{"schema":1,"generated_at":"2026-10-14T18:04:36Z","name":"1/N, India: 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":"2026-10-14","n_trials":197,"signal_freshness":{"cape":"2026-08-31","yield_gap":"2026-10-14","pe_n500":"2026-10-14","mcap_gdp":"2026-09-30","govt_debt":"2026-10-01"},"stale_prices":{},"live_held":{"trend_local":{"to":"2026-10-13","because":{"gold":"2026-10-13"}},"trend_global":{"to":"2026-10-13","because":{"gold":"2026-10-13"}},"gtaa":{"to":"2026-10-13","because":{"gold":"2026-10-13"}},"gtaa_global":{"to":"2026-10-13","because":{"gold":"2026-10-13"}},"dual_momentum":{"to":"2026-10-13","because":{"gold":"2026-10-13"}},"trend_india":{"to":"2026-10-13","because":{"gold":"2026-10-13"}},"trend_world":{"to":"2026-10-13","because":{"gold":"2026-10-13"}},"one_over_n_india":{"to":"2026-10-13","because":{"gold":"2026-10-13"}},"one_over_n_global":{"to":"2026-10-13","because":{"gold":"2026-10-13"}},"robust_trend":{"to":"2026-10-13","because":{"gold":"2026-10-13"}},"adaptive_allocation":{"to":"2026-10-13","because":{"gold":"2026-10-13"}},"erc":{"to":"2026-10-13","because":{"gold":"2026-10-13"}},"min_variance":{"to":"2026-10-13","because":{"gold":"2026-10-13"}},"inverse_vol":{"to":"2026-10-13","because":{"gold":"2026-10-13"}},"hrp":{"to":"2026-10-13","because":{"gold":"2026-10-13"}},"max_diversification":{"to":"2026-10-13","because":{"gold":"2026-10-13"}},"all_weather":{"to":"2026-10-13","because":{"gold":"2026-10-13"}},"golden_butterfly":{"to":"2026-10-13","because":{"gold":"2026-10-13"}},"endowment":{"to":"2026-10-13","because":{"gold":"2026-10-13"}},"paa":{"to":"2026-10-13","because":{"gold":"2026-10-13"}},"daa":{"to":"2026-10-13","because":{"gold":"2026-10-13"}},"vaa":{"to":"2026-10-13","because":{"gold":"2026-10-13"}},"baa":{"to":"2026-10-13","because":{"gold":"2026-10-13"}},"ensemble_equal":{"to":"2026-10-13","because":{"gold":"2026-10-13"}},"sixty_twenty_twenty":{"to":"2026-10-13","because":{"gold":"2026-10-13"}},"permanent":{"to":"2026-10-13","because":{"gold":"2026-10-13"}},"equal_thirds":{"to":"2026-10-13","because":{"gold":"2026-10-13"}}},"live_rebuilds":[{"id":"2026-10-14-carried-prices","applied_at":"2026-10-14 20:51:44","rows_superseded":273,"last_date_superseded":"2026-10-13","archive":"models_live_log.superseded.2026-10-14-carried-prices.parquet","reason":"From 1 to 13 October 2026 the log was written from a panel that carried the 5-year G-sec forward between weekly fetches and gold forward on evening runs (gold lands after E1), so rows recorded flat prices for days the source had not yet posted. The daily G-sec fetch and the live-log hold fix the cause."