{"schema":1,"generated_at":"2026-10-08T19:35:20Z","name":"Permanent portfolio: 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_cash":"Cash (91-day T-bill, as a liquid fund)","w_gold":"Gold (domestic, rupees)","w_gsec10":"G-sec 10-year (synthetic, constant maturity)","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_cash":[25.59,25.35,24.76,24.55,24.23,23.36,23.8,22.8,22.32,24.39,24.38,23.63,22.74,23.46,24.48,24.12,23.65,23.48,23.4,22.74,22.94,24.98,25.37,25.6,25.51,25.52,25.53,25.08,25.19,24.06,22.86,22.75,21.89,25.53,25.19,26.14,26.35,26.32,27.12,27.46,27.69,27.38,29.09,28.26,26.68,25.47,25.47,25.4,24.44,22.39,22.83,22.19,22.04,21.32,21.82,20.73,20.79,25.46,25.45,25.38,25.05,24.67,24.33,24.76,24.41,23.84,23.83,23.79,23.62,26.1,26.1,25.65,25.36,25.62,25.81,25.7,25.15,25.58,25.22,25.29,26.08,23.98,23.65,24.17,24.05,24.48,23.99,24.07,24.01,23.37,23.64,23.3,23.49,25.06,25.67,25.85,26.08,25.93,26.66,26.58,26.44,26.69,26.1,26.28,26.51,25.33,25.11,25.1,24.92,24.85,24.28,24.26,24.2,24.42,24.28,23.98,24.04,24.42,24.77,25.13,25.28,25.11,25.45,25.71,25.84,25.84,25.87,26.42,26.48,24.85,24.79,24.24,24.19,24.21,23.82,23.37,23.21,23.15,23.36,23.78,24.53,24.46,24.09,24.11,23.98,23.66,23.77,23.5,23.45,23.65,23.44,23.61,23.51,24.65,25.09,25.21,24.97,25.19,25.52,25.3,25.1,25.75,25.7,25.75,25.38,24.84,24.96,24.84,24.93,24.66,24.38,24.46,24.0,24.06,23.56,23.7,23.61,24.79,24.87,26.64,25.89,25.67,24.18,23.08,23.42,23.51,23.3,22.93,22.44,25.27,25.32,25.59,25.09,24.54,24.7,24.35,24.07,23.99,23.83,24.0,23.97,25.21,25.15,24.86,25.0,25.56,25.89,25.31,25.04,25.52,25.31,24.81,24.86,25.05,25.46,24.99,24.69,24.46,24.55,24.26,24.35,24.49,24.44,23.92,23.37,25.01,25.0,24.54,24.03,23.93,23.64,23.63,23.38,22.99,23.16,23.42,23.62,24.8,25.09,24.4,23.8,23.51,23.38,23.44,23.4,22.55,22.03,21.69,21.33,23.94,24.18,25.64,24.95,24.7,25.21,25.1,24.47,25.47,25.46],"w_gold":[25.83,24.33,24.82,23.99,24.14,25.02,26.16,26.49,26.3,26.05,2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