Momentum, NSE Universe

Midcap Smallcap momentum strategy

40 stocks, fortnightly rotation. Momentum on the NSE Universe under 2000.

Written for investors who want growth but read a 25% drawdown as opportunity, not panic.

Moderately High risk band

Invest in Midcap Smallcap Compare with Midcap

01At a glance

Midcap Smallcap in four numbers.

CAGR: 42.64%Model, back tested
Max drawdown: −26.17%Model, back tested
Minimum investment: ₹80KAbout ₹80,000
Fee per rebalance: 0.2%Of traded value, nothing else

Midcap Smallcap, model₹737Nifty 50 TRI, 9.80% CAGR line₹162

150 200 300 500 700

₹100 in the model in May 2021 became ₹737 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 Smallcap up against the other 17 strategies, and against funds, PMS and AIF.
Compare strategies
Validate the back test
Every year, month, fall, holding and rebalance is in the factsheet below.
Open the factsheet
Invest
Link your broker and approve each rebalance. Stocks stay in your own demat; RupeeCase never holds your money.
Invest in Midcap Smallcap

03Factsheet

Midcap Smallcap factsheet

Every figure behind the four numbers, in seven parts. Return figures are model, back tested and after charges; each block names its date.

PDF factsheet

Performance

Calendar year returns

2021from May+56.9%
2022+26.9%
2023+98.3%
2024+86.0%
2025−8.7%
2026to May+13.0%

Model, back tested, after charges, 2021 to May 2026. Not a promise of future returns.

What an amount would have become

Amount, ₹

You put in: ₹80,000
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−23.5%

Back to the peak

Model value, log scaleBelow the last peak

Month on the record

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. Moderately High risk band.

Monthly returns

Midcap Smallcap: monthly model returns, percent, after charges
Year	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Year
2021	Janno data	Febno data	Marno data	Aprno data	May3.1	Jun16.7	Jul8.7	Aug−4.5	Sep7.0	Oct0.9	Nov−0.3	Dec16.8	Year+56.9%
2022	Jan2.7	Feb−12.0	Mar5.8	Apr4.5	May−7.7	Jun1.4	Jul10.3	Aug7.1	Sep−0.4	Oct3.3	Nov6.4	Dec4.9	Year+26.9%
2023	Jan−8.2	Feb−6.6	Mar2.4	Apr9.2	May6.2	Jun11.7	Jul16.9	Aug13.4	Sep2.0	Oct4.6	Nov12.5	Dec9.7	Year+98.3%
2024	Jan11.3	Feb2.2	Mar−3.8	Apr12.0	May7.3	Jun12.0	Jul3.5	Aug7.9	Sep7.2	Oct−5.8	Nov8.5	Dec3.2	Year+86.0%
2025	Jan−10.9	Feb−14.1	Mar5.2	Apr−0.1	May10.9	Jun1.9	Jul−2.6	Aug2.8	Sep−2.7	Oct−1.6	Nov−2.1	Dec7.1	Year−8.7%
2026	Jan−1.3	Feb5.7	Mar−12.1	Apr17.4	May5.0	Junno data	Julno data	Augno data	Sepno data	Octno data	Novno data	Decno data	Year to date+13.0%

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: −12.0%
Median: +32.4%
Best: +163.3%
Positive: 92%of 51 windows

Return over each 12 month window.

Any 3 years

Worst: +42.1%
Median: +58.3%
Best: +74.4%
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

−26.17%20 Dec 2024 to 1 May 2026497 days
−18.10%21 Jan 2022 to 19 Aug 2022210 days
−17.77%23 Dec 2022 to 19 May 2023147 days
−12.18%9 Feb 2024 to 29 Mar 202449 days
−11.45%6 Aug 2021 to 3 Sep 202128 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

40 holdings

Equity100%

HFCL2.5%
STLTECH2.5%
WEBELSOLAR2.5%
CUPID2.5%
QPOWER2.5%
APOLLO2.5%
WELCORP2.5%
JTLIND2.5%
ADANIPOWER2.5%
JAYNECOIND2.5%
GALLANTT2.5%
TDPOWERSYS2.5%
PRECWIRE2.5%
KRN2.5%
ADANIGREEN2.5%
ADANIENSOL2.5%
AEROFLEX2.5%
BAJAJCON2.5%
EPIGRAL2.5%
PAISALO2.5%
LLOYDSME2.5%
LLOYDSENT2.5%
MANINDS2.5%
IDEAFORGE2.5%
SUNFLAG2.5%
BHEL2.5%
COHANCE2.5%
HCC2.5%
CYIENTDLM2.5%
MANINFRA2.5%
KIRLPNU2.5%
BALAMINES2.5%
JAIBALAJI2.5%
HSCL2.5%
KPEL2.5%
SCI2.5%
SKYGOLD2.5%
SKIPPER2.5%
ELECON2.5%
FUSION2.5%

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 mapped27.5%
Power & Utilities17.5%
Chemicals10.0%
Metals & Mining10.0%
Capital Goods10.0%
IT & Technology7.5%
FMCG & Consumer7.5%
Pharma & Healthcare2.5%
Banking & Financial2.5%
Realty & Construction2.5%
Energy & Oil & Gas2.5%

11 sectors in the equity sleeve; the largest mapped sector is Power & Utilities at 17.5%, and 27.5% of the sleeve is not yet in the sector map. Wide sector spread across power/energy, metals, capital markets, pharma/health, telecom, cap goods, NBFC, and micro/sme segments. Sector map curated against NSE listings.

