Momentum, Nifty Midcap 150
Midcap momentum strategy
20 stocks from the Nifty Midcap 150. Fortnightly rotation.
Written for growth-oriented investors comfortable with double-digit drawdowns.
High risk band
01At a glance
Midcap in four numbers.
- CAGR
- 38.75%Model, back tested
- Max drawdown
- −24.87%Model, back tested
- Minimum investment
- ₹90KAbout ₹90,000
- Fee per rebalance
- 0.2%Of traded value, nothing else
150
200
300
500
₹100 in the model in May 2021 became ₹560 by Jul 2026; the Nifty 50 TRI line reached ₹162. Model, back tested. As of 27 Apr 2026. After charges, log scale. Not a promise of future returns.
02Three steps
Compare. Validate. Invest.
Compare
Line Midcap up against the other 17 strategies, and against funds, PMS and AIF.
Compare strategiesValidate the back test
Every year, month, fall, holding and rebalance is in the factsheet below.
Open the factsheetInvest
Link your broker and approve each rebalance. Stocks stay in your own demat; RupeeCase never holds your money.
Invest in Midcap
03Factsheet
Midcap factsheet
Every figure behind the four numbers, in seven parts. Return figures are model, back tested and after charges; each block names its date.
Performance
Calendar year returns
- 2021from May+37.5%
- 2022+41.3%
- 2023+79.4%
- 2024+51.1%
- 2025+5.6%
- 2026to May+1.3%
Model, back tested, after charges, 2021 to May 2026. Not a promise of future returns.
What an amount would have become
- You put in
- ₹90,000
- Model value
- Gain
Model, back tested: the published monthly model returns after charges, May 2021 to May 2026 (61 months). A back test, not a promise of future returns.
Stress test: drag through the falls
Move across the record to read how far the model sat below its last peak, and how long it took to climb back.
MonthFeb 2025
Below the last peak−23.8%
Back to the peak
Model value, log scaleBelow the last peak
Deepest falls, daily record
Model, back tested. As of 27 Apr 2026. The scrub reads month end model values from May 2021 to Jul 2026, so its falls read shallower than the daily figures on the buttons; days are counted between month ends. Drawdowns of similar size can happen again. High risk band.
Monthly returns
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | Janno data | Febno data | Marno data | Aprno data | May0.4 | Jun1.9 | Jul8.2 | Aug0.4 | Sep11.2 | Oct1.4 | Nov−6.5 | Dec17.4 | Year+37.5% |
| 2022 | Jan−0.1 | Feb−7.5 | Mar8.2 | Apr1.8 | May−6.2 | Jun−3.6 | Jul9.1 | Aug2.3 | Sep−1.5 | Oct6.9 | Nov13.6 | Dec14.9 | Year+41.3% |
| 2023 | Jan−10.8 | Feb−5.3 | Mar4.1 | Apr11.4 | May−1.1 | Jun12.5 | Jul6.7 | Aug10.0 | Sep10.4 | Oct−2.1 | Nov15.4 | Dec12.4 | Year+79.4% |
| 2024 | Jan10.5 | Feb4.6 | Mar−0.5 | Apr10.7 | May8.4 | Jun2.8 | Jul3.0 | Aug2.8 | Sep−1.9 | Oct−4.2 | Nov2.3 | Dec4.5 | Year+51.1% |
| 2025 | Jan−15.5 | Feb−9.8 | Mar9.7 | Apr4.3 | May8.7 | Jun4.1 | Jul−5.1 | Aug3.9 | Sep−0.3 | Oct3.5 | Nov3.7 | Dec1.5 | Year+5.6% |
| 2026 | Jan−2.8 | Feb4.9 | Mar−14.8 | Apr13.4 | May2.8 | Junno data | Julno data | Augno data | Sepno data | Octno data | Novno data | Decno data | Year to date+1.3% |
Model, back tested, after charges. Each cell is one calendar month, in percent. Not a promise of future returns.
