Carnelian India Amritkaal Fund
Fund Snapshot
|
Type |
Long-only, flexi-cap, sector-agnostic fund |
|
Theme |
Focusing on companies benefitting from megatrends during Amritkaal |
|
Portfolio |
A 25-30 stock portfolio |
|
Style |
Concentrated QGARP (Quality Growth at Reasonable Price) portfolio |
|
Category |
Open-ended Scheme; allotment fortnightly |
|
Forensic |
Differentiated forensic analysis on all portfolio companies |
|
Fund structure |
Open-ended scheme |
|
Investment amount |
Minimum USD 500,000 |
|
Denomination |
USD; Hedging option unit class available |
|
Subscription /Exit |
Fortnightly subscription and exit window |
|
Taxation |
At fund level, LTCG –12.5% & STCG – 20% |
|
Domicile |
GIFT International Financial Services Centre (GIFT IFSC), India |
The Objective
“Amritkaal“ is the PM’s 25-year vision (till 2047) for a “New India @100”, ambition being to make India a Viksit (developed) country, marked by
- World-leading growth in GDP & per-capita income
- Balanced urban-rural development
- Developed, advanced & efficient infra
- Embracing latest advancements in technology
- Achieve global geopolitical significance (Vishwa Mitra)
- Climate-sensitive growth, focus on sustainability
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
Portfolio will be designed to leverage opportunities arising from 7 mega trends that we see emerging across 5 sectors.
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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.
Vikas Khemani
Vikas Khemani is the Founder of Carnelian Asset Advisors with over 23 years of experience in the Indian capital markets. Before founding Carnelian, he served as the CEO of Edelweiss Securities Ltd. for 17 years, where he built its institutional equities, investment banking, and equity research businesses into market-leading franchises. He is a triple-qualified investment professional, holding the Chartered Accountant (CA), Chartered Financial Analyst (CFA), and Company Secretary (CS) designations.
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.
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The Carnelian India Amritkaal Fund is a long-only, flexi-cap, sector-agnostic investment strategy focused on companies expected to benefit from India’s long-term structural growth opportunities during the “Amritkaal” period leading up to 2047.
The fund invests in quality growth businesses across sectors that are aligned with long-term megatrends such as infrastructure development, technology adoption, sustainability, manufacturing growth, and rising domestic consumption.
The strategy maintains a concentrated portfolio of around 25–30 stocks. It follows a QGARP approach, which stands for Quality Growth at Reasonable Price, focusing on high-conviction investments.
The fund is structured as an open-ended scheme with fortnightly subscription and redemption windows. The minimum investment amount is USD 500,000.
The fund uses Carnelian’s proprietary CLEAR forensic framework, which reviews cash flows, liabilities, earnings quality, asset quality, governance practices, and related-party transactions before making investment decisions.