# Allcap Spotlight

_Strategy Spotlight . 2026-06-08 . By Tanmay Kurtkoti. Educational, illustrative, not advice._

Pulled the cap-curve table again last week, the one I keep on a sticky note, and landed on the same quiet contradiction I always do.

The highest Sharpe in our entire marketplace, 1.77 against the Nifty 50's 0.79, belongs to a card almost nobody picks. It is the Allcap strategy. And the reason it gets skipped is structural, not a judgment on the card. The marketplace sorts by returns. On returns, Allcap lands third.

So line the three momentum cards up. Same engine, different concentration. Focused Alpha 5 runs five names and posts a 58 pct backtested CAGR at 32 pct volatility. Midcap Smallcap runs forty names, 49 pct CAGR, 27 pct vol. Allcap runs fifty equal-weight names from the broadest universe on the platform: 48 pct CAGR, but 24 pct vol and the shallowest drawdown of the three at 22.70 pct.

Read that as a trade. Allcap gives up under a single point of CAGR to the 40-name card, and buys a hole three and a half points shallower for it. Strongest win-to-loss ratio of the three too. The destination barely moves. The ride changes completely.

Now the honest part, because smoothest is not the same as painless. That 22.70 pct drawdown ran 469 days, from December 2024 into early April 2026. Over fifteen months under water before it climbed back. Lower volatility buys you a shallower hole, not a shorter one. You still have to hold.

Which is the whole point. A return you bail on near the bottom is worth nothing. Fifty equal-weight names at roughly 2 pct each is why no single stock can unwind the book, and why the ride is smooth enough to sit through. The marketplace ranks by the number on the way up. You live inside the number on the way down.

50 names, the 5Y backtest, and the full Risk Metrics Report: https://rupeecase.com/strategies/allcap

Backtest results, after estimated charges. Past performance does not predict the future. Markets carry risk including loss of principal.