Rolling returns
Any 1 year
- Worst
- −3.3%
- Median
- +29.1%
- Best
- +155.4%
- Positive
- 92%of 51 windows
Return over each 12 month window.
Any 3 years
- Worst
- +35.5%
- Median
- +52.5%
- Best
- +69.0%
- Positive
- 100%of 27 windows
CAGR over each 36 month window.
Model, back tested, from the month end model values, May 2021 to Jul 2026. Not a promise of future returns.
Deepest falls
- −24.87%20 Dec 2024 to 7 Nov 2025322 days
- −18.48%15 Apr 2022 to 2 Sep 2022140 days
- −15.52%6 Jan 2023 to 2 Jun 2023147 days
- −12.16%22 Oct 2021 to 24 Dec 202163 days
- −11.35%21 Jan 2022 to 25 Mar 202263 days
Model, back tested, daily record over rolling 5 years: from the peak to the low, and the days until the record was back at that peak.
Holdings and sectors
20 holdings
- Equity89%
- SUZLON5.0%
- HUDCO5.0%
- IDEA5.0%
- THERMAX4.9%
- MAHABANK4.9%
- NATIONALUM4.8%
- SAIL4.8%
- BHEL4.7%
- TORNTPOWER4.7%
- NLCINDIA4.7%
- GVT&D4.6%
- ATGL4.5%
- NAM-INDIA4.5%
- BSE4.2%
- BHARATFORG4.2%
- PREMIERENE4.1%
- LLOYDSME3.8%
- RADICO3.7%
- COCHINSHIP3.5%
- MCX3.4%
Live quantities, prices and book values are in the app
Weights on the rebalance day, 11 May 2026; they drift with prices until the next rebalance. Model portfolio, not a recommendation to buy or sell any stock.
Sector allocation
- Other, not yet mapped25.5%
- Power & Utilities20.8%
- Banking & Financial19.1%
- Capital Goods14.9%
- Metals & Mining10.8%
- Auto & Components4.7%
- FMCG & Consumer4.2%
7 sectors in the equity sleeve; the largest mapped sector is Power & Utilities at 20.8%, and 25.5% of the sleeve is not yet in the sector map. Heavy in metals/energy/power complex, exchanges, banks, pharma/chemicals, engineering, and select consumer/realty names. Sector map curated against NSE listings.
Sector weight by year
| Sector | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Now |
|---|---|---|---|---|---|---|---|
| Other, not yet mapped | 82 | 80 | 72 | 73 | 76 | 40 | 25 |
| Banking & Financial | 7 | 9 | 12 | 7 | 11 | 20 | 20 |
| Power & Utilities | 2 | 4 | 7 | 5 | 2 | 9 | 20 |
| Capital Goods | 1 | 5 | 4 | 8 | 7 | 9 | 15 |
| Metals & Mining | 6 | 1 | 1 | 4 | 1 | 8 | 10 |
| Auto & Components | 0 | 1 | 1 | 1 | 2 | 8 | 5 |
| FMCG & Consumer | 0 | 0 | 0 | 0 | 0 | 1 | 5 |
| Pharma & Healthcare | 0 | 0 | 4 | 2 | 1 | 4 | out |
| Realty & Construction | 1 | 1 | 0 | 1 | 0 | 1 | out |
132 published rebalances, 9 sectors touched, 7 held on the latest list (11 May 2026). Each cell is the average weight that year, equal weighted at the stock level; darker is a higher weight.
Rebalances
The rebalance record
- published rebalances
- 132
- first in the record
- 14 May 2021
- 26 a year
- Every 2 weeks
- latest published
- 11 May 2026
Rebalances run on a fixed calendar; you approve each one before your broker places the orders.
Latest rebalance, 11 May 2026
Against the list of 8 May 2026: 0 in, 6 out, 20 held, 20 on the list.
