{"schema":1,"generated_at":"2026-10-08T19:35:19Z","name":"Sector rotation (sectors counted from launch): 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_sec_auto":"Nifty Auto","w_sec_finsrv":"Nifty Financial Services","w_sec_metal":"Nifty Metal","w_cash":"Cash (91-day T-bill, as a liquid fund)","w_sec_it":"Nifty IT","w_other":"Everything else"}},"dates":["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_sec_auto":[33.09,33.43,32.88,0.0,0.0,0.0,34.1,0.0,0.0,0.0,0.0,0.0,34.25,0.0,0.0,33.75,32.4,31.67,35.03,35.11,34.12,32.97,32.72,32.81,37.49,0.0,32.8,33.03,32.23,34.22,33.75,34.57,33.36,33.37,33.39,32.98,33.38,32.36,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,32.98,32.05,0.0,32.18,31.99,33.43,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,32.5,32.22,0.0,0.0,34.91,0.0,31.24,31.65,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,32.9,33.51,34.04,31.9,32.53,35.09,0.0,31.96,33.59,33.85,33.99,0.0,33.99,0.0,33.06,33.47,33.21,32.41,33.19,0.0,33.68,33.74,34.39,34.99,33.21,33.99,32.69,33.13,32.14,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,34.23,32.71,31.54,33.64,32.33,32.75,33.2,34.01,34.21,32.77,32.28,33.34],"w_sec_finsrv":[0.0,0.0,32.88,33.2,33.59,32.85,0.0,33.05,33.54,0.0,33.35,30.32,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,34.85,34.46,33.96,33.47,34.18,33.95,33.13,34.05,32.96,33.98,33.17,32.74,33.57,33.96,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,33.07,34.44,0.0,33.92,35.03,0.0,33.58,0.0,33.38,31.86,33.39,31.94,34.86,32.42,35.15,0.0,0.0,0.0,34.41,0.0,31.92,34.58,0.0,0.0,32.23,0.0,35.48,32.78,35.07,33.43,31.84,32.66,34.83,33.26,34.41,32.73,31.46,33.88,30.58,37.09,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,33.28,32.27,33.22,32.64,32.88,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,33.97,33.27,33.0,32.61,32.51,33.46,0.0,33.79,32.25,33.17,32.64,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0],"w_sec_metal":[0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,37.82,32.73,32.32,31.82,32.72,32.74,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,32.65,35.06,35.82,32.7,34.75,33.57,32.39,32.06,33.51,33.69,33.43,34.66,34.14,33.58,31.45,34.06,33.31,34.25,32.48,32.8,33.8,32.86,32.01,33.99,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,37.32,33.93,38.09,32.66,32.73,34.67,33.62,30.5,33.27,32.12,33.5,34.19,35.89,31.98,35.69,0.0,32.1,0.0,0.0,0.0,0.0,35.05,34.33,31.35,30.57,33.77,0.0,0.0,0.0,34.92,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,32.06,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,31.97,35.04,35.29,33.73,34.07,34.47,33.95,30.9,32.61,33.82,33.86,33.52],"w_cash":[32.72,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,32.57,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,33.14,66.61,100.0,100.0,69.56,66.24,100.0,65.89,66.07,65.21,33.12,0.0,0.0,0.0,0.0,0.0,0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