{"schema":1,"generated_at":"2026-10-08T19:35:19Z","name":"Trend, with global (first version, with the Nifty 50): 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_spx_inr":"S&P 500 in rupees (price index)","w_mid150":"Nifty Midcap 150","w_gold":"Gold (domestic, rupees)","w_n50":"Nifty 50","w_other":"Everything else"}},"dates":["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":[6.18,41.78,72.12,54.18,29.18,22.97,22.62,8.34,33.78,24.43,39.62,69.22,56.85,47.73,38.51,35.83,57.78,16.49,19.47,26.97,23.2,41.29,53.2,71.52,59.62,54.51,81.98,82.53,77.68,72.42,77.61,82.2,57.34,66.89,69.7,50.62,34.24,30.66,34.35,19.02,15.97,15.29,21.04,9.07,20.06,25.37,41.06,15.9,16.36,42.8,21.54,24.37,33.41,20.9,27.34,44.27,43.9,70.83,65.3,51.86,45.63,67.89,75.04,39.42,72.2,69.15,55.57,68.75,59.51,46.99,26.98,49.05,54.84,58.92,40.81,48.58,21.8,18.0,27.82,30.35,22.2,26.48,47.76,62.4,49.23,45.17,68.47,69.19,68.36,60.41,40.83,45.03,37.26,43.76,46.4,32.75,23.8,30.34,23.57,22.93,22.87,32.6,37.74,17.15,30.44,14.66,20.13,56.11,46.4,42.3,63.19,37.51,68.05,69.57,33.49,49.32,50.62,76.87,72.24,40.18,21.48,26.41,14.46,6.15,6.1,8.39,25.68,52.17,64.39,23.74,21.45,31.71,36.67,33.18,20.33,15.28,42.71,23.55,23.61,29.03,33.25,23.24,49.88,65.26,36.71,56.12,58.43,51.41,43.68,61.31,65.43,66.13,49.31,57.44,54.19,38.71,36.3,48.68,39.65,45.82,48.28,38.2,22.82,24.13,22.27,6.99,7.97,73.89,57.43,57.33,21.6,15.02,15.21,38.79,8.42,8.2,7.89,17.58,29.68,36.07,26.66,15.52,17.89,13.82,28.59,23.64,14.25,24.85,38.0,61.79,56.25,38.74,45.81,89.41,90.32,55.85,23.54,61.5,56.26,20.14,53.32,50.09,66.64,62.36,33.95,14.49,17.89,17.35,34.92,39.5,54.84,13.77,4.81,11.72,18.15,23.23,22.94,5.62,5.39,16.59,7.62,0.7,35.9,44.35,45.78,47.68,52.43,45.14,37.6,20.79,21.35,27.73,38.79,34.0,13.21,34.35,34.79,57.23,49.39,78.68,40.2,44.18,30.08,43.74,22.22,58.47,69.29],"w_spx_inr":[16.39,6.24,6.33,13.18,15.98,13.77,13.59,16.65,15.9,16.06,15.68,4.14,1.37,2.77,3.45,0.0,2.02,4.8,0.69,0.0,2.67,0.0,1.38,0.69,8.33,13.48,1.39,1.38,4.89,5.12,0.0,0.0,1.42,0.69,0.0,6.78,9.09,6.34,10.38,11.25,15.97,15.54,13.71,16.05,16.65,11.9,11.05,15.92,16.61,4.1,5.2,4.25,0.69,9.67,11.18,15.92,16.25,16.67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