NJ Factor Investing Olympiad

India's Premier Factor Investing Competition is back. Bigger and more competitive than before. Season 3 is now live. Register now and take on real-world challenges faced by investment managers.

Active Investing Vs Rule-Based Investing Vs Passive Investing

	Active Investing	Rule-Based Investing	Passive Investing
Investment Decision-Making	Relies on human judgment, research, and discretionary decisions by portfolio managers.	Based on pre-defined, systematic rules or models, often derived from factors.	Follows a benchmark index with minimal decision-making, replicating its performance.
Objective	To outperform the market (generate alpha) through stock-picking and market timing.	To outperform traditional market-cap-weighted indices by capturing specific factor premiums (smart beta).	To match the performance of a benchmark index (beta replication).
Use of Factors	Not very predominant	Predominant	Depends on the Benchmark Index
Portfolio Characteristics	Different from Benchmark	Different from Benchmark	Same as Benchmark

Factor Investing is known by many names… Rule-based Active Investing, Quantitative Investing, Quants, Smart Beta, and Smart Alpha are a few commonly used terms

Rule-Based Investing: Best of Both Worlds

Factors are the parameters based on which professionals make investment decisions.

NJ's "Built On Rules" Approach

TRADITIONAL ACTIVE INVESTING

Quality of ingredients is not predefined
Quantity of ingredients is not fully predefined
Mixing of ingredients is not fully predefined
Temperature is not predefined
Discretion at the level of the preparer

NJ's "BUILT ON RULES" APPROACH

Quality of ingredients is predefined
Quantity of ingredients is predefined
Mixing of ingredients is predefined
Temperature is predefined
No discretion at the level of preparer

Our Investment Principles & Philosophy

4 Main Investment Factors

Quality Factor

Quality factor focuses on fundamentally strong companies that consistently reflect positive earnings, have healthy balance sheets, and are profitable even in seemingly tough market periods.

Value Factor

Value factor focuses on investing in stocks that are undervalued relative to their intrinsic value. Investors applying the value factor hope that these underpriced securities will eventually gain price and achieve their real value.

Low Volatility Factor

Low volatility factor searches for stocks exhibiting price volatility less than that prevailing in the overall market. These stocks are considered more stable and hence do not display high price movements.

Momentum Factor

Momentum factor capitalises on securities that have been performing well in the recent past and are anticipated to continue to exhibit similar performance in the near future.

Growth of Rule-Based Smart Beta Funds in USA

Source: Bloomberg Intelligence. Data as on 31st December 2025

TIME PERIOD	AUM GROWTH
Last 3 Years	23.44%
Last 5 Years	19.41%
Last 10 Years	20.18%
Last 15 Years	22.99%
Since 2000	36.65%

Source: Bloomberg Intelligence. Data as on 31st December 2025

Factor	Factor-wise Growth over the Last Decade
	Number of Factor Based ETFs			Equity Smart Beta AUM
	No. of factor-based ETFs in 2015	No. of factor-based ETFs in 2025	Growth	AUM as of 31st December 2015 (In US $ million)	AUM as of 31st December 2025 (In US $ million)	AUM Growth
Quality	12	62	17.85%	5,586.13	142,413.52	38.24%
Value	48	125	10.04%	98,957.10	656,584.10	20.83%
Momentum	26	35	3.02%	5,905.24	56,159.81	25.26%
Low Volatility	29	52	6.01%	24,528.04	62,024.42	9.72%
Size	57	60	0.51%	32,247.20	166,436.34	17.84%
Growth	35	103	11.40%	114,497.92	807,142.98	21.57%
Multi-factor	118	189	4.82%	41,872.17	286,504.35	21.21%
Others	115	400	13.28%	129,060.11	667,415.93	17.86%
Total	440	1026	8.84%	452,653.90	2,844,681.46	20.18%

Source: Bloomberg Intelligence.

