This year, arbitrage funds are as much in favour as the fancied consumer-tech IPOs, with the spotlight firmly back on an investment category that had its fair share of sceptics through a roller-coaster 2020. From cumulative exits in the immediate aftermath of Covid, arbitrage funds now dominate the monthly mutual-fund leader-board, with subscriptions increasing steadily through January. In July, arbitrage funds saw inflows of ₹14,924 crore.