About Company
Carnelian Asset Management and Advisors Pvt Ltd
Carnelian Asset Management & Advisors is a boutique investment management firm based in Mumbai, India, founded in 2019 by Vikas Khemani, Manoj Bahety, and Swati Khemani. As of January 2026, the firm manages approximately ₹9,101 crore (approx. USD 1.6–1.7 billion) in assets. The firm operates on a QGARP (Quality Growth at Reasonable Price) framework, integrating proprietary forensic analysis to identify structural winners and avoid "accounting pitfalls".
Fund Snapshot
| Feature / Metric | Details |
| Inception Date | October 7, 2021 |
| Investment Style | Multi-Cap, Sector-Agnostic, Custom Long-Only |
| Minimum Investment | ₹25 Crores (50% upfront, balance within 3 months) |
| Portfolio Concentration | Highly concentrated (Typically 5 to 10 stocks) |
| Benchmark | BSE 500 TRI |
| Subscription Status | Temporarily closed for new subscriptions |
| 1-Year Return | 20.1% (vs. BSE 500 TRI: 3.6%) |
| 3-Year Return (CAGR) | 26.6% (vs. BSE 500 TRI: 14.9%) |
| Return Since Inception (CAGR) | 24.9% (vs. BSE 500 TRI: 10.2%) |
Fund Philosophy & Investment Approach
The Bespoke Portfolio operates as a natural extension of Carnelian’s broader structural frameworks but focuses heavily on strict customization and extreme concentration.
1. Tailored Sub-Strategies
Instead of a single one-size-fits-all strategy, the Bespoke mandate constructs custom portfolios around specific client targets using three main structural angles:
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High Conviction Magic Portfolio: Focuses on companies experiencing accelerated earnings growth and impending valuation re-rating.
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High Conviction Thematic Portfolio: Targets macro-driven structural transformations (e.g., India's manufacturing revival or tech-led consumption).
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High Conviction Concentrated Portfolio: Filters down tightly to just 5–10 businesses with maximum upside potential.
2. The QGARP Model
The fundamental backbone of the portfolio relies on Quality Growth at a Reasonable Price (QGARP). The team avoids buying great companies at absurd valuations, just as they avoid cheap companies with bad economics. They balance sustainable compounding businesses with tactical allocations to sectors experiencing structural tailwinds.
3. The "CLEAR" Forensic Risk Framework
A core pillar of Carnelian’s philosophy is capital protection via forensic accounting. Every company entering the portfolio undergoes a strict screening mechanism designed to find accounting anomalies or governance cracks before investing:
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Cash Flow Analysis (Ensuring earnings actually turn into cash)
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Liability Assessment
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Earnings Quality Review
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Asset Quality Evaluation
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Related-Party & Governance Checks
Go Beyond Popular Picks, Find Real Fit
A well-known PMS strategy isn’t always the right one for you. With access to 1600+ PMS options through AltPort Funds, the focus shifts from what’s popular to what actually aligns with your goals, risk appetite, and portfolio structure. Instead of defaulting to common choices, take a more considered route. Start a conversation to uncover strategies that genuinely fit.
Track how the fund has performed against its benchmark over time through a comparative line graph analysis.
CARNELIAN BESPOKE PORTFOLIO
Benchmark: BSE 500 TRI
Compare fund returns and benchmark performance across multiple investment periods using a visual bar graph.
Review and compare fund returns against benchmark performance across different investment periods in a detailed tabular format.
Carnelian Asset Management & Advisors Pvt Ltd
| AUM(Cr.) | 1M | 3M | 6M | 1Y | 2Y | 3Y | 4Y | 5Y | Ince. | |
| Performance | ₹2742.13 | -11.39 | -14.23 | -10.01 | 5.72 | 6.33 | 24.12 | 20.37 | NA | 21.44 |
| Benchmark | NA | -11.37 | -13.94 | -9.62 | -3.12 | 1.32 | 12.89 | 9.27 | NA | 7.96 |
Learn about the experienced fund managers responsible for investment decisions, portfolio strategy, and long-term fund performance.
Manoj Bahety
Manoj Bahety has worked in financial services for almost 27 years, gaining deep understanding of forensic research and managing investments. Now a fund manager at Carnelian, he puts heavy focus on research when picking stocks for investment. Before starting Carnelian with Vikas Khemani, Manoj had important positions at Edelweiss Securities. These included the Deputy Head of Institutional Equity Research, the Head of Forensic Research, and the Head of Thematic & Mid-Cap Research. At Edelweiss, Manoj developed Analysis Beyond Consensus (ABC Research). This system helps institutional investors make better choices by using solid data instead of just relying on what companies report. Manoj's research has guided investment choices around the world. Outside of his work at Carnelian, Manoj is active with the CFA Institute. He participates in groups like the India Advocacy Committee and the Global Capital Markets Policy Council (CDPC). Manoj’s ability to analyse information and his careful, step-by-step way of doing things are key to how Carnelian operates and makes investment decisions. His past experiences and dedication to thorough research make him a valuable asset in the financial world. In summary, Manoj's extensive background and commitment to data-driven analysis greatly improve Carnelian's investment strategies.
