Carnelian “The Shift” Strategy

About Company

Carnelian is recognised for its ethics and knowledge. This founder of Carnelian investment advisors is Vikas khemeni, Manoj Bahety, Sachin jain and Swati Khemani to chase their interest in investing capital markets.Carnelian helps their clients in generating profits and preseversing their asset in most efficient possible way. Carnelian thought process is to make sound judgement and make result successful over an extended period. Carnelian not only focuses on probability of outcome but also in risk management which makes them more reliable. (*Carnelian is a semi-valuable stone which represents inspiration, perseverance, authority and fortitude; it is accepted to achieve flourishing and shield from negative energies).

Fund Snapshot

Parameter	Details
Fund Name	Carnelian Shift Strategy PMS
Fund Category	Long Only, Multi-Cap Thematic Strategy
Founders Name	Mr. Vikas Khemani
Investment Structure	⅔ Manufacturing, ⅓ Technology
Investment Horizon	Medium to Long Term
Inception Date	October 6, 2020
Investment Approach	MCO Framework
Holdings	20-25

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About Fund Manager

Vikas Khemani, Founder & CEO (CA, CFA)

Vikas Khemani, a Chartered Accountant and CFA Charterholder, brings over 27 years of experience in capital markets to [Company Name]. As the former CEO of Edelweiss Securities Ltd., he played a pivotal role in establishing one of India’s most successful businesses in institutional equities, investment banking, and research. Before founding [Company Name], Vikas spent 17 years leading Edelweiss Securities, where he developed a strong business acumen and a deep understanding of capital markets.

He enjoys a stellar reputation with corporate India and is associated with several industry bodies and committees, including:

Member of the CII National Council on Corporate Governance & FICCI Capital Markets Committee
Serving as an invited member of the Executive Committee of Bombay Management Association
Member of the Young Presidents’ Organization (YPO) – a global forum for entrepreneurs and CEOs

Vikas is deeply committed to mentoring young talent and fostering innovation in the financial sector.

Manoj Bahety, Founder

Manoj Bahety contributes 27 years of financial services experience to Carnelian Asset Management. Most recently, he served as the Dy. Head – Institutional Equity Research, Head – Forensic, Thematic & Mid-Cap Research at Edelweiss Securities. Renowned for his non-consensus research, Manou has assisted investors across the globe in making informed investment decisions based on true numbers rather than reported figures, thus avoiding pitfalls. His work, popularly known as “Analysis Beyond Consensus” (ABC research), has been instrumental in identifying differentiated forensic research.

He is a respected voice in the industry, having served as the CFA Institute Chairperson of the India advocacy committee and as a member of the US-based global CDFP committee. Manou’s insights and expertise continue to shape the investment landscape.

Swati Khemani, Co-Founder

Swati Khemani brings 23 years of professional experience to her leadership role at Carnelian Asset Management. A modern professional and empowered woman, she has held leading roles in equity research, institutional sales, investment banking, client relationships, and human capital management—all while raising a family and being an entrepreneur.

Alongside Vikas Khemani and Manou Bahety, Swati co-founded Carnelian Asset Management with a vision to create a cohesive and winning investment management team. She currently holds the key position of managing the overall business and capital management, ensuring operational excellence. Swati’s mentoring skills have been instrumental in fostering a strong, collaborative team, and she maintains a deep relationship with the investor and corporate community.

Investment Philosophy

Within Carnelian’s risk-reward system, the investment strategy is designed to invest in structural growth businesses run by great management at a reasonable valuation.
Believe that long-term investment success is the product of continuously making sound decisions. Good decisions are those that are taken “objectively, without prejudice,” taking into account “probability of result,” and assessing “risk reward.”
Carnelian prioritises capital preservation, so every organisation is subjected to Carnelian’s patented Transparent forensic testing system before being invested in. Believe in persistence and long-term vision.

Investment Framework

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

Quality – Focuses on business and management quality.

Growth – Includes:

Magic: Accelerated earnings growth and valuation re-rating.
Compounder: Sustainable earnings growth.

Forensic Analysis (CLEAR) – Evaluates:

Cash flow analysis
Liability analysis
Earnings quality analysis
Asset quality analysis
Related party & governance issues

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.

Unique Feature

Before spending money, they go through the unique forensic framework to explore the following: “CLEAR.”

C – Cashflow evaluation & Capital Allocation. No damns are given about earnings that aren’t linked to a cash flow conversion. Instead of relying on the amount of money coming in, they dig into the source of cash flow.

L – Underwriting Analysis, actual vs reported debt, contingent liability and likely future earnings implications

E – Analysis of Actual vs Expected Earnings, True Economic Profit vs Reported Profit, Discretionary vs non-discretionary profit

A – Asset Quality Analysis, Some worrisome points – huge built up in loans and advances, a large quantum of long duration inventories/receivables susceptible to value diminution, large payables are supporting large receivables/inventory, profits getting re-deployed in non-core/expensive/uncertain inorganic growth, profits getting into intangible assets/goodwill – without visibility of commensurate profitability, subsidiaries/JVs which require a constant infusion of profit without any visibility of returns.

R – Governance concerns of another company and related party transactions.

Carnelian Asset Management is an investment company that focuses on real estate and marketing as well.

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.

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Fund Overview

Carnelian Asset Management introduces the Shift Strategy, a meticulously designed Portfolio Management Service (PMS) aimed at capturing structural decadal shifts that present significant opportunities in today’s dynamic markets. This strategy leverages emerging trends and focuses on high-quality growth companies to deliver sustainable returns for investors.

Strategy Overview

The Shift Strategy is built on a forward-looking approach, targeting key areas of growth and innovation:

Manufacturing Opportunities: Capitalizing on a conducive regulatory and global environment to drive growth in the manufacturing sector.
Tech Evolution: Harnessing the power of digitalization on a global scale to identify and invest in technology-driven companies.
Concentrated QGARP Portfolio: Focusing on Quality Growth at a Reasonable Price (QGARP), the strategy invests in a blend of mid- and small-cap listed companies that demonstrate:
- Niche core competence and large opportunity size.
- Proven track record of performance.
- Impeccable management capabilities.

Key Features

Stock Holding: The portfolio consists of 20–25 carefully selected stocks, ensuring a focused yet diversified approach.
Benchmark: Measured against the BSE 500 TRI, providing a robust standard for performance evaluation.
Rigorous Selection Process: All investments are subjected to stringent Carnelian filters and forensic checks (CLEAR framework), ensuring only the highest-quality companies are included in the portfolio.

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