Three strategies

Three books. Most people need one.

A free multi-asset book, a large-and-midcap book, and a small-cap book to size smallest. If you are unsure, start with the free one. Select a strategy below to explore its approach, backtest results, and how to get started.

Combined performance Backtest Live · model
MultiAsset
LIVE—since last rebalance
11.6%2023–2026 backtest CAGR · after tax
LargeMidcap 250
LIVE—since last rebalance
18.6%2021–2026 backtest CAGR · after tax
SmallMicro 500
LIVE—since last rebalance
44.3%2021–2026 backtest CAGR · after tax
Backtest windows shown per strategy · Updated Nov 2026 · LIVE since the — rebalance
Broker-verified

Two strategies. Two accounts. Two records we don’t write.

Each paid strategy is traded in its own Zerodha account, and Zerodha publishes that account’s realised P&L — closed trades only, over the account’s whole history — on its own verified page. The figures below are ours; the record behind the link is not.

LargeMidcap 250 Account 1 Live · model — this cycle · vs benchmark — Backtest · 2021–2026 · after tax 18.6%CAGR vs 8.68%benchmark +9.94% alpha View the verified P&L
SmallMicro 500 Account 2 Live · model — this cycle · vs benchmark — Backtest · 2021–2026 · after tax 44.3%CAGR vs 11.03%benchmark +33.29% alpha View the verified P&L

Three different things, deliberately kept apart. The green figure is the model portfolio’s move since the last rebalance — not audited client returns and not the account’s P&L. The CAGR pair is a backtest: simulated, not live trading. Only the linked page is the broker’s own record — open a card to see it. How to read it: its total counts every closed trade since the account opened, including any made before the account was given to its strategy, and it shows no open positions and no percentage return. Past performance is not indicative of future returns. MultiAsset is free and is not traded in a dedicated account.

After tax

Every backtest figure here is what you actually keep.

Published fund returns are gross of your tax. Ours are not. Because these strategies rebalance every month, no position is ever held twelve months, so every gain is short-term and pays 20% the month it is booked. A fund you buy and hold pays 12.5% once, at exit, on gains above ₹1,25,000 — and nothing in between. We show both sides after their own tax, because that is the only comparison worth making.

LargeMidcap 250 on ₹10,00,000
18.6% a year, after tax

Gross backtest
29.4%
Short-term tax paid
−₹8,32,912
What you keep
₹23,81,414

Best comparable fund over the same months, after its tax (Motilal Oswal Large & Midcap): 15.8%

SmallMicro 500 on ₹15,00,000
44.3% a year, after tax

Gross backtest
65.4%
Short-term tax paid
−₹33,25,716
What you keep
₹96,81,794

Best comparable fund over the same months, after its tax (Invesco India Smallcap): 16.8%

MultiAsset on ₹5,00,000
11.6% a year, after tax

Gross backtest
17.6%
Short-term tax paid
−₹1,37,645
What you keep
₹7,47,714

Best comparable fund over the same months, after its tax (Quant Multi Asset): 19.5%

Backtested, not live trading. Past performance is not indicative of future returns. Tax is modelled at 20% on every month that books a profit, with no set-off of losing months — the harshest reading of the rules, chosen deliberately. Rupee figures assume the capital shown on each card. Risk metrics elsewhere on this site (Sharpe, maximum drawdown) are measured on the gross curve, as is standard. This is not tax advice; your own rate, slab and set-offs will differ.

And what it does to your return — the paperwork
~170 realised transactions a year on SmallMicro 500
~140 on LargeMidcap 250
1 summary you actually carry into the return

Every gain here is short-term: all three books rebalance monthly, so no position is ever held twelve months. In practice your broker produces the Tax P&L statement for you and you carry one summary into your return rather than typing out every row. One thing works in your favour and we deliberately do not claim it — losing months offset gains under the actual rules, and every figure published on this site assumes they do not. Your real outcome should therefore be better than the figures shown, not worse. None of this is tax advice; your slab, your other income and your set-offs are yours.

PERFORMANCE & MODEL PICKS

See the live returns, the backtest, and the picks — for every strategy

Each strategy's live model-portfolio return since the last rebalance, its backtested CAGR vs its benchmark, a sample of the model picks, and how the category's popular mutual funds compare on returns and fees. Subscribers get the current month's full picks live — with prices, an allocation calculator and one-tap broker deeplinks.

