PMS · Equity · Multi Cap
Carnelian Capital - Compounder Strategy
Fund size₹2,272 Cr
Alpha (3Y)9.86%
3Y return23.83%
Fund age7 yrs 3 mo
From the research desk
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.
Two frameworks, one filter
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 kinds of growth, sized differently
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.
A red flag overrules a good growth story
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.
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 Capital Compounder
Returns: How it has done
Scheme / BenchmarkYTD1Y2Y3Y5YSince inception
Carnelian Capital Compounder11.81%22.36%13.50%23.83%17.53%20.07%
Nifty 500−1.02%4.72%−0.11%12.08%10.90%14.86%
Excess over benchmark12.83%17.64%13.61%11.75%6.63%5.21%
Returns up to one year are absolute; two years and above are annualised (CAGR). YTD is calendar-year-to-date. As on 31 Aug 2026.
Risk : What you take on to earn the return
Volatility
18.96%
Benchmark approx 14.85%
A standard deviation reflecting historical swings.
Sensitivity
1.12
Beta vs benchmark 1.00 · 12% more reactive
How strongly the scheme moves with the index.
Risk-reward
0.96
Sharpe
Excess return gained per unit of volatility.
Capture ratio
135 / 90
Upside / Downside Capture
Share of market gains captured versus losses absorbed.
How far below its previous high it fell
Over the trailing 3Y window the scheme fell −19.83% from its 30 Oct 2024 peak to a 27 Feb 2025 trough, and recovered on 30 Jun 2025 after 123 days.
Max drawdowns
−19.83%
Recovery period
123 days
Scheme Drawdown Trajectory
Drawdown analysisPeakTroughDepthFell overRecoveredRecovery took
Scheme30 Oct 202427 Feb 2025−19.83%120 days30 Jun 2025123 days
Benchmark30 Aug 202428 Feb 2025−18.59%182 days––
Scheme
Peak30 Oct 2024
Trough27 Feb 2025
Depth−19.83%
Fell over120 days
Recovered30 Jun 2025
Recovery took123 days
Benchmark
Peak30 Aug 2024
Trough28 Feb 2025
Depth−18.59%
Fell over182 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 3Y window · As on 31 Aug 2026
Portfolio Details : Where the money actually sits
Stocks
30
P/E ratio
29.80
P/B ratio
5.50
Dividend yield
0.70%
Avg market cap
₹1.79 L Cr
Asset class
Equity
Market cap
Large cap30.26%
Mid cap45.56%
Small cap21.61%
Cash & others2.57%
As on 31 Aug 2026
Fees
A fixed plan is cheaper when returns are strong. A performance plan costs less in lean years and shares the upside only when the fund beats a hurdle. Both cost the same at a 14.67% gross return.
FixedPlan A · Simple
Fixed Management Fee2.50% / yr
Performance FeeNone
Hurdle RateNot applicable
VariablePlan B · Shared upside
Fixed Management Fee1.50% / yr
Performance Fee15% of profit
Hurdle RateAbove 8%
Exit load 1.00% within 1 year, nil after 2 years. Lock-in: Nil.
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