{
  "strategy_name": "Azimuth Tactical Allocation",
  "version": "ALLOCATION NUEVA v2 \u2014 Proxy PPA Version",
  "backtest_start": "2013-01-02",
  "backtest_end": "2026-07-02",
  "data_frequency": "Daily",
  "proxy_disclosure": "Proxy PPA public evidence window: PPA receives the full public defense sleeve allocation so the current implementable proxy version can be evaluated over the longer common history.",
  "benchmark_definition": "Primary public benchmark: U.S. Equity Proxy Benchmark, shown without ticker disclosure; dividend-adjusted historical data with distributions assumed reinvested.",
  "dividend_treatment": "Strategy components and public benchmarks use dividend-adjusted historical price series where applicable, with distributions assumed reinvested.",
  "execution_timing": "Operational D+1 model: signal at close D, target/order for next session D+1 open, then D+1 market return after execution.",
  "net_base_case": {
    "CAGR": 0.22468399827383712,
    "MaxDrawdown": -0.11361636454120261,
    "Volatility": 0.12718913971701182,
    "SharpeLike": 1.7665344602042714,
    "Calmar": 1.9775672208941009,
    "UlcerIndex": 0.030930250322605324,
    "VaR95Daily": -0.011775086814231834,
    "CVaR95Daily": -0.01867888260952704,
    "MaxRecoveryDays": 210,
    "FinalEquity": 153295.7701476492,
    "Multiple": 15.329577014764919
  },
  "us_equity_proxy_benchmark": {
    "CAGR": 0.15256062687952432,
    "MaxDrawdown": -0.31594078362850053,
    "Volatility": 0.16548813645409174,
    "SharpeLike": 0.9218825599733933,
    "Calmar": 0.4828772820254601,
    "UlcerIndex": 0.05944068403594889,
    "VaR95Daily": -0.015174773460765439,
    "CVaR95Daily": -0.02465904563773229,
    "MaxRecoveryDays": 392,
    "FinalEquity": 67686.71563188938,
    "Multiple": 6.7686715631889385
  },
  "monte_carlo_summary": {
    "runs": 1000,
    "block_size_days": 21,
    "cagr_p5": 0.1642408378332541,
    "cagr_median": 0.2256599547610335,
    "cagr_p95": 0.28911177556629586,
    "maxdd_p5": -0.2076723374723754,
    "maxdd_median": -0.14139697128529943,
    "maxdd_p95": -0.10432298327624633,
    "prob_positive_cagr": 1.0,
    "prob_cagr_gt_10pct": 1.0,
    "prob_80pct_impairment": 0.0
  },
  "order_count_public": 77,
  "last_updated": "July 2026"
}