{"schema":1,"generated_at":"2026-10-08T19:35:19Z","name":"Maximum diversification: holdings at each month-end","resolution":"month-end","meta":{"spec":"docs/research/models_v1_spec.md","disclaimer":"Rules registered in advance and tracked in public. Not investment advice: a model's holdings describe what its rule says, not what anyone should buy. Backtests before a model's entry date are not evidence of future results.","as_of":"2026-10-06","n_trials":191,"signal_freshness":{"cape":"2026-08-31","yield_gap":"2026-10-08","pe_n500":"2026-10-08"},"notes":["Returns after costs. After-tax figures: resident individual in the 30% slab, Indian capital-gains rules by date, everything sold at the end.","Foreign legs: S&P 500 and Nasdaq-100 price indices in rupees, held through LRS (0.60% each way, 0.10% a year), one session behind the NSE close.","dsr_* is the deflated Sharpe ratio over all counted trials; 0.95 is the usual bar."],"source":"tipsheet models, computed from NSE total-return indices, domestic gold (World Gold Council), the NSE 5-year G-sec index, the 91-day T-bill, and for foreign legs the S&P 500 and Nasdaq-100 in rupees (ECB rates).","assets":{"w_gold":"Gold (domestic, rupees)","w_gsec5":"G-sec 5-year (NSE benchmark index)","w_n500":"Nifty 500"}},"dates":["2005-04-29","2005-05-31","2005-06-30","2005-07-29","2005-08-31","2005-09-30","2005-10-31","2005-11-30","2005-12-30","2006-01-31","2006-02-28","2006-03-31","2006-04-29","2006-05-31","2006-06-30","2006-07-31","2006-08-31","2006-09-29","2006-10-31","2006-11-30","2006-12-29","2007-01-31","2007-02-28","2007-03-30","2007-04-30","2007-05-31","2007-06-29","2007-07-31","2007-08-31","2007-09-28","2007-10-31","2007-11-30","2007-12-31","2008-01-31","2008-02-29","2008-03-31","2008-04-30","2008-05-30","2008-06-30","2008-07-31","2008-08-29","2008-09-30","2008-10-31","2008-11-28","2008-12-31","2009-01-30","2009-02-27","2009-03-31","2009-04-29","2009-05-29","2009-06-30","2009-07-31","2009-08-31","2009-09-30","2009-10-30","2009-11-30","2009-12-31","2010-01-29","2010-02-26","2010-03-31","2010-04-30","2010-05-31","2010-06-30","2010-07-30","2010-08-31","2010-09-30","2010-10-29","2010-11-30","2010-12-31","2011-01-31","2011-02-28","2011-03-31","2011-04-29","2011-05-31","2011-06-30","2011-07-29","2011-08-30","2011-09-30","2011-10-31","2011-11-30","2011-12-30","2012-01-31","2012-02-29","2012-03-30","2012-04-30","2012-05-31","2012-06-29","2012-07-31","2012-08-31","2012-09-28","2012-10-31","2012-11-30","2012-12-31","2013-01-31","2013-02-28","2013-03-28","2013-04-30","2013-05-31","2013-06-28","2013-07-31","2013-08-30","2013-09-30","2013-10-31","2013-11-29","2013-12-31","2014-01-31","2014-02-28","2014-03-31","2014-04-30","2014-05-30","2014-06-30","2014-07-31","2014-08-28","2014-09-30","2014-10-31","2014-11-28","2014-12-31","2015-01-30","2015-02-28","2015-03-31","2015-04-30","2015-05-29","2015-06-30","2015-07-31","2015-08-31","2015-09-30","2015-10-30","2015-11-30","2015-12-31","2016-01-29","2016-02-29","2016-03-31","2016-04-29","2016-05-31","2016-06-30","2016-07-29","2016-08-31","2016-09-30","2016-10-30","2016-11-30","2016-12-30","2017-01-31","2017-02-28","2017-03-31","2017-