Vikas Khemani
Vikas is the driving force behind Carnelian Asset Management & Advisors, bringing to the table more than 27 years of experience in capital markets. He established the firm in 2019 and has since guided its growth into a respected investment platform. Today, Carnelian manages $1.3 billion across a variety of investment approaches. Before founding Carnelian, Vikas spent 17 years as CEO of Edelweiss Securities Ltd. During his tenure, he played a key role in developing and scaling several key business segments, including institutional equities, investment banking, and equity research. Vikas is well-regarded for his strong business acumen and in-depth knowledge of the Indian capital markets. This expertise has earned him recognition throughout the Indian corporate world. His leadership skills and talent for spotting opportunities early on have been important to Carnelian's distinctive way of investing. In 2014, Vikas received the Young Professional Achievers Award from the Institute of Chartered Accountants of India. This award recognised his positive impact on the financial industry. His entrepreneurial spirit continues to shape Carnelian’s growth. He is committed to guiding the firm forward, searching for new ways to provide value and deliver solid results for investors. Vikas's blend of experience, insight, and leadership makes him a key figure in the Indian financial landscape. His work at Carnelian reflects his dedication to excellence and innovation in investment management.
Swati Khemani
Swati Khemani brings 23 years of know-how in the financial world to the table. She’s a great example of today’s Indian woman in business, handling leadership roles, understanding investments, and taking on the challenges of being an entrepreneur. Her career path is quite diverse. She’s worked in equity research, selling to big institutions, investment banking, and managing people. All this experience gives her a wide view of how the financial industry works. As one of the people who started Carnelian, she plays a big part in running the business and handling the company’s money. She’s also known for being a mentor and leading with a focus on people, which has helped create a positive work environment at Carnelian. This approach has also been key in building strong relationships with both clients and other businesses. Swati has always been a supporter of Carnelian’s goals, helping to improve the way the company works, its governance, and its plans for the future. Her career is a story of bouncing back from challenges and striving for success, as she juggles a demanding job with her roles as an entrepreneur and a family leader.
Find answers to common questions about fund investments, performance, portfolio strategy, and investor services.
While standard regulatory Portfolio Management Services (PMS) in India require a minimum ticket size of ₹50 Lakhs, the Bespoke Portfolio is designed as a highly customized premium mandate exclusively for Ultra-HNIs, family offices, and institutional investors. The ₹25 Crore threshold allows Carnelian's fund managers the operational flexibility needed to build entirely tailored, hyper-concentrated sub-strategies (like custom single-sector or Shariah-compliant blocks) that are not possible in a pooled or mass-retail PMS model.
Yes, absolutely. That is the fundamental purpose of the "Bespoke" mandate. Because it is completely customized, investors can set unique operational guardrails based on their specific financial architecture. This includes requests like excluding specific sectors entirely (such as sin stocks or cyclical commodities), prioritizing a heavy large-cap tilt for safety, or ensuring the portfolio complies with strict ESG or Shariah-compliant guidelines.
To ensure that massive capital inflows do not get forced into the market during periods of unfavorable valuations, Carnelian structures the onboarding with a staggered commitment timeline. Investors are required to put down 50% of their total commitment upfront, while the remaining balance can be funded progressively over the following 3 months as the fund manager finds attractive entry points.
When a hyper-concentrated strategy (holding just 5 to 10 stocks) experiences a rapid surge in Asset Under Management (AUM), it can face capacity constraints, making it difficult to deploy massive capital without artificially driving up stock prices. Carnelian temporarily closes the Bespoke mandate to new subscriptions periodically to protect the alpha and performance of existing investors, reopening it only when liquidity conditions or market corrections create viable buying opportunities.
Unlike a Mutual Fund—where buying and selling securities within the fund does not trigger an immediate tax liability for the investor—a PMS treats every single transaction as a distinct taxable event under the investor's own PAN. Depending on how long an individual stock was held before being sold by the fund manager, gains will be classified and taxed as either Short-Term Capital Gains (STCG) or Long-Term Capital Gains (LTCG).
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Disclaimer: Investing in AIF, PMS, Gift City or Mutual Fund is subject to market risk. Please read the related documents carefully. Past performance does not guarantee future results and there is no assurance that the managed accounts will necessarily achieve their objectives. Actual portfolios may differ as a result of account size, client-imposed investment restrictions, the timing of client investments and market, economic, and individual company factors. We at ALTPORT do not guarantee any returns in the hands of investors, nor do we take any sort of accountability for the performance of the scheme.
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