Equity mutual fund investors are generally advised that they should wait and be patient after investing money in any fund and they should only sell it when the valuation of your investment has increased enough to give you good returns. However, there is one equity investment in which fund managers invest only when they see a sure-shot chance of profit-making. These funds work in a totally different manner compared to other funds and are known as Arbitrage Mutual Funds. Because it follows a totally different investment strategy, this is said to be the least risky way to invest in equities.