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
Fund Managers
Vikas Khemani | 3-star rated FM
Co-Founder | 29 yrs Experience | 7 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 | 3-star rated FM
Co-Founder | 28 yrs Experience | 6 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 | 6 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.
Fee Structure
Free 30-Day Trial of the IME RMS
Details shared above, are only a short-snapshot of the more detailed analysis that resides in IME’s Proprietary RMS (Research Management Solution).
The IME RMS is the first tool ever, to give investors direct access to the insights of the central research team. Investors gain direct access to our ratings, rating rationales & analysis across thousands of funds (MFs, PMSs, AIFs, Global funds), asset classes, categories & more.
Note: PMS AMC & Scheme Reviews and Ratings are based on IME Capital’s Proprietary Review and Rating Methodology (read more here: AMC Rating & Scheme Ratings). These reflect the unbiased views of our central research team, based on our assessment of the investment value of these PMS/AIF strategies for our investors. We follow a highly stringent rating-criteria, where approximately 50% of PMS AMC’s & strategies would be rated 2-star or below (this is not meant to indicate that these funds are not investment-worthy, but that they do not currently fulfill the requirements we focus on for recommending funds to our investors — based on our internal views on the merit of the AMC/strategy relative to peers). Reviews & Ratings are primarily based on research of publicly available information (SEBI disclosures, PMS websites, PMS-aggregation platforms, webinar recording, media interviews etc.) and no explicit consent is required from AMCs for the same. While we endeavour to do further due-diligence via direct interactions with the investment teams of AMCs, this is typically restricted to AMC’s that meet our foundational fund selection criteria (reviews on lower-rated AMCs are often based solely on publicly available information). The views reflected in our Reviews & Ratings, are our independent views and may not be shared by the AMC’s and the investment teams. Please read detailed disclaimer for more.