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Carnelian India Amritkaal Fund

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".

Category: Gift City Funds •

 

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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Fund Manager

Swati Khemani

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

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.

Manoj Bahety

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.

Frequently Asked Questions

What is the Carnelian India Amritkaal Fund? +

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.

What kind of companies does the fund invest in? +

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.

How concentrated is the portfolio? +

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.

What is the investment and redemption structure of the fund? +

The fund is structured as an open-ended scheme with fortnightly subscription and redemption windows. The minimum investment amount is USD 500,000.

How does the fund evaluate risk and governance? +

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.

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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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