Run it against its own pure-equity twin. The cushion shows up in the down year.

Same large-cap names live inside Focused Largecap 20 at a hundred pct equity. LargeCap Multi Asset runs them at eighty, then parks ten in a liquid debt sleeve and ten in gold. The twin earns more on the way up. The mix loses less on the way down.

Five year backtest

CAGR

Max DD

Volatility

Sharpe

LargeCap Multi Asset Eq 80 . Debt 10 . Gold 10 . Strategy 04

25.03pct

23.23pct

18.78pct

1.28

Focused Largecap 20 Same names . Equity 100 . Strategy 14

27.40pct

27.23pct

21.35pct

1.24

Nifty 50 Benchmark

10.68pct

16.92pct

14.03pct

0.79

Equity sleeve

80pct

20 Nifty 100 names. Equal weight, about 3.4 to 4.0 pct each. No single line carries the book.

Debt sleeve

10pct

LIQUIDCASE. The dry powder that gets fed back into equity when the rebalance fires.

Gold sleeve

10pct

GOLDBEES. The hedge that tends to hold up on the weeks the equity sleeve does not.

The cushion, measured

-3.1 vs -7.9 pct

2025 down year . mix vs pure-equity twin

-6.10 vs -6.33 pct

Worst single week . mix vs Nifty 50

The debt and gold sleeve roughly halved the bad year. Its worst week was actually shallower than the index had. That is what the ten and ten are buying you. Not return. Holding power.

Strategy 04 platform 5Y backtest 23 Apr 2021 to 27 Apr 2026 . Risk Metrics Report export. Net 205.63 pct = Gross 234.36 pct minus Cost 28.73 pct, roughly 12 pct of gross, the lowest cost ratio on the shelf at 4W cadence. Past performance . backtest only . not a guarantee. Live tracking will diverge with inception date, slippage and rebalance execution.