Phase 1 Objective-Based Fund Selection — Report¶

Snapshot: 2026-09-20
Evidence schema: phase1_25fund_objective_selection_evidence_v1
Methodology: phase1_25fund_objective_selection_v1
Controlled population: 25 funds
Risk-free proxy: 7.07%
Annualisation: 252 periods/year

Interpretation boundary: This is a methodology demonstration on the approved 25-fund test population, not universal investment policy. Displayed weights are the current Phase 1 constructor output; equal-weight is a demonstration baseline, not final product policy. No portfolio-level analytical benchmark is approved for Phase 1. When replay evidence is supplied, this report displays its recorded full-schedule status and interval returns without recomputing them; objective achievement remains a separate evaluation.

Profile summary¶

Profile	Selection	Selected / target	Construction	Objective evaluation	Historical replay
Aggressive	COMPLETE	5 / 5	CONSTRUCTED	NOT_EVALUATED	COMPLETE (weekly and monthly full schedules)
Moderate	COMPLETE	5 / 5	CONSTRUCTED	NOT_EVALUATED	COMPLETE (weekly and monthly full schedules)
Conservative	CONDITIONAL	4 / 5	NOT_RUN	NOT_EVALUATED	NOT_RUN

Aggressive profile¶

Selection state: COMPLETE
Candidates / eligible: 25 / 25
Target / achieved: 5 / 5
AMC cap: 65.00%
Construction state: CONSTRUCTED
Objective evaluation: NOT_EVALUATED — The approved Phase 1 decision defines the evaluation state aggregation, but no complete portfolio-level metric criterion configuration was supplied for this run. No thresholds or benchmark relationships are inferred.
Historical replay: COMPLETE (weekly and monthly full schedules) — weekly: 204 periods, COMPLETE (All adjacent intervals passed; full schedule then executed with the existing adapter/engine.); monthly: 52 periods, COMPLETE (All adjacent intervals passed; full schedule then executed with the existing adapter/engine.)

Selected holdings¶

Fund	Scheme code	Unique code	Category	AMC	Target weight
ICICI Prudential Commodities Fund Direct - Growth	147662	INF109KC1F91	Equity Mutual Funds	ICICI Prudential Mutual Fund	20.00%
HDFC Dividend Yield Fund	148609	INF179KC1AO6	Equity Mutual Funds	HDFC Mutual Fund	20.00%
ICICI Prudential Technology Fund	120594	INF109K01Z48	Equity Mutual Funds	ICICI Prudential Mutual Fund	20.00%
HDFC Small Cap Fund	130503	INF179KA1RW5	Small Cap	HDFC Mutual Fund	20.00%
ICICI Prudential Quant Fund Direct - Growth	148600	INF109KC1O66	Equity Mutual Funds	ICICI Prudential Mutual Fund	20.00%

Construction checks¶

Explanation: CONSTRUCTED: 5 holding(s) included from 5 candidate(s) (0 excluded). 2/2 rule(s) satisfied.
Category exposure: {"Equity": 1}
AMC exposure: {"HDFC Mutual Fund": 0.4, "ICICI Prudential Mutual Fund": 0.6000000000000001}

Rule	Satisfied	Detail
base_allocation	True	No category_targets supplied - base allocation delegates to portfolio_construction.construct_portfolio() (equal-weight, 5 holdings).
max_amc_weight	True	No AMC exceeds 65.0000%.

