Fund Snapshot
| Feature / Metric | Details |
| Strategy Type | Debt / Liquid PMS |
| Benchmark | CRISIL Composite Bond Fund Index / Custom Liquid Benchmark |
| Asset Under Management (AUM) | ~₹154.60 Crores |
| Minimum Investment | ₹50 Lakhs (Standard PMS minimum) |
| Exit Load | Nil (Highly flexible for immediate exit) |
| Target Return | Inline with prevailing short-term money market and liquid fund yields |
| Risk Profile | Low |
Investment Philosophy
The philosophy of the Carnelian Liquid Strategy deviates from their typical "QGARP" equity model, shifting the focus completely from wealth creation to wealth preservation and agility.
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Capital Preservation First: The core objective is zero tolerance for capital erosion. Capital is exclusively deployed into low-risk overnight, liquid, and ultra-short-term instruments where the probability of credit default is minimized.
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High Liquidity & Agility: The strategy is built to act as an "investment buffer." It ensures that funds can be liquidated instantly or transitioned into Carnelian's flagship equity strategies (like Shift or Compounder) when market corrections present a buying opportunity.
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Risk-Averse Yield Optimization: Rather than chasing high-yield corporate debt that carries structural credit risks, the fund prioritizes sovereign backing or ultra-high-grade banking debt securities to capture steady, predictable money-market rates.
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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 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.
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.
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Find answers to common questions about fund investments, performance, portfolio strategy, and investor services.
The strategy functions as a temporary parking ground for investor capital. It is primarily used by HNIs who have committed a large ticket size to Carnelian Asset Management but want to deploy it into the stock market gradually (staggered deployment) rather than all at once. While waiting for the right equity entry points, the money earns money-market returns.
While it targets similar yields to a corporate treasury or mutual fund liquid scheme, the Liquid Strategy is integrated directly into your PMS account framework. This significantly reduces operational friction—allowing for automated, seamless "switch" triggers into Carnelian's equity portfolios without having to manually redeem funds from an outside bank or mutual fund house.
No. The proprietary CLEAR framework is a forensic accounting tool used to detect governance and balance-sheet manipulation in listed equity corporations. Because the Liquid Strategy invests in high-grade money market instruments, government securities (G-Secs), and treasury bills, it relies on strict credit rating mandates and maturity mapping rather than corporate forensic analysis.
No. To maintain its utility as an agile funding vehicle, the Carnelian Liquid Strategy does not carry any exit loads or lock-in constraints. Investors can move their capital out of the liquid buffer and into equities—or request a payout—without penalty.
As a debt-oriented Portfolio Management Service in India, returns are primarily realized as capital gains or interest income depending on the underlying instruments. Following standard tax rules, debt PMS realizations are taxed as per the investor's applicable income tax slab rate, making it essential to evaluate net post-tax yields relative to your specific financial bracket.
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