Your aspirations deserve a thoughtful partner.
Whatever stage of life you're at — beginning, building or arriving — we are here to walk with you.
Clarity
Conviction
Compounding
The art of finding Alpha
IntroducingCarnelian
Small Cap Fund
A small cap fund with a ₹5,000* cr cap on its size, so it stays nimble and focused on alpha, not AUM. Built on forensic research and a simple rule: Quality growth, at a reasonable price.
*During NFO or on ongoing basis, once ₹5,000 crore AUM is achieved, fresh subscriptions (including switch-ins and STPs, but excluding SIPs) shall be suspended as prescribed in SID, with re-opening at the AMC's discretion. Refer SID for more details.
WHO ARE WE
Newly licensed. Not new to this.
Carnelian Mutual Fund is a newly SEBI-licensed fund house, built on a simple conviction: investing works best when it's patient, transparent, and firmly on the investor's side.
We're building our schemes, our governance and our service around one question — does this actually help our investors get where they're going? Every disclosure we publish, every document we make easy to find, and every conversation we have starts there.
Our investment philosophy
QGARP - Quality Growth, at a Reasonable Price
We look for quality businesses that can keep growing, and we buy them at a price that makes sense. Our philosophy rests on two pillars, Risk and Growth. Valuation is the bridge between them.
Risk
We don’t avoid risk. We choose it carefully and manage it at its source. When it comes to risk, we believe:
Risk-reward
Take risk only when the risk-reward is in your favour
Source
Know the source of risk, and you can manage it well
Growth
We are primarily growth investors. We will never buy a company just because it is cheap. We have created our own proprietary framework, which allows us to see growth trends much ahead of the curve.
Magic
Magic Basket – aims to capture earnings growth and valuation re-rating triggered due to structural shifts.
Compounder
Compounder Basket – aims to capture steady earnings with a keen eye on valuation re-rating.
Leadership & governance
The people who answer to you
Oversight
Board of Trustee Company
Independent guardians of unitholder interest.
View Board of Trustee Company
Governance
Board of AMC
The board guiding the AMC's strategy, culture, and standards of conduct.
View Board of AMC
Our Team
Management Team
The professionals responsible for operating the activities of the AMC and managing schemes, day to day.
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Our Promoters and Sponsor
Carnelian Asset Management & Advisors Private Limited is the Sponsor of Carnelian Mutual Fund. It is a boutique investment management firm founded in 2019 by Vikas Khemani, Manoj Bahety, and Swati Khemani with a vision to build a world class asset management platform respected for its Excellence, Scale, and Culture. Our mission is to invest client capital in the best risk-reward opportunities. Over the years we have built a strong reputation for our differentiated thought process, and proprietary investment and risk (including forensic) frameworks.
ABOUT FOUNDER
Vikas Khemani
Vikas Khemani is Chartered Accountant & CFA Charter holder, having ~27 years of capital markets experience, founded Carnelian Asset Management Private Limited, a boutique investment management & advisory firm based out of India in 2019. Before starting Carnelian, he spent 17 years as the CEO of Edelweiss Securities Ltd., incubated & built several businesses to leadership including institutional equities, investment banking business & equity research
Has a strong business acumen & deep understanding of capital markets; enjoys strong reputation with corporate India.
ASSOCIATED WITH SEVERAL INDUSTRY BODIES AND COMMITTEES
Member of the CII National Council on Corporate Governance & FICCI Capital Markets Committee
Serving as an invited member of Executive Council of Bombay Management Association
Member of Young Presidents Organization (YPO) a global forum for entrepreneurs and CEOs
Resources & disclosures
Everything on the record, within reach
Scheme documents, regulatory disclosures, forms and investor information — organised the way you'd actually go looking for them.
Get in touch
Two doors. Both open.
Mutual fund investments are subject to market risks, read all scheme related documents carefully.
Customers
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Questions about investing with us, a service request, or help finding a document? — our investor services team is right here.
Investor Services
Distribution Partners
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