Candidate decisions¶

Fund	Scheme code	Decision	Explanation
HDFC Low Duration Fund	118942	NOT_SELECTED	Objective ordering placed this candidate after the requested target of 5.
HDFC Flexi Cap Fund	118955	NOT_SELECTED	Objective ordering placed this candidate after the requested target of 5.
HDFC Floating Rate Debt Fund	118961	NOT_SELECTED	Objective ordering placed this candidate after the requested target of 5.
HDFC Infrastructure Fund	118979	NOT_SELECTED	Objective ordering placed this candidate after the requested target of 5.
HDFC Corporate Bond Fund	118987	NOT_SELECTED	Objective ordering placed this candidate after the requested target of 5.
HDFC Short Term Debt Fund	119016	NOT_SELECTED	Objective ordering placed this candidate after the requested target of 5.
HDFC Income Fund	119069	NOT_SELECTED	Objective ordering placed this candidate after the requested target of 5.
HDFC Medium Term Debt Fund	119081	NOT_SELECTED	Objective ordering placed this candidate after the requested target of 5.
HDFC Gilt Fund	119116	NOT_SELECTED	Objective ordering placed this candidate after the requested target of 5.
ICICI Prudential Banking and Financial Services Fund	120244	NOT_SELECTED	Objective ordering placed this candidate after the requested target of 5.
ICICI Prudential Banking and PSU Debt Fund Direct-Growth	120256	NOT_SELECTED	Objective ordering placed this candidate after the requested target of 5.
ICICI Prudential Bluechip Fund	120586	NOT_SELECTED	Objective ordering placed this candidate after the requested target of 5.
ICICI Prudential FMCG Fund	120587	NOT_SELECTED	Objective ordering placed this candidate after the requested target of 5.
ICICI Prudential Technology Fund	120594	SELECTED	Selected by AGGRESSIVE objective ordering and within configured diversification constraints.
ICICI Prudential Regular Savings Fund	120616	NOT_SELECTED	Objective ordering placed this candidate after the requested target of 5.
ICICI Prudential Infrastructure Fund	120621	NOT_SELECTED	Objective ordering placed this candidate after the requested target of 5.
ICICI Prudential Ultra Short Term Fund	120676	NOT_SELECTED	Objective ordering placed this candidate after the requested target of 5.
ICICI Prudential Short term Fund	120754	NOT_SELECTED	Objective ordering placed this candidate after the requested target of 5.
HDFC Large and Mid Cap Fund	130498	NOT_SELECTED	Objective ordering placed this candidate after the requested target of 5.
HDFC Small Cap Fund	130503	SELECTED	Selected by AGGRESSIVE objective ordering and within configured diversification constraints.
ICICI Prudential Bharat Consumption Fund Direct - Growth	146951	NOT_SELECTED	Objective ordering placed this candidate after the requested target of 5.
ICICI Prudential Commodities Fund Direct - Growth	147662	SELECTED	Selected by AGGRESSIVE objective ordering and within configured diversification constraints.
ICICI Prudential Quant Fund Direct - Growth	148600	SELECTED	Selected by AGGRESSIVE objective ordering and within configured diversification constraints.
HDFC Dividend Yield Fund	148609	SELECTED	Selected by AGGRESSIVE objective ordering and within configured diversification constraints.
HDFC Banking & Financial Services Fund	148986	NOT_SELECTED	Objective ordering placed this candidate after the requested target of 5.

Moderate profile¶

Selection state: COMPLETE
Candidates / eligible: 25 / 25
Target / achieved: 5 / 5
AMC cap: 65.00%
Construction state: CONSTRUCTED
Objective evaluation: NOT_EVALUATED — The approved Phase 1 decision defines the evaluation state aggregation, but no complete portfolio-level metric criterion configuration was supplied for this run. No thresholds or benchmark relationships are inferred.
Historical replay: COMPLETE (weekly and monthly full schedules) — weekly: 204 periods, COMPLETE (All adjacent intervals passed; full schedule then executed with the existing adapter/engine.); monthly: 52 periods, COMPLETE (All adjacent intervals passed; full schedule then executed with the existing adapter/engine.)

Selected holdings¶

Fund	Scheme code	Unique code	Category	AMC	Target weight
HDFC Floating Rate Debt Fund	118961	INF179K01VQ4	Debt Mutual Funds	HDFC Mutual Fund	20.00%
ICICI Prudential Commodities Fund Direct - Growth	147662	INF109KC1F91	Equity Mutual Funds	ICICI Prudential Mutual Fund	20.00%
ICICI Prudential Short term Fund	120754	INF109K013N3	Debt Mutual Funds	ICICI Prudential Mutual Fund	20.00%
HDFC Low Duration Fund	118942	INF179K01VF7	Debt Mutual Funds	HDFC Mutual Fund	20.00%
HDFC Dividend Yield Fund	148609	INF179KC1AO6	Equity Mutual Funds	HDFC Mutual Fund	20.00%

Construction checks¶

Explanation: CONSTRUCTED: 5 holding(s) included from 5 candidate(s) (0 excluded). 2/2 rule(s) satisfied.
Category exposure: {"Debt": 0.6000000000000001, "Equity": 0.4}
AMC exposure: {"HDFC Mutual Fund": 0.6000000000000001, "ICICI Prudential Mutual Fund": 0.4}

Rule	Satisfied	Detail
base_allocation	True	No category_targets supplied - base allocation delegates to portfolio_construction.construct_portfolio() (equal-weight, 5 holdings).
max_amc_weight	True	No AMC exceeds 65.0000%.