Backtested track record · after 20% STCG · free strategy
MultiAsset · backtested CAGR, after tax11.6%
vs
Nifty 50 · after LTCG7.91%
Live this cycle — vs —
This month's ETF mix updates live on the dashboard — free to everyone. At a 30% tax slab the real after-tax figure is lower — why →

Model holdings · this month: 28% Indian shares · 20% gold · 19% bonds · 18% US large companies · 15% silver

#HoldingTickerWhat it holdsWeight
1Gold ETFGOLDBEESGold20.32%
2Bharat Bond ETFEBBETF0431PSU bonds (Bharat Bond, 2031)18.61%
3NASDAQ ETFMON100US large companies (Nasdaq-100)18.49%
4Silver ETFSILVERBEESSilver14.62%
5Nifty SmallCap 250 ETFHDFCSML250Indian small caps10.82%
6Nifty Next 50 ETFJUNIORBEESIndian large caps (Next 50)8.17%
7Nifty Midcap 150 ETFMID150BEESIndian mid caps5.70%
8Nifty 50 ETFNIFTYBEESIndian large caps (Nifty 50)3.27%
No card required · live picks the moment you join
Comparable multi-asset allocation funds Direct Plan, measured from AMFI NAVs over the backtest's own months, Mar 2023 → Oct 2026 · after tax = 12.5% LTCG paid once at exit, first ₹1,25,000 of gains exempt
FundBefore taxAfter taxExpense ratio
Quant Multi Asset21.2%19.5%0.60%
SBI Multi Asset Allocation15.7%14.6%~1.0%
ICICI Pru Multi Asset14.9%13.9%0.70%
MindForge MultiAsset backtested since Mar 202317.6%11.6%FREE

MindForge MultiAsset is — since the — rebalance

Each fund’s figure is already after its expense ratio — it comes out of the NAV — so the after-tax column compares like for like as it stands. MultiAsset is free, and it is built for a smaller fall rather than a bigger number: how it compares on risk →

Strategy CAGR figures are backtested / simulated and stated after 20% short-term capital-gains tax, not realised; the live figures are model-portfolio moves since the last rebalance (not audited client returns, and gross of tax). Mutual-fund returns are actual Direct Plan returns, measured from AMFI's published NAVs over the same months as each backtest (to 30 Oct 2026), after 12.5% LTCG once at exit; they move with the window. Shown for comparison only — not investment advice or a recommendation of any fund. Past performance does not guarantee future results.

YOUR MONEY, COMPARED

Compare it with the fund you hold

Your starting capital and what you add each month, against a real fund over the same months as our backtest — each side after its own tax, our flat fee taken out in rupees, and the cost of switching if your money is in a fund today.

Open the comparison calculator →
Explore, don’t guess

Which model fits how much swing you can take?

Pick the risk comfort closest to yours and see MindForge’s own published backtest for that band — the same figures as the comparison table below. A self-selection tool, not personalised investment advice.

MindForge MultiAsset Free

8 ETFs across equity, gold, silver & debt — the diversified, lowest-drawdown book. A core holding, and free. At a 30% tax slab the real after-tax figure is lower — why →

11.6%Backtest CAGR, after tax
-13.5%Max drawdown, backtest
See the full MultiAsset page →
MindForge LargeMidcap 250 Core-plus

A factor-ranked large & midcap book, re-ranked every month. Built as a core-plus.

18.6%Backtest CAGR, after tax
-23.1%Max drawdown, backtest
See the full LargeMidcap 250 page →
MindForge SmallMicro 500 Satellite · size smallest

The highest-conviction small & microcap book — also the highest-volatility.

44.3%Backtest CAGR, after tax
-24.2%Max drawdown, backtest
See the full SmallMicro 500 page →

Backtested / simulated figures, after 20% short-term capital-gains tax — the identical numbers as the comparison table below, sourced the same way. Past performance does not guarantee future results. This reflects the risk comfort you picked; it is not personalised investment advice.

Compare all strategies Updated Nov 2026

Metric MultiAssetFree LargeMidcap 250Core-plus SmallMicro 500Satellite · size smallest
Performance
Backtested CAGR · after tax11.6%18.6%44.3%
CAGR after tax and our feeFREE no fee to subtract17.8%
₹60,939 over the window, on ₹10,00,000		43.6%
₹91,439 over the window, on ₹15,00,000
Live (since last rebalance)———
BenchmarkNifty 50Nifty LargeMidcap 250Nifty Smallcap 250
Benchmark CAGR · after tax7.91%8.68%11.03%
Alpha (annual, after tax)+3.69%+9.94%+33.29%
Risk profile
Sharpe Ratio0.700.991.62
Max Drawdown-13.5%-23.1%-24.2%
Index's deepest fall (same window)-14.8%-18.4%-24.8%
Pricing & access
Works from₹10,000₹7,15,000₹65,000
Close to the model from₹1,00,000₹10,00,000₹15,00,000
Monthly FeeFREE₹999₹1,499
Annual Fee (20% off)FREE₹9,590
save ₹2,398		₹14,390
save ₹3,598

Close to the model from is the size at which whole-share rounding stops mattering — it is not a gate. Works from is the smallest capital at which every name in this month’s book is buyable in at least one whole share, at the model’s own weights and this week’s prices; it moves with the book. Below that size the model runs unchanged and tracking error simply widens — your dashboard shows you exactly how much, at whatever capital you enter.

