The SHIFT Strategy PMS is Multicap portfolio with focus on Mid & Small caps to tap niche manufacturing businesses

Key Attributes

Inception Date: 1 Sept 2020

Number of Stocks : 18 - 20

Founder: Mr. Vikas Khemani

Portfolio Manager’s Name: Mr. Manoj Bahety

Portfolio Manager’s Qualification: CA, CFA(USA)

Portfolio Manager’s Experience:

Manoj has worked with marquee institutions– Edelweiss Securities, Morgan Stanley, RIL, HPCL. Prior to co-founding Carnelian, he has spent 11 years at Edelweiss Securities as Dy. Head – Institutional equity research, Head – forensic, thematic & mid cap research. He is known for his differentiated non consensus research and has pioneered forensic research, popularly known as “Analysis Beyond Consensus” (ABC research). ABC research has helped investors across the globe to take informed investment decisions based on true numbers instead of reported numbers thus avoiding “Pitfalls”- One of Carnelian’s virtues. Mid Cap research under his leadership has been credited for various multibagger ideas like VIP Industries, Supreme Industries, Balkrishna Industries, PI Industries, AIA Engineering, ICRA, Fag Bearing, SKF, Gulf Oil. He has represented various committees of CFA institute, which include Chairperson of India advocacy committee; member of USA based global CDPC committee. Manoj is a fitness freak and has been a regular marathon runner since last 8 years.

Investment Objective

Outperform the benchmark BSE 500 by 5-7% over a period of 3 – 5 years.

Investment Philosophy

Investment philosophy is designed to invest in structural growth businesses, run by great managements at fair valuation within Carnelian’s risk-reward framework.

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”.

Puts utmost importance to capital protection, hence subject every company through Carnelian’s proprietary CLEAR forensic research framework before investing. Believe in being patient and long term.

Investment Strategy

“SHIFT Strategy” is a Multicap Portfolio with a focus on Mid & Small caps to tap niche manufacturing businesses that gain from global supply diversification, recent policy reforms, and cost competitiveness.

 India is set to benefit from the emergence of manufacturing-led opportunities due to Global supply chain diversification from China, Recent government reforms & initiatives, Cost competitiveness and  Strong domestic markets. Detailed research reveals multi-billion, multi-decade opportunities for manufacturing sectors in India.

This strategy aims to invest in the companies with niche capabilities and business leadership, expected to grow earnings > 20% (CAGR) over the investment horizon of 3-5 years across various sectors.

This strategy is sector agnostic and Multicap with a predominant focus on Mid and small caps.

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