{
 "size_bands": {
  "FY17": {
   "small": 66.7,
   "mid": 20.0,
   "large": 13.3
  },
  "FY18": {
   "small": 66.7,
   "mid": 26.7,
   "large": 6.7
  },
  "FY19": {
   "small": 33.3,
   "mid": 33.3,
   "large": 33.3
  },
  "FY20": {
   "small": 33.3,
   "mid": 40.0,
   "large": 26.7
  },
  "FY21": {
   "small": 66.7,
   "mid": 20.0,
   "large": 13.3
  },
  "FY22": {
   "small": 80.0,
   "mid": 13.3,
   "large": 6.7
  },
  "FY23": {
   "small": 80.0,
   "mid": 13.3,
   "large": 6.7
  },
  "FY24": {
   "small": 76.7,
   "mid": 16.7,
   "large": 6.7
  },
  "FY25": {
   "small": 70.0,
   "mid": 30.0,
   "large": 0.0
  },
  "FY26": {
   "small": 56.7,
   "mid": 33.3,
   "large": 10.0
  }
 },
 "size_avg": {
  "small": 63.010000000000005,
  "mid": 24.660000000000004,
  "large": 12.34
 },
 "vol_by_fy": {
  "FY17": {
   "rest": 32.7,
   "winner": 48.4
  },
  "FY18": {
   "rest": 32.7,
   "winner": 47.4
  },
  "FY19": {
   "rest": 36.3,
   "winner": 36.6
  },
  "FY20": {
   "rest": 46.7,
   "winner": 41.6
  },
  "FY21": {
   "rest": 44.4,
   "winner": 56.8
  },
  "FY22": {
   "rest": 37.9,
   "winner": 53.2
  },
  "FY23": {
   "rest": 35.1,
   "winner": 48.1
  },
  "FY24": {
   "rest": 32.9,
   "winner": 52.9
  },
  "FY25": {
   "rest": 37.9,
   "winner": 51.5
  },
  "FY26": {
   "rest": 33.0,
   "winner": 40.7
  }
 },
 "vol_mean_winner": 47.7,
 "vol_mean_rest": 36.9,
 "tournament": {
  "FY17>FY18": {
   "momentum_pct": 35.4,
   "reversion_pct": 25.3,
   "n": 315,
   "winner_prev_mean": 34.3,
   "loser_prev_mean": 15.1,
   "corr": 0.143
  },
  "FY18>FY19": {
   "momentum_pct": 26.8,
   "reversion_pct": 23.2,
   "n": 327,
   "winner_prev_mean": -1.0,
   "loser_prev_mean": -2.7,
   "corr": -0.085
  },
  "FY19>FY20": {
   "momentum_pct": 44.8,
   "reversion_pct": 13.6,
   "n": 349,
   "winner_prev_mean": -17.3,
   "loser_prev_mean": -47.7,
   "corr": 0.331
  },
  "FY20>FY21": {
   "momentum_pct": 14.3,
   "reversion_pct": 45.1,
   "n": 362,
   "winner_prev_mean": 98.0,
   "loser_prev_mean": 213.5,
   "corr": -0.168
  },
  "FY21>FY22": {
   "momentum_pct": 42.1,
   "reversion_pct": 12.6,
   "n": 378,
   "winner_prev_mean": 78.0,
   "loser_prev_mean": 17.2,
   "corr": 0.303
  },
  "FY22>FY23": {
   "momentum_pct": 25.5,
   "reversion_pct": 25.5,
   "n": 391,
   "winner_prev_mean": 5.6,
   "loser_prev_mean": 14.2,
   "corr": -0.115
  },
  "FY23>FY24": {
   "momentum_pct": 38.5,
   "reversion_pct": 22.1,
   "n": 414,
   "winner_prev_mean": 125.0,
   "loser_prev_mean": 72.4,
   "corr": 0.218
  },
  "FY24>FY25": {
   "momentum_pct": 24.3,
   "reversion_pct": 24.1,
   "n": 429,
   "winner_prev_mean": 12.2,
   "loser_prev_mean": 18.7,
   "corr": 0.061
  },
  "FY25>FY26": {
   "momentum_pct": 18.8,
   "reversion_pct": 30.4,
   "n": 446,
   "winner_prev_mean": -5.1,
   "loser_prev_mean": 4.1,
   "corr": -0.085
  }
 },
 "concentration": {
  "FY17": {
   "top_industry": "Financial Services",
   "count": 7,
   "share": 23.3,
   "hhi": 0.129,
   "n_sectors": 11,
   "distribution": {
    "Financial Services": 7,
    "Metals & Mining": 5,
    "Automobile and Auto Components": 3,
    "Capital Goods": 3,
    "Chemicals": 3,
    "Fast Moving Consumer Goods": 2,
    "Healthcare": 2,
    "Oil Gas & Consumable Fuels": 2,