MultiAsset's after-tax figure applies 20% to every gain, as the other two do. Its international, gold, silver and bond ETFs are taxed at your slab instead, so at a 30% slab its real figure is lower. Why →

Each bar is that row only: full width is the best value in the row, so the bars compare the three strategies on one metric and never across metrics. The numbers above them are the figures.

A flat monthly fee, not a % of your corpus. See what you'd save vs an AUM fee

Method Applies to every backtested figure on this site

How MindForge backtests

Every backtested percentage on this site comes out of the same simulation, run the same way for all three strategies. We publish how it is built — not what the models score on, which stays proprietary — so you can judge the numbers by the rigour of the process rather than by how good they look.

  1. The universe is fixed before the test Each strategy tests against a defined list of NSE-listed securities set in advance. Nothing is added to it because it later turned out to do well.
  2. Nothing is scored on data it could not have had At every historical rebalance the model sees only prices and volumes up to that date. Over a year of history is burned as warm-up before the first month is ever scored.
  3. Extremes are tamed, not deleted Every input is trimmed at its statistical extremes and put on a common scale before ranking, so one freak print cannot carry a stock into the book. Names with too little trading history to score are left out rather than guessed at.
  4. Every month counts The model rebalances on the last trading day of each month and holds until the next. Every month in the window is scored — none is skipped, re-run or chosen after the fact.
  5. Turnover is charged On both equity strategies each rebalance pays a one-way trading cost on what actually changed hands, at a wider rate for the small- and micro-cap book. Returns shown are after that charge.
  6. The assumptions live in one file Cost rates, the risk-free rate and each strategy's benchmark are declared once, centrally, and read by the backtest, the charts and this website alike. No run carries its own private numbers.
  7. The benchmark is the real index Each strategy is measured against the actual index path over the same dates — not a smooth long-run average. So the benchmark's own return, risk and drawdown all describe the same window.
  8. One run, one set of numbers Return, volatility, Sharpe, drawdown, win rate and best month are all read off the same equity curve from the same run. No metric comes from a different, friendlier window.
  9. Published straight from the run Every figure on these pages is written in from the simulation's own output files each month by the publishing script, then re-derived from the equity curve by a separate check before anything goes live.
And where it flatters us — stated up front.
  • 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.
  • Survivorship. The universe is built from companies listed today, so businesses that were delisted or wound up during the window are never held and never lose money in the simulation. This makes the returns shown higher than a bias-free test would produce.
  • MultiAsset charges no trading cost at all in its simulation, and it rotates every month. That book's figures are more optimistic on cost than the two equity books, not less.
  • Thinly traded prices go stale. A stock that does not trade every session carries its previous close forward in the simulation. That understates its measured volatility, and a holding that stopped trading altogether would report no move rather than a loss.
  • The benchmark leaves out dividends. Each benchmark is its index's price series, which excludes dividends, while the simulated stock and ETF prices include them. Against the total-return index each alpha would be lower by roughly that index's dividend yield. The fund comparisons are unaffected: a fund's NAV includes its dividends too.
  • One historical window is not a forecast. These are simulations over a single, largely rising market. No client money was managed and no orders were placed.

The full methodology, the exact cost assumptions, benchmark construction and every known limitation are set out in Backtest methodology & known limitations. Backtested performance is hypothetical, has inherent limitations and is not indicative of future results.

Explore each strategy in depth

Each strategy has its own dedicated page with the full backtest chart pack, factor-model explanation, sidebar pricing, and subscribe flow.

Core holding · Lowest drawdown · Free

MindForge MultiAsset

8 NSE-listed ETFs rotated monthly across Nifty 50, Next 50, Midcap, Smallcap, Gold, Silver, Bharat Bond and NASDAQ. Built for the shallowest fall of the three, not the biggest number — and the free way to watch the process run for a few months before paying for anything.

LIVE—since last rebalance
11.6%CAGR · backtest since Mar 2023, after tax
Explore MultiAsset →
Indian equity · Core-plus

MindForge LargeMidcap 250

Top 15 stocks from the Nifty LargeMidcap 250 universe, factor-ranked monthly, capped at 2 per industry.

LIVE—since last rebalance
18.6%CAGR · 5Y backtest, after tax
Explore LargeMidcap 250 →
Highest conviction · Size it smallest

MindForge SmallMicro 500

Top 15 stocks from a 500-name Smallcap + Microcap universe — factor model tuned for thin-liquidity dynamics.

LIVE—since last rebalance
44.3%CAGR · 5Y backtest, after tax
Explore SmallMicro 500 →