From the research desk
Investing ahead of India's structural shifts.
Carnelian Bharat Amritkal II is Carnelian Asset Management's Multi/Flexicap AIF strategy from a boutique investment firm focused on Indian equities. The strategy identifies long term structural themes shaping the economy, narrowing the universe to businesses positioned to benefit before the market fully recognises their potential, evaluated through two frameworks, QGARP, which assesses quality, growth and price, and CLEAR, which checks cash flow, liabilities, earnings quality, asset quality and related party transactions.
Themes first, stocks second
Starts by identifying structural mega trends across the Indian economy, spanning sectors, and only then narrows within those themes to specific businesses, rather than screening stocks first and fitting a theme afterward.
CLEAR: five checks before conviction
Every idea passes through the CLEAR framework, cash flow, liabilities, earnings quality, asset quality and related party transactions, to rule out governance and accounting concerns before QGARP is even applied.
A structural call, not a cyclical one
Positioned as a structural growth allocation rather than a cyclical market call, meant to be read separately from shorter term, sentiment driven bets.