}],"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_mid150":"Nifty Midcap 150","w_n100":"Nifty 100","w_small250":"Nifty Smallcap 250"}},"dates":["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","2026-10-14"],"series":{"w_gold":[18.13,20.41,18.72,19.29,20.73,21.97,19.81,19.68,20.58,19.48,19.68,20.69,22.17,19.7,20.71,18.35,18.58,19.43,20.19,19.5,19.67,21.72,19.67,18.23,18.75,19.3,19.87,20.03,19.54,19.44,19.41,19.66,24.72,21.0,20.53,18.4,22.19,23.44,18.27,19.03,23.95,22.29,23.34,18.93,21.98,21.73,18.21,17.6,16.89,20.11,19.34,19.91,19.43,21.09,20.02,18.53,19.94,20.83,19.02,20.26,21.6,19.28,18.73,20.84,19.29,20.24,21.57,20.03,20.96,21.07,19.39,20.99,20.23,19.73,21.13,23.71,19.26,19.72,22.18,20.08,18.87,19.57,20.0,20.86,20.69,19.35,20.37,20.61,18.93,20.08,19.61,19.3,19.95,20.75,20.35,18.29,20.22,19.52,22.67,22.56,18.63,19.31,19.77,18.85,20.79,19.89,17.87,20.33,16.76,19.83,20.0,19.61,19.27,18.96,19.74,20.47,19.99,19.01,20.05,21.06,19.71,19.91,18.41,21.96,19.19,20.16,19.03,19.7,21.97,22.77,18.97,20.05,18.88,20.37,19.41,19.49,20.15,19.36,20.14,19.9,19.96,19.85,18.95,19.68,20.11,19.89,19.61,20.58,20.13,19.11,19.84,19.38,20.52,20.51,20.66,19.73,20.43,20.13,19.0,19.81,21.54,20.88,18.96,20.21,21.29,20.11,18.53,20.3,20.03,21.26,21.6,21.7,18.71,19.96,19.51,20.34,20.35,21.04,23.42,18.08,19.71,21.66,20.9,18.38,19.52,20.08,17.86,19.73,19.97,18.46,19.36,20.88,19.48,18.65,19.91,19.53,18.95,20.51,20.47,19.67,20.27,21.72,19.38,20.29,20.39,20.78,19.02,19.36,20.21,19.53,20.34,20.78,21.08,19.59,21.19,19.51,19.49,18.85,19.78,19.71,19.34,21.62,19.36,19.39,19.36,19.78,21.36,20.53,20.19,19.42,18.97,20.32,20.57,21.59,19.49,20.1,22.06,21.85,19.73,19.99,19.47,19.46,20.54,20.87,21.6,20.07,20.84,20.69,24.05,19.05,19.11,18.75,20.62,18.08,20.04,21.86,20.07,19.83],"w_gsec5":[19.24,19.7,19.2,18.9,19.38,21.4,18.78,19.41,19.05,19.74,18.82,19.28,21.57,20.76,19.97,19.15,19.66,19.57,19.62,19.98,19.54,20.86,20.38,18.84,19.77,19.81,19.86,19.55,18.52,18.68,19.25,18.72,22.63,20.05,21.43,18.8,20.49,21.42,18.82,20.55,21.62,26.04,21.5,19.55,20.65,20.05,18.64,18.91,16.33,20.64,19.01,19.35,18.91,20.68,18.65,19.8,20.71,20.12,19.76,19.71,20.27,19.31,19.81,19.62,19.33,19.9,20.81,20.2,21.63,20.49,19.57,19.57,20.1,20.24,19.84,20.7,20.6,19.0,21.17,21.63,18.39,19.3,19.98,20.11,21.13,19.24,20.26,20.07,18.95,20.32,19.46,20.08,20.48,21.19,20.37,20.37,20.2,20.86,19.65,19.61,19.87,19.24,19.95,19.69,20.78,19.42,19.37,19.64,18.91,19.01,20.41,19.65,20.16,19.99,19.82,20.04,19.67,20.16,20.62,20.41,20.0,20.2,19.87,20.7,20.06,19.73,20.05,20.1,20.89,20.99,19.28,19.65,20.07,19.35,19.78,19.78,20.07,20.1,21.5,20.11,19.22,19.41,19.73,19.51,20.28,20.14,19.69