Quantitative · Systematic

Quant Strategy

A fully systematic, equity-first strategy. Quantitative models drive stock selection across Indian equities, with shifts into foreign ETFs, gold/silver, and liquid funds when market conditions warrant it.

UniverseIndian Equities (core) + ETFs, Gold/Silver, Liquid
BenchmarkBSE 500 TRI
Holdings20–30 positions
Min. Investment₹50 Lakhs
#1 among 484 PMS · Dec ’25 monthly return
#6 among 391 PMS · Feb ’25 monthly return
Source: PMS Bazaar · View performance ↓
Investment Philosophy

Emotion-free by design

Every allocation decision is determined by a quantitative model. When a signal crosses a defined threshold, the model generates an instruction. We execute that instruction. Fear, greed, hope, and narrative play no role — structurally, not as a promise.

Data over opinion

Investment decisions are outputs of statistical models, not market views. The model reads the regime and responds — no human judgment required.

Built for full cycles

Designed to participate meaningfully when markets run, and limit damage when they don’t. Not optimised for any single phase.

18 years of validation

The framework was stress-tested on rolling 3-year periods across 18 years of Indian market history before deployment with real capital.

Asset Allocation

What the model invests in

Four asset classes, each with a defined role. The model allocates across them based on quantitative signals — not forecasts.

Core return engine

Indian Equities

20–30 multicap stocks, selected and sized by quantitative rules. This is where the majority of the portfolio sits.

Portfolio stabilisers

Gold & Silver ETFs

Allocated when precious metal scores strengthen or equity scores weaken. Responds to its own triggers independently of equity conditions.

Geographic diversification

Foreign Equity ETFs

Activated when domestic equity scores are weak and global scores exceed their entry point. Not a permanent allocation.

Capital preservation

Cash / Liquid Funds

The model moves to cash when no asset class scores above its minimum entry point. Not a view — a rule.

Model Governance

How the model evolves

The model executes without intervention during a trade. But the framework itself is researched, tested, and refined continuously — in a structured, out-of-sample manner.

During a trade · Never changes
Once a signal fires, we do not intervene.
No rule changes mid-trade
No manual exits
No reallocation on gut feel
No response to market noise or news
Through research · Evolves deliberately
The framework improves through disciplined research.
New factors tested on out-of-sample data
Market condition definitions refined over time
Risk parameters updated with new research
Changes validated before deployment, never after a loss
Transparency

What if the model is wrong?

The model will have periods of underperformance. All strategies do.
The difference is in how underperformance is handled — and how improvements are made.

We don’t panic. No ad hoc changes based on a bad quarter.

We don’t rewrite rules to explain away recent losses.

Changes are validated out-of-sample. New factors and parameters are tested on data the model has never trained on. If a change doesn’t hold up on unseen data, it doesn’t ship — regardless of how good it looks in-sample.

Improvements are forward-looking, not backward-fitting. Every refinement must demonstrate robustness across multiple market conditions before deployment. This prevents overfitting to recent conditions.

Track Record

Performance

Net of fees. TWRR. The strategy has been live as a PMS for 2 years. This period has coincided with a consolidation/sideways equity phase with no sustained bull market run. The strategy is designed to take quick small losses on failed signals and hold for large gains when trends materialise.

Live PMS Performance
Initiated 3 May 2024 · As of 30th April 2026
PeriodStrategyBSE 500 TRI
3 Months11.0%-1.7%
6 Months16.6%-4.3%
1 Year33.2%-3.6%
Since Inception*9.1%4.8%
*CAGR, May 2024 onwards. Past performance is not indicative of future results.
18-Year Historical Simulation
2006–2024 · Rolling 3-year basis · Same framework as live strategy
29.7%Average 3Y rolling CAGR
8.3%Minimum 3Y rolling CAGR
100%Positive 3-year periods
99%Outperforming 3Y periods vs benchmark

Historically, 86% of 1-year rolling lags were followed by outperformance in the subsequent 12 months. Backtested performance is hypothetical, has inherent limitations, and should not be the sole basis for investment decisions.

Investor Suitability

Is this strategy right for you?

Suitable for investors who:
Want systematic allocation across equities, gold, and liquid funds based on market conditions
Prefer a process that removes emotion from investment decisions entirely
Are comfortable with interim drawdowns in pursuit of long-term capital growth
Have a full market-cycle horizon (3–5+ years)
Understand that the strategy is built to outperform in trending markets and defend capital in flat or falling ones — which may result in minor underperformance during sharp, short-lived rallies
May not be suitable for:
Investors seeking guaranteed or near-term returns
Those uncomfortable with short-term volatility (daily, weekly)
Investors expecting outperformance in every short-term market phase
Investors who may need to withdraw capital within 1 year
Fund Manager

Who manages this strategy

Pratik Karmakar, Fund Manager for Quant Strategy
Pratik Karmakar
Fund Manager · Quant Strategy

B.Tech Computer Science (NIT), MBA (FMS Delhi). 7+ years in investment management including SEBI-registered investment advisory. A few years of prior experience in tech. Designs and maintains all quantitative models, factor systems, and the systematic trading infrastructure that powers this strategy.

Interested in the Quant Strategy?

Walk through the model, the data, and whether systematic investing fits your goals.

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