Carnelian

Carnelian Capital Compounder Strategy


Key Attributes

Mr. Vikas Khemani

Inception Date: 15 May 2019

Number of Stocks : 20 -25

Founder: Mr. Vikas Khemani

Portfolio Manager’s Name: Mr. Manoj Bahety and Mr. Sachin Jain

Portfolio Manager’s Qualification: Manoj Bahety - CA, CFA(USA) and Sachin Jain – CA

Portfolio Manager’s Experience: Manoj Bahety - ~20 years and Sachin Jain - ~18years

Investment Objective

The investment objective of the Carnelian Capital Compounder Fund-1 is to generate long-term sustainable alpha across market cycles through

• Focus on fundamental driven growth investing

• Bottom up stock picking using our unique “PIU Framework”

• Long term, multi-cap, sector agnostic investing

 

Investment Universe – Indian listed equities. We constantly scan our universe to find ideas

which meets our MCO framework (explained later), Internal rating scorecard – PIU & Risk framework.

Investment Philosophy

• We believe investing success is an outcome of making good decisions consistently over a long period of time.

– good decisions are those which are made “objectively, free of any bias”, considering “probability of outcome” and factoring “risk reward”.

• We believe in investing in good growth businesses, managed by great managements at fair valuation

• We believe margin of safety does not necessarily lie only in price, but can be sought in detailed work

• We believe one can never make money on borrowed conviction.

• We are happy to be contrarian when risk reward is compelling: mimicking herd = regression to mean

• We believe in being patient and long term. Investing is like watching grass grow.

• We prefer definite returns over immediate returns

• We don’t mind sitting on cash if we can’t find a better use

Investment Strategy

• Long only, multi-cap and sector agnostic strategy

• Aim to generate sustainable alpha & compound capital through our unique MCO framework

  – unique & unconventional blend of companies – Magic (accelerated growth), Compounder (stable growth) & Opportunistic

• Focused on fundamental driven growth investing; bottom up stock picking

• Unique forensic framework “CLEAR” help avoid accidents

• Portfolio of carefully selected 20-25 stock




Performance Table #


Trailing Returns (%) 1m return 3m return 6m return 1y return 2y return 3y return 5y return 10y return Since inception return
Portfolio-0.7%-6.7%-10.0%15.2%29.1%---17.0%
BSE 200-0.7%-0.4%-2.0%18.8%34.5%---17.1%



QRC Report Card *




VIEW DETAILED QUALITY, RISK, CONSISTENCY ANALYSIS

Portfolio Holdings


Holding %
ICICI Bank Ltd 9.27
Larsen & Toubro Ltd 6.26
HCL Technologies Ltd 6.10
Surya Roshni Ltd 5.58
Max Financial Services Ltd 5.56
Tata Consultancy Services Ltd 5.15
Birlasoft Ltd 5.10
Aditya Birla Capital Ltd 4.79
Larsen & Toubro Infotech Ltd 4.76
LIC Housing Finance Ltd 4.71
Top 10 Equity Holdings 57.28

Sector Allocation


Holding %
Breweries 2.51
Chemical 2.88
Logistics 3.30
Cash And Liquid 4.57
Auto 4.60
Pipes 5.41
Engineering & Capital Goods 5.87
Consumer Durables 8.54
Pharma & Api 8.84
BFSI - Credit 15.02
BFSI - Non Credit 15.91
Information Technology 22.55

Market Cap Allocation


Allocations %
Large Cap 52.2
Mid Cap 26.6
Small Cap 14.3
Cash 7.0

Disclaimer

#Returns as of 30 Apr 2022. Returns up to 1 Year are absolute, above 1 Year are CAGR.

*QRC Report Card data is updated quarterly. Current data is as of Mar 22.



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