Candidate decisions¶

Fund	Scheme code	Decision	Explanation
HDFC Low Duration Fund	118942	SELECTED	Selected by MODERATE objective ordering and within configured diversification constraints.
HDFC Flexi Cap Fund	118955	NOT_SELECTED	Dominated on the approved Moderate Pareto dimensions (CAGR, volatility, maximum drawdown).
HDFC Floating Rate Debt Fund	118961	SELECTED	Selected by MODERATE objective ordering and within configured diversification constraints.
HDFC Infrastructure Fund	118979	NOT_SELECTED	Dominated on the approved Moderate Pareto dimensions (CAGR, volatility, maximum drawdown).
HDFC Corporate Bond Fund	118987	NOT_SELECTED	Dominated on the approved Moderate Pareto dimensions (CAGR, volatility, maximum drawdown).
HDFC Short Term Debt Fund	119016	NOT_SELECTED	Objective ordering placed this candidate after the requested target of 5.
HDFC Income Fund	119069	NOT_SELECTED	Dominated on the approved Moderate Pareto dimensions (CAGR, volatility, maximum drawdown).
HDFC Medium Term Debt Fund	119081	NOT_SELECTED	Dominated on the approved Moderate Pareto dimensions (CAGR, volatility, maximum drawdown).
HDFC Gilt Fund	119116	NOT_SELECTED	Dominated on the approved Moderate Pareto dimensions (CAGR, volatility, maximum drawdown).
ICICI Prudential Banking and Financial Services Fund	120244	NOT_SELECTED	Dominated on the approved Moderate Pareto dimensions (CAGR, volatility, maximum drawdown).
ICICI Prudential Banking and PSU Debt Fund Direct-Growth	120256	NOT_SELECTED	Objective ordering placed this candidate after the requested target of 5.
ICICI Prudential Bluechip Fund	120586	NOT_SELECTED	Dominated on the approved Moderate Pareto dimensions (CAGR, volatility, maximum drawdown).
ICICI Prudential FMCG Fund	120587	NOT_SELECTED	Dominated on the approved Moderate Pareto dimensions (CAGR, volatility, maximum drawdown).
ICICI Prudential Technology Fund	120594	NOT_SELECTED	Dominated on the approved Moderate Pareto dimensions (CAGR, volatility, maximum drawdown).
ICICI Prudential Regular Savings Fund	120616	NOT_SELECTED	Objective ordering placed this candidate after the requested target of 5.
ICICI Prudential Infrastructure Fund	120621	NOT_SELECTED	Dominated on the approved Moderate Pareto dimensions (CAGR, volatility, maximum drawdown).
ICICI Prudential Ultra Short Term Fund	120676	NOT_SELECTED	Dominated on the approved Moderate Pareto dimensions (CAGR, volatility, maximum drawdown).
ICICI Prudential Short term Fund	120754	SELECTED	Selected by MODERATE objective ordering and within configured diversification constraints.
HDFC Large and Mid Cap Fund	130498	NOT_SELECTED	Dominated on the approved Moderate Pareto dimensions (CAGR, volatility, maximum drawdown).
HDFC Small Cap Fund	130503	NOT_SELECTED	Dominated on the approved Moderate Pareto dimensions (CAGR, volatility, maximum drawdown).
ICICI Prudential Bharat Consumption Fund Direct - Growth	146951	NOT_SELECTED	Dominated on the approved Moderate Pareto dimensions (CAGR, volatility, maximum drawdown).
ICICI Prudential Commodities Fund Direct - Growth	147662	SELECTED	Selected by MODERATE objective ordering and within configured diversification constraints.
ICICI Prudential Quant Fund Direct - Growth	148600	NOT_SELECTED	Objective ordering placed this candidate after the requested target of 5.
HDFC Dividend Yield Fund	148609	SELECTED	Selected by MODERATE objective ordering and within configured diversification constraints.
HDFC Banking & Financial Services Fund	148986	NOT_SELECTED	Dominated on the approved Moderate Pareto dimensions (CAGR, volatility, maximum drawdown).

