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Capital Compounder

Carnelian Asset Management and Advisors Pvt Ltd
PMS Multi Cap & Flexi Cap
Benchmark
S&P BSE 500 TRI
Inception Date
15 May 2019
Min. Investment
₹50,00,000
SIP Available
Yes
STP Available
Yes

Investment Strategy

Investment Approach

Carnelian Capital posits that sustained investment success is achieved through the consistent execution of sound investment principles over an extended time horizon. These principles entail making decisions that are demonstrably objective and devoid of emotional or cognitive biases, with a rigorous assessment of the probability of various outcomes and a careful consideration of the risk-reward profile. The firm's strategy centers on identifying high-quality growth enterprises, led by exceptional management teams, and acquiring stakes in these businesses at equitable valuations.

Investment Objective

This strategy operates on a long-only, multi-cap, and sector-agnostic basis. The objective is to achieve sustainable outperformance and capital appreciation via our proprietary MCO framework. This framework incorporates a distinctive and unconventional selection of companies categorized as: Magic (exhibiting accelerated growth), Compounder (demonstrating stable growth), and Opportunistic. Our investment approach is fundamentally driven, focusing on bottom-up stock selection.

Performance Returns

Returns as on 2025-12-31

Trailing Returns

Period Strategy Benchmark Outperformance
1 MONTH -0.96% -0.24% -0.72%
3 MONTHS 7.90% 5.02% 2.88%
6 MONTHS 7.97% 1.63% 6.34%
1 YEAR 18.95% 7.63% 11.32%
2 YEAR 22.07% 11.63% 10.44%
3 YEAR 26.14% 16.39% 9.75%
5 YEAR 21.12% 16.81% 4.31%
SINCE INCEPTION 20.25% 16.73% 3.52%

Calendar Year Performance

Year Return
CY 2025 18.95%
CY 2024 25.34%
CY 2023 34.77%
CY 2022 -5.80%
CY 2021 37.88%
CY 2020 14.42%
CY 2019 10.23%

Financial Year Performance

Year Return
FY 26_YTD 27.13%
FY 25 8.07%
FY 24 54.48%
FY 23 -1.13%
FY 22 16.28%
FY 21 60.70%
FY 20 -17.01%

Past performance is not indicative of future results. Returns are subject to market risks.

Fund Managers

Kunal Shah

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.

Portfolio Details

Portfolio Composition

Large Cap
32.79%
Mid Cap
44.89%
Small Cap
19.15%
Cash & Equivalent
3.17%

Top 5 Holdings

  • Aditya Birla Capital Ltd 9.48%
  • Laurus Labs Ltd 7.16%
  • Biocon Ltd 6.90%
  • One 97 Communications Ltd 5.70%
  • Tech Mahindra Ltd 4.09%

Top 5 Sectors

  • BFSI - Credit 19.71%
  • Pharma & CDMO 19.04%
  • Consumption 11.22%
  • BFSI - Non Credit 11.20%
  • IT 9.89%

Portfolio Characteristics

total number of stocks
25
top 5 stocks percent
33.33%
top 5 sectors percent
71.06%
average market cap
N/A
portfolio age
6 Yrs, 7 Months
sip
Available
stp
Available

Fee Structure

Fixed Fee

AMC: 2.5%

Variable Fee

AMC: 1.5%

Hurdle: 8%

Profit Sharing: 15%

Exit Load

Year 1: 1%

Year 2: 0%

Year 3: 0%

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Disclaimer

Returns are as of 2025-12-31. Returns for periods up to one year are not annualized. Returns for periods exceeding one year are annualized. Returns are computed using the Time Weighted Rate of Return (TWRR) methodology and are provided by the respective Asset Management Companies (AMCs). 'ND' denotes 'No Data', and 'NA' denotes 'Not Applicable'. The performance of the respective Benchmark Indices is presented above. Benchmark(s) are as defined in SEBI circular no. SEBI/HO/IMD/IMD-PoD-2/P/CIR/2022/172 dated December 16, 2022, APMI circular no. APMI/2022-23/02 dated March 23, 2023, and Revised Annexure-1.

This page is provided solely for general informational purposes in relation to the strategy and is based on publicly available information. While reasonable care has been taken to ensure accuracy, the information may not reflect the most recent updates.

Nothing on this page constitutes investment, financial, or legal advice. Investment decisions should be made after consulting a qualified advisor and reviewing official scheme documents.

Last Updated: January 2026 · Published by Affluense AI (affluense.ai)