A bull market rewards exposure to the right factors more than it rewards being fully invested. The Momentum-Quality portfolio outperformed the Nifty 50 equal-weight benchmark in 14 of 18 historical bull months tested; pure low-P/E (value) underperformed in 11 of 18. Quality is the common factor in the winning months.
Monthly rebalancing matters. The same Momentum-Quality stock list held without rebalance for the full period underperformed the monthly-rebalanced version by 8 percentage points cumulative. The rebalance both adds new entrants and removes names whose quality leg has broken, which is the bull-market equivalent of stop losses.
The Dynamic Allocator remains the umbrella. In a bull regime the Allocator directs exposure up to 80%; the Momentum-Quality sleeve chooses the 20 names within that exposure. The two decisions are intentionally separate one sets size, the other sets selection.