Conservative profile¶

Selection state: CONDITIONAL
Candidates / eligible: 25 / 25
Target / achieved: 5 / 4
AMC cap: 65.00%
Construction state: NOT_RUN
Objective evaluation: NOT_EVALUATED — The approved Phase 1 decision defines the evaluation state aggregation, but no complete portfolio-level metric criterion configuration was supplied for this run. No thresholds or benchmark relationships are inferred.
Historical replay: NOT_RUN — NOT_RUN: the existing approved-25 replay is a deterministic midpoint switch between prebuilt allocations, not profile-specific point-in-time fund selection. A valid objective replay requires selection/allocation decisions using only evidence available at each historical decision date; full-period metrics cannot be used retrospectively. No point-in-time selection evidence is supplied by this builder.

Selected holdings¶

Fund	Scheme code	Unique code	Category	AMC	Target weight
ICICI Prudential Short term Fund	120754	INF109K013N3	Debt Mutual Funds	ICICI Prudential Mutual Fund	Not available
ICICI Prudential Banking and PSU Debt Fund Direct-Growth	120256	INF109K010A6	Debt Mutual Funds	ICICI Prudential Mutual Fund	Not available
HDFC Medium Term Debt Fund	119081	INF179K01WI9	Debt Mutual Funds	HDFC Mutual Fund	Not available
ICICI Prudential Regular Savings Fund	120616	INF109K01S39	Hybrid Mutual Funds	ICICI Prudential Mutual Fund	Not available

Construction not run: Portfolio construction not attempted because objective selection did not reach the requested target; status=CONDITIONAL.

Candidate decisions¶

Fund	Scheme code	Decision	Explanation
HDFC Low Duration Fund	118942	EXCLUDED_BY_CRITERION	Does not pass approved-25 C2 screen: volatility <= 0.1410, max_drawdown >= -0.20, CAGR >= 0.0797.
HDFC Flexi Cap Fund	118955	EXCLUDED_BY_CRITERION	Does not pass approved-25 C2 screen: volatility <= 0.1410, max_drawdown >= -0.20, CAGR >= 0.0797.
HDFC Floating Rate Debt Fund	118961	EXCLUDED_BY_CRITERION	Does not pass approved-25 C2 screen: volatility <= 0.1410, max_drawdown >= -0.20, CAGR >= 0.0797.
HDFC Infrastructure Fund	118979	EXCLUDED_BY_CRITERION	Does not pass approved-25 C2 screen: volatility <= 0.1410, max_drawdown >= -0.20, CAGR >= 0.0797.
HDFC Corporate Bond Fund	118987	EXCLUDED_BY_CRITERION	Does not pass approved-25 C2 screen: volatility <= 0.1410, max_drawdown >= -0.20, CAGR >= 0.0797.
HDFC Short Term Debt Fund	119016	EXCLUDED_BY_CRITERION	Does not pass approved-25 C2 screen: volatility <= 0.1410, max_drawdown >= -0.20, CAGR >= 0.0797.
HDFC Income Fund	119069	EXCLUDED_BY_CRITERION	Does not pass approved-25 C2 screen: volatility <= 0.1410, max_drawdown >= -0.20, CAGR >= 0.0797.
HDFC Medium Term Debt Fund	119081	SELECTED	Selected by CONSERVATIVE objective ordering and within configured diversification constraints.
HDFC Gilt Fund	119116	EXCLUDED_BY_CRITERION	Does not pass approved-25 C2 screen: volatility <= 0.1410, max_drawdown >= -0.20, CAGR >= 0.0797.
ICICI Prudential Banking and Financial Services Fund	120244	EXCLUDED_BY_CRITERION	Does not pass approved-25 C2 screen: volatility <= 0.1410, max_drawdown >= -0.20, CAGR >= 0.0797.
ICICI Prudential Banking and PSU Debt Fund Direct-Growth	120256	SELECTED	Selected by CONSERVATIVE objective ordering and within configured diversification constraints.
ICICI Prudential Bluechip Fund	120586	EXCLUDED_BY_CRITERION	Does not pass approved-25 C2 screen: volatility <= 0.1410, max_drawdown >= -0.20, CAGR >= 0.0797.
ICICI Prudential FMCG Fund	120587	EXCLUDED_BY_CRITERION	Does not pass approved-25 C2 screen: volatility <= 0.1410, max_drawdown >= -0.20, CAGR >= 0.0797.
ICICI Prudential Technology Fund	120594	EXCLUDED_BY_CRITERION	Does not pass approved-25 C2 screen: volatility <= 0.1410, max_drawdown >= -0.20, CAGR >= 0.0797.
ICICI Prudential Regular Savings Fund	120616	SELECTED	Selected by CONSERVATIVE objective ordering and within configured diversification constraints.
ICICI Prudential Infrastructure Fund	120621	EXCLUDED_BY_CRITERION	Does not pass approved-25 C2 screen: volatility <= 0.1410, max_drawdown >= -0.20, CAGR >= 0.0797.
ICICI Prudential Ultra Short Term Fund	120676	EXCLUDED_BY_CRITERION	Does not pass approved-25 C2 screen: volatility <= 0.1410, max_drawdown >= -0.20, CAGR >= 0.0797.
ICICI Prudential Short term Fund	120754	SELECTED	Selected by CONSERVATIVE objective ordering and within configured diversification constraints.
HDFC Large and Mid Cap Fund	130498	EXCLUDED_BY_CRITERION	Does not pass approved-25 C2 screen: volatility <= 0.1410, max_drawdown >= -0.20, CAGR >= 0.0797.
HDFC Small Cap Fund	130503	EXCLUDED_BY_CRITERION	Does not pass approved-25 C2 screen: volatility <= 0.1410, max_drawdown >= -0.20, CAGR >= 0.0797.
ICICI Prudential Bharat Consumption Fund Direct - Growth	146951	EXCLUDED_BY_CRITERION	Does not pass approved-25 C2 screen: volatility <= 0.1410, max_drawdown >= -0.20, CAGR >= 0.0797.
ICICI Prudential Commodities Fund Direct - Growth	147662	EXCLUDED_BY_CRITERION	Does not pass approved-25 C2 screen: volatility <= 0.1410, max_drawdown >= -0.20, CAGR >= 0.0797.
ICICI Prudential Quant Fund Direct - Growth	148600	EXCLUDED_BY_DIVERSIFICATION	Selecting this fund would exceed configured AMC cap 0.6500 for target_count=5.
HDFC Dividend Yield Fund	148609	EXCLUDED_BY_CRITERION	Does not pass approved-25 C2 screen: volatility <= 0.1410, max_drawdown >= -0.20, CAGR >= 0.0797.
HDFC Banking & Financial Services Fund	148986	EXCLUDED_BY_CRITERION	Does not pass approved-25 C2 screen: volatility <= 0.1410, max_drawdown >= -0.20, CAGR >= 0.0797.