    "Telecommunication": 1,
    "Diversified": 1,
    "Media Entertainment & Publication": 1
   }
  },
  "FY18": {
   "top_industry": "Capital Goods",
   "count": 6,
   "share": 20.0,
   "hhi": 0.102,
   "n_sectors": 15,
   "distribution": {
    "Capital Goods": 6,
    "Chemicals": 4,
    "Metals & Mining": 3,
    "Automobile and Auto Components": 3,
    "Information Technology": 3,
    "Consumer Services": 2,
    "Power": 1,
    "Media Entertainment & Publication": 1,
    "Fast Moving Consumer Goods": 1,
    "Consumer Durables": 1,
    "Telecommunication": 1,
    "Realty": 1,
    "Construction": 1,
    "Financial Services": 1,
    "Healthcare": 1
   }
  },
  "FY19": {
   "top_industry": "Financial Services",
   "count": 7,
   "share": 23.3,
   "hhi": 0.131,
   "n_sectors": 11,
   "distribution": {
    "Financial Services": 7,
    "Healthcare": 5,
    "Fast Moving Consumer Goods": 4,
    "Information Technology": 3,
    "Capital Goods": 2,
    "Consumer Durables": 2,
    "Consumer Services": 2,
    "Chemicals": 2,
    "Power": 1,
    "Automobile and Auto Components": 1,
    "Oil Gas & Consumable Fuels": 1
   }
  },
  "FY20": {
   "top_industry": "Healthcare",
   "count": 8,
   "share": 26.7,
   "hhi": 0.144,
   "n_sectors": 11,
   "distribution": {
    "Healthcare": 8,
    "Consumer Durables": 5,
    "Financial Services": 4,
    "Fast Moving Consumer Goods": 3,
    "Chemicals": 2,
    "Consumer Services": 2,
    "Capital Goods": 2,
    "Power": 1,
    "Telecommunication": 1,
    "Oil Gas & Consumable Fuels": 1,
    "Construction": 1
   }
  },
  "FY21": {
   "top_industry": "Information Technology",
   "count": 4,
   "share": 13.3,
   "hhi": 0.096,
   "n_sectors": 13,
   "distribution": {
    "Information Technology": 4,
    "Capital Goods": 4,
    "Telecommunication": 3,
    "Metals & Mining": 3,
    "Healthcare": 3,
    "Power": 3,
    "Automobile and Auto Components": 3,
    "Consumer Durables": 2,
    "Oil Gas & Consumable Fuels": 1,
    "Media Entertainment & Publication": 1,
    "Financial Services": 1,
    "Realty": 1,
    "Chemicals": 1
   }
  },
  "FY22": {
   "top_industry": "Capital Goods",
   "count": 6,
   "share": 20.0,
   "hhi": 0.113,
   "n_sectors": 11,
   "distribution": {
    "Capital Goods": 6,
    "Metals & Mining": 4,
    "Telecommunication": 3,
    "Chemicals": 3,
    "Power": 3,
    "Information Technology": 3,
    "Financial Services": 2,
    "Textiles": 2,
    "Automobile and Auto Components": 2,
    "Media Entertainment & Publication": 1,
    "Consumer Services": 1
   }
  },
  "FY23": {
   "top_industry": "Capital Goods",
   "count": 12,
   "share": 40.0,
   "hhi": 0.204,
   "n_sectors": 11,
   "distribution": {
    "Capital Goods": 12,
    "Financial Services": 4,
    "Fast Moving Consumer Goods": 2,
    "Construction": 2,
    "Automobile and Auto Components": 2,
    "Oil Gas & Consumable Fuels": 2,
    "Consumer Durables": 2,
    "Consumer Services": 1,
    "Services": 1,
    "Realty": 1,
    "Healthcare": 1
   }
  },
  "FY24": {
   "top_industry": "Capital Goods",
   "count": 11,
   "share": 36.7,
   "hhi": 0.209,
   "n_sectors": 11,
   "distribution": {
    "Capital Goods": 11,
    "Financial Services": 7,
    "Oil Gas & Consumable Fuels": 2,
