# Allcap Multi Asset Spotlight

_Portfolio Theory . 2026-05-18 . By Tanmay Kurtkoti. Educational, illustrative, not advice._

Monday evening, factsheet on the screen. The strategy quoted its Sharpe ratio before its CAGR. That is the giveaway. Most marketing copy quotes the return first because the return is the bigger number. This one led with 1.79.

The highest Sharpe in the suite is not the pure-equity sprint. It is the mix.

Same backtest engine. Same fifty stocks under five thousand rupees, equal-weight inside the equity sleeve. Same two week rebalance. One version runs a hundred pct equity. The other runs eighty pct equity, ten pct LIQUIDCASE, ten pct GOLDBEES. That is the only difference.

Numbers, five year backtest. Pure-equity Allcap printed 48.02 pct CAGR, max DD 22.70 pct, recovered the deepest hole in 469 days. The 80/10/10 mix printed 43.57 pct CAGR, max DD 21.35 pct, recovered the same dip in 371 days, volatility 21.51 against 23.83 on the pure-equity. Surrendered 4.45 percentage points of return. Bought back 98 days of recovery, a shallower hole, two and a third points of volatility. The Sharpe edged up from 1.77 to 1.79.

2025 is where you tell whether a mix is doing its job. Pure-equity Allcap finished 2025 down 4.1 pct. The 80/10/10 version, same equity sleeve, same names, same rebalance, finished down 1.7 pct. The ten and ten that looks lazy in the year of the rip is the ten and ten that cuts your bad year in half.

Three rules I keep coming back to. Judge the portfolio by what it does to your weight curve, not what its single best line earns on its own. The volatility number is the unwritten subtitle to every CAGR, and the Sharpe is just division between them. Mix the asset classes you can actually rebalance. Buy and hope is not a sleeve