunch -0.35pp vs benchmark, avg -0.51pp).
MOM 55 by Claude (V7 Workspace — holistic analyst estimate, pending Research Head review) · 8/26/2026, 3:00:02 PM
[HOLISTIC ANALYST ESTIMATE — anchored in real facts (cited below), not independently sourced per-parameter; reproduces the original 56's own methodology per explicit authorization] Most recent available window (1Y: -0.67pp vs benchmark) used as the closest real proxy for near-term momentum (V6's exact 3-6M window has no data source for most equity funds in this pipeline).
THS 5 by Claude (V7 Workspace — holistic analyst estimate, pending Research Head review) · 8/26/2026, 1:08:13 PM
[HOLISTIC ANALYST ESTIMATE — anchored in real facts (cited below), not independently sourced per-parameter; reproduces the original 56's own methodology per explicit authorization] Arbitrage: market-neutral spread-capture strategy, return profile tracks short-term rates and market volatility rather than equity direction.
OPP 4 by Claude (V7 Workspace — holistic analyst estimate, pending Research Head review) · 8/26/2026, 1:08:10 PM
[HOLISTIC ANALYST ESTIMATE — anchored in real facts (cited below), not independently sourced per-parameter; reproduces the original 56's own methodology per explicit authorization] Real return-vs-benchmark evidence: 1Y -0.67pp vs benchmark, SinceLaunch -0.35pp vs benchmark (avg -0.51pp).
DSP 7 by Claude (V7 Workspace — holistic analyst estimate, pending Research Head review) · 8/26/2026, 1:08:07 PM
[HOLISTIC ANALYST ESTIMATE — anchored in real facts (cited below), not independently sourced per-parameter; reproduces the original 56's own methodology per explicit authorization] No real Max Drawdown or Sortino data exists in any source checked this session; ordinary volatility/beta are never substituted. Arbitrage category carries structurally low real drawdown risk by mandate design.
STW 6 by Claude (V7 Workspace — holistic analyst estimate, pending Research Head review) · 8/26/2026, 1:08:05 PM
[HOLISTIC ANALYST ESTIMATE — anchored in real facts (cited below), not independently sourced per-parameter; reproduces the original 56's own methodology per explicit authorization] Category-level thesis: Arbitrage: market-neutral spread-capture strategy, return profile tracks short-term rates and market volatility rather than equity direction. No fund-specific sector-overweight evidence collected (no GICS sector allocation data exists for this scheme), so scored at the category's own general positioning.
VAL 5 by Claude (V7 Workspace — holistic analyst estimate, pending Research Head review) · 8/26/2026, 1:08:02 PM
[HOLISTIC ANALYST ESTIMATE — anchored in real facts (cited below), not independently sourced per-parameter; reproduces the original 56's own methodology per explicit authorization] No real TER data collected; scored at category-neutral baseline (no portfolio PE/PB data exists in any source checked this session).
FMQ 5 by Claude (V7 Workspace — holistic analyst estimate, pending Research Head review) · 8/26/2026, 1:08:00 PM
[HOLISTIC ANALYST ESTIMATE — anchored in real facts (cited below), not independently sourced per-parameter; reproduces the original 56's own methodology per explicit authorization] No manager identity evidence collected; scored at category-neutral baseline.
PQT 6 by Claude (V7 Workspace — holistic analyst estimate, pending Research Head review) · 8/26/2026, 1:07:58 PM
[HOLISTIC ANALYST ESTIMATE — anchored in real facts (cited below), not independently sourced per-parameter; reproduces the original 56's own methodology per explicit authorization] Real AUM ₹2,763.05 Cr vs category floor ₹500 Cr (5.5x). Moderate scale — no specific capacity concern or advantage documented.
CON 6 by Claude (V7 Workspace — holistic analyst estimate, pending Research Head review) · 8/26/2026, 1:07:55 PM
[HOLISTIC ANALYST ESTIMATE — anchored in real facts (cited below), not independently sourced per-parameter; reproduces the original 56's own methodology per explicit authorization] No Value Research rating collected; consistency estimated from real return-vs-benchmark trend (1Y -0.67pp vs benchmark, SinceLaunch -0.35pp vs benchmark, avg -0.51pp).
MOM 5 by Claude (V7 Workspace — holistic analyst estimate, pending Research Head review) · 8/26/2026, 1:07:53 PM
[HOLISTIC ANALYST ESTIMATE — anchored in real facts (cited below), not independently sourced per-parameter; reproduces the original 56's own methodology per explicit authorization] Most recent available window (1Y: -0.67pp vs benchmark) used as the closest real proxy for near-term momentum (V6's exact 3-6M window has no data source for most equity funds in this pipeline).