AIF · Equity · CAT III - LONG ONLY - MULTI CAP & FLEXI CAP
Carnelian Bharat Amritkaal Fund-2
IRRSince inception16.92%
1Y return10.36%
Minimum investment₹1 Crore
Fund age15 mo
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.
Fund Managers
Vikas Khemani (CA,CFA,CS)
Vikas Khemani (CA,CFA,CS)
Co- Founder/ Fund Manager, Carnelian
Vikas Khemani, with 28 years of extensive experience in capital markets, is the founder of Carnelian Asset Management & Advisors. Established in 2019, this boutique investment management and advisory firm, based in India, manages USD 2.2 bn across various portfolios. Prior to founding Carnelian, Mr. Khemani served as the CEO of Edelweiss Securities Ltd. for 17 years, during which he successfully incubated and developed several businesses into market leaders, including institutional equities, investment banking, and equity research. He is recognized for his strong business acumen and profound understanding of capital markets, earning him a distinguished reputation within Corporate India. In 2014, he was honored with the Young Professional Achievers Award for the service sector by the Institute of Chartered Accountants of India.
Managing AUM₹15,194 Cr
Manoj Bahety (CA, CFA)
Manoj Bahety (CA, CFA)
Fund Manager, Carnelian
With ~27 years of financial services experience, Manoj Bahety currently serves as the fund manager of Carnelian Asset Management & Advisors. He is a distinguished financial professional known for his innovative approach to forensic research and portfolio management.Before co-founding Carnelian along with Vikas in 2019, Manoj held key roles at Edelweiss Securities, including Deputy Head of Institutional Equity Research, Head of Forensic Research, and Head of Thematic & Mid Cap Research. He is enowned for his non-onsensus research approach and pioneering differentiated forensic research, famously known as"Analysis Beyond Consensus" (ABC Research).ABC Research has been instrumental in aiding global investors to make informed investment decisions based on accurate data rather than reported figures, thereby helping them "avoid pitfalls"—a core virtue of Carnelian In addition to his professional accomplishments, Manoj has actively contributed to the CFA Institute, serving on several committees, including as Chairperson of the India Advocacy Committee and as a member of the Global Capital Markets Policy Council (CDPC) based in the USA.
Managing AUM₹15,194 Cr
Growth of₹Cr
Carnelian Bharat Amritkaal Fund 2
Returns: How it has done
Scheme / BenchmarkYTD1Y2Y3Y5YSince inception
Carnelian Bharat Amritkaal Fund 24.72%10.36%———16.92%
Nifty 500−1.07%1.95%———9.37%
Excess over benchmark5.79%8.41%———7.55%
Returns up to one year are absolute; two years and above are annualised (CAGR). YTD is calendar-year-to-date. As on 31 Jul 2026.
Risk : What you take on to earn the return
Volatility
19.01%
Benchmark approx 16.02%
A standard deviation reflecting historical swings.
Sensitivity
1.00
Beta vs benchmark 1.00
How strongly the scheme moves with the index.
Risk-reward
0.32
Sharpe
Excess return gained per unit of volatility.
How far below its previous high it fell
Over the trailing 1Y window the scheme fell −15.41%, and recovered on 30 Jun 2026.
Max drawdowns
−15.41%
Scheme Drawdown Trajectory
Drawdown analysisPeakTroughDepthFell overRecoveredRecovery took
Scheme––−15.41%–30 Jun 2026–
Benchmark31 Jul 202530 Mar 2026−14.69%242 days––
Scheme
Peak–
Trough–
Depth−15.41%
Fell over–
Recovered30 Jun 2026
Recovery took–
Benchmark
Peak31 Jul 2025
Trough30 Mar 2026
Depth−14.69%
Fell over242 days
Recovered–
Recovery took–
The benchmark's peak, trough and recovery are read off its month-end curve; the scheme's row is measured on daily NAV. · Risk and drawdown use a trailing 1Y window · As on 31 Jul 2026
Portfolio Details : Where the money actually sits
Avg market cap
₹1.84 L Cr
Asset class
Equity
Market cap
Large cap32.83%
Mid cap30.36%
Small cap32.07%
Cash & others4.74%
As on 31 Jul 2026
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