Our performance · 01 / 04
Strategy performance.
Eight systematic strategies across index options, equities, gold and foreign exchange. Four trade with capital and carry live records alongside their full-year backtests; four more are in paper trading and will be published live in the same format.
Figures as at 21 September 2026
Performance at a glance
Since inception, gross, at fund level. ₹3.89 Cr of the profit is booked and ₹1.88 Cr is marked to market on open positions. Indicative annualised return ≈22% over a 2.1-year capital-weighted holding period.
Explore each strategy
Live · trading with capital
Canopy
Index options · fully automated
- Backtest CAGR
- 33.1%
- Max drawdown
- −2.49%
- Rank by CAGR
- 7th of 8
- Rank by Sharpe
- 7th of 8
Backtest against live
Live return −0.1pp against backtest, on 32% of the backtested drawdown. Sharpe 2.14 → 2.44.
Backtest figures unless marked live. Amber is measured against GOLDBEES (74.7% against a 75.04% benchmark); Willow averages five currency pairs.
Backtest against live
Annualised return (%)
The three strategies with an absolute live record. The bracket shows how far live has run from the backtest.
- Backtest
- Live
View data table
| Strategy | Backtest | Live | Difference |
|---|---|---|---|
| Canopy | 33.1% | 33.0% | −0.1pp |
| Heartwood | 35.6% | 30.7% | −4.9pp |
| Grove | 27.2% | 26.7% | −0.5pp |
What the record shows
The test of a systematic firm is not the backtest but whether live trading reproduces it. Canopy's live annualised return is within 0.1pp of its backtest and Grove's within 0.5pp.
Heartwood has run 4.9pp below its backtest while its win rate improved from 87% to 88.6%. Amber, measured against GOLDBEES, trailed by 0.39pp in backtest and has run 8.84pp ahead live.
Every strategy, ranked
Backtest CAGR
- Live
- Paper trading
View data table
| Strategy | CAGR | Status |
|---|---|---|
| Amber | 74.7% | Live |
| Cedar | 60.0% | Paper trading |
| Birch | 56.0% | Paper trading |
| Willow | 44.0% | Paper trading |
| Twin Oak | 38.0% | Paper trading |
| Heartwood | 35.6% | Live |
| Canopy | 33.1% | Live |
| Grove | 27.2% | Live |
Sharpe ratio, backtest
- Live
- Paper trading
View data table
| Strategy | Sharpe | Status |
|---|---|---|
| Willow | 4.46 | Paper trading |
| Grove | 3.72 | Live |
| Cedar | 3.50 | Paper trading |
| Heartwood | 3.15 | Live |
| Twin Oak | 3.14 | Paper trading |
| Birch | 2.15 | Paper trading |
| Canopy | 2.14 | Live |
| Amber | 2.13 | Live |
Rooted in curiosity.
Driven by evidence.
The partners will walk any prospective investor through the strategy records line by line, including the periods that did not work.