EQNEQUINEXT
Strategies LLP
Investor Primer · India Equity

The Adaptive Equity Portfolio reads the market regime — and rotates accordingly.

Most equity strategies are static: they pick a style — value, momentum, quality — and ride it through every environment. Ours doesn't. The system identifies the prevailing market regime daily and rotates sector and stock exposure to match — defending in stress, leaning into strength when conditions confirm.

3-Year Return
+529.8%
backtested, net of costs
CAGR
77.4%
vs Nifty 50 · 9.6%
Sharpe Ratio
2.18
rf = 6.5%
Max Drawdown
−14.4%
vs Nifty 50 · −15.8%
Backtest · Mar 2023 – Jun 2026
The track record

₹10 Lakh grew to ₹62.9 Lakh.

The same ₹10 lakh invested in the Nifty 50 grew to ₹13.4 lakh over the same period. The chart shows both, head-to-head, on actual closing prices.

Adaptive Equity PortfolioNifty 50
All values rebased to ₹10 L · 78 fortnightly rebalances · net of 10 bps per trade.
MetricPortfolioNifty 50Advantage
Total Return+529.8%+33.6%5.7× capital
CAGR77.4%9.6%+67.9% / yr
Sharpe (rf 6.5%)2.180.278× better
Volatility24.8%12.8%higher
Max Drawdown−14.37%−15.77%smaller
Rebalances78~24 / yr
The headline that matters

The portfolio returned 5.7× more capital than the Nifty 50 over the same period, with a slightly smaller worst-case drawdown. Higher volatility paid for itself many times over.

Live track · since 5 Jun 2026

Now running with real capital.

Three live accounts totalling ₹26 lakh of personal capital have run the portfolio since 5 June 2026. Below is the combined index (base 100). The live track is intentionally short at publication — meaningful trend emerges over 3–6 months. Daily snapshots are captured at 15:35 IST and audited monthly.

3 accounts · ₹26 L combined · base = 100 · 7 trading days shown.
Honesty note. Live performance over a one-week window is statistical noise, not evidence. We show it transparently so you can watch the curve grow alongside us. The backtest is the basis for any allocation decision today; live becomes the basis once 3+ months accumulate.
Monthly performance

How returns are distributed.

Every backtested month, colour-coded — green positive, clay negative, intensity by magnitude. Watch two things: how often months lose, and whether losses stay contained (worst single month: −12.4%).

JanFebMarAprMayJunJulAugSepOctNovDec
2023+9+3+16+17+19-0+6+17+10
2024+11+3-6+14+11+15+5-2+1+2+7+5
2025-10+2+11+3+14+3-4+1+2+4-1+5
2026-2+4-9+9+6-1
30 positive · 9 negative months−15%+15%
Sector rotation over 3 years

The portfolio doesn't sit still.

Each row is a sector cluster; each column a fortnightly rebalance. Green = the sector was held; pale = a rebalance happened but the regime didn't pick it; hatched = warm-up window before the model had enough history. Capital-goods stay held nearly throughout; defensives like gold and pharma cycle in and out as the regime demands.

Jan '23Apr '23Jul '23Oct '23Jan '24Apr '24Jul '24Oct '24Jan '25Apr '25Jul '25Oct '25Jan '26Apr '26
Capgoods Engineering
Capgoods Electrical
Auto Ancillary
Defense
Metals Mining
Hospitals
It Services
Manufacturing Textiles
Auto Oem
Gold
Pharma
Nbfc Hfc
Held this rebalanceNot pickedWarm-up12 of 23 sectors, by frequency
How it works

Four steps. Every two weeks.

The system runs end-to-end on its own — no human inputs once configured. The operator monitors and approves anomalies; daily decisions are algorithmic.

STEP 01

Detect the regime

Each trading day the system reads ~50 dimensions of market behaviour — volatility, return patterns, cross-sector correlations — and infers the current regime. The regime label is the foundation for everything downstream.

STEP 02

Rank sectors for the regime

Each of ~28 sector clusters is scored on how it has historically performed when this exact regime was active. The top sectors get capital; the rest are excluded for the cycle. A persistence buffer prevents flip-flopping on noise.