    "Construction": 2,
    "Healthcare": 2,
    "Consumer Durables": 1,
    "Power": 1,
    "Telecommunication": 1,
    "Consumer Services": 1,
    "Information Technology": 1,
    "Chemicals": 1
   }
  },
  "FY25": {
   "top_industry": "Capital Goods",
   "count": 7,
   "share": 23.3,
   "hhi": 0.133,
   "n_sectors": 10,
   "distribution": {
    "Capital Goods": 7,
    "Metals & Mining": 4,
    "Healthcare": 4,
    "Consumer Durables": 3,
    "Chemicals": 3,
    "Fast Moving Consumer Goods": 3,
    "Financial Services": 3,
    "Consumer Services": 1,
    "Power": 1,
    "Oil Gas & Consumable Fuels": 1
   }
  },
  "FY26": {
   "top_industry": "Financial Services",
   "count": 9,
   "share": 30.0,
   "hhi": 0.187,
   "n_sectors": 11,
   "distribution": {
    "Financial Services": 9,
    "Capital Goods": 8,
    "Metals & Mining": 3,
    "Healthcare": 2,
    "Services": 2,
    "Media Entertainment & Publication": 1,
    "Automobile and Auto Components": 1,
    "Information Technology": 1,
    "Fast Moving Consumer Goods": 1,
    "Chemicals": 1,
    "Oil Gas & Consumable Fuels": 1
   }
  }
 },
 "momentum": {
  "mean_momentum_rate": 30.1,
  "mean_reversion_rate": 24.7,
  "baseline": 25.0,
  "momentum_wins": 6,
  "reversion_wins": 2,
  "n_transitions": 9,
  "mean_prior_best_next": 36.6,
  "mean_prior_worst_next": 33.9,
  "exception": {
   "transition": "FY20>FY21",
   "losers": 213.5,
   "winners": 98.0,
   "reversion_rate": 45.1,
   "note": "The post-COVID recovery. Prior-year LOSERS returned +213.5% against +98.0% for prior-year winners - the strongest mean-reversion signal in the sample."
  }
 },
 "momentum_by_year": {
  "FY17>FY18": {
   "pearson": 0.143,
   "spearman": 0.141,
   "n": 315
  },
  "FY18>FY19": {
   "pearson": -0.085,
   "spearman": 0.033,
   "n": 327
  },
  "FY19>FY20": {
   "pearson": 0.331,
   "spearman": 0.378,
   "n": 349
  },
  "FY20>FY21": {
   "pearson": -0.168,
   "spearman": -0.406,
   "n": 362
  },
  "FY21>FY22": {
   "pearson": 0.303,
   "spearman": 0.263,
   "n": 378
  },
  "FY22>FY23": {
   "pearson": -0.115,
   "spearman": -0.138,
   "n": 391
  },
  "FY23>FY24": {
   "pearson": 0.218,
   "spearman": 0.215,
   "n": 414
  },
  "FY24>FY25": {
   "pearson": 0.061,
   "spearman": -0.066,
   "n": 429
  },
  "FY25>FY26": {
   "pearson": -0.085,
   "spearman": -0.091,
   "n": 446
  }
 },
 "prior_decile": {
  "1": {
   "n": 345,
   "mean_next": 39.7,
   "med_next": 13.7,
   "pct_pos": 61.7
  },
  "2": {
   "n": 341,
   "mean_next": 30.2,
   "med_next": 9.0,
   "pct_pos": 57.8
  },
  "3": {
   "n": 340,
   "mean_next": 29.1,
   "med_next": 8.4,
   "pct_pos": 57.6
  },
  "4": {
   "n": 341,
   "mean_next": 27.1,
   "med_next": 10.0,
   "pct_pos": 62.2
  },
  "5": {
   "n": 341,
   "mean_next": 27.5,
   "med_next": 9.1,
   "pct_pos": 57.5
  },
  "6": {
   "n": 338,
   "mean_next": 25.9,
   "med_next": 8.7,
   "pct_pos": 60.7
  },
  "7": {
   "n": 340,
   "mean_next": 24.8,
   "med_next": 10.0,
   "pct_pos": 62.4
  },
  "8": {
   "n": 341,
   "mean_next": 36.5,
   "med_next": 7.8,
   "pct_pos": 57.8
  },
  "9": {
   "n": 340,
   "mean_next": 31.2,
   "med_next": 11.7,
   "pct_pos": 61.2
  },
  "10": {
   "n": 344,
   "mean_next": 44.2,
   "med_next": 16.2,
   "pct_pos": 63.7
  }
 }
}