Carnelian Asset Management and Advisors Pvt Ltd – Portfolio Management Services (PMS)

Principal officer , Fund Manager

Mr. Kunal Shah brings twelve years of comprehensive professional experience to Carnelian, where he actively participates in the Fund Management team and serves on the Investment Committee. Having been associated with Carnelian since its establishment, he is a Chartered Accountant who achieved an All India Rank. Mr. Shah's research expertise covers a diverse range of sectors, including but not limited to Banking, Insurance, Consumer Goods, Automobiles, Capital Goods, Chemicals, and Pharmaceuticals. He possesses a keen interest in the in-depth analysis and comprehension of businesses across all market capitalization segments.

Co-Founder

A distinguished Chartered Accountant and CFA Charterholder (USA) with approximately 26 years of extensive and varied experience in the financial services sector. His career includes tenures at prominent institutions such as Edelweiss Securities, Morgan Stanley, Reliance Industries Limited, and Hindustan Petroleum Corporation Limited. Manoj dedicated 11 years to Edelweiss Securities, where he held significant roles including Deputy Head of Institutional Equity Research and Head of Forensic, Thematic, and Mid-Cap Research. He is recognized within the industry for his distinctive, independent research approach. He was instrumental in pioneering a differentiated forensic research methodology, widely referred to as "Analysis Beyond Consensus" (ABC Research). This analytical framework has empowered global investors to make well-informed investment choices by focusing on underlying financial realities rather than solely reported figures, thereby facilitating the avoidance of potential investment risks – a core tenet of Carnelian's philosophy. His prudent investment style, coupled with a profound comprehension of corporate operations, has led to the identification of numerous high-potential investment opportunities offering favourable risk-reward profiles. Notable examples include PI Industries, VIP Industries, Supreme Industries, Balkrishna Industries, AIA Engineering, ICRA, SKF, and Gulf Oil. Manoj has actively contributed to various committees of The CFA Institute, serving as the Chairperson of the India Advocacy Committee and as a member of the US-based global Capital Development Policy Committee (CDPC).