Performance of Factors in India

Source : Internal research, Bloomberg, CMIE, National Stock Exchange. Calculations are for the period 30th September 2006 to 31st March 2026. NJ Traditional Value Model, NJ Enhanced Value Model, NJ Quality+ Model, NJ Momentum+ Model, NJ Low Volatility+ Model and NJ Multi-Factor+ Model are proprietary methodologies developed by NJ Asset Management Private Limited. The methodologies will keep evolving with new insight based on the ongoing research and will be updated accordingly from time to time. Past performance may or may not be sustained in future and is not an indication of future return.

1. Team Composition

Each team must consist of 5 students.

2. College Entry Rule

Only one team per college/institution will be eligible for participation. If multiple teams register from the same college/institution, only the earliest valid registration will be considered for participation.

3. Registration Period

Registration will commence on 20th April 2026 and close on 10th June 2026.
No registrations will be accepted after the closing date.

4. Registration Details

The registration form must be completed in full and should include the required team details, including student names, college/institution name, contact details, and any other information sought in the registration form.
Each team must nominate one SPOC who will serve as the single point of contact for all official communication.

5. Change in Team Composition

Once the team details have been submitted, no changes in team composition will be permitted. NJ AMC reserves the right to reject incomplete, inaccurate, duplicate, or invalid registrations.

6. Registration Fee

There is no registration fee for participation in the competition.

7. Competition Format

The competition will require participants to back-test and create investment strategies using a quantitative factor-based approach. A detailed brief, including the case study, submission guidelines, response format, and other relevant instructions, will be shared with registered teams at the start of the competition.

8. Platform Access

Participants will have access to the NJ Smart Beta platform, a proprietary factor investing database and analytical tool of NJ AMC.
Access to the platform will be granted on 16th June 2026 to enable teams to familiarise themselves with the platform and its features.

9. Competition Period

The first round of the competition will be conducted from 16th June 2026 to 15th July 2026.
All teams must submit their solutions within the timelines communicated by NJ AMC. Late submissions may not be considered.

10. Submission Requirements

Teams will be required to submit their solutions in the standard response format prescribed by NJ AMC.
The response format, submission method, and timelines will be communicated separately to all registered teams. NJ AMC may seek additional information, supporting documents, or clarifications from any participating team at any stage of the competition.

11. Originality and Conduct

All submissions must be the original work of the participating team. Participants are expected to maintain the highest standards of ethics, integrity, and fair conduct throughout the competition. Any misconduct, plagiarism, malpractice, data manipulation, misrepresentation, or unfair practice will result in the immediate disqualification of the team.

12. Evaluation Criteria

Teams will be evaluated on parameters including, but not limited to:

quality and robustness of analysis,
soundness of the investment strategy,
application of quantitative and factor-based concepts,
clarity of rationale and interpretation,
quality of submission and presentation,

The detailed evaluation process and judging framework shall be determined by NJ AMC and the judging panel.

13. Shortlisting Process

Based on the analysis and solutions submitted, 12 teams will be shortlisted for the Semi-final, which will be held on 21st August 2026 in Surat.
The Semi-final will be conducted in a closed-door presentation format before the judging panel.
From the 12 Semi-finalist teams, 6 teams will be shortlisted for the Grand Final, which will be held on 22nd August 2026 in Surat.
The shortlisted teams will present their solutions and defend their analysis before an esteemed panel of judges. A question-and-answer interaction may form part of the evaluation process.

14. Presentation Format

The detailed presentation format, including time limits, sequence, and any related instructions for the Semi-final and Grand Final, will be communicated separately to the shortlisted teams.

15. Results and Decision

The decision of NJ AMC and the judging panel with respect to evaluation, shortlisting, disqualification, and final results shall be final and binding.

16. Titles and Recognition

At the conclusion of the competition, the following titles will be awarded:

Winner
Runners-up
2nd Runners-up

17. Travel and Accommodation

NJ AMC will provide accommodation, meals, and local travel within Surat for the Semi-finalist and Grand Finalist teams for the period from 20th August 2026 to 22nd August 2026. Detailed stay arrangements will be communicated separately.
Travel to Surat and return travel from Surat shall be arranged by the shortlisted teams themselves.

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Disclaimer: This material is not for solicitation or marketing purposes of any offerings of NJ Asset Management Private Limited.

Presenting

Quality Factor

Value Factor

Low Volatility Factor

Momentum Factor