Sector weight by year

Average sector weight of the equity sleeve in each year, percent, and the weight on the latest published list
Sector	2021	2022	2023	2024	2025	2026	Now
Other, not yet mapped	71	71	73	71	73	40	19
Capital Goods	4	5	3	5	3	8	16
Metals & Mining	4	4	5	5	4	12	12
Power & Utilities	7	6	5	5	3	6	12
FMCG & Consumer	4	3	1	4	3	5	9
Chemicals	0	2	2	2	3	3	7
IT & Technology	4	1	2	1	2	5	7
Banking & Financial	3	3	6	3	3	6	4
Auto & Components	1	1	2	0	1	6	4
Pharma & Healthcare	0	0	2	2	2	3	4
Realty & Construction	0	1	0	0	1	1	4
Energy & Oil & Gas	0	3	0	1	0	3	2
Diversified	0	0	0	0	0	0	2
Textiles	0	0	0	0	1	1	out

131 published rebalances, 14 sectors touched, 13 held on the latest list (8 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: 131
first in the record: 14 May 2021
26 a year: Every 2 weeks
latest published: 8 May 2026

Rebalances run on a fixed calendar; you approve each one before your broker places the orders.

Latest rebalance, 8 May 2026

Against the list of 24 Apr 2026: 17 in, 24 out, 40 held, 57 on the list.

In

IDEAFORGE
SUNFLAG
BHEL
COHANCE
HCC
CYIENTDLM
MANINFRA
KIRLPNU
BALAMINES
JAIBALAJI
HSCL
KPEL
SCI
SKYGOLD
SKIPPER
ELECON
FUSION

Out

DEEPINDS
PREMIERENE
SILVER1
SILVERIETF
SILVERADD
SILVERBEES
SBISILVER
SILVERCASE
SILVER
AXISILVER
HDFCSILVER
SMSPHARMA
HINDCOPPER
SBC
ZYDUSWELL
AETHER
GESHIP
GOKULAGRO
VEDL
ACMESOLAR
KIRLOSENG
NOCIL
KTKBANK
MBAPL

Held

HFCL
STLTECH
WEBELSOLAR
CUPID
QPOWER
APOLLO
WELCORP
JTLIND
ADANIPOWER
JAYNECOIND
GALLANTT
TDPOWERSYS
PRECWIRE
KRN
ADANIGREEN
ADANIENSOL
AEROFLEX
BAJAJCON
EPIGRAL
PAISALO
LLOYDSME
LLOYDSENT
MANINDS
OLAELEC
EIEL
VENUSPIPES
ANGELONE
PFOCUS
NATIONALUM
BLISSGVS
AVANTIFEED
LLOYDSENGG
ABDL
KRISHANA
MONQ50
AGIIL
GOLDIAM
SAMBHV
KSB
ATHERENERG

Model portfolio, back tested rebalance record. Entered plus held is that date's list size, which can differ from the 40 stock target. Tickers are not recommendations.

Recent rebalances

The latest 12 rebalances: names on the list, names in and names out
Date	On the list	In	Out
8 May 2026	57	+17	−24
24 Apr 2026	64	+23	−14
10 Apr 2026	55	+14	−4
27 Mar 2026	45	+4	−13
13 Mar 2026	54	+5	−6
27 Feb 2026	55	+13	−12
13 Feb 2026	54	+12	−17
30 Jan 2026	59	+19	−9
16 Jan 2026	49	+9	−8
2 Jan 2026	48	+6	−7
19 Dec 2025	49	+7	−16
5 Dec 2025	58	+11	−10

Every rebalance with its names Rebalance 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

13 Feb 2026Other, not yet mapped −17 pts
28 Mar 2025Other, not yet mapped −11 pts
1 Apr 2022Other, not yet mapped +11 pts
4 Mar 2022Other, not yet mapped −10 pts

4 such shifts in 131 rebalances; the latest six. Equity sleeve, equal weighted at the stock level.