Historical replay evidence¶

Pinned input SHA-256: ec31eb77da9f280f92747f97d72ca3a196eab1c6eee79098b29083028148a4a0
Replay snapshot: 2026-09-20
Portfolio objective evaluation: NOT_EVALUATED (issue #329 criteria not approved)
Conservative replay: NOT_RUN (issue #330 C2 point-in-time calibration policy not approved)

Profile	Frequency	Interval checks	Full-schedule replay	Periods returned
Aggressive	Weekly	204/204 complete; 0 blocked	COMPLETE	204
Aggressive	Monthly	52/52 complete; 0 blocked	COMPLETE	52
Moderate	Weekly	204/204 complete; 0 blocked	COMPLETE	204
Moderate	Monthly	52/52 complete; 0 blocked	COMPLETE	52

Replay return series and selected scheme codes remain available in the committed JSON/CSV source artifacts. COMPLETE means the frozen adapter/engine returned the scheduled periods; it does not mean the portfolio met an approved objective.

Evidence and acceptance boundaries¶

Accepted analytical dataset manifest: docs/evidence/PHASE1_25FUND_ANALYTICAL_DATASET_MANIFEST_2026-09-20.json
Benchmark status: no portfolio-level analytical benchmark approved for Phase 1
Objective evaluation: NOT_EVALUATED until explicit approved metric criteria are supplied
Historical replay boundary: Full-schedule replay evidence is attached; objective evaluation remains separate.

Limitations¶

Conservative historical replay remains NOT_RUN until the point-in-time C2 calibration policy is approved (issue #330).
Portfolio objective evaluation remains NOT_EVALUATED until explicit metric criteria are approved (issue #329).
The report does not calculate or restate fund metrics; it displays selected identities, construction results and states already present in the source evidence.
The manifest join supplies display names and reference metadata only; it does not approve category or benchmark relationships.
Missing or conditional states are preserved. The Conservative profile is not padded to reach five holdings.
Replay status/period counts are copied from the committed replay summary; the renderer does not recompute returns or independently validate the run environment.
A completed historical replay is not objective PASS/WATCH/FAIL, benchmark approval, staging integration or downstream UAT.

Generated by scripts/render_phase1_25fund_objective_selection_report.py from committed selection evidence, approved-25 manifest, and optional replay summary.