Top 15 stocks from the Nifty LargeMidcap 250. Every month, without exception.
The model scores all 250 stocks in the Nifty LargeMidcap 250 universe each month using our proprietary multi-factor framework. The top 15 — capped at 2 per industry — are selected and held in equal weight until the next rebalance. No overrides, no exceptions, no gut calls.
The 5-year backtest shows, after 20% short-term capital-gains tax, 18.6% CAGR vs a 8.68% Nifty LargeMidcap 250 Index benchmark — a +9.94% annual alpha. The Sharpe ratio was 0.99, against the index's 0.26. Maximum drawdown was -23.1%, against -18.4% for the index over the same window.
Here are its return per unit of risk and its worst peak-to-trough fall, measured over the same backtest window as everything else on this page, against its own index:
Its index's deepest fall since 2019: -37.9% (Jan 2020 → Mar 2020), and back to its old high in Nov 2020.
And the return itself, beside real funds in its category:
Ours pays 20% short-term capital-gains tax every month it books a profit, because it rebalances monthly. The funds and the index are bought once and held, so they pay 12.5% long-term once at exit on gains above ₹1,25,000. Fund figures are Direct Plan returns from AMFI's NAVs over the same months as our backtest (Oct 2021 → Oct 2026), already net of their expense ratio.
Backtested, not live trading. Past performance is not indicative of future returns. The fixed-deposit line is SBI's 5-to-10-year rate as of September 2026 (6.05%), after tax at a 30% slab — what a deposit pays today, not a five-year history.
250-stock universe
Covers the top 100 NSE companies plus 150 midcap stocks — capturing the majority of India's listed market cap.
Multi-factor scoring
A proprietary blend of academically validated factor signals ranks every stock each month. Composition and weighting are MindForge IP.
Equal-weight, sector-capped
Every name carries the same weight; no single industry can take more than 2 of the 15 slots. Diversification is structural, not promised.
Rules over hunches
The model runs identically every cycle. Output is a portfolio — not a thesis, not a call, not a discretionary tweak.
Full performance analysis
Gross of tax These charts and the month-by-month grid show the model’s own curve, before tax — that is what a backtest produces. Every headline figure on this page is stated after 20% short-term capital-gains tax: 29.4% gross becomes 18.6% after tax.
Left pair: share of all 61 months. Right pair: their own shared scale — the bigger move fills its track and the other draws its true fraction of it.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year | vs index |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | +0.8 | +0.5 | +9.9 | +11.3 | +11.1 | |||||||||
| 2022 | −2.3 | −6.8 | +9.0 | +3.3 | −7.7 | −2.7 | +13.7 | +13.0 | +2.0 | +2.8 | +3.5 | +0.7 | +29.3 | +25.9 |
| 2023 | −8.7 | −4.9 | +1.1 | +7.2 | +2.5 | +10.7 | +11.5 | +8.5 | +8.7 | +0.5 | +13.8 | +13.7 | +82.4 | +50.9 |
| 2024 | +6.9 | +1.4 | +1.5 | +9.3 | +4.8 | +6.8 | +8.0 | +3.2 | −0.3 | −5.6 | −1.1 | +5.5 | +47.0 | +29.2 |
| 2025 | −12.1 | −10.9 | +8.4 | +0.5 | +8.9 | +6.8 | −4.7 | +1.3 | −2.3 | +2.3 | +2.4 | +7.6 | +5.5 | −1.7 |
| 2026 | −0.5 | +1.4 | −13.9 | +7.6 | +4.7 | −0.6 | −0.8 | +1.1 | −6.2 | −0.6 | −9.1 | −1.3 |
Every figure above is computed from the same simulated equity curve as the CAGR on this page — month-end to month-end, model portfolio versus the Nifty LargeMidcap 250, no costs or slippage assumed. vs index is the calendar-year gap in percentage points. 2021 and 2026 are part years — their totals cover only the months shown. Backtested, not live trading. Past performance is not indicative of future returns.
Choices made on the same history. The number of stocks in each book, the cap of two per industry and the model’s settings were chosen while testing on this same 2021–2026 history. A backtest cannot test a choice that was made by looking at it, which is one more reason to read these figures as an upper bound rather than an expectation. How these are built, and where they flatter us →
Backtest period (all figures after tax): Oct 2021 → Oct 2026 · 61 months · Benchmark: Nifty LargeMidcap 250 Index · 18.6% CAGR vs 8.68% benchmark · Beats benchmark 67% of months. Simulated performance, not live trading. Past performance is not indicative of future returns.