Get the next rebalance by email

Risk metrics

Midcap Smallcap against the Nifty 50

Risk and efficiency figures, model, back tested, against the Nifty 50
Metric	Midcap Smallcap	Nifty 50
Sharpe ratio	1.63	0.73
Sortino ratio	1.48	0.70
Calmar ratio	1.91	0.58
Volatility, a year	27.02%	14.04%
Max drawdown	−26.17%	−16.92%
Best week	+9.60%	+6.36%
Worst week	−13.44%	−6.33%
Weeks up	65.13%	57.47%
Average up week	+2.98%	+1.49%
Average down week	−3.13%	−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

Moderately High on a scale from Low to Very High

Deepest model fall: −26.17%
Time horizon: 5 years or longer. Drawdowns of 26% 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 (Moderate)Allcap Multi AssetCAGR 40.5%, Sharpe 1.81, max drawdown −21.3%One step bolder (High)MidcapCAGR 38.8%, Sharpe 1.49, max drawdown −24.9%

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

1
Universe
Start from the NSE Universe, filtered to stocks priced under ₹2,000.
2
Rank
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.
3
Select
Hold the top 40 names by score, equal weighted so no single name dominates.
4
Rebalance
Every 2 weeks the model runs again end to end. Names that fall out of the top 40 are sold; new entrants are bought. The full list is published at every rebalance.

Configuration

Universe: NSE Universe (max 2000)
Type: Momentum
Sleeves: Equity 100
Holdings: 40, equal weight
Rebalance: Every 2 weeks, 26 a year
Max stock price: ₹2,000
Risk band: Moderately High
Benchmark: Nifty 50; charts draw the Nifty 50 TRI as a CAGR line
Minimum capital: About ₹80,000
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 Smallcap

A laptop on a desk at night beside a lamp, showing a RupeeCase strategy page with its model history chart — A strategy page on sample data

The design leans on breadth and hit frequency. Forty names spread single-stock risk thin, and the fortnightly screen keeps the portfolio rotating into whatever the mid and small-cap tape currently rewards. Wins do not need to be huge when they come often enough. Frequency does the compounding work.

The regime risk is real. Mid and small caps correct as a segment, and when they do, this card goes down with them and stays down until the segment turns. Drawdowns here are measured in months, not weeks. That is the price of running the segment with no debt or gold cushion.

What you get for sitting through that is the full mid and small-cap engine when the regime is on. The strong stretches on this card have historically been very strong, and the recoveries come from the same breadth that spreads the risk.

The card buys only stocks priced under 2000, the practical filter that maps the NSE Universe down to actively-tradeable mid and small-cap names. It rebalances every 2 weeks regardless of regime. It holds 40 names equal-weight. No fixed-income buffer. No gold sleeve. No defensive overlay.

Each rebalance publishes the full list, and the roster typically spans power and renewables, capital goods, metals, pharma, capital markets, and a long tail of smaller names. The current holdings and the next rebalance date sit alongside this card and update on schedule.

This is not a starter card. If you have not lived through a small-cap correction, start with Nifty 50 Equal Weight or a multi-asset card and graduate. This is also not a tax-friendly product if traded in a non-registered account.

The numbers beside this card do the talking on performance. The structure they measure does not change.

Key takeaways

40 momentum leaders picked from the NSE Universe under a price filter
Equity only: no debt sleeve, no gold sleeve
Fortnightly rotation keeps the portfolio on the current leaders
Built for investors who can hold through a small-cap correction

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: Investors who want growth but read a 25% drawdown as opportunity, not panic
Capital: About ₹80,000, 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.

The engine, tick by tick execution data and the audit trail

Learn the mechanics

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: ₹80,000
Rebalances a year: 26, every 2 weeks
Book traded each time: 30%, an assumption
Platform fee a year, about: ₹1,2501.56% of capital

Higher turnover or more capital raises the fee in proportion.

Costs inside the back test

Gross return: +787.03%before costs
Estimated costs: −128.94 ptsbrokerage, STT and taxes
Net return: +658.09%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

Fee calculator Pricing, with a worked example

Documents

Download and print

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 Smallcap strategy?

40 stocks, fortnightly rotation. Pure mid and small-cap momentum. It selects the top 40 momentum names from NSE Universe (max 2000) and rebalances every 2 weeks.

What is the minimum investment for Midcap Smallcap?

About ₹80,000, 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 Smallcap compare to the Nifty 50?

Midcap Smallcap shows a model CAGR of 42.64% against 9.80% for the Nifty 50 TRI CAGR line (Jan 2021 to Jul 2026), with a Sharpe ratio of 1.63. Model, back tested. As of 27 Apr 2026. Past performance does not guarantee future returns.

What is the worst drawdown Midcap Smallcap has experienced?

26.17% peak to trough in the model record. The deepest period ran 497 days, from 20 Dec 2024 to 1 May 2026. 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 Smallcap?

0.2% of traded value per rebalance. No subscription, no AUM fee, no performance fee. On the minimum capital of ₹80,000, the platform fee works out to about ₹1,250 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 Smallcap 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.

All 18 strategies

HighMomentum Midcap Nifty Midcap 150, 20 stocks, every 2 weeks CAGR, model38.75%Max DD−24.9%From₹90K High risk, momentum

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

CAGR and Max DD on the cards: Model, back tested. As of 27 Apr 2026.

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Ready when you are

Midcap Smallcap

42.64% CAGR, model, back tested. About ₹80K to start. Every 2 weeks, you approve each one.