04-28","2017-05-31","2017-06-30","2017-07-31","2017-08-31","2017-09-29","2017-10-31","2017-11-30","2017-12-29","2018-01-31","2018-02-28","2018-03-28","2018-04-30","2018-05-31","2018-06-29","2018-07-31","2018-08-31","2018-09-28","2018-10-31","2018-11-30","2018-12-31","2019-01-31","2019-02-28","2019-03-29","2019-04-30","2019-05-31","2019-06-28","2019-07-31","2019-08-30","2019-09-30","2019-10-31","2019-11-29","2019-12-31","2020-01-31","2020-02-28","2020-03-31","2020-04-30","2020-05-29","2020-06-30","2020-07-31","2020-08-31","2020-09-30","2020-10-30","2020-11-27","2020-12-31","2021-01-29","2021-02-26","2021-03-31","2021-04-30","2021-05-31","2021-06-30","2021-07-30","2021-08-31","2021-09-30","2021-10-29","2021-11-30","2021-12-31","2022-01-31","2022-02-28","2022-03-31","2022-04-29","2022-05-31","2022-06-30","2022-07-29","2022-08-30","2022-09-30","2022-10-31","2022-11-30","2022-12-30","2023-01-31","2023-02-28","2023-03-31","2023-04-28","2023-05-31","2023-06-30","2023-07-31","2023-08-31","2023-09-29","2023-10-31","2023-11-30","2023-12-29","2024-01-31","2024-02-29","2024-03-28","2024-04-30","2024-05-31","2024-06-28","2024-07-31","2024-08-30","2024-09-30","2024-10-31","2024-11-29","2024-12-31","2025-01-31","2025-02-28","2025-03-28","2025-04-30","2025-05-30","2025-06-30","2025-07-31","2025-08-29","2025-09-30","2025-10-31","2025-11-28","2025-12-31","2026-01-30","2026-02-27","2026-03-30","2026-04-30","2026-05-29","2026-06-30","2026-07-31","2026-08-31","2026-09-30","2026-10-06"],"series":{"w_gold":[25.95,24.82,24.45,24.85,26.08,25.46,24.3,23.44,20.18,16.73,13.4,13.64,13.16,12.1,7.73,6.67,5.55,5.87,6.53,6.74,6.4,7.09,7.68,7.47,7.51,7.78,9.4,11.48,14.02,15.73,16.25,16.59,16.33,15.85,14.22,13.11,13.04,13.54,13.71,13.03,14.94,17.34,13.67,18.4,16.02,18.64,21.18,19.53,19.43,21.48,21.85,22.63,22.14,21.38,21.9,24.08,22.37,22.6,19.92,18.06,17.1,17.74,14.23,13.13,12.51,11.92,11.69,11.36,11.24,12.47,14.3,15.74,18.21,16.18,15.78,17.59,19.15,12.53,11.84,12.21,10.89,11.57,11.3,11.3,11.32,11.2,10.95,11.22,11.42,12.81,14.79,15.46,15.11,16.09,16.76,16.22,15.67,11.45,12.02,16.81,24.08,22.35,25.9,26.6,26.0,27.47,27.79,25.73,28.11,27.95,31.52,31.06,29.52,30.82,25.46,25.18,23.89,22.88,22.47,21.0,22.45,20.71,21.58,21.81,24.56,23.43,23.9,22.31,23.28,23.21,23.27,23.53,24.34,23.3,23.89,19.47,19.24,19.79,17.65,18.39,17.21,19.92,19.1,17.82,16.66,16.26,16.7,17.93,19.61,19.39,18.96,17.94,20.83,20.28,22.63,23.86,25.42,26.06,25.9,23.46,24.63,25.04,26.09,25.82,26.27,28.11,25.67,24.88,25.36,24.57,26.07,26.1,26.02,21.92,21.98,20.34,21.33,20.78,20.52,20.17,25.52,27.49,30.16,21.73,19.66,19.32,19.98,19.09,19.93,19.36,18.44,18.63,15.76,11.61,10.3,15.17,14.46,15.26,14.82,14.34,14.79,15.24,17.14,17.84,18.06,19.09,21.44,21.64,21.3,23.56,22.96,23.85,24.53,24.38,22.94,23.6,18.86,18.01,16.07,16.23,15.99,14.87,14.85,14.64,14.97,14.35,13.55,13.12,13.02,12.52,12.15,14.35,13.33,12.41,11.99,10.56,10.09,10.69,10.88,10.27,10.37,10.77,11.44,10.23,11.21,12.99,11.89,10.78,11.02,12.23,7.95,7.06,6.94,9.12,7.83,8.4,9.56,8.36,8.77],"w_gsec5":[63.25,62.93,59.49,57.16,55.41,56.58,61.17,61.69,67.25,71.1,73.74,73.05,74.39,77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