Before revision:   The paper introduces the numeraire property through the notion of expected relative return and shows that drawdown-constrained strategies with the numeraire property exist and are unique, but may depend on the financial planning horizon.
After revision:  We suggest to use path-wise growth optimality as the decision criterion and encode preferences through restrictions on the class of admissible wealth processes. Specifically, the investor is only interested in strategies which satisfy a given linear drawdown constraint. The paper introduces the numeraire property through the notion of expected relative return and shows that drawdown-constrained strategies with the numeraire property exist and are unique, but may depend on the financial planning horizon.