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About Fund Manager

Vikas Khemani, Fund Manager

Vikas khemani has 23 years of capital markets experience, most recently as the CEO of Edelweiss Securities Ltd, where he spent 17 years incubating & building several businesses to leadership positions including Institutional Equities and Equity Research.Mr.Vikas Khemani along with Manoj Bahety, Sachin Jain, and Swati Khemani established Carnelian Asset Management as an investment management business to pursue their interest in capital markets. The objective of Carnelian is to assist clients in creating and safeguarding their wealth by investing in inequities. Carnelian strives to establish a worldwide scale asset management platform recognized for its knowledge and driven by its strong beliefs.

Manoj Bahety, Founder

Manoj has over 20 years of broad and diversified financial services expertise with notable firms such as Edelweiss Securities, Morgan Stanley, RIL, and HPCL. He most recently worked as Dy. at Edelweiss Securities for 11 years. Head of Institutional Equity Research, as well as Head of Forensic, Thematic, and Mid Cap Research He is well-known for his distinct, non-consensus research and for pioneering forensic research, often known as “Analysis Beyond Consensus” (ABC research). ABC has assisted investors worldwide in making educated investment decisions based on genuine numbers rather than reported numbers, so avoiding traps (one of Carnelian’s qualities). Under his direction, mid-cap research has produced numerous multi-baggers, including VIP Industries, Supreme Industries, Balkrishna Industries, PI Industries, AIA Engineering, ICRA, Fag Bearing, SKF, and Gulf Oil. Manoj has served in a number of committees of the CFA Institute is the Chairperson of the India Advocacy Committee and a member of the global CDPC committee located in the United States. Manoj is a fitness fanatic who has been running marathons for the past eight years.

Investment Philosophy

  • Carnelian Capital Compounder Fund believes in growth investing at fair valuations and obsesses about the risk-reward trade-off at Carnelian. The fund favours definite returns over immediate returns as long-term investors, and don’t mind short-term underperformance.
  • When the risk-reward payoff is convincing, they are willing to be contrarians, and don’t mind sitting on cash when we see weakness.

Investment Framework

Carnelian Capital Compounder Fund investment framework is structured around four key pillars:

  1. Quality – Focuses on business and management quality.
  2. Growth – Includes:
    • Magic: Accelerated earnings growth and valuation re-rating.
    • Compounder: Sustainable earnings growth.
  3. Forensic Analysis (CLEAR) – Evaluates:
    • Cash flow analysis
    • Liability analysis
    • Earnings quality analysis
    • Asset quality analysis
    • Related party & governance issues
  4. Valuation – Ensures reasonable valuation relative to growth.

The framework emphasizes “Quality Growth at a Reasonable Price”, integrating business quality, earnings sustainability, forensic risk analysis, and fair valuation.

Carnelian Advantages Over Competitors

Carnelian Capital has a unique approach & unique insights into investing. Carnelian Capital is an exceptional independent, entrepreneurial boutique with a reputed board of advisors. Carnelian focuses on long-term approach with high active share (differentiated portfolio), Concentrated QGARP portfolio –Quality Growth companies (Business & Management) at a Reasonable Price. This offers them a unique blend of companies with accelerated and sustainable growth proprietary forensic analysis known for identifying larger themes, trends /stocks early.

People

Carnelian Capital founders are Industry veterans with strong complementary skill sets. They have a deep understanding of capital markets, businesses & strong relations with corporate India/industry which helps them invest in the right fund.

Process

Carnelian Capital focuses on a unique forensic framework –“CLEAR”. Carnelian Capital focuses on quality. Carnelian follows a disciplined investment process & it has a differentiated approach to risk management.

Unique Feature

Create wealth by finding high-growth, high-quality businesses

Key Features:

  • Diversified Portfolio: Invests in a mix of large, mid, and small-cap listed companies in a 50:30:20 ratio.
  • Selection Criteria: Targets businesses with niche expertise, strong growth potential, proven track records, and excellent management.
  • Portfolio Composition: Holds 20-25 stocks and is benchmarked against the BSE 500 TRI.

This strategy aims to achieve sustainable long-term growth by identifying high-quality companies with scalable opportunities.

 

Fund Overview

The Capital Compounder Strategy (PMS) is a long-only, multi-cap, and sector-agnostic investment approach designed to capitalize on India’s “trillion-dollar opportunity.” It follows a QGARP (Quality Growth at a Reasonable Price) philosophy, focusing on companies with strong fundamentals.

Key Features:

  • Diversified Portfolio: Invests in a mix of large, mid, and small-cap listed companies in a 50:30:20 ratio.
  • Selection Criteria: Targets businesses with niche expertise, strong growth potential, proven track records, and excellent management.
  • Portfolio Composition: Holds 20-25 stocks and is benchmarked against the BSE 500 TRI.

This strategy aims to achieve sustainable long-term growth by identifying high-quality companies with scalable opportunities.

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