Out
- AUROPHARMA
- NIACL
- NTPCGREEN
- LAURUSLABS
- FEDERALBNK
- OBEROIRLTY
Held
- BHEL
- LLOYDSME
- BSE
- SUZLON
- GVT&D
- THERMAX
- MCX
- NATIONALUM
- MAHABANK
- PREMIERENE
- SAIL
- NLCINDIA
- BHARATFORG
- NAM-INDIA
- HUDCO
- COCHINSHIP
- RADICO
- TORNTPOWER
- ATGL
- IDEA
Model portfolio, back tested rebalance record. Entered plus held is that date's list size, which can differ from the 20 stock target. Tickers are not recommendations.
Recent rebalances
| Date | On the list | In | Out |
|---|---|---|---|
| 11 May 2026 | 20 | 0 | −6 |
| 8 May 2026 | 26 | +6 | −6 |
| 24 Apr 2026 | 26 | +6 | −6 |
| 10 Apr 2026 | 26 | +6 | −4 |
| 27 Mar 2026 | 24 | +4 | −4 |
| 13 Mar 2026 | 24 | +3 | −6 |
| 27 Feb 2026 | 27 | +6 | −3 |
| 13 Feb 2026 | 24 | +3 | −1 |
| 30 Jan 2026 | 22 | +2 | −4 |
| 16 Jan 2026 | 24 | +4 | −2 |
| 2 Jan 2026 | 22 | +2 | −1 |
| 19 Dec 2025 | 21 | +1 | −3 |
Every rebalance with its namesRebalance history, CSV
Names on the list, names in and names out at each date; the history page and the CSV have every name.
Sector shifts of 10 points or more
- Other, not yet mapped +12 pts
- Other, not yet mapped −15 pts, Power & Utilities +12 pts
- Other, not yet mapped −19 pts
- Other, not yet mapped −12 pts
- Other, not yet mapped −15 pts
- Other, not yet mapped −10 pts
10 such shifts in 132 rebalances; the latest six. Equity sleeve, equal weighted at the stock level.
Get the next rebalance by email
Risk metrics
Midcap against the Nifty 50
| Metric | Midcap | Nifty 50 |
|---|---|---|
| Sharpe ratio | 1.49 | 0.73 |
| Sortino ratio | 1.46 | 0.70 |
| Calmar ratio | 1.66 | 0.58 |
| Volatility, a year | 25.44% | 14.04% |
| Max drawdown | −24.87% | −16.92% |
| Best week | +9.45% | +6.36% |
| Worst week | −10.41% | −6.33% |
| Weeks up | 60.92% | 57.47% |
| Average up week | +2.92% | +1.49% |
| Average down week | −2.69% | −1.57% |
Model, back tested, after charges. Weekly figures over the rolling 5 years window to 27 Apr 2026; the Nifty 50 over the same window. Not a promise of future returns.
Risk band
High on a scale from Low to Very High
- Deepest model fall
- −24.87%
- Time horizon
- 5 years or longer. Drawdowns of 25% have happened in the backtest and can happen again. Capital you might need within 12 months should not be here.
Walk the risk band
One step safer (Moderately High)Midcap SmallcapCAGR 42.6%, Sharpe 1.63, max drawdown −26.2%One step bolder (Very High)5Paisa Focused Alpha 5CAGR 54.1%, Sharpe 1.60, max drawdown −24.2%
CAGR, Sharpe and max drawdown on the cards: Model, back tested. As of 27 Apr 2026. Take the risk profile to see which bands sit within yours.
Methodology
How it works
- 1Universe
Start from the Nifty Midcap 150, filtered to stocks priced under ₹5,000.
- 2Rank
Score every stock in the universe by a momentum composite: price trend over several look backs, risk adjusted. The top names by score become the candidate list.
- 3Select
Hold the top 20 names by score, equal weighted so no single name dominates.
