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Carnelian Asset Management and Advisors Pvt Ltd
PMS Small & Mid Cap
Benchmark
S&P BSE 500 TRI
Inception Date
6 October 2020
Min. Investment
₹50,00,000
SIP Available
No
STP Available
No

Investment Strategy

Investment Approach

Investment success is achieved through the sustained application of sound decision-making over extended horizons. Such decisions are characterized by their objectivity, absence of pre-conceived notions, a thorough assessment of outcome probabilities, and a balanced consideration of risk-reward profiles. Our investment philosophy centers on identifying high-potential growth enterprises led by capable management teams, acquired at judicious valuations.

Investment Objective

This portfolio adopts a long-only, multi-cap investment approach, concentrating on opportunities within the Manufacturing and Technology sectors. The strategy is structured to capitalize on two significant secular trends. The primary investment focus is on mid and small-cap companies that demonstrate established core competencies or niche capabilities, coupled with robust balance sheets, sound governance practices, and favorable return metrics.

Performance Returns

Returns as on 2025-12-31

Trailing Returns

Period Strategy Benchmark Outperformance
1 MONTH -1.87% -0.24% -1.63%
3 MONTHS 1.37% 5.02% -3.65%
6 MONTHS -1.59% 1.63% -3.22%
1 YEAR -3.51% 7.63% -11.14%
2 YEAR 15.38% 11.63% 3.75%
3 YEAR 30.14% 16.39% 13.75%
5 YEAR 30.50% 16.81% 13.69%
SINCE INCEPTION 34.00% 20.33% 13.67%

Calendar Year Performance

Year Return
CY 2025 -3.51%
CY 2024 38.02%
CY 2023 65.63%
CY 2022 -4.23%
CY 2021 79.28%
CY 2020 22.44%

Financial Year Performance

Year Return
FY 26_YTD 10.38%
FY 25 18.41%
FY 24 73.53%
FY 23 2.45%
FY 22 45.69%
FY 21 37.56%

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
16.20%
Mid Cap
26.99%
Small Cap
55.01%
Cash & Equivalent
1.80%

Top 5 Holdings

  • Laurus Labs Ltd 7.76%
  • Biocon Ltd 7.45%
  • Kalpataru Projects International Ltd 5.15%
  • Pricol Ltd 4.32%
  • L&T Technology Services Ltd 4.24%

Top 5 Sectors

  • Pharma & API 21.37%
  • Engineering & Capital Goods 20.08%
  • IT 17.36%
  • Auto & Auto ancillary 15.25%
  • Consumption 12.10%

Portfolio Characteristics

total number of stocks
20
top 5 stocks percent
28.92%
top 5 sectors percent
86.16%
average market cap
N/A
portfolio age
5 Yrs, 2 Months
sip
Not Available
stp
Not 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)