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".
Carnelian Contra Portfolio Strategy
Fund Snapshot
|
Strategy |
Multi-cap with 60% large cap bias |
|
Stock universe |
~25 stocks |
|
Benchmark |
BSE 500 TRI |
|
Min. investment amount |
INR 50 Lakhs |
|
Exit load |
1% if redeemed within 1 year |
Objective
Generate superior risk-adjusted return by following a contrarian absolute return approach
Strategy
Multi-cap with 60% large-cap bias, sector-agnostic portfolio designed to capture:
- Structural growth story with temporary dislocation
- Businesses facing unfavourable cycle
- Deep value stocks with good dividends
- Special situations like demerger, open offers, acquisitions, etc.
- Portfolio of 20-25 stocks filtered through carnelian forensic lens; benchmarked against BSE 500 TRI
- Actively managed portfolio with a long-term approach
Offerings
- ~12%-15%+ expected 3-year earnings CAGR
- ROE > ~15%
- D/E < ~1.5
- Likely margin expansion
- Dividend yield ~3-4%
- Portfolio beta < 1
Investment Framework
Quality
- Business (PROFITS)
- Management (IMPRESS)
Growth
- Magic – accelerated earnings growth & valuation re-rating
- Compounder – stable earnings growth
Forensic Analysis - CLEAR
- Cash flow analysis
- Liability analysis
- Earnings quality analysis
- Asset quality analysis
- Related party & governance issues
Valuation
- Reasonable valuation
- relative to growth
Risk Factors
- Reversal of business cycle taking longer than expected
- Re-rating of deep value stocks taking longer
- Temporary dislocation in business may later become permanent dislocation
- Periods of underperformance:
- Absolute return-oriented approach may lead to underperformance with benchmark
The Competitive Advantage
- Independent, entrepreneurial boutique with a reputed board of advisors
- Long-term approach with high active share (differentiated portfolio)
- Concentrated QGARP portfolio – Quality Growth companies (Business & Management) at a Reasonable Price
- Offers a unique blend of companies with accelerated and sustainable growth
- Proprietary forensic analysis
- Known for identifying larger themes, trends /stocks early
PEOPLE
- Founders are industry veterans with strong complementary skill sets
- Deep understanding of capital markets & businesses
- Strong relations with corporate India/industry
- Team of 70 passionate/driven professionals
- 100% founder owned – skin in the game
PROCESS
- Unique forensic framework – “CLEAR”
- Focus on quality
- Screen for red flags
- Disciplined investment process
- Differentiated approach to risk management
- Processes driven by core values.
Investing With Clarity, Not Complexity
Markets can feel overwhelming. Your portfolio shouldn’t. At AltPort, we simplify the noise and focus on what drives long-term results. Every recommendation is clear, deliberate, and built on frameworks that minimise confusion. If you want investing to feel more transparent, structured, and empowering, our process brings the clarity you’ve been missing.
Track how the fund has performed against its benchmark over time through a comparative line graph analysis.
CARNELIAN CONTRA PORTFOLIO STRATEGY
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 | ₹114.26 | -12.07 | -10.78 | -5.85 | -1.39 | 2.40 | 26.40 | 22.91 | NA | 22.63 |
| Benchmark | NA | -11.37 | -13.94 | -9.62 | -3.12 | 1.32 | 12.89 | 9.27 | NA | 9.06 |
Learn about the experienced fund managers responsible for investment decisions, portfolio strategy, and long-term fund performance.
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.
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.
Find answers to common questions about fund investments, performance, portfolio strategy, and investor services.
The strategy follows a contrarian, multi-cap investment approach with a 60% large-cap bias. It focuses on identifying temporarily out-of-favor businesses, deep value opportunities, and special situations that may offer long-term upside potential.
The portfolio is relatively concentrated and generally consists of around 20–25 stocks. This approach allows the fund manager to maintain focused exposure to high-conviction ideas.
The strategy looks for companies experiencing temporary business dislocations, undervalued businesses with strong dividend potential, cyclical recovery stories, and special situations such as mergers, demergers, acquisitions, and open offers.
The portfolio uses a proprietary forensic framework called CLEAR, which evaluates cash flows, liabilities, earnings quality, asset quality, and governance standards. The strategy also focuses on companies with manageable debt levels, healthy ROE, and reasonable valuations.
The Carnelian Contra Portfolio Strategy may suit investors looking for a long-term, actively managed equity portfolio with a contrarian approach. It is generally more suitable for investors comfortable with temporary periods of underperformance while seeking long-term risk-adjusted returns.
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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.