STEP 03

Pick stocks within sectors

Inside each selected sector, candidates are ranked on a composite of recent momentum, long-term quality, and regime-conditional risk-adjusted performance. The top names per sector advance to construction.

STEP 04

Optimise and execute

A risk-aware optimiser sets final weights and penalises unnecessary trading. Hard per-stock and per-sector caps enforce diversification; a 25% stock-level stop parks losers in bonds until the next rebalance. Orders execute through your own broker account.

Why this works when most don't

Three principles, repeated thousands of times.

Regime awareness

Static strategies suffer when the environment that made them work changes. Ours doesn't pick a fixed style — it picks the style the current regime rewards, and shifts when the regime shifts.

Concentration with caps

A typical rebalance holds 12–15 names from the top 7 sectors — enough to capture sector trends, focused enough that winners actually move NAV. Per-stock caps prevent single-name blow-ups.

Cost-aware turnover

Rebalances run twice a month — frequent enough to react to regime shifts, infrequent enough that costs don't eat returns. A turnover penalty kills marginal trades that don't justify their cost.

Transparency

Daily NAV tracking, monthly statements and a full trade audit log. Separately managed on your own broker account — your capital, your control, at all times.

Risk & transparency

What you should know before allocating.

What's in our favour
  • Net-of-cost backtest at a realistic 10 bps per trade
  • Max drawdown smaller than the index it outperformed
  • Fully automated execution — no behavioural slippage
  • Separately managed — your capital, your broker, your control
  • Daily NAV tracking, monthly statements, full trade audit
What you should expect
  • Volatility ~2× Nifty — gains come with bigger daily swings
  • Concentrated mid-cap tilt — a different liquidity profile
  • Backtest ≠ future; live results will differ from any past period
  • The regime model can be wrong; one-cycle losses up to ~12% are normal
  • STCG-heavy turnover — meaningful tax drag on realised gains
Access

Suggested allocation tiers.

The portfolio runs as a separately-managed account on your own broker login. We never custody your capital.

₹5 L
Starter

Minimum viable — limited per-stock diversification due to lot sizes.

Recommended
₹10 L
Standard

Full diversification across 13 names. The capital base used in our live track record.

₹25 L+
Scale

For HNI capital — cleaner per-stock weights and tighter slippage.

FAQ

Common questions.

Who places the orders?

The portfolio runs on a dedicated server and connects directly to your broker account via official API. You hold the capital and the account; we hold the signal generator. Twice a month the system places real orders on your behalf and emails you a report.

What if I want to withdraw or stop?

Open-ended. You can withdraw fully or partially at any time — the next rebalance simply uses the reduced capital base. Stopping is a single command; positions remain in your account to hold or sell at your discretion.

What does it cost?

Two layers: (1) your broker's brokerage + STT + exchange charges, paid directly by you on each trade, same as DIY investing; (2) a portfolio-management fee, discussed separately. The backtest already includes brokerage at 10 bps round-trip.

How much does it trade?

~78 rebalances over 3 years — roughly 24 per year — each turning over ~50% of the portfolio. Expect ~30–50 delivery-based orders per month. No F&O, no intraday.

How is it taxed?

Indian capital-gains rules apply: positions under 12 months are STCG, over 12 months are LTCG. Bimonthly rebalancing makes most positions STCG by default, so the post-tax CAGR is meaningfully lower than the gross figure — model a ~15% effective drag.

What's the worst that's happened?

In backtest: −14.37% peak-to-trough, recovered within ~3 months. Worst single month −12.4% (March 2026). The Nifty's worst over the same period was −15.77%.

Is this SEBI-registered?

This is a personal trading system shared on a relationship basis, not a publicly-offered product. We do not solicit, advertise, or pool capital. If you allocate, we deploy the same system on your own account — you remain the principal at all times.

Want to see today's portfolio?

We can share the live dashboard, today's holdings and the current rebalance log. No commitment, no follow-up sales — just numbers and code, evaluated by you.