Same twenty names. Two expressions of the same idea. Three rows on the ledger.
Focused Largecap 20 runs the equity sleeve at a hundred pct. Strategy 04 LargeCap Multi Asset runs the same twenty names at eighty pct equity plus ten and ten on debt and gold. The mix gives up CAGR and buys back a shallower hole. The Sharpe says they are nearly the same trade.
Five year backtest
CAGR
Max DD
Volatility
Sharpe
Focused Largecap 20
Equity 100 . 4W rebalance . Strategy 14
27.40pct
27.23pct
21.35pct
1.24
LargeCap Multi Asset
Same twenty names . Eq 80 . Debt 10 . Gold 10 . Strategy 04
25.03pct
23.23pct
18.78pct
1.28
Nifty 50 TRI
Benchmark
10.44pct
16.92pct
14.04pct
0.78
Trade . CAGR
+2.37pp
Pure equity earns two and a third more points of CAGR than the defensive twin.
Cost . Drawdown
4.00pp
Hole deeper by four points without the debt + gold buffer. 27.23 vs 23.23 pct.
Cost . Volatility
2.57pp
Annualised vol higher by 2.57 pp. 21.35 vs 18.78 pct.
Sharpe . Net
.0.04
Defensive twin edges Sharpe by 0.04. The trade is nearly even on risk-adjusted terms.
Five calendar years . the trade is not a single year fluke
Four winning years in a row, one negative year. 2025 is the one that teaches whether you can hold the strategy. The bigger the upside, the steeper the down year. The Sharpe is the Sharpe because the math is symmetric on both sides.
Strategy 14 platform 5Y backtest 23 Apr 2021 to 27 Apr 2026 . Risk Metrics Report export. Net 235.82 pct = Gross 271.66 pct minus Cost 35.84 pct, flat 0.2 pct on traded value per leg. Past performance . backtest only . not a guarantee. Numbers will diverge in live tracking depending on inception date, slippage, and rebalance execution.