- 4Rebalance
Every 2 weeks the model runs again end to end. Names that fall out of the top 20 are sold; new entrants are bought. The full list is published at every rebalance.
Configuration
- Universe
- Nifty Midcap 150
- Type
- Momentum
- Sleeves
- Equity 100
- Holdings
- 20, equal weight
- Rebalance
- Every 2 weeks, 26 a year
- Max stock price
- ₹5,000
- Risk band
- High
- Benchmark
- Nifty 50; charts draw the Nifty 50 TRI as a CAGR line
- Minimum capital
- About ₹90,000
- Back test from
- 7 May 2021
- Metrics window
- Rolling 5 years
- Prices
- NSE BhavCopy; the back test deducts brokerage, STT, exchange charges and GST
Why Midcap
This card sits between Alpha 5 (5 stocks) and Midcap Smallcap (40 stocks) in concentration. The 20-stock structure on the curated Nifty Midcap 150 universe is the lineup's pure mid-cap momentum expression. Rebalance every 2 weeks. Equal-weighted at roughly 5% each.
Twenty names is enough to spread single-stock accidents and few enough that each position still matters. The screen re-ranks the whole universe every fortnight and the portfolio follows it without argument.
You cannot diversify away mid-cap regime risk with 20 names from a 150-stock universe, and this card does not try. When the mid-cap segment corrects, the card corrects with it. That segment risk is the deliberate exposure, not a flaw.
This is not the broad-market choice. Allcap is. This is the mid-cap-only conviction trade. For an investor who specifically wants mid-cap exposure (the 100 to 250 ranked names by market cap, India's mid-cap capex story), 20 stocks rotated every 2 weeks is the mid-cap-only expression on the lineup.
This card's job is to explain what produces them.
Key takeaways
- Focused mid-cap momentum from the Nifty Midcap 150
- 20 stocks equal-weighted, rebalanced fortnightly
- Pure segment conviction: no large-cap or small-cap dilution
- India's mid-cap capex story, run through a momentum screen
A description of the strategy, not a recommendation. Decide your own allocation, or ask a SEBI registered investment adviser.
Who it is written for
- Written for
- Growth-oriented investors comfortable with double-digit drawdowns
- Capital
- About ₹90,000, one share of every holding at recent prices. More capital buys more of each holding and tracks the model weights more closely.
How the rule was built
Machine learning is used in research to search and optimise the model behind each strategy: which signals rank the universe, how many names to hold and how often to rebalance, tested out of sample. The rule that ships is then frozen and published, so the live strategy is a fixed, readable algorithm, not a black box that changes on its own.
Learn the mechanics
- Momentum factorthe engine behind these strategies
- How back testing worksreading the five year numbers honestly
- Risk metrics that matterSharpe, Sortino, max drawdown
- Rebalancingwhy cadence matters
Free modules from the RupeeCase Learn library. No sign up.
Costs
One fee per rebalance
0.2%of traded value, charged only when a rebalance trades
- No subscription, no AUM fee, no performance fee.
- No lock in: the stocks sit in your own demat and you can sell any day the market is open.
- Broker side charges (brokerage, STT, exchange charges, GST) are separate and paid to your broker.
A year on the minimum
- Minimum capital
- ₹90,000
- Rebalances a year
- 26, every 2 weeks
- Book traded each time
- 30%, an assumption
- Platform fee a year, about
- ₹1,4001.56% of capital
Higher turnover or more capital raises the fee in proportion.
Costs inside the back test
- Gross return
- +531.34%before costs
- Estimated costs
- −67.63 ptsbrokerage, STT and taxes
- Net return
- +463.71%after costs
- Nifty 50, same window
- +59.62%cumulative
Model, back tested, cumulative over the rolling 5 years window to 27 Apr 2026. Net is gross minus estimated costs, as on the current factsheet. Not a promise of future returns.
Work it out for your amount
Documents
Download and print
- Download the PDF factsheetThe two page factsheet on the current site; enter your email to have a copy sent.