,20.11,20.1,19.2,19.87,19.27,19.92,20.54,20.66,19.13,20.44,20.47,19.69,19.4,21.62,20.43,20.12,19.96,20.38,20.43,19.43,20.16,20.02,20.28,21.3,19.68,19.44,19.37,20.06,19.73,19.54,20.67,24.13,18.67,19.86,18.67,19.1,19.11,19.94,20.11,18.77,19.28,20.15,19.28,20.31,19.95,19.14,19.68,19.49,20.0,19.61,19.86,20.48,19.69,20.22,20.8,19.46,19.97,20.53,20.77,19.07,19.65,20.14,19.64,19.77,20.23,20.34,20.3,20.15,19.58,19.64,19.53,19.38,19.8,19.96,20.06,19.02,19.42,19.71,20.0,20.02,19.24,20.07,19.48,19.91,19.84,19.72,20.51,20.35,20.16,20.65,21.19,19.1,19.74,19.42,19.53,20.35,19.9,19.73,19.53,19.92,19.92,19.63,19.93,21.52,19.0,19.8,20.31,19.84,19.54,20.65,19.82],"w_mid150":[20.56,19.59,20.94,20.44,19.94,19.02,20.23,20.29,20.24,20.47,20.63,19.85,18.26,19.15,19.49,21.04,20.73,20.3,20.14,20.19,20.11,19.09,19.9,20.89,20.45,20.51,19.96,20.01,20.67,20.26,21.0,20.74,17.12,19.71,18.65,21.22,19.04,17.6,21.26,20.15,17.88,16.95,18.57,21.15,18.89,19.31,20.75,21.19,22.96,20.11,20.61,20.17,20.7,19.6,20.59,20.28,20.01,19.45,20.4,20.31,19.43,20.38,20.71,19.98,20.1,20.06,19.12,19.42,19.08,19.24,20.51,19.81,19.97,19.97,19.77,18.54,19.78,20.27,19.09,19.34,21.12,20.69,20.11,19.59,19.49,20.29,19.71,19.68,20.83,19.92,20.58,20.4,19.66,19.35,19.77,20.26,20.05,19.64,19.07,19.31,20.67,20.32,20.18,20.51,19.31,20.12,21.03,20.14,21.57,20.55,19.67,20.12,20.35,20.26,20.45,20.15,20.03,20.37,19.9,19.44,20.31,19.95,20.54,19.26,20.23,20.13,20.44,19.99,19.06,18.85,20.68,20.08,20.27,20.08,20.33,20.46,20.1,20.3,19.34,19.86,20.3,20.45,20.6,20.33,19.51,20.12,20.14,19.98,20.09,20.52,20.37,20.66,19.41,19.71,19.87,20.47,19.45,19.88,20.34,20.5,18.77,19.84,20.21,19.99,19.27,19.85,20.63,19.55,20.15,19.69,18.96,19.53,20.48,20.49,20.26,19.91,20.38,19.55,17.43,21.1,20.13,19.91,19.79,20.96,20.23,19.82,21.37,20.03,20.03,21.07,20.27,19.64,20.24,20.72,20.11,20.02,20.62,19.86,19.7,20.07,19.76,19.08,20.34,20.07,19.8,19.51,20.91,20.45,19.87,20.1,19.73,19.73,19.58,20.27,19.5,20.26,20.43,20.72,20.38,20.49,20.34,19.21,20.7,20.33,20.38,20.01,19.69,20.09,20.23,20.33,20.44,19.89,19.94,19.13,20.1,20.15,19.12,18.94,20.29,20.28,20.52,20.25,19.77,19.7,19.51,20.24,20.04,19.78,18.81,20.52,19.77,20.81,20.18,20.35,20.06,19.69,19.54,20.08],"w_n100":[20.7,20.65,20.08,19.39,20.81,19.08,20.7,20.35,20.3,20.42,20.46,19.51,18.4,21.81,20.04,20.47,20.45,20.46,20.28,19.91,19.95,18.99,20.42,21.16,20.27,19.96,20.41,20.11,20.68,21.31,19.13,19.42,18.59,19.55,20.36,20.69,19.0,18.62,21.27,19.85,19.13,18.01,18.89,20.29,19.83,19.91,21.51,21.02,20.25,19.79,20.4,19.27,20.7,19.31,20.34,20.16,19.23,20.24,20.52,19.5,19.68,20.54,20.32,19.55,21.06,19.56,19.82,20.43,19.44,19.9,20.45,19.45,19.88,20.