Carnelian Asset Advisors, an investment management firm was founded by Vikas Khemani, Manoj Bahety, and Swati Khemani to pursue their passion towards investing in capital markets. Carnelian’s mission is to help clients create and protect their wealth in the best optimal manner through investing in equities. Carnelian aspires to create a global scale asset management platform known for its expertise, guided by its strong values.

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.

Manoj Bahety (CA, CFA)

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.

Vikas Khemani (CA,CFA,CS)

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Letting time do the compounding.

Carnelian Capital Compounder is built on a simple idea, find the best businesses, run by the best managements, growing sustainably, and available at sensible prices, then let time do the compounding. Every business is tested through the QGARP framework, quality, growth and price, complemented by the CLEAR framework, which checks cash flow, liabilities, earnings quality, asset quality and related party transactions.

Every stock has to clear both QGARP, for quality, growth and price, and CLEAR, for forensic red flags, before it earns a place in the portfolio.

Two frameworks, one filter

Growth is split into Magic, accelerated growth from a catalyst like a management change, industry shift or product launch, aimed at capturing a valuation re rating, and Compounder, stable growth from a large opportunity and a durable moat, aimed at steady earnings compounding.

Two kinds of growth, sized differently

CLEAR and QGARP aren't equal checks. A business can score well on quality and growth under QGARP and still get rejected if CLEAR flags a governance or accounting concern, the forensic check has veto power, not just a seat at the table.

A red flag overrules a good growth story

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Investing where competitive advantage is shifting.

Carnelian Shift Strategy is Carnelian Asset Management's PMS strategy from a founder owned boutique investment firm focused on Indian equities. It is founded on the view that shifts in industry structure, technology, regulation and competitive positioning create opportunities not immediately reflected in market prices.

Focuses specifically on businesses capable of adapting to shifts in industry structure, technology, regulation and competitive positioning, not simply ones sitting in a sector that happens to be in favour.

Betting on adaptation, not just tailwinds

Even within sectors chosen for structural change, the universe is narrowed further to businesses with established competitive advantages, scalable business models, sound balance sheets and strong governance, so being in the right sector isn't enough on its own.

Once a sector qualifies, quality still decides the stock

Structural shifts are translated into specific sectors expected to benefit from evolving dynamics first, and only then narrowed to individual businesses within them.

Carnelian Asset Management & Advisors Private Limited

Funds of Carnelian Asset Management & Advisors Private Limited

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