- Rebalance history, CSVEvery published list, 132 rebalances, 14 May 2021 to 11 May 2026.
- Rebalance history pageEach rebalance with what came in and what went out.
- This strategy as plain textMarkdown, for reading tools and AI assistants.
- DisclaimersHow the model figures are made and what they are not.
RupeeCase is a technology platform, not a fund, a PMS or a SEBI registered investment adviser. Model, back tested. As of 27 Apr 2026. Model figures are after estimated charges and are not actual client returns. Past performance does not guarantee future returns; capital can be lost.
04Questions
Before you
commit capital.
What is the Midcap strategy?
20 stocks from the Nifty Midcap 150. Fortnightly rotation. It selects the top 20 momentum names from Nifty Midcap 150 and rebalances every 2 weeks.
What is the minimum investment for Midcap?
About ₹90,000, enough to hold one share of every name in the current book at recent prices. The figure moves with the prices of the holdings.
How does Midcap compare to the Nifty 50?
Midcap shows a model CAGR of 38.75% against 9.80% for the Nifty 50 TRI CAGR line (Jan 2021 to Jul 2026), with a Sharpe ratio of 1.49. Model, back tested. As of 27 Apr 2026. Past performance does not guarantee future returns.
What is the worst drawdown Midcap has experienced?
24.87% peak to trough in the model record. The deepest period ran 322 days, from 20 Dec 2024 to 7 Nov 2025. Model, back tested. As of 27 Apr 2026. Drawdowns of similar size can happen again, so size the position for it.
What are the fees on Midcap?
0.2% of traded value per rebalance. No subscription, no AUM fee, no performance fee. On the minimum capital of ₹90,000, the platform fee works out to about ₹1,400 a year (1.56% of capital). Assumptions: 26 rebalances a year (every 2 weeks), 30% of the book traded at each rebalance, 0.2% of traded value. Higher turnover or more capital raises the fee in proportion. Broker side charges (brokerage, STT, exchange charges, GST) are separate.
Can I exit Midcap at any time?
Yes. No lock-in. Holdings sit in your own broker demat account and you can sell any name on any market day. Switching strategies or pausing the rebalance is a one-click action on the platform.
05Same family
Mid and small: Midcap 150, Smallcap 250, Microcap.
Moderately HighMomentum
Smallcap
Nifty Smallcap 250, 50 stocks, every 2 weeks
CAGR, model37.40%Max DD−22.3%From₹2.19L
Moderately High risk, momentum
Moderately HighMomentum
Microcap
Nifty Microcap 250, 50 stocks, every 2 weeks
CAGR, model37.33%Max DD−26.4%From₹2.25L
Moderately High risk, momentum
Moderately HighMomentum
Midcap Smallcap
NSE Universe, 40 stocks, every 2 weeks
CAGR, model42.64%Max DD−26.2%From₹80K
Moderately High risk, momentum
CAGR and Max DD on the cards: Model, back tested. As of 27 Apr 2026.
Compare Midcap with
Explore next
Go deeper on this strategy.
- GuideLarge cap vs mid cap vs small cap: the definitions, the record and the riskSEBI's rank rule, five years of NSE index data, and the swings that come with size.
- TierGrowth core tier strategies5 strategies grouped by job
- Blog noteMidcap: the 41 percent and the 322 daysStrategy notes, a short note
- Blog noteThe size myth on our own shelfFactors, a short note
- SectorCapital Goods stocksNSE sector across the 18 index algos
- StockBHEL, Bharat Heavy ElectricalsOn 9 of 18 latest lists
Ready when you are
Midcap
38.75% CAGR, model, back tested. About ₹90K to start. Every 2 weeks, you approve each one.
0.2% of traded value per rebalance. No AUM fee, no lock in. Line behind: the Midcap model record, after charges, as of 27 Apr 2026. Not a promise of future returns.