25,19.24,18.62,20.09,20.94,19.18,19.92,20.61,19.91,19.96,19.7,19.52,20.77,19.97,19.99,20.54,19.85,20.17,20.11,20.47,19.9,20.06,20.78,20.03,20.47,19.88,18.93,20.44,20.53,19.54,20.05,19.75,20.22,20.7,19.43,20.27,19.67,20.39,20.49,19.85,20.56,20.26,19.26,20.42,20.38,19.51,19.5,20.15,20.17,20.0,19.26,20.08,19.89,19.8,19.92,19.56,19.35,20.43,19.89,20.75,19.58,20.34,20.05,19.55,19.76,19.97,20.19,20.15,19.91,20.13,19.82,20.49,19.83,20.46,19.67,19.79,20.17,19.52,20.15,20.87,19.53,19.82,20.37,20.34,20.43,20.75,20.11,20.11,19.06,20.8,19.67,19.95,19.95,20.57,20.33,19.89,19.67,19.6,19.71,20.71,20.15,20.17,19.96,19.11,19.46,18.77,21.54,20.38,19.29,20.16,20.13,19.65,20.31,20.71,20.42,19.65,19.82,20.08,19.39,20.4,19.98,19.6,21.34,20.14,19.97,19.34,19.89,19.85,19.8,20.3,19.73,20.08,19.76,20.57,20.18,19.73,20.75,20.09,19.47,19.41,19.92,19.82,20.12,20.02,20.3,19.81,19.3,20.1,19.57,20.11,20.66,19.68,20.41,19.97,19.51,19.92,19.96,20.35,19.88,19.95,19.14,20.11,19.57,20.04,19.72,20.17,20.25,19.58,20.23,19.73,19.93,19.63,20.17,20.11,19.85,18.99,20.16,19.56,20.12,19.49,20.36,20.14,19.1,19.61,20.07],"w_small250":[21.36,19.64,21.06,21.99,19.14,18.53,20.48,20.27,19.83,19.89,20.41,20.67,19.61,18.58,19.79,20.99,20.58,20.25,19.78,20.42,20.72,19.34,19.64,20.88,20.77,20.42,19.89,20.3,20.58,20.31,21.21,21.46,16.94,19.7,19.04,20.89,19.27,18.92,20.39,20.43,17.41,16.72,17.7,20.08,18.65,19.0,20.89,21.28,23.58,19.35,20.64,21.29,20.26,19.32,20.4,21.22,20.11,19.36,20.3,20.23,19.03,20.49,20.44,20.01,20.21,20.23,18.68,19.91,18.89,19.29,20.08,20.18,19.83,19.81,20.03,18.43,20.27,20.07,18.38,19.03,21.0,20.54,19.95,19.74,19.17,20.35,19.69,19.65,20.74,19.83,20.17,20.12,19.45,18.81,19.46,20.3,19.5,19.51,18.73,19.59,20.39,20.61,20.56,20.89,19.37,20.35,21.02,20.47,22.48,20.94,19.52,20.13,20.37,20.24,19.72,20.08,19.88,20.08,19.92,19.59,19.82,19.77,21.18,18.81,20.44,20.09,20.68,20.28,18.52,18.04,20.64,20.34,20.03,20.62,20.14,20.22,20.12,20.48,19.05,19.94,20.37,20.38,20.58,20.67,19.61,20.02,20.1,19.67,19.89,21.0,20.4,20.53,19.27,19.71,18.99,20.3,19.33,19.09,20.22,20.18,17.96,19.8,19.92,20.17,19.11,19.66,20.84,19.66,19.91,19.11,18.53,19.37,20.66,20.02,20.01,20.06,20.63,19.29,16.25,20.61,19.92,20.47,20.06,21.42,20.66,19.68,21.28,20.53,20.19,21.36,19.99,20.14,20.75,20.97,20.89,19.12,20.67,19.8,20.01,20.68,19.91,18.6,20.52,19.93,19.19,19.17,20.43,20.36,20.05,19.98,20.08,19.79,19.59,19.91,19.33,20.52,20.43,20.61,20.65,20.7,20.26,19.55,20.82,20.2,20.86,19.8,18.95,20.62,19.6,20.82,20.33,20.08,19.82,19.64,19.96,20.02,18.12,18.3,20.71,19.74,21.01,20.54,19.61,19.61,19.53,20.0,19.08,19.76,18.52,20.34,20.04,21.32,19.92,20.91,19.92,19.81,20.14,20.19]}}