Carnelian Bharat Amritkaal
Carnelian PMS | Equity | | AIFIME's View on Carnelian Bharat Amritkaal
Strategy
Multi-thematic Strategy that focusses on new emerging themes in India
Investment Fund
Amritkaal is a flexi-cap strategy that aims to identify investment opportunities from structural trends of India. While the strategy positions itself as "multi-thematic" that focusses on new emerging themes in India, the wide array of themes make it comparable to other flexi-cap strategies. On the back of Carnelian's pedigree and performance in other strategies, investors can consider this as a viable option. However, we note that the minimum investment is 1cr.
Fund's Strategy View
Bharat Amritkaal Fund is an open-ended Category III AIF that invests in 25-30 stocks across various market caps. The strategy focuses on emerging mega trends such as consumption, digital hub to the world, sustainability, office to the world, factory to the world and global influencer. Beyond the investment universe, the investment philosophy is well defined in terms of risk management, and portfolio construction.
Fund Performance
We refrain from evaluating the fund since it is yet to mature (less than 5 years).
IME's View on Carnelian PMS
View on AMC
Carnelian is a young firm in the Indian alternatives space with an impressive founding team from ex-senior investment team members of Edelweiss Securities. Vikas Khemani, the ex-CEO, and Manoj, the head of research, have strong research and investment business-building pedigrees. The investment philosophy and processes are well defined, combining quality growth investing (QGARP) with deep forensic diligence and thematic insights. Performance has been strong.
AMC's Pedigree
The firm is fully founder-owned and led by seasoned capital market professionals with backgrounds in institutional equities, forensic research, and business leadership.
AMC Team
Carnelian is founded by seasoned capital markets professionals with deep institutional experience. Vikas Khemani, former CEO of Edelweiss Securities, brings strategic leadership and decades of market insight. Manoj Bahety, a pioneer in forensic research, developed the acclaimed “Analysis Beyond Consensus” framework. Swati Khemani adds depth across equity research, sales, and business operations. Despite the lack of fund management experience in their prior roles, they have proven their ability to execute the stated investment philosophy well.
Investment Philosophy
Carnelian’s investment philosophy is its QGARP (Quality Growth at Reasonable Price) approach. The framework seeks to identify high-quality businesses with strong cash flows, clean governance, and sustainable moats, while ensuring valuations are reasonable relative to growth prospects. Their research process integrates thematic foresight, bottom-up stock picking, and a proprietary forensic filter called CLEAR—used to evaluate cash flows, liabilities, earnings quality, and corporate governance. Growth is captured through two lenses: “Magic” stocks that are entering accelerated earnings phases due to inflection points like capex completion or leadership change, and “Compounders” that deliver stable, long-duration returns.
Investment Strategy
The Carnelian Bharat Amritkaal Fund is a long-only, multi-cap, sector-agnostic investment strategy designed to capitalize on India’s structural economic shifts over the next 25 years. The fund focuses on mega trends emerging from India's rapid industrialization, financialization, urbanization, digitalization, and infrastructure expansion, aiming to generate long-term wealth creation.
Core Investment Approach
Quality Growth at a Reasonable Price (QGARP) Framework:
- Focus on high-quality businesses with sustainable earnings growth.
- Invests in sectors benefiting from India’s economic transformation.
- Avoids overvalued stocks while ensuring strong growth potential.
Multi-Cap, High-Conviction Portfolio:
- Concentrated 25-30 stock portfolio, benchmarked against the S&P BSE 500 Index.
- Sector-agnostic, targeting companies positioned to benefit from India’s development milestones.
Mega Trends Driving the Portfolio:
- Manufacturing Renaissance: "China +1" and India's push for self-reliance.
- Financialization of the Economy: Rising credit penetration, digital payments, and insurance growth.
- Infrastructure Boom: Urbanization, smart cities, and high-speed transport.
- Consumption Shift: Premiumization and increasing discretionary spending.
- Global IT & Digital Hub: AI, SaaS, and India’s leadership in software exports.
Risk Management Through Forensic Analysis:
Uses the CLEAR framework to assess company fundamentals:
- Cash Flow Analysis
- Liability Assessment
- Earnings Quality
- Asset Quality
- Related Party & Governance Risks
Trailing Performance
| 1yr | 3yr | 5yr | Since Inception | |
|---|---|---|---|---|
| Carnelian Bharat Amritkaal | -2.1 | 10.96 | ||
| S&P BSE 500 | -6.6 | 6.19 | ||
| Alpha over Broad Mkt BM | 4.5 | 4.8 |
Performance as of: 30-Sep-25 | Inception Date: 05-Apr-24 | Performance are post-fees, pre-taxes. Global funds denominated in USD or fund currency.
Investment team
Vikas Khemani | 4-star rated FM
Co-Founder | 30 yrs Experience | 8 yrs at current firm
Past Experience: President (Edelweiss Capital), AVP (ICICI Securities)
Vikas Khemani has over 2 decades of experience of which he spent 17 years incubating and building several businesses to leadership positions including Institutional Equities and Equity Research as a CEO at Edelweiss Securities. He is associated with several industry bodies and committees including the CII National Council on Corporate Governance, FICCI Capital Markets Committee, Executive Council of Bombay Management Association. Vikas Khemani comes with strong business acumen and a deep understanding of the capital markets along with strong relationships with Corporate India.
Manoj Bahety | 4-star rated FM
Co-Founder | 28 yrs Experience | 7 yrs at current firm
Past Experience: Managing Partner (Omniscient Capital Advisors), Deputy Head Research (Edelweiss Securities), Sr. Manager (Morgan Stanley), Manager (Reliance Industries)
Manoj Bahety is a CA and CFA Charter holder with 20 years of rich and diverse financial services with marquee institutions. Manoj spent 11 years at Edelweiss Securities as Dy. Head - Institutional Equity Research, Head - forensic, thematic & mid-cap research. He is known for his "Analysis Beyond Consensus" forensic research approach which helped in avoiding pitfalls and identifying several multi-bagger ideas.
Swati Khemani | 4-star rated FM
Partner | 24 yrs Experience | 7 yrs at current firm
Past Experience: Edelweiss
Swati Khemani one of the Partners at Carnelian AMC. She brings over 13 years of experience in the financial services industry, with her previous stints at Edelweiss and her own venture Newedge Consulting. She is a CA and did her graduations in BCom.
