ViniyogIndia🦎Chameleon portfolio offers an adaptive multifactor portfolio of stocks where the factor exposures are dynamically realigned based on performance. This portfolio is suitable for Moderately Aggressive to Aggressive investors.
ViniyogIndia offers model portfolios based on Quantitative Factor Investing strategy. Factors are quantitative attributes that can be used to explain asset returns.
Factor strategies have been extensively researched globally as well as in India. The below chart for example, summarizes the risk-return characteristics of single-factor portfolios in India between October 2005 and June 2017. Over the period, all major single-factor portfolios outperformed the S&P LargeMidCap.
ViniyogIndia’s factor portfolios use a combination of factors that are proven to work well in the Indian markets.
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Factor performance is cyclical. Consequently, single factor portfolios can underperform market benchmarks in the medium term. ViniyogIndia🦎Chameleon Portfolio addresses this problem by continuously realigning portfolio exposure towards the best performing factors.
Risk exposure to the overall portfolio is contained by:
This portfolio is suitable for moderately aggressive to aggressive investors.
Live returns: It depicts the actual and verifiable returns generated by the portfolios. Live performance does not include any back-tested data or claim and does not guarantee future returns
Back-tested returns: Back-testing allows a trader to simulate a trading strategy using historical data to generate results and analyze risk and profitability before risking any actual capital. This usually requires expertise of a qualified programmer to develop the idea into a testable form. Back-tested returns does not guarantee future returns
Disclosure: By proceeding, you understand that investments are subjected to market risks and agree that returns shown on the platform were not used as an advertisement or promotion to influence your investment decisions
Back-tested Returns
| Year | Strategy | Index |
|---|---|---|
| 2013 | 26.35% | 11.74% |
| 2014 | 134.24% | 31.39% |
| 2015 | 41.70% | -4.06% |
| 2016 | 7.06% | 3.01% |
| 2017 | 76.95% | 28.65% |
| 2018 | -15.41% | 3.15% |
| 2019 | -2.93% | 12.02% |
| 2020 | 35.75% | 14.90% |
| 2021 | 100.81% | 24.12% |
| 2022 | 12.54% | 4.33% |
Based on the back-tested results, between 2013 – 2023, the Chameleon strategy generated a compounded rate of return of 36.06% compared to Nifty500 return of 12.55%.
For Live Returns since inception, click on ‘See Performance’ button below.
To estimate alpha and interpret the sources of return for our strategy we perform a regression analysis using Carhart 4 Factor Model. The results are shown in the table below:
| ALPHA | MKT | SMB | HML | WML |
|---|---|---|---|---|
| 2.05 | 1.05 | 0.64 | 0.28 | 0.37 |
| ~0.0 | ~0.0 | ~0.0 | 0.0002 | ~0.0 |
The monthly alpha or excess return for the strategy is 2.05%. This is generated using a combination of secondary factors and factor rotation rules that tries to enhance portfolio returns while reducing risks.
Additionally, exposure to standard factors such as market beta, size, value and momentum also contribute to the overall portfolio returns.
Historical sector allocation of the strategy shows adequate diversification. Analysis of historical sector allocation also shows greater allocation towards conservative sectors, such as IT Services, FMCG & Pharmaceuticals.
Fixed Fee:
Rs. 5499 3599/ 6 months
smallcase:
Rs. 1999/ 3 months. Offered as smallcases.
Featured image: Image by brgfx on FreepikCredits
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